# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001193125-23-023706
**Filing Date:** 2023-2
**Character Count:** 451643
**Document Hash:** 094757a02066cf463bd777f51c806b8b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-023706.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001193125-23-023706

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 10

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**EFFECTIVENESS DATE**: 20230203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VIRTUS OPPORTUNITIES TRUST
- **CENTRAL INDEX KEY:** 0001005020
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 23584501

**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 Allocation Fund (Series ID: S000075277)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234174 | Class A      | VSHBX           |
| C000234175 | Class I      | SHADX           |

### 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 High Yield Bond Fund (Series ID: S000075279)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234178 | Class I      | SHHYX           |
| C000234179 | Class A      | VSHDX           |

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

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

### Virtus Stone Harbor Strategic Income Fund (Series ID: S000075281)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234182 | Class A      | VSHFX           |
| C000234183 | Class I      | SHSIX           |

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-07455** 

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## Virtus Opportunities Trust
**(Exact name of registrant as specified in charter)** 

------

**101 Munson Street** 

**Greenfield, MA 01301-9668** 

**(Address of principal executive offices) (Zip code)** 

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**Jennifer Fromm, Esq.** 

**Vice President, Chief Legal Officer, Counsel and Secretary for Registrant** 

**One Financial Plaza** 

**Hartford, CT 06103-2608** 

**(Name and address of agent for service)** 

------

**Registrant's telephone number, including area code: (800) 243-1574** 

**Date of fiscal year end: May 31** 

**Date of reporting period: November 30, 2022** 

------

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1. Reports to Stockholders.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Report to Shareholders is attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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SEMIANNUAL REPORT

## VIRTUS OPPORTUNITIES TRUST
![](g338583img96fc1dd71.gif)

------

November 30, 2022

---

| |
|:---|
| Virtus Stone Harbor Emerging Markets Corporate Debt Fund<sup>\*</sup> |
| Virtus Stone Harbor Emerging Markets Debt Fund<sup>\*</sup> |
| Virtus Stone Harbor Emerging Markets Debt Allocation Fund<sup>\*</sup> |
| Virtus Stone Harbor High Yield Bond Fund<sup>\*</sup> |
| Virtus Stone Harbor Local Markets Fund<sup>\*</sup> |
| Virtus Stone Harbor Strategic Income Fund<sup>\*</sup> |

---

\*Prospectus supplement applicable to this fund appears at the back of this semiannual report.

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Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | |
|:---|:---|
| [Message to Shareholders](#xx_496e4afb-7bd6-4209-87e4-90200f16484b_1) | 1 |
| [Disclosure of Fund Expenses](#xx_9236aef3-b36b-4a60-aeb9-67c8f36dcfaf_1) | 2 |
| [Key Investment Terms](#xx_733f2ff9-f087-449a-b862-999c9d4a13fd_1) | 4 |
| [Portfolio Holdings Summary Weightings](#xx_9e936257-2f78-4aec-9488-82605c0d66aa_1) | 5 |
| **Fund** | **Schedule <br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Stone Harbor Emerging Markets Corporate Debt Fund ("Stone Harbor Emerging Markets Corporate Debt Fund")](#xx_0bd782f2-0a0b-4947-a29f-b4c50658b2d4_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Stone Harbor Emerging Markets Debt Fund ("Stone Harbor Emerging Markets Debt Fund")](#xx_a1b5d23e-6a75-48cc-88b2-83e4db016957_1) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Stone Harbor Emerging Markets Debt Allocation Fund ("Stone Harbor Emerging Markets Debt Allocation Fund")](#xx_fa91116d-140c-415c-a41d-34cf91f73a12_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Stone Harbor High Yield Bond Fund ("Stone Harbor High Yield Bond Fund")](#xx_fd679b37-e403-423d-9f60-c11239ae9b58_1) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Stone Harbor Local Markets Fund ("Stone Harbor Local Markets Fund")](#xx_c4b1149e-59e0-4559-8acf-f6d2cb0d44b5_1) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Virtus Stone Harbor Strategic Income Fund ("Stone Harbor Strategic Income Fund")](#xx_a50d2ae9-d159-4d49-939c-b50cc6102047_1) | 29 |
| [Statements of Assets and Liabilities](#xx_0027167c-8f32-4520-af2b-ce4c72d3b27a_1) | 35 |
| [Statements of Operations](#xx_60e3fb1d-ca8c-4a25-bdd2-358bb7679932_1) | 39 |
| [Statements of Changes in Net Assets](#xx_5b9eb73f-fc62-4bf4-ad6b-03a66776a81d_1) | 41 |
| [Financial Highlights](#xx_20129a33-54aa-4c96-be6b-2da59b287216_1) | 44 |
| [Notes to Financial Statements](#xx_a9e0b5e4-0813-4469-a4f7-0005062b7a61_1) | 47 |
| [Statement Regarding Liquidity Risk Management Program](#xx_db2e7244-3f14-42a3-956f-2daf95e1bf03_1) | 65 |

---

#### Proxy Voting Procedures and Voting Record (Form N-PX)
The subadviser votes proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission's (the "SEC") website at <u>https://www.sec.gov</u>.

#### PORTFOLIO HOLDINGS INFORMATION
The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <u>https://www.sec.gov.</u>

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

MESSAGE TO SHAREHOLDERS

To Virtus Opportunities Trust Shareholders:

![](g338583imgf56ca5ba2.gif)

I am pleased to present this semiannual report, which reviews the performance of your Fund for the six months ended November 30, 2022.

The six-month period was marked by higher inflation, rising interest rates, the ongoing war in Ukraine, and continued market volatility. Domestic equity indexes were mixed during the period. U.S. large-capitalization stocks were down 0.40%, as measured by the S&P 500<sup>®</sup> Index, while small-cap stocks returned 1.98%, as measured by the Russell 2000<sup>®</sup> Index. International equities suffered losses, with developed markets, as measured by the MSCI EAFE<sup>®</sup> Index (net), declining 3.59%, while emerging markets, as measured by the MSCI Emerging Markets Index (net), were down 8.15%.

In fixed income markets, the yield on the 10-year Treasury rose to 3.68% on November 30, 2022, from 2.85% on May 31, 2022, as the Federal Reserve (the "Fed") continued its efforts to bring inflation under control. The broader U.S. fixed income market, as represented by the Bloomberg U.S. Aggregate Bond Index, was down 4.06% for the six-month period, while non-investment grade bonds, as measured by the Bloomberg U.S. Corporate High Yield Bond Index, lost 2.86%.

As 2023 begins, inflation has shown signs of slowing, and the Fed has indicated it may reduce the size of its interest rate increases. We maintain our focus on the long term, and our commitment to your financial success. Please call our customer service team at 800-243-1574 if you have questions about your account or require assistance.

Sincerely,

![](g338583img2ec185b73.jpg)

George R. Aylward<br> President, Virtus Opportunities Trust<br> January 2023

*Performance data quoted represents past results. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown above. Investing involves risk, including the risk of loss of principal invested.*

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited)

#### FOR THE SIX-MONTH PERIOD OF June 1, 2022 TO November 30, 2022
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of a Virtus Opportunities Trust Fund discussed in this shareholder report (each, a "Fund"), you may incur two types of costs: (1) transaction costs, including<br> sales charges on purchases of Class A shares and (2) ongoing costs, including investment advisory fees, distribution and service fees, and other expenses.<br> Class I shares are sold without sales charges and do not incur distribution and service fees. For further information regarding applicable sales charges, see<br> Note 1 in the Notes to Financial Statements. These examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges or contingent deferred sales charges. Therefore, the accompanying tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

#### Actual Expenses
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> June 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> November 30, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Stone Harbor Emerging Markets Corporate Debt Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$975.30 | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;$6.29 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;976.60 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 |
| Stone Harbor Emerging Markets Debt Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;965.80 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.03 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;966.80 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 |
| Stone Harbor Emerging Markets Debt Allocation Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;966.70 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.18 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;968.00 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Stone Harbor High Yield Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;974.80 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;977.00 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.32 |
| Stone Harbor Local Markets Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;980.00 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.30 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;982.70 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.12 |
| Stone Harbor Strategic Income Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;982.00 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.58 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;983.30 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 |

---

<sup>\*</sup> Expenses are equal to the relevant Fund's annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund's expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund's prospectus.

#### Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other mutual funds.

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### DISCLOSURE OF FUND EXPENSES (Unaudited) (Continued)

#### FOR THE SIX-MONTH PERIOD OF June 1, 2022 TO November 30, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Beginning <br> Account Value<br> June 1, 2022** | &nbsp;&nbsp;**Ending <br> Account Value<br> November 30, 2022** | &nbsp;&nbsp;**Annualized <br> Expense<br> Ratio** | &nbsp;&nbsp;**Expenses <br> Paid<br> During<br> Period\*** |
| Stone Harbor Emerging Markets Corporate Debt Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;$1000.00 | &nbsp;&nbsp;$1018.70 | &nbsp;&nbsp;&nbsp;1.27% | &nbsp;&nbsp;$6.43 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.00 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.11 |
| Stone Harbor Emerging Markets Debt Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.95 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.36 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.75 |
| Stone Harbor Emerging Markets Debt Allocation Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.87 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.22 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1024.97 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Stone Harbor High Yield Bond Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1020.46 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1021.71 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 |
| Stone Harbor Local Markets Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1018.70 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;6.43 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1019.90 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 |
| Stone Harbor Strategic Income Fund<br>|  |  |  |  |  |
|  | Class A | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1022.46 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;2.64 |
|  | Class I | &nbsp;&nbsp;&nbsp;&nbsp;1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;1023.71 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 |

---

<sup>\*</sup> Expenses are equal to the relevant Fund's annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

For Funds which may invest in other funds, the annualized expense ratios noted above do not reflect fees and expenses associated with any underlying funds. If such fees and expenses had been included, the expenses would have been higher.

You can find more information about a Fund's expenses in the Financial Statements section that follows. For additional information on operating expenses and other shareholder costs, refer to that Fund's prospectus.

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### November 30, 2022

#### Bloomberg U.S. Aggregate Bond Index
The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment-grade fixed-rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Bloomberg U.S. Corporate High Yield Bond Index
The Bloomberg U.S. Corporate High Yield Bond Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Credit Default Swap ("CDS")
A CDS is a financial derivative contract that shifts the credit risk of a fixed income product to a counterparty in exchange for a premium. The buyer of the CDS makes a series of payments (the CDS "fee" or "spread") to the seller and, in exchange, may expect to receive a payoff if the asset defaults.

#### Federal Reserve (the "Fed")
The central bank of the United States, responsible for controlling the money supply, interest rates and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches and all national and state banks that are part of the system.

#### Intercontinental Exchange ("ICE")
An American Fortune 500 company formed in 2000 that operates global exchanges and clearing houses, and provides mortgage technology, data and listing services. The company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada and Europe, the Liffe futures exchanges in Europe, the New York Stock Exchange, equity options exchanges and over-the-counter energy, credit and equity markets.

#### London Interbank Offered Rate ("LIBOR")
A benchmark rate that some of the world's leading banks charge each other for short-term loans and that serves as the first step to calculating interest rates on various loans throughout the world.

#### Markit CDX<sup>®</sup> Emerging Markets Index ("CDX.EM")
CDX.EM is composed of Sovereign issuers from Latin America, Eastern Europe, the Middle East, Africa and Asia as published by Markit from time to time.

#### MSCI EAFE<sup>®</sup> Index (net)
The MSCI EAFE<sup>®</sup> (Europe, Australasia, Far East) Index (net) is a free float-adjusted market capitalization-weighted index that measures developed foreign market equity performance, excluding the U.S. and Canada. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### MSCI Emerging Markets Index (net)
The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Russell 2000<sup>®</sup> Index
The Russell 2000<sup>®</sup> Index is a market capitalization-weighted index of the 2,000 smallest companies in the Russell Universe, which comprises the 3,000 largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

#### Secured Overnight Financing Rate ("SOFR")
The Secured Overnight Financing Rate is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing the LIBOR.

#### S&P 500<sup>®</sup>Index
The S&P 500<sup>®</sup> Index is a free-float market capitalization-weighted index of 500 of the largest U.S. companies. The index is calculated on a total return basis with dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment.

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### PORTFOLIO HOLDINGS SUMMARY WEIGHTINGS (Unaudited)

#### November 30, 2022
For each Fund, the following tables present asset allocations within certain industries as a percentage of total investments as of November 30, 2022.

#### Stone Harbor Emerging Markets Corporate Debt Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial & Lease | 16% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration & Production | 14 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Metals, Mining & Steel | &nbsp;&nbsp;9 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless | &nbsp;&nbsp;8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming | &nbsp;&nbsp;7 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midstream | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chemicals | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Cable | &nbsp;&nbsp;3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Other | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 14 |  |
| &nbsp;&nbsp;Short-Term Investment |  | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;Total |  | 100% |

---

#### Stone Harbor Emerging Markets Debt Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Foreign Government Securities |  | &nbsp;&nbsp;58% |
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration & Production | 16% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electric | &nbsp;&nbsp;6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refining | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial & Lease | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless | &nbsp;&nbsp;2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;Short-Term Investment |  | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;Affiliated Mutual Funds |  | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Credit Linked Notes |  | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;Total |  | 100% |

---

#### Stone Harbor Emerging Markets Debt Allocation Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;Affiliated Mutual Funds | &nbsp;&nbsp;93% |
| &nbsp;&nbsp;Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;Total | 100% |

---

#### Stone Harbor High Yield Bond Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration & Production | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Media Cable | &nbsp;&nbsp;8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gaming | &nbsp;&nbsp;6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial & Lease | &nbsp;&nbsp;6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midstream | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Automotive | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Building Products | &nbsp;&nbsp;5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrial Other | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 39 |  |
| &nbsp;&nbsp;Short-Term Investment |  | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;Total |  | 100% |

---

#### Stone Harbor Local Markets Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Foreign Government Securities |  | &nbsp;&nbsp;87% |
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial & Lease | 4 |  |
| &nbsp;&nbsp;Short-Term Investment |  | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Total |  | 100% |

---

#### Stone Harbor Strategic Income Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Affiliated Mutual Funds |  | &nbsp;&nbsp;59% |
| &nbsp;&nbsp;Corporate Bonds and Notes |  | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial & Lease | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 8 |  |
| &nbsp;&nbsp;Short-Term Investment |  | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;U.S. Government Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;Mortgage-Backed Securities |  | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agency | 6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-Agency | 2 |  |
| &nbsp;&nbsp;Total |  | 100% |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Corporate Debt Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—94.9%** | **Corporate Bonds and Notes—94.9%** | **Corporate Bonds and Notes—94.9%** |
| **Argentina—2.5%** | **Argentina—2.5%** |  |
| MSU Energy S.A. 144A<br> 6.875%, 2/1/25<sup>(1)</sup> | $92 | $59 |
| YPF S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 7/28/25<sup>(1)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;RegS 8.500%, 7/28/25<sup>(2)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;RegS 6.950%, 7/21/27<sup>(2)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp; 175 |
| **Brazil—7.5%** | **Brazil—7.5%** |  |
| Adecoagro S.A. 144A<br> 6.000%, 9/21/27<sup>(1)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7 |
| Banco do Brasil S.A. 144A<br> 9.000% <sup>(1)(3)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 |
| Braskem Netherlands Finance B.V. 144A<br> 5.875%, 1/31/50<sup>(1)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 10 |
| BRF S.A. 144A<br> 4.875%, 1/24/30<sup>(1)</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 26 |
| Gol Finance S.A. 144A<br> 7.000%, 1/31/25<sup>(1)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 28 |
| Guara Norte S.a.r.l. 144A<br> 5.198%, 6/15/34<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8 |
| Iochpe-Maxion Austria GmbH 144A<br> 5.000%, 5/7/28<sup>(1)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 31 |
| JBS USA LUX S.A. 144A<br> 4.375%, 2/2/52<sup>(1)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 45 |
| Klabin Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.200%, 1/12/31<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 4/3/49<sup>(1)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22 |
| MC Brazil Downstream Trading S.a.r.l. 144A<br> 7.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 40 |
| Minerva Luxembourg S.A. 144A<br> 4.375%, 3/18/31<sup>(1)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 30 |
| MV24 Capital B.V. 144A<br> 6.748%, 6/1/34<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
| Natura & Co. Luxembourg Holdings S.a.r.l. 144A<br> 6.000%, 4/19/29<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 42 |
| Petrobras Global Finance B.V.<br> 6.900%, 3/19/49 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 31 |
| Rumo Luxembourg S.a.r.l. 144A<br> 4.200%, 1/18/32<sup>(1)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 45 |
| Simpar Europe S.A. 144A<br> 5.200%, 1/26/31<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 34 |
| Usiminas International S.a.r.l. 144A<br> 5.875%, 7/18/26<sup>(1)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 73 |
|  |  | &nbsp;&nbsp; 530 |
| **Chile—2.1%** | **Chile—2.1%** |  |
| ATP Tower Holdings LLC 144A<br> 4.050%, 4/27/26<sup>(1)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 45 |
| Celulosa Arauco y Constitucion S.A. 144A<br> 5.500%, 4/30/49<sup>(1)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 56 |
| Cencosud S.A. 144A<br> 4.375%, 7/17/27<sup>(1)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 |
| Inversiones CMPC S.A. 144A<br> 3.000%, 4/6/31<sup>(1)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp; 149 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **China—5.7%** | **China—5.7%** |  |
| Bank of China Ltd. RegS<br> 5.000%, 11/13/24<sup>(2)</sup> | $46 | $46 |
| ENN Clean Energy International Investment Ltd. 144A<br> 3.375%, 5/12/26<sup>(1)</sup> | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 113 |
| Golden Eagle Retail Group Ltd. RegS<br> 4.625%, 5/21/23<sup>(2)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 42 |
| Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.390%, 6/3/30<sup>(1)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;144A 3.240%, 6/3/50<sup>(1)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;RegS 3.975%, 4/11/29<sup>(2)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23 |
| Wanda Properties International Co., Ltd. RegS<br> 7.250%, 1/29/24<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 159 |
|  |  | &nbsp;&nbsp; 403 |
| **Colombia—4.6%** | **Colombia—4.6%** |  |
| AI Candelaria Spain S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 48 |
| Ecopetrol S.A. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 6/26/26 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;7.375%, 9/18/43 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 60 |
| Geopark Ltd. 144A<br> 5.500%, 1/17/27<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 35 |
| Gran Tierra Energy International Holdings Ltd. 144A<br> 6.250%, 2/15/25<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 57 |
| Millicom International Cellular S.A. 144A<br> 5.125%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 25 |
| SierraCol Energy Andina LLC 144A<br> 6.000%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 45 |
|  |  | &nbsp;&nbsp; 326 |
| **Ghana—0.9%** | **Ghana—0.9%** |  |
| Tullow Oil plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 3/1/25<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;144A 10.250%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 33 |
|  |  | &nbsp;&nbsp; 64 |
| **Guatemala—1.2%** | **Guatemala—1.2%** |  |
| CT Trust 144A<br> 5.125%, 2/3/32<sup>(1)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 33 |
| Investment Energy Resources Ltd. 144A<br> 6.250%, 4/26/29<sup>(1)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 85 |
| **Hong Kong—3.4%** | **Hong Kong—3.4%** |  |
| CK Hutchison International 17 II Ltd. RegS<br> 3.250%, 9/29/27<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 46 |
| Towngas Finance Ltd. RegS<br> 4.750% <sup>(2)(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 192 |
|  |  | &nbsp;&nbsp; 238 |
| **India—5.5%** | **India—5.5%** |  |
| Bharti Airtel Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.250%, 6/3/31<sup>(1)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;RegS 4.375%, 6/10/25<sup>(2)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Greenko Dutch B.V. 144A<br> 3.850%, 3/29/26<sup>(1)</sup> | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 52 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Corporate Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **India—continued** | **India—continued** |  |
| JSW Hydro Energy Ltd. RegS<br> 4.125%, 5/18/31<sup>(2)</sup> | $61 | $52 |
| Network i2i Ltd. 144A<br> 5.650% <sup>(1)(3)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 161 |
| Reliance Industries Ltd. RegS<br> 3.625%, 1/12/52<sup>(2)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 29 |
| Vedanta Resources Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 13.875%, 1/21/24<sup>(1)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;144A 8.950%, 3/11/25<sup>(1)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 14 |
|  |  | &nbsp;&nbsp; 390 |
| **Indonesia—4.9%** | **Indonesia—4.9%** |  |
| Freeport Indonesia PT |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.763%, 4/14/27<sup>(1)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;RegS 5.315%, 4/14/32<sup>(2)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 28 |
| Indika Energy Capital IV Pte Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 10/22/25<sup>(1)</sup> | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;RegS 8.250%, 10/22/25<sup>(2)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 45 |
| Indonesia Asahan Aluminium Persero PT 144A<br> 5.450%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 56 |
| Minejesa Capital B.V. 144A<br> 4.625%, 8/10/30<sup>(1)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 142 |
| Star Energy Geothermal Darajat II 144A<br> 4.850%, 10/14/38<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp; 346 |
| **Israel—7.7%** | **Israel—7.7%** |  |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 77 |
| Bank Leumi Le-Israel BM RegS, 144A<br> 5.125%, 7/27/27<sup>(1)(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 198 |
| Leviathan Bond Ltd. RegS, 144A<br> 6.750%, 6/30/30<sup>(1)(2)</sup> | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 126 |
| Teva Pharmaceutical Finance Netherlands III B.V.<br> 3.150%, 10/1/26 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 142 |
|  |  | &nbsp;&nbsp; 543 |
| **Jamaica—0.5%** | **Jamaica—0.5%** |  |
| Digicel International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 5/25/24<sup>(1)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;144A 8.000%, 12/31/26<sup>(1)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 17 |
| Digicel Ltd. RegS<br> 6.750%, 3/1/23<sup>(2)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 6 |
|  |  | &nbsp;&nbsp; 37 |
| **Kazakhstan—2.1%** | **Kazakhstan—2.1%** |  |
| KazMunayGas National Co. JSC RegS<br> 3.500%, 4/14/33<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 148 |
| **Macau—4.1%** | **Macau—4.1%** |  |
| Melco Resorts Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 7/21/28<sup>(1)</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;RegS 5.625%, 7/17/27<sup>(2)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;RegS 5.750%, 7/21/28<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 41 |
| MGM China Holdings Ltd. RegS<br> 5.875%, 5/15/26<sup>(2)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 49 |
| Studio City Co. Ltd. 144A<br> 7.000%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 49 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Macau—continued** | **Macau—continued** |  |
| Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 7/15/25<sup>(1)</sup> | $79 | $66 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 27 |
|  |  | &nbsp;&nbsp; 288 |
| **Malaysia—3.0%** | **Malaysia—3.0%** |  |
| Gohl Capital Ltd. RegS<br> 4.250%, 1/24/27<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 177 |
| Resorts World Las Vegas LLC RegS<br> 4.625%, 4/6/31<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 33 |
|  |  | &nbsp;&nbsp; 210 |
| **Mexico—7.1%** | **Mexico—7.1%** |  |
| America Movil SAB de CV 144A<br> 5.375%, 4/4/32<sup>(1)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 30 |
| Banco Mercantil del Norte S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%<sup>(1)(3)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;144A 7.500%<sup>(1)(3)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 37 |
| BBVA Bancomer S.A. 144A<br> 5.125%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 16 |
| Braskem Idesa SAPI 144A<br> 6.990%, 2/20/32<sup>(1)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 29 |
| Cemex SAB de C.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%<sup>(1)(3)</sup> | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 7/11/31<sup>(1)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 44 |
| Cometa Energia S.A. de C.V. 144A<br> 6.375%, 4/24/35<sup>(1)</sup> | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 44 |
| FEL Energy VI S.a.r.l. 144A<br> 5.750%, 12/1/40<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 8 |
| Mexico Generadora de Energia S de rl 144A<br> 5.500%, 12/6/32<sup>(1)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.625%, 6/15/35 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 33 |
| Poinsettia Finance Ltd. RegS<br> 6.625%, 6/17/31<sup>(2)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 50 |
| Sixsigma Networks Mexico S.A. de C.V. 144A<br> 7.500%, 5/2/25<sup>(1)</sup> | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 41 |
| Southern Copper Corp.<br> 6.750%, 4/16/40 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 23 |
|  |  | &nbsp;&nbsp; 501 |
| **Nigeria—2.1%** | **Nigeria—2.1%** |  |
| Access Bank plc 144A<br> 6.125%, 9/21/26<sup>(1)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 22 |
| Africa Finance Corp. 144A<br> 2.875%, 4/28/28<sup>(1)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 51 |
| IHS Holding Ltd. 144A<br> 6.250%, 11/29/28<sup>(1)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 31 |
| IHS Netherlands Holdco B.V. 144A<br> 8.000%, 9/18/27<sup>(1)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 148 |
| **Oman —0.4%** | **Oman —0.4%** |  |
| Oryx Funding Ltd. 144A<br> 5.800%, 2/3/31<sup>(1)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 26 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Corporate Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Peru—4.0%** | **Peru—4.0%** |  |
| Banco BBVA Peru S.A. RegS<br> 5.250%, 9/22/29<sup>(2)</sup> | $40 | $39 |
| Banco de Credito del Peru S.A. 144A<br> 3.125%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 25 |
| Inkia Energy Ltd. 144A<br> 5.875%, 11/9/27<sup>(1)</sup> | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 106 |
| Kallpa Generacion S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 5/24/26<sup>(1)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 8/16/27<sup>(1)</sup> | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 48 |
| Nexa Resources S.A. 144A<br> 6.500%, 1/18/28<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 282 |
| **Saudi Arabia—3.2%** | **Saudi Arabia—3.2%** |  |
| Acwa Power Management And Investments One Ltd. 144A<br> 5.950%, 12/15/39<sup>(1)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 96 |
| Saudi Arabian Oil Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 4/16/29<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 4/16/49<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;144A 3.250%, 11/24/50<sup>(1)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 33 |
|  |  | &nbsp;&nbsp; 222 |
| **Singapore—2.8%** | **Singapore—2.8%** |  |
| BOC Aviation Ltd. (3 month LIBOR + 1.300%) RegS<br> 5.975%, 5/21/25<sup>(2)(4)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 197 |
| **South Africa—4.0%** | **South Africa—4.0%** |  |
| AngloGold Ashanti Holdings plc<br> 3.750%, 10/1/30 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 43 |
| Eskom Holdings SOC Ltd. 144A<br> 6.750%, 8/6/23<sup>(1)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 106 |
| Liquid Telecommunications Financing plc 144A<br> 5.500%, 9/4/26<sup>(1)</sup> | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 18 |
| Prosus N.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.832%, 2/8/51<sup>(1)</sup> | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;RegS 3.680%, 1/21/30<sup>(2)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;RegS 3.061%, 7/13/31<sup>(2)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 53 |
| Sasol Financing USA LLC<br> 5.875%, 3/27/24 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 19 |
|  |  | &nbsp;&nbsp; 280 |
| **South Korea—2.7%** | **South Korea—2.7%** |  |
| LG Chem Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;RegS 1.375%, 7/7/26<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;RegS 2.375%, 7/7/31<sup>(2)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 31 |
| Shinhan Bank Co. Ltd. RegS<br> 3.875%, 3/24/26<sup>(2)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 56 |
| Woori Bank RegS<br> 4.750%, 4/30/24<sup>(2)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 59 |
|  |  | &nbsp;&nbsp; 189 |
| **Taiwan—0.9%** | **Taiwan—0.9%** |  |
| TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 4/22/27 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;4.125%, 4/22/29 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Taiwan—continued** | **Taiwan—continued** |  |
| TSMC Global Ltd. RegS<br> 1.375%, 9/28/30<sup>(2)</sup> | $35 | $27 |
|  |  | &nbsp;&nbsp;&nbsp; 62 |
| **Tanzania—1.6%** | **Tanzania—1.6%** |  |
| HTA Group Ltd. 144A<br> 7.000%, 12/18/25<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 110 |
| **Thailand—1.6%** | **Thailand—1.6%** |  |
| Bangkok Bank PCL 144A<br> 3.733%, 9/25/34<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 41 |
| PTT Treasury Center Co. Ltd. 144A<br> 4.500%, 10/25/42<sup>(1)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 42 |
| Thaioil Treasury Center Co. Ltd. RegS<br> 4.875%, 1/23/43<sup>(2)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 31 |
|  |  | &nbsp;&nbsp;&nbsp; 114 |
| **Turkey—1.9%** | **Turkey—1.9%** |  |
| Akbank TAS |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 3/31/25<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;144A 6.797%, 4/27/28<sup>(1)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 15 |
| Aydem Yenilenebilir Enerji AS 144A<br> 7.750%, 2/2/27<sup>(1)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 48 |
| Turkiye Garanti Bankasi AS 144A<br> 7.177%, 5/24/27<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp;&nbsp; 131 |
| **Ukraine—1.6%** | **Ukraine—1.6%** |  |
| Metinvest B.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.750%, 4/23/23<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;144A 7.750%, 10/17/29<sup>(1)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 38 |
| VF Ukraine PAT via VFU Funding plc 144A<br> 6.200%, 2/11/25<sup>(1)(5)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 29 |
|  |  | &nbsp;&nbsp;&nbsp; 116 |
| **United Arab Emirates —2.6%** | **United Arab Emirates —2.6%** |  |
| DP World plc 144A<br> 4.700%, 9/30/49<sup>(1)</sup> | &nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 121 |
| Galaxy Pipeline Assets Bidco Ltd. 144A<br> 1.750%, 9/30/27<sup>(1)</sup> | &nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 63 |
|  |  | &nbsp;&nbsp;&nbsp; 184 |
| **Vietnam—1.3%** | **Vietnam—1.3%** |  |
| Mong Duong Finance Holdings B.V. 144A<br> 5.125%, 5/7/29<sup>(1)</sup> | &nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 94 |
| **Zambia—1.4%** | **Zambia—1.4%** |  |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 3/1/24<sup>(1)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/25<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 64 |
|  |  | &nbsp;&nbsp;&nbsp; 102 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $7,524)** | **Total Corporate Bonds and Notes<br> (Identified Cost $7,524)** | &nbsp;&nbsp;&nbsp;&nbsp;**6690** |
| **Total Long-Term Investments—94.9%<br> (Identified Cost $7,524)** | **Total Long-Term Investments—94.9%<br> (Identified Cost $7,524)** | &nbsp;&nbsp;&nbsp;&nbsp;**6690** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Corporate Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—6.0%** | **Short-Term Investment—6.0%** | **Short-Term Investment—6.0%** |
| **Money Market Mutual Fund—6.0%** | **Money Market Mutual Fund—6.0%** | **Money Market Mutual Fund—6.0%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 3.606%)<sup>(6)</sup> | 423160 | $423 |
| **Total Short-Term Investment<br> (Identified Cost $423)** | **Total Short-Term Investment<br> (Identified Cost $423)** | &nbsp;&nbsp;&nbsp;&nbsp; **423** |
| **TOTAL INVESTMENTS—100.9%<br> (Identified Cost $7,947)** | **TOTAL INVESTMENTS—100.9%<br> (Identified Cost $7,947)** | &nbsp;&nbsp;**$7113** |
| Other assets and liabilities, net—(0.9)% | Other assets and liabilities, net—(0.9)% | &nbsp;&nbsp;&nbsp;&nbsp; (60) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$7053** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, these securities amounted to a value of $4,373 or 62.0% of net assets. |
| <sup>(2)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(3)</sup> | No contractual maturity date. |
| <sup>(4)</sup> | Variable rate security. Rate disclosed is as of November 30, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(5)</sup> | This Note was issued for the sole purpose of funding a leveraged loan between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
| <sup>(6)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;56 |
| Total | 100% |
| <sup>†</sup> % of total investments as of November 30, 2022. | <sup>†</sup> % of total investments as of November 30, 2022. |

---

The following table summarizes the value of the Fund's investments as of November 30, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> November 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6690 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6690 |

---

There were no securities valued using significant unobservable inputs (Level 3) at November 30, 2022.

There were no transfers into or out of Level 3 related to securities held at November 30, 2022.

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—56.1%** | **Foreign Government Securities—56.1%** | **Foreign Government Securities—56.1%** |
| **Angola —4.2%** | **Angola —4.2%** |  |
| Republic of Angola 144A<br> 9.125%, 11/26/49<sup>(2)</sup> | $1603 | $1316 |
| Republic of Angola Via Avenir II B.V. |  |  |
| &nbsp;&nbsp;&nbsp;(6 month LIBOR + 4.500%) RegS<br> 6.609%, 12/7/23<sup>(3)(4)(5)</sup> | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 1321 |
| &nbsp;&nbsp;&nbsp;(6 month LIBOR + 7.500%) RegS<br> 10.447%, 7/1/23<sup>(3)(4)(5)</sup> | &nbsp;&nbsp; 11416 | &nbsp;&nbsp; 11531 |
| Republic of Angola Via Avenir Issuer II Ireland DAC RegS<br> 6.927%, 2/19/27<sup>(3)(4)</sup> | &nbsp;&nbsp; 5908 | &nbsp;&nbsp; 5354 |
|  |  | &nbsp;&nbsp; 19522 |
| **Argentina—2.1%** | **Argentina—2.1%** |  |
| Republic of Argentina |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, 7/9/30<sup>(5)</sup> | &nbsp;&nbsp; 10915 | &nbsp;&nbsp; 2887 |
| &nbsp;&nbsp;&nbsp;1.500%, 7/9/35<sup>(5)</sup> | &nbsp;&nbsp; 28555 | &nbsp;&nbsp; 6925 |
| &nbsp;&nbsp;&nbsp;3.875%, 1/9/38<sup>(5)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;1.500%, 7/9/46<sup>(5)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 9870 |
| **Azerbaijan—0.2%** | **Azerbaijan—0.2%** |  |
| Republic of Azerbaijan RegS<br> 3.500%, 9/1/32<sup>(4)</sup> | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 879 |
| **Benin—0.6%** | **Benin—0.6%** |  |
| Benin International Government Bond 144A<br> 4.875%, 1/19/32<sup>(2)</sup> | &nbsp;&nbsp; 3483 <sup>EUR</sup> | &nbsp;&nbsp; 2813 |
| **Bermuda—0.3%** | **Bermuda—0.3%** |  |
| Government of Bermuda |  |  |
| &nbsp;&nbsp;&nbsp;RegS <br> 3.717%, 1/25/27<sup>(4)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.750%, 2/15/29<sup>(4)</sup> | &nbsp;&nbsp; 866 | &nbsp;&nbsp; 841 |
|  |  | &nbsp;&nbsp; 1205 |
| **Brazil—2.5%** | **Brazil—2.5%** |  |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 6/12/30 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp;5.000%, 1/27/45 | &nbsp;&nbsp; 1987 | &nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp;5.625%, 2/21/47 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;4.750%, 1/14/50 | &nbsp;&nbsp; 13296 | &nbsp;&nbsp; 9758 |
|  |  | &nbsp;&nbsp; 11806 |
| **Chile—1.0%** | **Chile—1.0%** |  |
| Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;3.100%, 5/7/41 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp;3.500%, 1/25/50 | &nbsp;&nbsp; 2562 | &nbsp;&nbsp; 1902 |
| &nbsp;&nbsp;&nbsp;3.250%, 9/21/71 | &nbsp;&nbsp; 3414 | &nbsp;&nbsp; 2172 |
|  |  | &nbsp;&nbsp; 4839 |
| **Colombia—3.4%** | **Colombia—3.4%** |  |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 1/30/30 | &nbsp;&nbsp; 2620 | &nbsp;&nbsp; 1971 |
| &nbsp;&nbsp;&nbsp;3.125%, 4/15/31 | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp;8.000%, 4/20/33 | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1401 |
| &nbsp;&nbsp;&nbsp;6.125%, 1/18/41 | &nbsp;&nbsp; 4215 | &nbsp;&nbsp; 3309 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Colombia—continued** | **Colombia—continued** |  |
| &nbsp;&nbsp;&nbsp;4.125%, 2/22/42 | $158 | $97 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/15/45 | &nbsp;&nbsp; 6186 | &nbsp;&nbsp; 4144 |
| &nbsp;&nbsp;&nbsp;5.200%, 5/15/49 | &nbsp;&nbsp; 4480 | &nbsp;&nbsp; 3013 |
| &nbsp;&nbsp;&nbsp;3.875%, 2/15/61 | &nbsp;&nbsp; 2401 | &nbsp;&nbsp; 1326 |
|  |  | &nbsp;&nbsp; 15706 |
| **Dominican Republic—2.8%** | **Dominican Republic—2.8%** |  |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 4.875%, 9/23/32<sup>(2)</sup> | &nbsp;&nbsp; 1999 | &nbsp;&nbsp; 1655 |
| &nbsp;&nbsp;&nbsp;144A <br> 6.000%, 2/22/33<sup>(2)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.875%, 9/23/32<sup>(4)</sup> | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp;RegS <br> 5.300%, 1/21/41<sup>(4)</sup> | &nbsp;&nbsp; 7105 | &nbsp;&nbsp; 5444 |
| &nbsp;&nbsp;&nbsp;RegS <br> 7.450%, 4/30/44<sup>(4)</sup> | &nbsp;&nbsp; 2218 | &nbsp;&nbsp; 2065 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.500%, 2/15/48<sup>(4)</sup> | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.400%, 6/5/49<sup>(4)</sup> | &nbsp;&nbsp; 1813 | &nbsp;&nbsp; 1468 |
| &nbsp;&nbsp;&nbsp;RegS <br> 5.875%, 1/30/60<sup>(4)</sup> | &nbsp;&nbsp; 543 | &nbsp;&nbsp; 402 |
|  |  | &nbsp;&nbsp; 12860 |
| **Ecuador—2.4%** | **Ecuador—2.4%** |  |
| Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 0.000%, 7/31/30<sup>(2)</sup> | &nbsp;&nbsp; 5094 | &nbsp;&nbsp; 1863 |
| &nbsp;&nbsp;&nbsp;144A <br> 5.500%, 7/31/30<sup>(2)(5)</sup> | &nbsp;&nbsp; 2003 | &nbsp;&nbsp; 1213 |
| &nbsp;&nbsp;&nbsp;144A <br> 2.500%, 7/31/35<sup>(2)(5)</sup> | &nbsp;&nbsp; 9933 | &nbsp;&nbsp; 4326 |
| &nbsp;&nbsp;&nbsp;144A <br> 1.500%, 7/31/40<sup>(2)(5)</sup> | &nbsp;&nbsp; 2920 | &nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp;RegS <br> 2.500%, 7/31/35<sup>(4)(5)</sup> | &nbsp;&nbsp; 2903 | &nbsp;&nbsp; 1264 |
| &nbsp;&nbsp;&nbsp;RegS <br> 1.500%, 7/31/40<sup>(4)(5)</sup> | &nbsp;&nbsp; 3423 | &nbsp;&nbsp; 1357 |
|  |  | &nbsp;&nbsp; 11181 |
| **Egypt—3.5%** | **Egypt—3.5%** |  |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 7.600%, 3/1/29<sup>(2)</sup> | &nbsp;&nbsp; 1208 | &nbsp;&nbsp; 988 |
| &nbsp;&nbsp;&nbsp;144A <br> 6.375%, 4/11/31<sup>(2)</sup> | &nbsp;&nbsp; 5204 <sup>EUR</sup> | &nbsp;&nbsp; 3804 |
| &nbsp;&nbsp;&nbsp;144A <br> 7.053%, 1/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1077 |
| &nbsp;&nbsp;&nbsp;144A <br> 7.300%, 9/30/33<sup>(2)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;144A <br> 7.903%, 2/21/48<sup>(2)</sup> | &nbsp;&nbsp; 2896 | &nbsp;&nbsp; 1861 |
| &nbsp;&nbsp;&nbsp;144A <br> 8.875%, 5/29/50<sup>(2)</sup> | &nbsp;&nbsp; 5715 | &nbsp;&nbsp; 3872 |
| &nbsp;&nbsp;&nbsp;144A <br> 7.500%, 2/16/61<sup>(2)</sup> | &nbsp;&nbsp; 2420 | &nbsp;&nbsp; 1537 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Egypt—continued** | **Egypt—continued** |  |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.750%, 4/16/26<sup>(4)</sup> | &nbsp;&nbsp; 1539 <sup>EUR</sup> | $1327 |
| &nbsp;&nbsp;&nbsp;RegS <br> 5.875%, 2/16/31<sup>(4)</sup> | $1820 | &nbsp;&nbsp; 1285 |
|  |  | &nbsp;&nbsp; 16013 |
| **El Salvador—0.8%** | **El Salvador—0.8%** |  |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 7.625%, 2/1/41<sup>(2)</sup> | &nbsp;&nbsp; 1994 | &nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp;RegS <br> 8.625%, 2/28/29<sup>(4)</sup> | &nbsp;&nbsp; 2049 | &nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp;RegS <br> 8.250%, 4/10/32<sup>(4)</sup> | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;RegS <br> 7.625%, 2/1/41<sup>(4)</sup> | &nbsp;&nbsp; 3001 | &nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp;RegS <br> 9.500%, 7/15/52<sup>(4)</sup> | &nbsp;&nbsp; 1671 | &nbsp;&nbsp; 683 |
|  |  | &nbsp;&nbsp; 3537 |
| **Ethiopia—0.1%** | **Ethiopia—0.1%** |  |
| Federal Republic of Ethiopia 144A<br> 6.625%, 12/11/24<sup>(2)</sup> | &nbsp;&nbsp; 793 | &nbsp;&nbsp; 485 |
| **Gabon—0.3%** | **Gabon—0.3%** |  |
| Republic of Gabon |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 7.000%, 11/24/31<sup>(2)</sup> | &nbsp;&nbsp; 1208 | &nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.625%, 2/6/31<sup>(4)</sup> | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 330 |
|  |  | &nbsp;&nbsp; 1325 |
| **Ghana—0.9%** | **Ghana—0.9%** |  |
| Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 10.750%, 10/14/30<sup>(2)</sup> | &nbsp;&nbsp; 1242 | &nbsp;&nbsp; 851 |
| &nbsp;&nbsp;&nbsp;144A <br> 8.875%, 5/7/42<sup>(2)</sup> | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;144A <br> 8.950%, 3/26/51<sup>(2)</sup> | &nbsp;&nbsp; 347 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;144A <br> 8.750%, 3/11/61<sup>(2)</sup> | &nbsp;&nbsp; 944 | &nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;RegS <br> 10.750%, 10/14/30<sup>(4)</sup> | &nbsp;&nbsp; 2549 | &nbsp;&nbsp; 1746 |
| &nbsp;&nbsp;&nbsp;RegS <br> 8.627%, 6/16/49<sup>(4)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;RegS <br> 8.950%, 3/26/51<sup>(4)</sup> | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 730 |
|  |  | &nbsp;&nbsp; 4315 |
| **Guatemala—0.3%** | **Guatemala—0.3%** |  |
| Republic of Guatemala 144A<br> 4.650%, 10/7/41<sup>(2)</sup> | &nbsp;&nbsp; 1697 | &nbsp;&nbsp; 1330 |
| **Honduras—0.1%** | **Honduras—0.1%** |  |
| Honduras Government RegS<br> 5.625%, 6/24/30<sup>(4)</sup> | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 450 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Hungary—1.6%** | **Hungary—1.6%** |  |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 5.250%, 6/16/29<sup>(2)</sup> | $345 | $331 |
| &nbsp;&nbsp;&nbsp;144A <br> 2.125%, 9/22/31<sup>(2)</sup> | &nbsp;&nbsp; 3627 | &nbsp;&nbsp; 2698 |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.250%, 6/16/31<sup>(4)</sup> | &nbsp;&nbsp; 1065 <sup>EUR</sup> | &nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp;RegS <br> 1.750%, 6/5/35<sup>(4)</sup> | &nbsp;&nbsp; 2371 <sup>EUR</sup> | &nbsp;&nbsp; 1667 |
| &nbsp;&nbsp;&nbsp;RegS <br> 1.500%, 11/17/50<sup>(4)</sup> | &nbsp;&nbsp; 1207 <sup>EUR</sup> | &nbsp;&nbsp; 633 |
| &nbsp;&nbsp;&nbsp;RegS <br> 3.125%, 9/21/51<sup>(4)</sup> | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 1108 |
|  |  | &nbsp;&nbsp; 7445 |
| **Indonesia—0.8%** | **Indonesia—0.8%** |  |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;4.300%, 3/31/52 | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp;144A <br> 5.250%, 1/8/47<sup>(2)</sup> | &nbsp;&nbsp; 439 | &nbsp;&nbsp; 423 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.750%, 1/15/44<sup>(4)</sup> | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp;RegS <br> 5.125%, 1/15/45<sup>(4)</sup> | &nbsp;&nbsp; 1501 | &nbsp;&nbsp; 1426 |
|  |  | &nbsp;&nbsp; 3750 |
| **Ivory Coast—0.3%** | **Ivory Coast—0.3%** |  |
| Ivory Coast Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 6.625%, 3/22/48<sup>(2)</sup> | &nbsp;&nbsp; 1055 <sup>EUR</sup> | &nbsp;&nbsp; 788 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.625%, 3/22/48<sup>(4)</sup> | &nbsp;&nbsp; 1000 <sup>EUR</sup> | &nbsp;&nbsp; 747 |
|  |  | &nbsp;&nbsp; 1535 |
| **Jordan—0.3%** | **Jordan—0.3%** |  |
| Kingdom of Jordan RegS<br> 7.375%, 10/10/47<sup>(4)</sup> | &nbsp;&nbsp; 1394 | &nbsp;&nbsp; 1164 |
| **Kazakhstan—0.7%** | **Kazakhstan—0.7%** |  |
| Republic of Kazakhstan |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 4.875%, 10/14/44<sup>(2)</sup> | &nbsp;&nbsp; 1673 | &nbsp;&nbsp; 1486 |
| &nbsp;&nbsp;&nbsp;144A <br> 6.500%, 7/21/45<sup>(2)</sup> | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 651 |
| &nbsp;&nbsp;&nbsp;RegS <br> 1.500%, 9/30/34<sup>(4)</sup> | &nbsp;&nbsp; 1582 <sup>EUR</sup> | &nbsp;&nbsp; 1165 |
|  |  | &nbsp;&nbsp; 3302 |
| **Kenya—0.9%** | **Kenya—0.9%** |  |
| Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.875%, 6/24/24<sup>(4)</sup> | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 899 |
| &nbsp;&nbsp;&nbsp;144A <br> 6.875%, 6/24/24<sup>(2)</sup> | &nbsp;&nbsp; 1221 | &nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp;144A <br> 8.000%, 5/22/32<sup>(2)</sup> | &nbsp;&nbsp; 2208 | &nbsp;&nbsp; 1916 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Kenya—continued** | **Kenya—continued** |  |
| &nbsp;&nbsp;&nbsp;RegS <br> 7.250%, 2/28/28<sup>(4)</sup> | $471 | $417 |
|  |  | &nbsp;&nbsp; 4358 |
| **Lebanon—1.7%** | **Lebanon—1.7%** |  |
| Lebanese Republic |  |  |
| &nbsp;&nbsp;&nbsp;6.375%, 3/9/20<sup>(6)</sup> | &nbsp;&nbsp; 2089 | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;6.150%, 6/19/20<sup>(6)</sup> | &nbsp;&nbsp; 14492 | &nbsp;&nbsp; 841 |
| &nbsp;&nbsp;&nbsp;6.250%, 5/27/22<sup>(6)</sup> | &nbsp;&nbsp; 6726 | &nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;6.400%, 5/26/23<sup>(6)</sup> | &nbsp;&nbsp; 1368 | &nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;6.850%, 5/25/29<sup>(6)</sup> | &nbsp;&nbsp; 5626 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;8.200%, 5/17/33<sup>(6)</sup> | &nbsp;&nbsp; 9360 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;RegS <br> 5.800%, 4/14/20<sup>(4)(6)</sup> | &nbsp;&nbsp; 25440 | &nbsp;&nbsp; 1475 |
| &nbsp;&nbsp;&nbsp;RegS <br> 8.250%, 4/12/21<sup>(4)(6)</sup> | &nbsp;&nbsp; 34424 | &nbsp;&nbsp; 2083 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.100%, 10/4/22<sup>(4)(6)</sup> | &nbsp;&nbsp; 18512 | &nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.000%, 1/27/23<sup>(4)(6)</sup> | &nbsp;&nbsp; 3105 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.650%, 4/22/24<sup>(4)(6)</sup> | &nbsp;&nbsp; 4594 | &nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.600%, 11/27/26<sup>(4)(6)</sup> | &nbsp;&nbsp; 4423 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.850%, 3/23/27<sup>(4)(6)</sup> | &nbsp;&nbsp; 2417 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.650%, 2/26/30<sup>(4)(6)</sup> | &nbsp;&nbsp; 4301 | &nbsp;&nbsp; 241 |
|  |  | &nbsp;&nbsp; 8018 |
| **Malaysia—1.4%** | **Malaysia—1.4%** |  |
| 1MDB Global Investments RegS<br> 4.400%, 3/9/23<sup>(4)</sup> | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 6261 |
| **Mexico—2.4%** | **Mexico—2.4%** |  |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 8/12/36 | &nbsp;&nbsp; 1839 <sup>EUR</sup> | &nbsp;&nbsp; 1391 |
| &nbsp;&nbsp;&nbsp;4.280%, 8/14/41 | &nbsp;&nbsp; 1582 | &nbsp;&nbsp; 1277 |
| &nbsp;&nbsp;&nbsp;5.000%, 4/27/51 | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp;3.771%, 5/24/61 | &nbsp;&nbsp; 8659 | &nbsp;&nbsp; 5856 |
| &nbsp;&nbsp;&nbsp;3.750%, 4/19/71 | &nbsp;&nbsp; 2811 | &nbsp;&nbsp; 1876 |
|  |  | &nbsp;&nbsp; 11003 |
| **Mozambique—0.1%** | **Mozambique—0.1%** |  |
| Republic of Mozambique 144A<br> 5.000%, 9/15/31<sup>(2)(5)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 502 |
| **Nigeria—2.0%** | **Nigeria—2.0%** |  |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 8.375%, 3/24/29<sup>(2)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 729 |
| &nbsp;&nbsp;&nbsp;144A <br> 7.875%, 2/16/32<sup>(2)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp;144A <br> 7.696%, 2/23/38<sup>(2)</sup> | &nbsp;&nbsp; 1838 | &nbsp;&nbsp; 1278 |
| &nbsp;&nbsp;&nbsp;144A <br> 7.625%, 11/28/47<sup>(2)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp;144A <br> 8.250%, 9/28/51<sup>(2)</sup> | &nbsp;&nbsp; 7826 | &nbsp;&nbsp; 5341 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Nigeria—continued** | **Nigeria—continued** |  |
| &nbsp;&nbsp;&nbsp;RegS <br> 7.375%, 9/28/33<sup>(4)</sup> | $1129 | $823 |
|  |  | &nbsp;&nbsp; 9195 |
| **Pakistan—0.6%** | **Pakistan—0.6%** |  |
| Islamic Republic of Pakistan |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 6.000%, 4/8/26<sup>(2)</sup> | &nbsp;&nbsp; 4334 | &nbsp;&nbsp; 1777 |
| &nbsp;&nbsp;&nbsp;144A <br> 6.875%, 12/5/27<sup>(2)</sup> | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 558 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.875%, 12/5/27<sup>(4)</sup> | &nbsp;&nbsp; 1039 | &nbsp;&nbsp; 411 |
| &nbsp;&nbsp;&nbsp;RegS <br> 7.875%, 3/31/36<sup>(4)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 168 |
|  |  | &nbsp;&nbsp; 2914 |
| **Panama—3.6%** | **Panama—3.6%** |  |
| Panama Bonos del Tesoro<br> 3.362%, 6/30/31 | &nbsp;&nbsp; 2659 | &nbsp;&nbsp; 2102 |
| Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;2.252%, 9/29/32 | &nbsp;&nbsp; 10067 | &nbsp;&nbsp; 7590 |
| &nbsp;&nbsp;&nbsp;4.500%, 4/16/50 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 770 |
| &nbsp;&nbsp;&nbsp;4.500%, 4/1/56 | &nbsp;&nbsp; 6545 | &nbsp;&nbsp; 4901 |
| &nbsp;&nbsp;&nbsp;3.870%, 7/23/60 | &nbsp;&nbsp; 1541 | &nbsp;&nbsp; 1026 |
| &nbsp;&nbsp;&nbsp;4.500%, 1/19/63 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 502 |
|  |  | &nbsp;&nbsp; 16891 |
| **Papua New Guinea —0.1%** | **Papua New Guinea —0.1%** |  |
| Papua New Guinea Government International Bond 144A<br> 8.375%, 10/4/28<sup>(2)</sup> | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 378 |
| **Poland—0.9%** | **Poland—0.9%** |  |
| Republic of Poland<br> 5.750%, 11/16/32 | &nbsp;&nbsp; 3816 | &nbsp;&nbsp; 4016 |
| **Qatar—0.9%** | **Qatar—0.9%** |  |
| State of Qatar |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 4.817%, 3/14/49<sup>(2)</sup> | &nbsp;&nbsp; 2644 | &nbsp;&nbsp; 2552 |
| &nbsp;&nbsp;&nbsp;144A <br> 4.400%, 4/16/50<sup>(2)</sup> | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 1047 |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.400%, 4/16/50<sup>(4)</sup> | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 624 |
|  |  | &nbsp;&nbsp; 4223 |
| **Romania—3.4%** | **Romania—3.4%** |  |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 2.000%, 4/14/33<sup>(2)</sup> | &nbsp;&nbsp; 883 <sup>EUR</sup> | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;144A <br> 3.375%, 2/8/38<sup>(2)</sup> | &nbsp;&nbsp; 4315 <sup>EUR</sup> | &nbsp;&nbsp; 3122 |
| &nbsp;&nbsp;&nbsp;144A <br> 2.750%, 4/14/41<sup>(2)</sup> | &nbsp;&nbsp; 2899 <sup>EUR</sup> | &nbsp;&nbsp; 1769 |
| &nbsp;&nbsp;&nbsp;144A <br> 2.875%, 4/13/42<sup>(2)</sup> | &nbsp;&nbsp; 1969 <sup>EUR</sup> | &nbsp;&nbsp; 1203 |
| &nbsp;&nbsp;&nbsp;144A <br> 3.375%, 1/28/50<sup>(2)</sup> | &nbsp;&nbsp; 1435 <sup>EUR</sup> | &nbsp;&nbsp; 906 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Romania—continued** | **Romania—continued** |  |
| &nbsp;&nbsp;&nbsp;144A <br> 4.000%, 2/14/51<sup>(2)</sup> | $1750 | $1162 |
| &nbsp;&nbsp;&nbsp;RegS <br> 3.624%, 5/26/30<sup>(4)</sup> | &nbsp;&nbsp; 1110 <sup>EUR</sup> | &nbsp;&nbsp; 973 |
| &nbsp;&nbsp;&nbsp;RegS <br> 2.000%, 1/28/32<sup>(4)</sup> | &nbsp;&nbsp; 1010 <sup>EUR</sup> | &nbsp;&nbsp; 734 |
| &nbsp;&nbsp;&nbsp;RegS <br> 2.000%, 4/14/33<sup>(4)</sup> | &nbsp;&nbsp; 3004 <sup>EUR</sup> | &nbsp;&nbsp; 2114 |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.125%, 3/11/39<sup>(4)</sup> | &nbsp;&nbsp; 2543 <sup>EUR</sup> | &nbsp;&nbsp; 1928 |
| &nbsp;&nbsp;&nbsp;RegS <br> 2.875%, 4/13/42<sup>(4)</sup> | &nbsp;&nbsp; 1012 <sup>EUR</sup> | &nbsp;&nbsp; 618 |
| &nbsp;&nbsp;&nbsp;RegS <br> 5.125%, 6/15/48<sup>(4)</sup> | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 532 |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.000%, 2/14/51<sup>(4)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 306 |
|  |  | &nbsp;&nbsp; 15988 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| Russian Federation - Eurobond RegS<br> 5.100%, 3/28/35<sup>(4)(6)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 42 |
| **Saudi Arabia—3.7%** | **Saudi Arabia—3.7%** |  |
| Saudi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 5.500%, 10/25/32<sup>(2)</sup> | &nbsp;&nbsp; 4496 | &nbsp;&nbsp; 4710 |
| &nbsp;&nbsp;&nbsp;144A <br> 2.250%, 2/2/33<sup>(2)</sup> | &nbsp;&nbsp; 2986 | &nbsp;&nbsp; 2408 |
| &nbsp;&nbsp;&nbsp;144A <br> 4.500%, 10/26/46<sup>(2)</sup> | &nbsp;&nbsp; 1449 | &nbsp;&nbsp; 1266 |
| &nbsp;&nbsp;&nbsp;144A <br> 4.625%, 10/4/47<sup>(2)</sup> | &nbsp;&nbsp; 2277 | &nbsp;&nbsp; 2012 |
| &nbsp;&nbsp;&nbsp;144A <br> 5.000%, 4/17/49<sup>(2)</sup> | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1413 |
| &nbsp;&nbsp;&nbsp;144A <br> 3.750%, 1/21/55<sup>(2)</sup> | &nbsp;&nbsp; 3437 | &nbsp;&nbsp; 2659 |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.500%, 10/26/46<sup>(4)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1110 |
| &nbsp;&nbsp;&nbsp;RegS <br> 3.750%, 1/21/55<sup>(4)</sup> | &nbsp;&nbsp; 2341 | &nbsp;&nbsp; 1811 |
|  |  | &nbsp;&nbsp; 17389 |
| **Senegal—0.2%** | **Senegal—0.2%** |  |
| Republic of Senegal RegS<br> 4.750%, 3/13/28<sup>(4)</sup> | &nbsp;&nbsp; 1107 <sup>EUR</sup> | &nbsp;&nbsp; 985 |
| **South Africa—0.5%** | **South Africa—0.5%** |  |
| Republic of South Africa<br> 7.300%, 4/20/52 | &nbsp;&nbsp; 2668 | &nbsp;&nbsp; 2344 |
| **Sri Lanka—0.6%** | **Sri Lanka—0.6%** |  |
| Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 6.750%, 4/18/28<sup>(2)(6)</sup> | &nbsp;&nbsp; 5172 | &nbsp;&nbsp; 1551 |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.350%, 6/28/24<sup>(4)(6)</sup> | &nbsp;&nbsp; 1194 | &nbsp;&nbsp; 362 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Sri Lanka—continued** | **Sri Lanka—continued** |  |
| &nbsp;&nbsp;&nbsp;RegS <br> 6.200%, 5/11/27<sup>(4)(6)</sup> | $3068 | $936 |
|  |  | &nbsp;&nbsp;&nbsp; 2849 |
| **Tunisia—1.2%** | **Tunisia—1.2%** |  |
| Tunisian Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 6.375%, 7/15/26<sup>(2)</sup> | &nbsp;&nbsp; 5536 <sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 3882 |
| &nbsp;&nbsp;&nbsp;RegS <br> 5.625%, 2/17/24<sup>(4)</sup> | &nbsp;&nbsp; 2132 <sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 1827 |
|  |  | &nbsp;&nbsp;&nbsp; 5709 |
| **Ukraine—0.4%** | **Ukraine—0.4%** |  |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A <br> 7.750%, 9/1/27<sup>(2)(6)</sup> | &nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;144A <br> 9.750%, 11/1/30<sup>(2)(6)</sup> | &nbsp;&nbsp; 2206 | &nbsp;&nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp;144A <br> 6.876%, 5/21/31<sup>(2)(6)</sup> | &nbsp;&nbsp; 1198 | &nbsp;&nbsp;&nbsp; 250 |
| &nbsp;&nbsp;&nbsp;RegS <br> 7.750%, 9/1/28<sup>(4)(6)</sup> | &nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;RegS <br> 7.750%, 9/1/29<sup>(4)(6)</sup> | &nbsp;&nbsp; 3258 | &nbsp;&nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp;RegS <br> 9.750%, 11/1/30<sup>(4)(6)</sup> | &nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 65 |
|  |  | &nbsp;&nbsp;&nbsp; 1875 |
| **United Arab Emirates —1.2%** | **United Arab Emirates —1.2%** |  |
| Finance Department Government of Sharjah 144A<br> 4.000%, 7/28/50<sup>(2)</sup> | &nbsp;&nbsp; 9189 | &nbsp;&nbsp;&nbsp; 5696 |
| **Venezuela—0.5%** | **Venezuela—0.5%** |  |
| Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;RegS <br> 7.750%, 10/13/19<sup>(4)(6)</sup> | &nbsp;&nbsp; 25087 | &nbsp;&nbsp;&nbsp; 2070 |
| &nbsp;&nbsp;&nbsp;RegS <br> 9.250%, 5/7/28<sup>(4)(6)</sup> | &nbsp;&nbsp; 927 | &nbsp;&nbsp;&nbsp; 76 |
|  |  | &nbsp;&nbsp;&nbsp; 2146 |
| **Zambia—0.6%** | **Zambia—0.6%** |  |
| Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 9/20/22<sup>(6)</sup> | &nbsp;&nbsp; 5095 | &nbsp;&nbsp;&nbsp; 2140 |
| &nbsp;&nbsp;&nbsp;5.375%, 9/20/22<sup>(6)</sup> | &nbsp;&nbsp; 1359 | &nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp;RegS <br> 8.500%, 4/14/24<sup>(4)(6)</sup> | &nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp; 234 |
|  |  | &nbsp;&nbsp;&nbsp; 2945 |
| **Total Foreign Government Securities<br> (Identified Cost $319,419)** | **Total Foreign Government Securities<br> (Identified Cost $319,419)** | &nbsp;&nbsp;&nbsp;&nbsp;**261059** |
| **Corporate Bonds and Notes—33.0%** | **Corporate Bonds and Notes—33.0%** | **Corporate Bonds and Notes—33.0%** |
| **Argentina—0.4%** | **Argentina—0.4%** |  |
| MSU Energy S.A. 144A<br> 6.875%, 2/1/25<sup>(2)</sup> | &nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp; 462 |
| Pampa Energia S.A. 144A<br> 7.500%, 1/24/27<sup>(2)</sup> | &nbsp;&nbsp; 674 | &nbsp;&nbsp;&nbsp; 592 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Argentina—continued** | **Argentina—continued** |  |
| YPF S.A. 144A<br> 8.750%, 4/4/24<sup>(2)</sup> | $772 | $714 |
|  |  | &nbsp;&nbsp; 1768 |
| **Azerbaijan—0.7%** | **Azerbaijan—0.7%** |  |
| Southern Gas Corridor CJSC 144A<br> 6.875%, 3/24/26<sup>(2)</sup> | &nbsp;&nbsp; 1498 | &nbsp;&nbsp; 1531 |
| State Oil Co. of the Azerbaijan Republic RegS<br> 6.950%, 3/18/30<sup>(4)</sup> | &nbsp;&nbsp; 1574 | &nbsp;&nbsp; 1596 |
|  |  | &nbsp;&nbsp; 3127 |
| **Brazil—0.9%** | **Brazil—0.9%** |  |
| Braskem Netherlands Finance B.V. 144A<br> 5.875%, 1/31/50<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 783 |
| Gol Finance S.A. 144A<br> 7.000%, 1/31/25<sup>(2)</sup> | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 455 |
| MC Brazil Downstream Trading S.a.r.l. 144A<br> 7.250%, 6/30/31<sup>(2)</sup> | &nbsp;&nbsp; 1124 | &nbsp;&nbsp; 927 |
| Minerva Luxembourg S.A. 144A<br> 4.375%, 3/18/31<sup>(2)</sup> | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 241 |
| MV24 Capital B.V. 144A<br> 6.748%, 6/1/34<sup>(2)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 980 |
| Simpar Europe S.A. 144A<br> 5.200%, 1/26/31<sup>(2)</sup> | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 646 |
|  |  | &nbsp;&nbsp; 4032 |
| **Chile—0.5%** | **Chile—0.5%** |  |
| ATP Tower Holdings LLC 144A<br> 4.050%, 4/27/26<sup>(2)</sup> | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 1042 |
| Empresa Nacional del Petroleo RegS<br> 5.250%, 11/6/29<sup>(4)</sup> | &nbsp;&nbsp; 1491 | &nbsp;&nbsp; 1435 |
|  |  | &nbsp;&nbsp; 2477 |
| **China—0.7%** | **China—0.7%** |  |
| Wanda Properties International Co., Ltd. RegS<br> 7.250%, 1/29/24<sup>(4)</sup> | &nbsp;&nbsp; 2270 | &nbsp;&nbsp; 1810 |
| Wanda Properties Overseas Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;RegS 6.950%, 12/5/22<sup>(4)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;RegS 6.875%, 7/23/23<sup>(4)</sup> | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 987 |
|  |  | &nbsp;&nbsp; 3172 |
| **Colombia—1.4%** | **Colombia—1.4%** |  |
| Geopark Ltd. 144A<br> 5.500%, 1/17/27<sup>(2)</sup> | &nbsp;&nbsp; 2815 | &nbsp;&nbsp; 2431 |
| Gran Tierra Energy International Holdings Ltd. 144A<br> 6.250%, 2/15/25<sup>(2)</sup> | &nbsp;&nbsp; 1284 | &nbsp;&nbsp; 1130 |
| Gran Tierra Energy, Inc. 144A<br> 7.750%, 5/23/27<sup>(2)</sup> | &nbsp;&nbsp; 1241 | &nbsp;&nbsp; 999 |
| SierraCol Energy Andina LLC 144A<br> 6.000%, 6/15/28<sup>(2)</sup> | &nbsp;&nbsp; 2767 | &nbsp;&nbsp; 2034 |
|  |  | &nbsp;&nbsp; 6594 |
| **Ghana—0.5%** | **Ghana—0.5%** |  |
| Tullow Oil plc RegS<br> 7.000%, 3/1/25<sup>(4)</sup> | &nbsp;&nbsp; 3271 | &nbsp;&nbsp; 2241 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Guatemala—0.3%** | **Guatemala—0.3%** |  |
| CT Trust 144A<br> 5.125%, 2/3/32<sup>(2)</sup> | $1836 | $1583 |
| **India—0.4%** | **India—0.4%** |  |
| Greenko Dutch B.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.850%, 3/29/26<sup>(2)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;RegS 3.850%, 3/29/26<sup>(4)</sup> | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 224 |
| Network i2i Ltd. 144A<br> 5.650% <sup>(2)(7)</sup> | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 861 |
| Vedanta Resources Finance II plc 144A<br> 8.950%, 3/11/25<sup>(2)</sup> | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 417 |
|  |  | &nbsp;&nbsp; 1762 |
| **Indonesia—2.1%** | **Indonesia—2.1%** |  |
| Freeport Indonesia PT 144A<br> 6.200%, 4/14/52<sup>(2)</sup> | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1531 |
| Indonesia Asahan Aluminium Persero PT 144A<br> 5.800%, 5/15/50<sup>(2)</sup> | &nbsp;&nbsp; 3499 | &nbsp;&nbsp; 2865 |
| Minejesa Capital B.V. 144A<br> 5.625%, 8/10/37<sup>(2)</sup> | &nbsp;&nbsp; 2928 | &nbsp;&nbsp; 2249 |
| Pertamina Persero PT RegS<br> 6.000%, 5/3/42<sup>(4)</sup> | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; 1819 |
| Perusahaan Listrik Negara PT |  |  |
| &nbsp;&nbsp;&nbsp;RegS 5.250%, 10/24/42<sup>(4)</sup> | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 677 |
| &nbsp;&nbsp;&nbsp;RegS 4.875%, 7/17/49<sup>(4)</sup> | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 809 |
| PT Bakrie<br> 0.000%, 12/22/22<sup>(8)</sup> | &nbsp;&nbsp; 6750674 <sup>IDR</sup> | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 9950 |
| **Jamaica—0.4%** | **Jamaica—0.4%** |  |
| Digicel International Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 5/25/24<sup>(2)</sup> | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; 1109 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 5/25/24<sup>(2)</sup> | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 623 |
|  |  | &nbsp;&nbsp; 1732 |
| **Kazakhstan—2.4%** | **Kazakhstan—2.4%** |  |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 4/14/33<sup>(2)</sup> | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 4/19/47<sup>(2)</sup> | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 10/24/48<sup>(2)</sup> | &nbsp;&nbsp; 3518 | &nbsp;&nbsp; 2810 |
| &nbsp;&nbsp;&nbsp;RegS 5.375%, 4/24/30<sup>(4)</sup> | &nbsp;&nbsp; 3827 | &nbsp;&nbsp; 3423 |
| &nbsp;&nbsp;&nbsp;RegS 3.500%, 4/14/33<sup>(4)</sup> | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 727 |
| KazTransGas JSC 144A<br> 4.375%, 9/26/27<sup>(2)</sup> | &nbsp;&nbsp; 3319 | &nbsp;&nbsp; 2962 |
|  |  | &nbsp;&nbsp; 11134 |
| **Macau—0.3%** | **Macau—0.3%** |  |
| Studio City Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 7/15/25<sup>(2)</sup> | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 246 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 1/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1387 | &nbsp;&nbsp; 1019 |
|  |  | &nbsp;&nbsp; 1265 |
| **Malaysia—0.4%** | **Malaysia—0.4%** |  |
| Petronas Capital Ltd. 144A<br> 4.550%, 4/21/50<sup>(2)</sup> | &nbsp;&nbsp; 2251 | &nbsp;&nbsp; 2023 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Mexico—9.0%** | **Mexico—9.0%** |  |
| Banco Mercantil del Norte S.A. 144A<br> 5.875% <sup>(2)(7)</sup> | $1419 | $1216 |
| Braskem Idesa SAPI 144A<br> 6.990%, 2/20/32<sup>(2)</sup> | &nbsp;&nbsp; 1014 | &nbsp;&nbsp; 714 |
| Comision Federal de Electricidad 144A<br> 4.688%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 2904 | &nbsp;&nbsp; 2528 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.700%, 2/16/32 | &nbsp;&nbsp; 9579 | &nbsp;&nbsp; 7384 |
| &nbsp;&nbsp;&nbsp;6.625%, 6/15/35 | &nbsp;&nbsp; 1268 | &nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp;6.500%, 6/2/41 | &nbsp;&nbsp; 1655 | &nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 12077 | &nbsp;&nbsp; 8221 |
| Poinsettia Finance Ltd. RegS<br> 6.625%, 6/17/31<sup>(4)</sup> | &nbsp;&nbsp; 23208 | &nbsp;&nbsp; 20111 |
|  |  | &nbsp;&nbsp; 42124 |
| **Nigeria—0.7%** | **Nigeria—0.7%** |  |
| Africa Finance Corp. 144A<br> 2.875%, 4/28/28<sup>(2)</sup> | &nbsp;&nbsp; 3136 | &nbsp;&nbsp; 2556 |
| IHS Netherlands Holdco B.V. 144A<br> 8.000%, 9/18/27<sup>(2)</sup> | &nbsp;&nbsp; 958 | &nbsp;&nbsp; 790 |
|  |  | &nbsp;&nbsp; 3346 |
| **Panama—0.3%** | **Panama—0.3%** |  |
| AES Panama Generation Holdings Srl 144A<br> 4.375%, 5/31/30<sup>(2)</sup> | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1238 |
| **Peru—3.7%** | **Peru—3.7%** |  |
| Kallpa Generacion S.A. 144A<br> 4.875%, 5/24/26<sup>(2)</sup> | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; 1383 |
| Peru Payroll Deduction Finance Ltd. RegS<br> 0.000%, 11/1/29<sup>(4)</sup> | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; 1379 |
| Petroleos del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 6/19/47<sup>(2)</sup> | &nbsp;&nbsp; 2226 | &nbsp;&nbsp; 1511 |
| &nbsp;&nbsp;&nbsp;RegS 4.750%, 6/19/32<sup>(4)</sup> | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 972 |
| &nbsp;&nbsp;&nbsp;RegS 5.625%, 6/19/47<sup>(4)</sup> | &nbsp;&nbsp; 17652 | &nbsp;&nbsp; 11981 |
|  |  | &nbsp;&nbsp; 17226 |
| **Saudi Arabia—0.3%** | **Saudi Arabia—0.3%** |  |
| Saudi Arabian Oil Co. 144A<br> 3.500%, 4/16/29<sup>(2)</sup> | &nbsp;&nbsp; 1653 | &nbsp;&nbsp; 1529 |
| **South Africa—2.7%** | **South Africa—2.7%** |  |
| Eskom Holdings SOC Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.125%, 2/11/25<sup>(2)</sup> | &nbsp;&nbsp; 7067 | &nbsp;&nbsp; 6612 |
| &nbsp;&nbsp;&nbsp;144A 8.450%, 8/10/28<sup>(2)</sup> | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 1986 |
| &nbsp;&nbsp;&nbsp;RegS 7.125%, 2/11/25<sup>(4)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;RegS 6.350%, 8/10/28<sup>(4)</sup> | &nbsp;&nbsp; 2161 | &nbsp;&nbsp; 2021 |
| Prosus N.V. 144A<br> 3.061%, 7/13/31<sup>(2)</sup> | &nbsp;&nbsp; 2232 | &nbsp;&nbsp; 1654 |
|  |  | &nbsp;&nbsp; 12461 |
| **Tanzania—0.3%** | **Tanzania—0.3%** |  |
| HTA Group Ltd. 144A<br> 7.000%, 12/18/25<sup>(2)</sup> | &nbsp;&nbsp; 1567 | &nbsp;&nbsp; 1442 |
| **Thailand—0.3%** | **Thailand—0.3%** |  |
| GC Treasury Center Co. Ltd. 144A<br> 4.300%, 3/18/51<sup>(2)</sup> | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 1355 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Turkey—0.2%** | **Turkey—0.2%** |  |
| Aydem Yenilenebilir Enerji AS 144A<br> 7.750%, 2/2/27<sup>(2)</sup> | $1165 | $908 |
| **Ukraine—0.3%** | **Ukraine—0.3%** |  |
| NAK Naftogaz Ukraine via Kondor Finance plc 144A<br> 7.625%, 11/8/26<sup>(2)(3)(9)</sup> | &nbsp;&nbsp; 3297 | &nbsp;&nbsp;&nbsp; 593 |
| NPC Ukrenergo 144A<br> 6.875%, 11/9/28<sup>(2)(9)</sup> | &nbsp;&nbsp; 3633 | &nbsp;&nbsp;&nbsp; 654 |
| State Savings Bank of Ukraine Via SSB #1 plc RegS<br> 9.625%, 3/20/25<sup>(3)(4)(5)(8)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 70 |
|  |  | &nbsp;&nbsp;&nbsp; 1317 |
| **United Arab Emirates —1.4%** | **United Arab Emirates —1.4%** |  |
| DAE Funding LLC 144A<br> 3.375%, 3/20/28<sup>(2)</sup> | &nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp; 535 |
| DP World plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.850%, 7/2/37<sup>(2)</sup> | &nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp;144A 4.700%, 9/30/49<sup>(2)</sup> | &nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp; 1139 |
| &nbsp;&nbsp;&nbsp;RegS 4.700%, 9/30/49<sup>(4)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 405 |
| DP World Salaam RegS<br> 6.000% <sup>(4)(7)</sup> | &nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp; 4103 |
|  |  | &nbsp;&nbsp;&nbsp; 6713 |
| **Uzbekistan—0.8%** | **Uzbekistan—0.8%** |  |
| Uzauto Motors AJ |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.850%, 5/4/26<sup>(2)</sup> | &nbsp;&nbsp; 4244 | &nbsp;&nbsp;&nbsp; 3310 |
| &nbsp;&nbsp;&nbsp;RegS 4.850%, 5/4/26<sup>(4)</sup> | &nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp; 544 |
|  |  | &nbsp;&nbsp;&nbsp; 3854 |
| **Venezuela—0.7%** | **Venezuela—0.7%** |  |
| Petroleos de Venezuela S.A. |  |  |
| &nbsp;&nbsp;&nbsp;RegS 6.000%, 5/16/24<sup>(4)(8)(9)</sup> | &nbsp;&nbsp; 60490 | &nbsp;&nbsp;&nbsp; 2571 |
| &nbsp;&nbsp;&nbsp;RegS 6.000%, 11/15/26<sup>(4)(8)(9)</sup> | &nbsp;&nbsp; 3307 | &nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp;RegS 5.375%, 4/12/27<sup>(4)(9)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;RegS 9.750%, 5/17/35<sup>(4)(9)</sup> | &nbsp;&nbsp; 11517 | &nbsp;&nbsp;&nbsp; 489 |
|  |  | &nbsp;&nbsp;&nbsp; 3226 |
| **Vietnam—0.6%** | **Vietnam—0.6%** |  |
| Mong Duong Finance Holdings B.V. 144A<br> 5.125%, 5/7/29<sup>(2)</sup> | &nbsp;&nbsp; 3106 | &nbsp;&nbsp;&nbsp; 2640 |
| **Zambia—0.3%** | **Zambia—0.3%** |  |
| First Quantum Minerals Ltd. 144A<br> 6.875%, 10/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1444 | &nbsp;&nbsp;&nbsp; 1370 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $205,113)** | **Total Corporate Bonds and Notes<br> (Identified Cost $205,113)** | &nbsp;&nbsp;&nbsp;&nbsp;**153609** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Mutual Funds—2.2%** | **Affiliated Mutual Funds—2.2%** | **Affiliated Mutual Funds—2.2%** |
| **Fixed Income Funds—2.2%** | **Fixed Income Funds—2.2%** |  |
| Virtus Stone Harbor Emerging Markets Corporate Debt Fund Class I<sup>(10)(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576219 | &nbsp;&nbsp; 4333 |
| Virtus Stone Harbor Local Markets Fund Class I<sup>(10)(11)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788382 | &nbsp;&nbsp; 5819 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $10,968)** | **Total Affiliated Mutual Funds<br> (Identified Cost $10,968)** | **10152** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | |
|:---|:---|
|  | **Value** |
| **Credit Linked Notes—1.2%** | **Credit Linked Notes—1.2%** |
| **Iraq—1.2%** |  |
| Republic of Iraq |  |
| &nbsp;&nbsp;&nbsp;(Counterparty: BOA)<br> 2.536%, 1/1/28<sup>(5)(8)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356246 <sup>JPY</sup> | $2202 |
| &nbsp;&nbsp;&nbsp;(Counterparty: BOA)<br> 3.088%, 1/1/28<sup>(5)(8)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162429 <sup>JPY</sup> | &nbsp;&nbsp;&nbsp; 1002 |
| &nbsp;&nbsp;&nbsp;(Counterparty: BOA)<br> 3.213%, 1/1/28<sup>(5)(8)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349566 <sup>JPY</sup> | &nbsp;&nbsp;&nbsp; 2160 |
| **Total Credit Linked Notes<br> (Identified Cost $8,172)** | &nbsp;&nbsp;&nbsp;&nbsp; **5364** |
| **Total Long-Term Investments—92.5%<br> (Identified Cost $543,672)** | &nbsp;&nbsp;&nbsp;&nbsp;**430184** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment—4.3%** | **Short-Term Investment—4.3%** | **Short-Term Investment—4.3%** |
| **Money Market Mutual Fund—4.3%** | **Money Market Mutual Fund—4.3%** | **Money Market Mutual Fund—4.3%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 3.606%)<sup>(11)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19950269 | &nbsp;&nbsp;&nbsp;&nbsp; 19950 |
| **Total Short-Term Investment<br> (Identified Cost $19,950)** | **Total Short-Term Investment<br> (Identified Cost $19,950)** | &nbsp;&nbsp; **19950** |
| **TOTAL INVESTMENTS—96.8%<br> (Identified Cost $563,622)** | **TOTAL INVESTMENTS—96.8%<br> (Identified Cost $563,622)** | **$450134** |
| Other assets and liabilities, net—3.2% | Other assets and liabilities, net—3.2% | &nbsp;&nbsp;&nbsp; 14902 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$465036** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CDS | Credit Default Swap |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, these securities amounted to a value of $168,156 or 36.2% of net assets. |
| <sup>(3)</sup> | This Note was issued for the sole purpose of funding a leveraged loan between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |

---

<sup>(4)</sup> Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

<sup>(5)</sup> Variable rate security. Rate disclosed is as of November 30, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(6)</sup> Security in default; no interest payments are being received.

<sup>(7)</sup> No contractual maturity date.

<sup>(8)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(9)</sup> Security in default; no interest payments are being received during the bankruptcy proceedings.

<sup>(10)</sup> Affiliated investment. See Note 4H in Notes to Financial Statements.

<sup>(11)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(12)</sup> Non-income producing.

---

| | |
|:---|:---|
| **Counterparties:** |  |
| BCLY | Barclays |
| BOA | Bank of America |
| CITI | Citibank |
| JPM | JPMorgan Chase Bank N.A. |

---

---

| | |
|:---|:---|
| **Foreign Currencies:** |  |
| EUR | Euro |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Mexico | &nbsp;&nbsp;&nbsp;12% |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Angola | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;60 |
| Total | 100% |
| <sup>†</sup> % of total investments as of November 30, 2022. | <sup>†</sup> % of total investments as of November 30, 2022. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** |
| **Currency <br> Purchased** | **Currency <br> Amount<br> Purchased** | **Currency <br> Sold** | **Currency <br> Amount<br> Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| EUR | &nbsp;&nbsp;6975 | USD | &nbsp;&nbsp;&nbsp;&nbsp;7152 | JPM | 01/27/23 | $140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| USD | &nbsp;&nbsp;3145 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;3061 | CITI | 01/27/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) |
| USD | 39724 | EUR | &nbsp;&nbsp;39364 | JPM | 01/27/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1429) |
| USD | &nbsp;&nbsp;4870 | JPY | 713344 | JPM | 01/27/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336) |
| **Total** |  |  |  |  |  | $140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1820) |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Over-the-counter credit default swaps - sell protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** |
| **Reference Entity** | **Payment <br> Frequency** | **Counterparty** | **Fixed <br> Rate** | **Expiration <br> Date** | **Notional <br> Amount<sup>(2)</sup>** | **Value** | **Premiums <br> Paid<br> (Received)** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| Republic of Turkey CDS | Quarterly | BCLY | 1.000% | 06/20/27 | $21502 | $(3242) | $(4597) | $1355 | $— |
| **Total** |  |  |  |  |  | $(3242) | $(4597) | $1355 | $— |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying investments comprising the referenced index or (ii) pay a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
| <sup>(2)</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |

---

The following table summarizes the value of the Fund's investments as of November 30, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> November 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$153609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$150827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2782 |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Credit Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5364 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8146 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1820) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Over-the-Counter Credit Default Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$445212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$406964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8146 |

---

Securities held by the Fund with an end of period value of $2,782 were transferred from Level 2 to Level 3 due to a decrease in trading activities during the period.

Securities held by the Fund with an end of period value of $42 were transferred from Level 3 to Level 2 due to an increase in trading activities during the period.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Fund

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

#### November 30, 2022
($ reported in thousands)

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Foreign <br> Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;Corporate <br> Bonds<br> And Notes | &nbsp;&nbsp;&nbsp;&nbsp;Credit Linked<br> Notes |
| **Investments in Securities** |  |  |  |  |
| **Balance as of May 31, 2022:** | &nbsp;&nbsp;&nbsp;&nbsp;$7752 | &nbsp;&nbsp;&nbsp;&nbsp;$1314 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$6438 |
| Accrued discount/(premium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(5132) | &nbsp;&nbsp;&nbsp;&nbsp;(4970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) |
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400) |
| Sales <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(3449) | &nbsp;&nbsp;&nbsp;&nbsp;(2872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(577) |
| Transfers into Level 3<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Transfers from Level 3<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Balance as of November 30, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;$8146 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2782 | &nbsp;&nbsp;&nbsp;&nbsp;$5364 |

---

<sup>(a)</sup> The net change in unrealized appreciation (depreciation) on investments still held at November 30, 2022, was $6,164.

<sup>(b)</sup> Includes paydowns on securities.

<sup>(c)</sup> "Transfers into and/or from" represent the ending value as of November 30, 2022 for any investment security where a change in the pricing level occurred from the beginning to the end of the period

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Emerging Markets Debt Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Affiliated Mutual Funds—93.5%** | **Affiliated Mutual Funds—93.5%** | **Affiliated Mutual Funds—93.5%** |
| **Fixed Income Funds—93.5%** | **Fixed Income Funds—93.5%** |  |
| Virtus Stone Harbor Emerging Markets Debt Fund Class I<sup>(1)(2)</sup> | 122203 | $867 |
| Virtus Stone Harbor Local Markets Fund Class I<sup>(1)(2)(3)</sup> | 123762 | &nbsp;&nbsp;&nbsp; 913 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $1,746)** | **Total Affiliated Mutual Funds<br> (Identified Cost $1,746)** | &nbsp;&nbsp;&nbsp;&nbsp;**1780** |
| **Total Long-Term Investments—93.5%<br> (Identified Cost $1,746)** | **Total Long-Term Investments—93.5%<br> (Identified Cost $1,746)** | &nbsp;&nbsp;&nbsp;&nbsp;**1780** |
| **Short-Term Investment—6.7%** | **Short-Term Investment—6.7%** | **Short-Term Investment—6.7%** |
| **Money Market Mutual Fund—6.7%** | **Money Market Mutual Fund—6.7%** | **Money Market Mutual Fund—6.7%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 3.606%)<sup>(2)</sup> | 127757 | &nbsp;&nbsp;&nbsp; 128 |
| **Total Short-Term Investment<br> (Identified Cost $128)** | **Total Short-Term Investment<br> (Identified Cost $128)** | &nbsp;&nbsp;&nbsp;&nbsp; **128** |
| **TOTAL INVESTMENTS—100.2%<br> (Identified Cost $1,874)** | **TOTAL INVESTMENTS—100.2%<br> (Identified Cost $1,874)** | &nbsp;&nbsp;**$1908** |
| Other assets and liabilities, net—(0.2)% | Other assets and liabilities, net—(0.2)% | &nbsp;&nbsp;&nbsp;&nbsp; (3) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1905** |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Affiliated investment. See Note 4H in Notes to Financial Statements. |
| <sup>(2)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(3)</sup> | Non-income producing. |

---

The following table summarizes the value of the Fund's investments as of November 30, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> November 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1780 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1908 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at November 30, 2022.

There were no transfers into or out of Level 3 related to securities held at November 30, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor High Yield Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—96.3%** | **Corporate Bonds and Notes—96.3%** | **Corporate Bonds and Notes—96.3%** |
| **Airlines—2.7%** | **Airlines—2.7%** |  |
| Air Canada 144A<br> 3.875%, 8/15/26<sup>(1)</sup> | $832 | $761 |
| United Airlines, Inc. 144A<br> 4.375%, 4/15/26<sup>(1)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 740 |
| VistaJet Malta Finance plc 144A<br> 7.875%, 5/1/27<sup>(1)</sup> | &nbsp;&nbsp; 1329 | &nbsp;&nbsp; 1205 |
|  |  | &nbsp;&nbsp; 2706 |
| **Automotive—5.0%** | **Automotive—5.0%** |  |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 772 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350%, 11/4/27 | &nbsp;&nbsp; 1091 | &nbsp;&nbsp; 1132 |
| &nbsp;&nbsp;&nbsp;5.113%, 5/3/29 | &nbsp;&nbsp; 2721 | &nbsp;&nbsp; 2537 |
|  |  | &nbsp;&nbsp; 4956 |
| **Building Products—4.7%** | **Building Products—4.7%** |  |
| Griffon Corp.<br> 5.750%, 3/1/28 | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 990 |
| LBM Acquisition LLC 144A<br> 6.250%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1549 | &nbsp;&nbsp; 1067 |
| Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 247 |
| Specialty Building Products Holdings LLC 144A<br> 6.375%, 9/30/26<sup>(1)</sup> | &nbsp;&nbsp; 1356 | &nbsp;&nbsp; 1120 |
| White Cap Buyer LLC 144A<br> 6.875%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 816 | &nbsp;&nbsp; 703 |
|  |  | &nbsp;&nbsp; 4608 |
| **Chemicals—2.8%** | **Chemicals—2.8%** |  |
| Diamond BC B.V. 144A<br> 4.625%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1278 | &nbsp;&nbsp; 963 |
| Illuminate Buyer LLC 144A<br> 9.000%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1276 | &nbsp;&nbsp; 1053 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 767 |
|  |  | &nbsp;&nbsp; 2783 |
| **Consumer Products—1.8%** | **Consumer Products—1.8%** |  |
| Kronos Acquisition Holdings, Inc. 144A<br> 7.000%, 12/31/27<sup>(1)</sup> | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 806 |
| Newell Brands, Inc.<br> 6.625%, 9/15/29 | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 984 |
|  |  | &nbsp;&nbsp; 1790 |
| **Containers & Packaging—1.7%** | **Containers & Packaging—1.7%** |  |
| Graham Packaging Co., Inc. 144A<br> 7.125%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 737 |
| Trivium Packaging Finance B.V. 144A<br> 8.500%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 964 |
|  |  | &nbsp;&nbsp; 1701 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Drillers & Services—2.5%** | **Drillers & Services—2.5%** |  |
| Archrock Partners LP 144A<br> 6.250%, 4/1/28<sup>(1)</sup> | $1053 | $977 |
| Enerflex Ltd. 144A<br> 9.000%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 500 |
| Precision Drilling Corp. 144A<br> 6.875%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1103 | &nbsp;&nbsp; 1042 |
|  |  | &nbsp;&nbsp; 2519 |
| **Electric—3.4%** | **Electric—3.4%** |  |
| Calpine Corp. 144A<br> 4.500%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 860 |
| Covanta Holding Corp.<br> 5.000%, 9/1/30 | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 728 |
| NRG Energy, Inc.<br> 5.750%, 1/15/28 | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 258 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 2/15/27<sup>(1)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 914 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 7/31/27<sup>(1)</sup> | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 562 |
|  |  | &nbsp;&nbsp; 3322 |
| **Exploration & Production—9.3%** | **Exploration & Production—9.3%** |  |
| Antero Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.625%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 757 | &nbsp;&nbsp; 772 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 186 |
| Ascent Resources Utica Holdings LLC 144A<br> 5.875%, 6/30/29<sup>(1)</sup> | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 957 |
| Chesapeake Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 108 |
| Chord Energy Corp. 144A<br> 6.375%, 6/1/26<sup>(1)</sup> | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 129 |
| CrownRock LP 144A<br> 5.000%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 267 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 1250 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 94 |
| Murphy Oil Corp.<br> 5.875%, 12/1/27 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 475 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;8.875%, 7/15/30 | &nbsp;&nbsp; 1943 | &nbsp;&nbsp; 2227 |
| &nbsp;&nbsp;&nbsp;7.500%, 5/1/31 | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;7.875%, 9/15/31 | &nbsp;&nbsp; 167 | &nbsp;&nbsp; 183 |
| SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.625%, 6/1/25 | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;6.500%, 7/15/28 | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 824 |
|  |  | &nbsp;&nbsp; 9269 |
| **Financial & Lease—6.1%** | **Financial & Lease—6.1%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1001 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 606 | &nbsp;&nbsp; 485 |
| Alliant Holdings Intermediate LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 930 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 380 |
| Discover Financial Services<br> 6.700%, 11/29/32 | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 392 |
| Nationstar Mortgage Holdings, Inc. 144A<br> 5.750%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1448 | &nbsp;&nbsp; 1158 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor High Yield Bond Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financial & Lease—continued** | **Financial & Lease—continued** |  |
| OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.125%, 3/15/26 | $904 | $876 |
| &nbsp;&nbsp;&nbsp;3.500%, 1/15/27 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 475 |
| &nbsp;&nbsp;&nbsp;6.625%, 1/15/28 | &nbsp;&nbsp; 369 | &nbsp;&nbsp; 339 |
|  |  | &nbsp;&nbsp; 6036 |
| **Food, Beverages & Tobacco—2.8%** | **Food, Beverages & Tobacco—2.8%** |  |
| Pilgrim's Pride Corp. 144A<br> 3.500%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 1889 | &nbsp;&nbsp; 1520 |
| Triton Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1579 | &nbsp;&nbsp; 1229 |
|  |  | &nbsp;&nbsp; 2749 |
| **Gaming—6.1%** | **Gaming—6.1%** |  |
| CDI Escrow Issuer, Inc. 144A<br> 5.750%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 159 |
| Churchill Downs, Inc. 144A<br> 4.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 336 |
| International Game Technology plc 144A<br> 5.250%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 743 |
| MGM Growth Properties Operating Partnership LP<br> 5.750%, 2/1/27 | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 259 |
| Penn Entertainment, Inc. 144A<br> 4.125%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1198 | &nbsp;&nbsp; 976 |
| Raptor Acquisition Corp. 144A<br> 4.875%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1082 | &nbsp;&nbsp; 954 |
| Scientific Games International, Inc. 144A<br> 7.250%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1281 | &nbsp;&nbsp; 1255 |
| VICI Properties LP 144A<br> 4.125%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 396 |
| Wynn Resorts Finance LLC 144A<br> 7.750%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1004 | &nbsp;&nbsp; 1006 |
|  |  | &nbsp;&nbsp; 6084 |
| **Health Care—5.9%** | **Health Care—5.9%** |  |
| AdaptHealth LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 168 |
| Catalent Pharma Solutions, Inc. 144A<br> 3.500%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1231 | &nbsp;&nbsp; 1003 |
| Community Health Systems, Inc. 144A<br> 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1110 |
| Encompass Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.500%, 2/1/28 | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;4.625%, 4/1/31 | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 98 |
| Endo Luxembourg Finance Co. I S.a.r.l. 144A<br> 6.125%, 4/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 1462 | &nbsp;&nbsp; 1095 |
| US Acute Care Solutions LLC 144A<br> 6.375%, 3/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1397 | &nbsp;&nbsp; 1267 |
|  |  | &nbsp;&nbsp; 5850 |
| **Home Builders—2.3%** | **Home Builders—2.3%** |  |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 66 |
| KB Home |  |  |
| &nbsp;&nbsp;&nbsp;4.800%, 11/15/29 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;7.250%, 7/15/30 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 665 |
| Mattamy Group Corp. 144A<br> 4.625%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 794 | &nbsp;&nbsp; 654 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Home Builders—continued** | **Home Builders—continued** |  |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)</sup> | $756 | $613 |
|  |  | &nbsp;&nbsp; 2301 |
| **Industrial Other—4.3%** | **Industrial Other—4.3%** |  |
| ASP Unifrax Holdings, Inc. 144A<br> 5.250%, 9/30/28<sup>(1)</sup> | &nbsp;&nbsp; 1242 | &nbsp;&nbsp; 1025 |
| Madison IAQ LLC 144A<br> 5.875%, 6/30/29<sup>(1)</sup> | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; 951 |
| United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 1/15/32 | &nbsp;&nbsp; 1166 | &nbsp;&nbsp; 969 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 194 |
| WESCO Distribution, Inc. 144A<br> 7.250%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1124 |
|  |  | &nbsp;&nbsp; 4263 |
| **Leisure—3.9%** | **Leisure—3.9%** |  |
| Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.625%, 3/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 961 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 3/1/27<sup>(1)</sup> | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 216 |
| NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 3/15/26<sup>(1)</sup> | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp;144A 7.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 368 | &nbsp;&nbsp; 294 |
| NCL Finance Ltd. 144A<br> 6.125%, 3/15/28<sup>(1)</sup> | &nbsp;&nbsp; 858 | &nbsp;&nbsp; 661 |
| Royal Caribbean Cruises Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/31/26<sup>(1)</sup> | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 443 |
| &nbsp;&nbsp;&nbsp;144A 11.625%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp; 197 |
|  |  | &nbsp;&nbsp; 3876 |
| **Media Cable—7.7%** | **Media Cable—7.7%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 427 |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; 845 |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 759 |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1272 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1387 | &nbsp;&nbsp; 1080 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 12/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1652 | &nbsp;&nbsp; 1268 |
| DISH DBS Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 7/1/26 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;7.375%, 7/1/28 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;5.125%, 6/1/29 | &nbsp;&nbsp; 626 | &nbsp;&nbsp; 412 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 12/1/26<sup>(1)</sup> | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 530 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 360 |
| Telenet Finance Luxembourg Notes S.a.r.l. 144A<br> 5.500%, 3/1/28<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 179 |
|  |  | &nbsp;&nbsp; 7680 |
| **Media Other—3.3%** | **Media Other—3.3%** |  |
| CMG Media Corp. 144A<br> 8.875%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1113 |
| Gray Escrow II, Inc. 144A<br> 5.375%, 11/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1270 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor High Yield Bond Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media Other—continued** | **Media Other—continued** |  |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | $955 | $931 |
|  |  | &nbsp;&nbsp; 3314 |
| **Midstream—5.4%** | **Midstream—5.4%** |  |
| Antero Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.875%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 3/1/27<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 526 |
| CNX Midstream Partners LP 144A<br> 4.750%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 36 |
| DT Midstream, Inc. 144A<br> 4.375%, 6/15/31<sup>(1)</sup> | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 687 |
| Genesis Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 1/15/27 | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 546 |
| &nbsp;&nbsp;&nbsp;7.750%, 2/1/28 | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1217 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.250%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 843 | &nbsp;&nbsp; 773 |
| Holly Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 644 | &nbsp;&nbsp; 587 |
|  |  | &nbsp;&nbsp; 5358 |
| **Paper & Forest Products—1.0%** | **Paper & Forest Products—1.0%** |  |
| Mercer International, Inc.<br> 5.125%, 2/1/29 | &nbsp;&nbsp; 1167 | &nbsp;&nbsp; 1002 |
| **Refining—1.0%** | **Refining—1.0%** |  |
| Parkland Corp. 144A<br> 4.625%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 477 |
| Sunoco LP<br> 4.500%, 4/30/30 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 495 |
|  |  | &nbsp;&nbsp; 972 |
| **Restaurants—0.6%** | **Restaurants—0.6%** |  |
| New Red Finance 144A<br> 3.875%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 610 |
| **Retail Food & Drug—1.2%** | **Retail Food & Drug—1.2%** |  |
| Albertsons Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;144A 4.875%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 533 | &nbsp;&nbsp; 476 |
|  |  | &nbsp;&nbsp; 1229 |
| **Retail Non Food & Drug—3.3%** | **Retail Non Food & Drug—3.3%** |  |
| Asbury Automotive Group, Inc. 144A<br> 4.625%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 75 |
| LCM Investments Holdings II LLC 144A<br> 4.875%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 838 |
| Michaels Cos., Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp;144A 7.875%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 396 |
| PetSmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 515 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail Non Food & Drug—continued** | **Retail Non Food & Drug—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 7.750%, 2/15/29<sup>(1)</sup> | $1066 | $986 |
|  |  | &nbsp;&nbsp;&nbsp; 3293 |
| **Satellite—1.5%** | **Satellite—1.5%** |  |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26 | &nbsp;&nbsp; 1039 | &nbsp;&nbsp;&nbsp; 966 |
| Intelsat Jackson Holdings S.A. Escrow<br> 5.500%, 8/1/23<sup>(3)</sup> | &nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp; — |
| Viasat, Inc. 144A<br> 5.625%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp; 479 |
|  |  | &nbsp;&nbsp;&nbsp; 1445 |
| **Services Other—3.7%** | **Services Other—3.7%** |  |
| ADT Security Corp. (The) 144A<br> 4.125%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp; 928 |
| GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 446 | &nbsp;&nbsp;&nbsp; 391 |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp; 653 |
| Prime Security Services Borrower LLC 144A<br> 6.250%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1623 | &nbsp;&nbsp;&nbsp; 1509 |
|  |  | &nbsp;&nbsp;&nbsp; 3658 |
| **Technology—0.8%** | **Technology—0.8%** |  |
| Ciena Corp. 144A<br> 4.000%, 1/31/30<sup>(1)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 72 |
| Rackspace Technology Global, Inc. 144A<br> 3.500%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1022 | &nbsp;&nbsp;&nbsp; 701 |
|  |  | &nbsp;&nbsp;&nbsp; 773 |
| **Transport Other—1.0%** | **Transport Other—1.0%** |  |
| Hertz Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 12/1/26<sup>(1)</sup> | &nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp;144A 5.000%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp; 341 |
|  |  | &nbsp;&nbsp;&nbsp; 972 |
| **Wirelines—0.5%** | **Wirelines—0.5%** |  |
| Consolidated Communications, Inc. 144A<br> 6.500%, 10/1/28<sup>(1)</sup> | &nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp; 526 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $106,581)** | **Total Corporate Bonds and Notes<br> (Identified Cost $106,581)** | &nbsp;&nbsp;&nbsp;&nbsp;**95645** |
| **Leveraged Loans—0.1%** | **Leveraged Loans—0.1%** | **Leveraged Loans—0.1%** |
| **Health Care—0.1%** | **Health Care—0.1%** |  |
| Envision Healthcare Corp. (1 month LIBOR + 3.750%)<br> 7.691%, 10/10/25<sup>(4)</sup> | &nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp; 78 |
| **Total Leveraged Loans<br> (Identified Cost $281)** | **Total Leveraged Loans<br> (Identified Cost $281)** | &nbsp;&nbsp;&nbsp;&nbsp; **78** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—0.1%** | **Common Stocks—0.1%** | **Common Stocks—0.1%** |
| **Exploration & Production—0.0%** | **Exploration & Production—0.0%** |  |
| Alta Mesa Holdings LP Escrow<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; — |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor High Yield Bond Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Satellite—0.1%** | **Satellite—0.1%** |  |
| Intelsat Emergence S.A.<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338 | $95 |
| **Total Common Stocks<br> (Identified Cost $157)** | **Total Common Stocks<br> (Identified Cost $157)** | &nbsp;&nbsp;&nbsp;&nbsp; **95** |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Satellite—0.0%** | **Satellite—0.0%** |  |
| Intelsat Jackson Holdings S.A. Series A<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp; — |
| Intelsat Jackson Holdings S.A. Series B<sup>(3)(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 | &nbsp;&nbsp;&nbsp; — |
| **Total Rights<br> (Identified Cost $—)** | **Total Rights<br> (Identified Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp; **—** |
| **Total Long-Term Investments—96.5%<br> (Identified Cost $107,019)** | **Total Long-Term Investments—96.5%<br> (Identified Cost $107,019)** | &nbsp;&nbsp;&nbsp;&nbsp;**95818** |
| **Short-Term Investment—1.4%** | **Short-Term Investment—1.4%** | **Short-Term Investment—1.4%** |
| **Money Market Mutual Fund—1.4%** | **Money Market Mutual Fund—1.4%** | **Money Market Mutual Fund—1.4%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 3.606%)<sup>(6)</sup> | 1388628 | &nbsp;&nbsp;&nbsp; 1389 |
| **Total Short-Term Investment<br> (Identified Cost $1,389)** | **Total Short-Term Investment<br> (Identified Cost $1,389)** | &nbsp;&nbsp;&nbsp;&nbsp; **1389** |
| **TOTAL INVESTMENTS—97.9%<br> (Identified Cost $108,408)** | **TOTAL INVESTMENTS—97.9%<br> (Identified Cost $108,408)** | &nbsp;&nbsp;**$97207** |
| Other assets and liabilities, net—2.1% | Other assets and liabilities, net—2.1% | &nbsp;&nbsp;&nbsp;&nbsp; 2050 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$99257** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, these securities amounted to a value of $74,643 or 75.2% of net assets. |
| <sup>(2)</sup> | Security in default; no interest payments are being received during the bankruptcy proceedings. |
| <sup>(3)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(4)</sup> | Variable rate security. Rate disclosed is as of November 30, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(5)</sup> | Non-income producing. |
| <sup>(6)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;89% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of November 30, 2022. | <sup>†</sup> % of total investments as of November 30, 2022. |

---

The following table summarizes the value of the Fund's investments as of November 30, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> November 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95 |

---

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at November 30, 2022.

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

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor High Yield Bond Fund

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

#### November 30, 2022
($ reported in thousands)

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended November 30, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Local Markets Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### November 30, 2022
($ reported in thousands)

---

| | |
|:---|:---|
|  | **Value** |
| **Foreign Government Securities—75.5%** | **Foreign Government Securities—75.5%** |
| **Brazil—10.5%** |  |
| Brazil Letra Tesouro Nacional<br> 0.000%, 7/1/23<sup>(2)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 <sup>BRL</sup> | $125 |
| Brazil Notas do Tesouro Nacional |  |
| &nbsp;&nbsp;&nbsp;Series F<br> 10.000%, 1/1/23 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 <sup>BRL</sup> | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;Series F<br> 10.000%, 1/1/25 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 <sup>BRL</sup> | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;Series F<br> 10.000%, 1/1/27 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 <sup>BRL</sup> | &nbsp;&nbsp; 1203 |
| &nbsp;&nbsp;&nbsp;Series F<br> 10.000%, 1/1/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 <sup>BRL</sup> | &nbsp;&nbsp; 57 |
|  | &nbsp;&nbsp; 1544 |
| **Chile—0.9%** |  |
| Bonos Tesoreria Pesos<br> 5.000%, 3/1/35 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120000 <sup>CLP</sup> | &nbsp;&nbsp; 130 |
| **China—2.7%** |  |
| China Government Bond<br> 3.720%, 4/12/51 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 <sup>CNY</sup> | &nbsp;&nbsp; 402 |
| **Colombia—9.8%** |  |
| Bogota Distrio Capital RegS<br> 9.750%, 7/26/28<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8491000 <sup>COP</sup> | &nbsp;&nbsp; 1432 |
| **Czech Republic—3.7%** |  |
| Czech Republic |  |
| &nbsp;&nbsp;&nbsp;RegS <br> 2.400%, 9/17/25<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7250 <sup>CZK</sup> | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;RegS <br> 0.950%, 5/15/30<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700 <sup>CZK</sup> | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.200%, 12/4/36<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3460 <sup>CZK</sup> | &nbsp;&nbsp; 141 |
|  | &nbsp;&nbsp; 549 |
| **Egypt—2.1%** |  |
| Arab Republic of Egypt |  |
| &nbsp;&nbsp;&nbsp;13.765%, 1/5/24 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 <sup>EGP</sup> | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;16.100%, 5/7/29 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2910 <sup>EGP</sup> | &nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp;RegS <br> 4.750%, 4/16/26<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 <sup>EUR</sup> | &nbsp;&nbsp; 151 |
|  | &nbsp;&nbsp; 314 |
| **Hungary—1.5%** |  |
| Hungary Government Bond |  |
| &nbsp;&nbsp;&nbsp;4.750%, 11/24/32 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89700 <sup>HUF</sup> | &nbsp;&nbsp; 174 |
| &nbsp;&nbsp;&nbsp;3.000%, 10/27/38 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30000 <sup>HUF</sup> | &nbsp;&nbsp; 43 |
|  | &nbsp;&nbsp; 217 |
| **Indonesia—7.9%** |  |
| Indonesia Government Bond |  |
| &nbsp;&nbsp;&nbsp;8.375%, 3/15/24 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800000 <sup>IDR</sup> | &nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;8.375%, 3/15/34 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2270000 <sup>IDR</sup> | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;7.500%, 5/15/38 &nbsp;&nbsp;&nbsp;&nbsp;10488000 <sup>IDR</sup> | &nbsp;&nbsp; 682 |
|  | &nbsp;&nbsp; 1153 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **Malaysia—4.8%** |  |
| Malaysia Government Bond |  |
| &nbsp;&nbsp;&nbsp;3.906%, 7/15/26 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 <sup>MYR</sup> | $135 |
| &nbsp;&nbsp;&nbsp;3.885%, 8/15/29 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 <sup>MYR</sup> | &nbsp;&nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;2.632%, 4/15/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 <sup>MYR</sup> | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;3.582%, 7/15/32 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 <sup>MYR</sup> | &nbsp;&nbsp;&nbsp; 258 |
|  | &nbsp;&nbsp;&nbsp; 707 |
| **Mexico—9.2%** |  |
| Mex Bonos Desarr |  |
| &nbsp;&nbsp;&nbsp;5.500%, 3/4/27 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14660 <sup>MXN</sup> | &nbsp;&nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp;7.750%, 5/29/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860 <sup>MXN</sup> | &nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/7/47 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11300 <sup>MXN</sup> | &nbsp;&nbsp;&nbsp; 514 |
|  | &nbsp;&nbsp;&nbsp; 1353 |
| **Peru—1.0%** |  |
| Bonos De Tesoreria |  |
| &nbsp;&nbsp;&nbsp;5.400%, 8/12/34 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 <sup>PEN</sup> | &nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;5.350%, 8/12/40 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 <sup>PEN</sup> | &nbsp;&nbsp;&nbsp; 98 |
|  | &nbsp;&nbsp;&nbsp; 147 |
| **Poland—2.4%** |  |
| Poland Government Bond |  |
| &nbsp;&nbsp;&nbsp;2.750%, 4/25/28 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 <sup>PLN</sup> | &nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp;1.750%, 4/25/32 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 <sup>PLN</sup> | &nbsp;&nbsp;&nbsp; 283 |
|  | &nbsp;&nbsp;&nbsp; 359 |
| **Romania—2.8%** |  |
| Romania Government Bond<br> 3.650%, 9/24/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2590 <sup>RON</sup> | &nbsp;&nbsp;&nbsp; 407 |
| **Russia—2.6%** |  |
| Russia Government Bond - OFZ<br> 7.600%, 7/20/22<sup>(4)(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126870 <sup>RUB</sup> | &nbsp;&nbsp;&nbsp; 374 |
| **South Africa—9.8%** |  |
| Republic of South Africa |  |
| &nbsp;&nbsp;&nbsp;8.500%, 1/31/37 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30577 <sup>ZAR</sup> | &nbsp;&nbsp;&nbsp; 1408 |
| &nbsp;&nbsp;&nbsp;6.500%, 2/28/41 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 <sup>ZAR</sup> | &nbsp;&nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp; 1444 |
| **Thailand—3.4%** |  |
| Thailand Government Bond |  |
| &nbsp;&nbsp;&nbsp;1.585%, 12/17/35 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12650 <sup>THB</sup> | &nbsp;&nbsp;&nbsp; 298 |
| &nbsp;&nbsp;&nbsp;4.675%, 6/29/44 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6350 <sup>THB</sup> | &nbsp;&nbsp;&nbsp; 202 |
|  | &nbsp;&nbsp;&nbsp; 500 |
| **Turkey—0.4%** |  |
| European Bank for Reconstruction & Development<br> 30.000%, 9/1/23 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 <sup>TRY</sup> | &nbsp;&nbsp;&nbsp; 54 |
| **Total Foreign Government Securities<br> (Identified Cost $15,916)** | &nbsp;&nbsp;&nbsp;&nbsp;**11086** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Local Markets Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | |
|:---|:---|
|  | **Value** |
| **Corporate Bonds and Notes—7.8%** | **Corporate Bonds and Notes—7.8%** |
| **Mexico—4.6%** |  |
| America Movil SAB de C.V.<br> 6.450%, 12/5/22 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 <sup>MXN</sup> | $675 |
| **Poland—3.2%** |  |
| Kreditanstalt fuer Wiederaufbau<br> 0.625%, 7/25/25 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 <sup>PLN</sup> | &nbsp;&nbsp;&nbsp; 463 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $1,285)** | &nbsp;&nbsp;&nbsp;&nbsp; **1138** |
| **Total Long-Term Investments—83.3%<br> (Identified Cost $17,201)** | &nbsp;&nbsp;&nbsp;&nbsp;**12224** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment—3.1%** | **Short-Term Investment—3.1%** | **Short-Term Investment—3.1%** |
| **Money Market Mutual Fund—3.1%** | **Money Market Mutual Fund—3.1%** | **Money Market Mutual Fund—3.1%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 3.606%)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461664 | &nbsp;&nbsp;&nbsp;&nbsp; 462 |
| **Total Short-Term Investment<br> (Identified Cost $462)** | **Total Short-Term Investment<br> (Identified Cost $462)** | &nbsp;&nbsp; **462** |
| **TOTAL INVESTMENTS—86.4%<br> (Identified Cost $17,663)** | **TOTAL INVESTMENTS—86.4%<br> (Identified Cost $17,663)** | **$12686** |
| Other assets and liabilities, net—13.6% | Other assets and liabilities, net—13.6% | &nbsp;&nbsp;&nbsp; 1995 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$14681** |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| <sup>(3)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(4)</sup> | Security in default; no interest payments are being received. |
| <sup>(5)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(6)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Counterparties:** |  |
| CITI | Citibank |
| GS | Goldman Sachs & Co. |
| HSBC | Hong Kong & Shanghai Bank |
| JPM | JPMorgan Chase Bank N.A. |

---

---

| | |
|:---|:---|
| **Foreign Currencies:** |  |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Offshore |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EGP | Egyptian Pound |
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romania New Leu |
| RUB | Russian Ruble |
| THB | Thailand Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Mexico | &nbsp;&nbsp;&nbsp;16% |
| Brazil | &nbsp;&nbsp;12 |
| South Africa | &nbsp;&nbsp;11 |
| Colombia | &nbsp;&nbsp;11 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other | &nbsp;&nbsp;28 |
| Total | 100% |
| <sup>†</sup> % of total investments as of November 30, 2022. | <sup>†</sup> % of total investments as of November 30, 2022. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** |
| **Currency <br> Purchased** | **Currency <br> Amount<br> Purchased** | **Currency <br> Sold** | **Currency <br> Amount<br> Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | CITI | 01/04/23 | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1) |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | JPM | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CLP | &nbsp;&nbsp;&nbsp;126700 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | CITI | 01/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CLP | &nbsp;&nbsp;&nbsp;154800 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | GS | 01/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | HSBC | 12/14/22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8560 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1222 | JPM | 12/14/22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;11600 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | JPM | 12/12/22 | &nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Local Markets Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** |
| **Currency <br> Purchased** | **Currency <br> Amount<br> Purchased** | **Currency <br> Sold** | **Currency <br> Amount<br> Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | JPM | 01/27/23 | &nbsp;&nbsp;&nbsp;$6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| HUF | &nbsp;&nbsp;&nbsp;136000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | GS | 01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| IDR | 6150000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388 | JPM | 02/07/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;15330 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | CITI | 01/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| MXN | &nbsp;&nbsp;&nbsp;&nbsp;10010 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | JPM | 01/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| MYR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | GS | 01/03/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | JPM | 12/14/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | JPM | 01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | JPM | 02/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | CITI | 12/06/22 | &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;28400 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | GS | 12/06/22 | &nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| THB | &nbsp;&nbsp;&nbsp;&nbsp;21700 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | JPM | 12/06/22 | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TRY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | JPM | 12/13/22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | THB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | CITI | 12/06/22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430 | THB | &nbsp;&nbsp;&nbsp;&nbsp;16300 | JPM | 12/06/22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | CZK | &nbsp;&nbsp;&nbsp;&nbsp;10000 | JPM | 12/12/22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5775 | JPM | 12/14/22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | JPM | 12/14/22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390 | CITI | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | JPM | 01/04/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;15330 | CITI | 01/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5800 | GS | 01/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;13630 | JPM | 01/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | CLP | &nbsp;&nbsp;&nbsp;116000 | CITI | 01/10/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | HUF | &nbsp;&nbsp;&nbsp;&nbsp;88000 | GS | 01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | JPM | 01/13/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | COP | 2148000 | CITI | 01/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | COP | 2319000 | JPM | 01/17/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | JPM | 01/27/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | JPM | 02/09/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | JPM | 02/14/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | JPM | 02/14/23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| **Total** |  |  |  |  |  | $213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(194) |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Amount is less than $500. |

---

The following table summarizes the value of the Fund's investments as of November 30, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> November 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$374 |

---

There were no transfers into or out of Level 3 related to securities held at November 30, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Local Markets Fund

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

#### November 30, 2022
($ reported in thousands)

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

The following is a reconciliation of assets of the Fund for Level 3 investments for which significant unobservable inputs were used to determine fair value.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Foreign <br> Government<br> Securities |
| **Investments in Securities** |  |  |
| **Balance as of May 31, 2022:** | &nbsp;&nbsp;&nbsp;&nbsp;$640 | &nbsp;&nbsp;&nbsp;&nbsp;$640 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;(6520) | &nbsp;&nbsp;&nbsp;&nbsp;(6520) |
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8234 |
| Sales <sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1980) | &nbsp;&nbsp;&nbsp;&nbsp;(1980) |
| **Balance as of November 30, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;$374 | &nbsp;&nbsp;&nbsp;&nbsp;$374 |

---

<sup>(a)</sup> The net change in unrealized appreciation (depreciation) on investments still held at November 30, 2022, was $248.

<sup>(b)</sup> Includes paydowns on securities.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Strategic Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **U.S. Government Securities—6.3%** | **U.S. Government Securities—6.3%** | **U.S. Government Securities—6.3%** |
| U.S. Treasury Bonds<br> 2.500%, 2/15/46 | $225 | $172 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;2.125%, 5/15/25 | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;2.000%, 8/15/25 | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 520 |
| &nbsp;&nbsp;&nbsp;2.750%, 4/30/27 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;2.750%, 2/15/28 | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp;1.250%, 8/15/31 | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/32 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 469 |
| **Total U.S. Government Securities<br> (Identified Cost $2,860)** | **Total U.S. Government Securities<br> (Identified Cost $2,860)** | &nbsp;&nbsp;&nbsp;&nbsp; **2602** |
| **Mortgage-Backed Securities—8.0%** | **Mortgage-Backed Securities—8.0%** | **Mortgage-Backed Securities—8.0%** |
| **Agency—6.3%** | **Agency—6.3%** |  |
| Federal Home Loan Mortgage Corporation 2016-SC01, 2A<br> 3.500%, 7/25/46 | &nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 14 |
| Federal National Mortgage Association Pool #AR8557<br> 3.000%, 7/1/27 | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 21 |
| Federal National Mortgage Association TBA<br> 2.500%<sup>(2)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2566 |
|  |  | &nbsp;&nbsp;&nbsp; 2601 |
| **Non-Agency—1.7%** | **Non-Agency—1.7%** |  |
| BB-UBS Trust 2012-TFT, A 144A<br> 2.892%, 6/5/30<sup>(3)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| BX Commercial Mortgage Trust 2019-IMC, B (1 month LIBOR + 1.300%, Cap N/A, Floor 1.300%) 144A<br> 5.173%, 4/15/34<sup>(3)(4)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 96 |
| CLNY Trust 2019-IKPR, A (1 month LIBOR + 1.129%, Cap N/A, Floor 1.129%) 144A<br> 5.004%, 11/15/38<sup>(3)(4)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 47 |
| Commercial Mortgage Pass Through Certificates 2012-LTRT, A2 144A<br> 3.400%, 10/5/30<sup>(3)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 61 |
| HMH Trust 2017-NSS, A 144A<br> 3.062%, 7/5/31<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 48 |
| Hudsons Bay Simon JV Trust 2015-HB10, A10 144A<br> 4.155%, 8/5/34<sup>(3)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 109 |
| JP Morgan Chase Commercial Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;2006-LDP9, AMS<br> 5.337%, 5/15/47 | &nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;2014-DSTY, A 144A<br> 3.429%, 6/10/27<sup>(3)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 27 |
| MBRT 2019-MBR, A (1 month LIBOR + 1.100%, Cap N/A, Floor 0.850%) 144A<br> 5.075%, 11/15/36<sup>(3)(4)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 73 |
| Morgan Stanley Capital I Trust 2019-BPR, D (1 month LIBOR + 4.250%, Cap N/A, Floor 4.00%) 144A<br> 8.123%, 5/15/36<sup>(3)(4)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 66 |
| Starwood Retail Property Trust 2014-STAR, A (1 month LIBOR + 1.470%, Cap N/A, Floor 1.470%) 144A<br> 5.346%, 11/15/27<sup>(3)(4)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 30 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Verus Securitization Trust 2021-3, A1 144A<br> 1.046%, 6/25/66<sup>(3)(4)</sup> | $73 | $59 |
|  |  | &nbsp;&nbsp;&nbsp; 708 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $3,247)** | **Total Mortgage-Backed Securities<br> (Identified Cost $3,247)** | &nbsp;&nbsp;&nbsp;&nbsp; **3309** |
| **Asset-Backed Securities—0.3%** | **Asset-Backed Securities—0.3%** | **Asset-Backed Securities—0.3%** |
| **Automobiles—0.1%** | **Automobiles—0.1%** |  |
| Avis Budget Rental Car Funding AESOP LLC 2017-2A, A 144A<br> 2.970%, 3/20/24<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 50 |
| **Credit Card—0.1%** | **Credit Card—0.1%** |  |
| Citibank Credit Card Issuance Trust 2017-A5, A5 (1 month LIBOR + 0.620%)<br> 4.577%, 4/22/26<sup>(4)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 25 |
| **Other—0.1%** | **Other—0.1%** |  |
| New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1, AT1 144A<br> 1.426%, 8/15/53<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 48 |
| **Total Asset-Backed Securities<br> (Identified Cost $125)** | **Total Asset-Backed Securities<br> (Identified Cost $125)** | &nbsp;&nbsp;&nbsp;&nbsp; **123** |
| **Corporate Bonds and Notes—14.7%** | **Corporate Bonds and Notes—14.7%** | **Corporate Bonds and Notes—14.7%** |
| **Aerospace & Defense—0.4%** | **Aerospace & Defense—0.4%** |  |
| Boeing Co. (The)<br> 3.600%, 5/1/34 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 61 |
| Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 1/15/33 | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;5.700%, 11/15/54 | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp;&nbsp; 167 |
| **Automotive—0.4%** | **Automotive—0.4%** |  |
| General Motors Financial Co., Inc.<br> 1.250%, 1/8/26 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 66 |
| Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.000%, 2/10/27<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;144A 2.100%, 9/15/28<sup>(3)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 20 |
| Mercedes-Benz Finance North America LLC 144A<br> 5.375%, 11/26/25<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp;&nbsp; 181 |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| Huntsman International LLC<br> 2.950%, 6/15/31 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 59 |
| **Consumer Products—0.2%** | **Consumer Products—0.2%** |  |
| Colgate-Palmolive Co.<br> 3.250%, 8/15/32 | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 91 |
| **Electric—1.3%** | **Electric—1.3%** |  |
| Duke Energy Corp.<br> 3.500%, 6/15/51 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 53 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Strategic Income Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Electric—continued** | **Electric—continued** |  |
| Electricite de France S.A. 144A<br> 4.500%, 9/21/28<sup>(3)</sup> | $75 | $71 |
| Enel Finance International N.V. 144A<br> 5.500%, 6/15/52<sup>(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 63 |
| Exelon Corp. 144A<br> 2.750%, 3/15/27<sup>(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 92 |
| NSTAR Electric Co.<br> 4.550%, 6/1/52 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 46 |
| PacifiCorp <br> 5.350%, 12/1/53 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
| Vistra Operations Co. LLC 144A<br> 3.550%, 7/15/24<sup>(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 72 |
|  |  | &nbsp;&nbsp; 523 |
| **Exploration & Production—0.6%** | **Exploration & Production—0.6%** |  |
| BP Capital Markets plc<br> 4.375% <sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 48 |
| Continental Resources, Inc.<br> 4.375%, 1/15/28 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 69 |
| Diamondback Energy, Inc.<br> 6.250%, 3/15/33 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp; 246 |
| **Financial & Lease—5.8%** | **Financial & Lease—5.8%** |  |
| Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;3.625%, 12/1/27 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;3.000%, 2/1/30 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 21 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.496%, 2/13/31 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;2.482%, 9/21/36 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 57 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;7.325%, 11/2/26 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;2.279%, 11/24/27 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 64 |
| Boston Properties LP<br> 3.400%, 6/21/29 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 65 |
| Capital One Financial Corp.<br> 2.618%, 11/2/32 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 57 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.400%, 6/10/25 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;4.450%, 9/29/27 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 96 |
| Credit Suisse Group AG 144A<br> 1.305%, 2/2/27<sup>(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 59 |
| CubeSmart LP<br> 3.000%, 2/15/30 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 63 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;1.447%, 4/1/25 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;2.129%, 11/24/26 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 66 |
| Discover Financial Services<br> 6.700%, 11/29/32 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| DNB Bank ASA 144A<br> 1.605%, 3/30/28<sup>(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 64 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;0.855%, 2/12/26 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;2.640%, 2/24/28 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 67 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;1.645%, 4/18/26 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;1.589%, 5/24/27 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 21 |
| Intesa Sanpaolo SpA Series XR 144A<br> 4.000%, 9/23/29<sup>(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 65 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financial & Lease—continued** | **Financial & Lease—continued** |  |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;2.595%, 2/24/26 | $75 | $71 |
| &nbsp;&nbsp;&nbsp;Subordinate Notes<br> 3.625%, 12/1/27 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 47 |
| Kemper Corp.<br> 2.400%, 9/30/30 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 59 |
| KeyBank NA<br> 4.900%, 8/8/32 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 93 |
| Kimco Realty Corp.<br> 4.600%, 2/1/33 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 47 |
| Mizuho Financial Group, Inc.<br> 2.564%, 9/13/31 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 57 |
| Morgan Stanley<br> 2.484%, 9/16/36 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 93 |
| Nomura Holdings, Inc.<br> 2.172%, 7/14/28 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 103 |
| Office Properties Income Trust<br> 2.400%, 2/1/27 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 54 |
| Societe Generale S.A. 144A<br> 1.488%, 12/14/26<sup>(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 86 |
| Standard Chartered plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 1.456%, 1/14/27<sup>(3)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;144A 3.265%, 2/18/36<sup>(3)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;144A 5.700%, 3/26/44<sup>(3)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 22 |
| Sumitomo Mitsui Financial Group, Inc.<br> 2.142%, 9/23/30 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 19 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;3.700%, 8/4/26 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;2.875%, 10/28/31 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 76 |
| UBS Group AG 144A<br> 2.746%, 2/11/33<sup>(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 117 |
| US Bancorp<br> 4.967%, 7/22/33 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 96 |
| WEA Finance LLC 144A<br> 2.875%, 1/15/27<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 43 |
| Wells Fargo & Co.<br> 3.350%, 3/2/33 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 107 |
|  |  | &nbsp;&nbsp; 2387 |
| **Food, Beverages & Tobacco—0.5%** | **Food, Beverages & Tobacco—0.5%** |  |
| Conagra Brands, Inc.<br> 1.375%, 11/1/27 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 62 |
| Mondelez International, Inc.<br> 2.625%, 3/17/27 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 68 |
| PepsiCo, Inc.<br> 2.750%, 3/19/30 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 67 |
|  |  | &nbsp;&nbsp; 197 |
| **Health Care—0.8%** | **Health Care—0.8%** |  |
| Baxter International, Inc.<br> 2.272%, 12/1/28 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 65 |
| CSL Finance plc 144A<br> 4.750%, 4/27/52<sup>(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 68 |
| HCA, Inc. 144A<br> 4.625%, 3/15/52<sup>(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 61 |
| Merck & Co., Inc.<br> 1.450%, 6/24/30 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 20 |
| Pfizer, Inc.<br> 4.000%, 12/15/36 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 46 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Strategic Income Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Universal Health Services, Inc. 144A<br> 1.650%, 9/1/26<sup>(3)</sup> | $75 | $64 |
|  |  | &nbsp;&nbsp; 324 |
| **Home Builders—0.1%** | **Home Builders—0.1%** |  |
| MDC Holdings, Inc.<br> 2.500%, 1/15/31 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 35 |
| **Industrial Other—0.3%** | **Industrial Other—0.3%** |  |
| CNH Industrial Capital LLC<br> 1.875%, 1/15/26 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 68 |
| Flowserve Corp.<br> 3.500%, 10/1/30 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 42 |
|  |  | &nbsp;&nbsp; 110 |
| **Lodging—0.2%** | **Lodging—0.2%** |  |
| Marriott International, Inc. Series HH<br> 2.850%, 4/15/31 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 61 |
| **Media Cable—0.2%** | **Media Cable—0.2%** |  |
| Charter Communications Operating LLC<br> 6.484%, 10/23/45 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 |
| **Metals, Mining & Steel—0.2%** | **Metals, Mining & Steel—0.2%** |  |
| Glencore Funding LLC 144A<br> 2.500%, 9/1/30<sup>(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 61 |
| Rio Tinto Finance USA Ltd.<br> 2.750%, 11/2/51 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp; 95 |
| **Midstream—0.6%** | **Midstream—0.6%** |  |
| Boardwalk Pipelines LP<br> 4.800%, 5/3/29 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 47 |
| Enbridge, Inc.<br> 2.500%, 2/14/25 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 |
| Sabine Pass Liquefaction LLC<br> 4.200%, 3/15/28 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 71 |
| Williams Cos., Inc. (The)<br> 2.600%, 3/15/31 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 62 |
|  |  | &nbsp;&nbsp; 251 |
| **Refining—0.2%** | **Refining—0.2%** |  |
| Phillips 66<br> 2.150%, 12/15/30 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 61 |
| **Restaurants—0.1%** | **Restaurants—0.1%** |  |
| McDonald's Corp.<br> 4.600%, 9/9/32 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| **Retail Non Food & Drug—0.3%** | **Retail Non Food & Drug—0.3%** |  |
| O'Reilly Automotive, Inc.<br> 4.700%, 6/15/32 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 49 |
| Tapestry, Inc.<br> 3.050%, 3/15/32 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 58 |
|  |  | &nbsp;&nbsp; 107 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Services Other—0.4%** | **Services Other—0.4%** |  |
| Equifax, Inc.<br> 2.350%, 9/15/31 | $75 | $58 |
| Waste Management, Inc.<br> 2.950%, 6/1/41 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 57 |
| Western Union Co. (The)<br> 1.350%, 3/15/26 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 65 |
|  |  | &nbsp;&nbsp;&nbsp; 180 |
| **Technology—1.0%** | **Technology—1.0%** |  |
| Apple, Inc.<br> 3.350%, 8/8/32 | &nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 115 |
| Broadcom, Inc. 144A<br> 3.187%, 11/15/36<sup>(3)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 73 |
| Tencent Holdings Ltd. 144A<br> 3.595%, 1/19/28<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 46 |
| Texas Instruments, Inc.<br> 4.100%, 8/16/52 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 67 |
| TSMC Arizona Corp.<br> 4.500%, 4/22/52 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 68 |
| TSMC Global Ltd. 144A<br> 1.000%, 9/28/27<sup>(3)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp;&nbsp; 410 |
| **Transport Other—0.1%** | **Transport Other—0.1%** |  |
| FedEx Corp.<br> 4.400%, 1/15/47 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 60 |
| **Wireless—0.4%** | **Wireless—0.4%** |  |
| T-Mobile USA, Inc.<br> 3.875%, 4/15/30 | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 92 |
| Vodafone Group plc<br> 4.250%, 9/17/50 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 59 |
|  |  | &nbsp;&nbsp;&nbsp; 151 |
| **Wirelines—0.5%** | **Wirelines—0.5%** |  |
| AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.300%, 6/1/27 | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;2.250%, 2/1/32 | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;3.650%, 9/15/59 | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 35 |
| Magallanes, Inc. 144A<br> 4.279%, 3/15/32<sup>(3)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 64 |
| TELUS Corp.<br> 3.400%, 5/13/32 | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 65 |
|  |  | &nbsp;&nbsp;&nbsp; 221 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $6,772)** | **Total Corporate Bonds and Notes<br> (Identified Cost $6,772)** | &nbsp;&nbsp;&nbsp;&nbsp; **6038** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Mutual Funds—61.8%** | **Affiliated Mutual Funds—61.8%** | **Affiliated Mutual Funds—61.8%** |
| **Fixed Income Funds—61.8%** | **Fixed Income Funds—61.8%** |  |
| Virtus Stone Harbor Emerging Markets Corporate Debt Fund Class I<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;269057 | &nbsp;&nbsp; 2023 |
| Virtus Stone Harbor Emerging Markets Debt Fund Class I<sup>(5)(6)</sup> | 1415405 | &nbsp;&nbsp;10035 |
| Virtus Stone Harbor High Yield Bond Fund Class I<sup>(5)(6)</sup> | 1785721 | &nbsp;&nbsp;12375 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Strategic Income Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Fixed Income Funds—continued** | **Fixed Income Funds—continued** |  |
| Virtus Stone Harbor Local Markets Fund Class I<sup>(5)(6)(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;142102 | $1049 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $29,565)** | **Total Affiliated Mutual Funds<br> (Identified Cost $29,565)** | &nbsp;&nbsp;&nbsp;&nbsp;**25482** |
| **Total Long-Term Investments—91.1%<br> (Identified Cost $42,569)** | **Total Long-Term Investments—91.1%<br> (Identified Cost $42,569)** | &nbsp;&nbsp;&nbsp;&nbsp;**37554** |
| **Short-Term Investments—13.0%** | **Short-Term Investments—13.0%** | **Short-Term Investments—13.0%** |
| **Money Market Mutual Fund—10.1%** | **Money Market Mutual Fund—10.1%** | **Money Market Mutual Fund—10.1%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 3.606%)<sup>(6)</sup> | 4151548 | &nbsp;&nbsp;&nbsp; 4152 |
| **Total Money Market Mutual Fund<br> (Identified Cost $4,152)** | **Total Money Market Mutual Fund<br> (Identified Cost $4,152)** | &nbsp;&nbsp;&nbsp;&nbsp; **4152** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** |  |
| **U.S. Government Security—2.9%** | **U.S. Government Security—2.9%** | **U.S. Government Security—2.9%** |
| U.S. Treasury Bills<br> 0.000%, 1/12/23<sup>(8)</sup> | $1200 | &nbsp;&nbsp;&nbsp;&nbsp; 1195 |
| **Total U.S. Government Security<br> (Identified Cost $1,195)** | **Total U.S. Government Security<br> (Identified Cost $1,195)** | &nbsp;&nbsp; **1195** |
| **Total Short-Term Investments<br> (Identified Cost $5,347)** | **Total Short-Term Investments<br> (Identified Cost $5,347)** | &nbsp;&nbsp; **5347** |
| **TOTAL INVESTMENTS—104.1%<br> (Identified Cost $47,916)** | **TOTAL INVESTMENTS—104.1%<br> (Identified Cost $47,916)** | **$42901** |
| Other assets and liabilities, net—(4.1)% | Other assets and liabilities, net—(4.1)% | &nbsp;&nbsp;&nbsp;(1673) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$41228** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CDX.EM | Credit Default Swap Index Emerging Markets |
| HSBC | Hong Kong & Shanghai Bank |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| NA | National Association |
| Nomura | Nomura Global Financial Products, Inc. |
| TBA | To-be-announced |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> | No contractual maturity date. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2022, these securities amounted to a value of $2,110 or 5.1% of net assets. |
| <sup>(4)</sup> | Variable rate security. Rate disclosed is as of November 30, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(5)</sup> | Affiliated investment. See Note 4H in Notes to Financial Statements. |
| <sup>(6)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(7)</sup> | Non-income producing. |
| <sup>(8)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

---

| | |
|:---|:---|
| **Counterparties:** |  |
| CITI | Citibank |
| GS | Goldman Sachs & Co. |
| ICE | Intercontinental Exchange |
| JPM | JPMorgan Chase Bank N.A. |

---

---

| | |
|:---|:---|
| **Foreign Currencies:** |  |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | United Kingdom Pound Sterling |
| MXN | Mexican Peso |
| USD | United States Dollar |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of November 30, 2022 were as follows:** | **Exchange-traded futures contracts as of November 30, 2022 were as follows:** | **Exchange-traded futures contracts as of November 30, 2022 were as follows:** | **Exchange-traded futures contracts as of November 30, 2022 were as follows:** | **Exchange-traded futures contracts as of November 30, 2022 were as follows:** | **Exchange-traded futures contracts as of November 30, 2022 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts <br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| **Long Contracts:** |  |  |  |  |  |
| 5 Year U.S. Treasury Note Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;$543 | &nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;$— |
| 10 Year U.K. Gilt Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;$(1) |
| **Short Contracts:** |  |  |  |  |  |
| 10 Year Euro-Bund Future | December 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1613) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year U.S. Treasury Note Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89) | &nbsp;&nbsp;&nbsp;&nbsp;(10102) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 4.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Strategic Income Fund

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

#### November 30, 2022
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of November 30, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of November 30, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of November 30, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of November 30, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of November 30, 2022 were as follows (continued):** | **Exchange-traded futures contracts as of November 30, 2022 were as follows (continued):** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts <br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| 10 Year U.S. Ultra Bond Future | March 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;$(136) | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(2) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) |
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp;$8 | &nbsp;&nbsp;&nbsp;$(62) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** | **Forward foreign currency exchange contracts as of November 30, 2022 were as follows:** |
| **Currency <br> Purchased** | **Currency <br> Amount<br> Purchased** | **Currency <br> Sold** | **Currency <br> Amount<br> Sold** | **Counterparty** | **Settlement <br> Date** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| CHF | 270 | USD | &nbsp;&nbsp;&nbsp;283 | CITI | 12/21/22 | &nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| CHF | 270 | USD | &nbsp;&nbsp;&nbsp;282 | GS | 12/21/22 | &nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| EUR | 350 | USD | &nbsp;&nbsp;&nbsp;351 | JPM | 12/14/22 | &nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| EUR | &nbsp;&nbsp;90 | USD | &nbsp;&nbsp;&nbsp;&nbsp;91 | CITI | 12/19/22 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| EUR | 180 | GBP | &nbsp;&nbsp;&nbsp;155 | GS | 12/21/22 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| EUR | 491 | USD | &nbsp;&nbsp;&nbsp;492 | JPM | 12/21/22 | &nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| GBP | 158 | EUR | &nbsp;&nbsp;&nbsp;180 | CITI | 12/21/22 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| GBP | &nbsp;&nbsp;18 | USD | &nbsp;&nbsp;&nbsp;&nbsp;21 | JPM | 01/27/23 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | 262 | EUR | &nbsp;&nbsp;&nbsp;250 | GS | 12/14/22 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;92 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;90 | CITI | 12/19/22 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| USD | &nbsp;&nbsp;96 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;90 | GS | 12/21/22 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | 504 | EUR | &nbsp;&nbsp;&nbsp;491 | GS | 12/21/22 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;4 | GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | JPM | 12/21/22 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | 186 | MXN | 3650 | JPM | 12/21/22 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| USD | 207 | EUR | &nbsp;&nbsp;&nbsp;206 | JPM | 01/27/23 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| **Total** |  |  |  |  |  | $50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(20) |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Amount is less than $500. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** | **Centrally cleared credit default swaps - buy protection<sup>(1)</sup> outstanding as of November 30, 2022 were as follows:** |
| **Reference Entity** | **Payment <br> Frequency** | **Fixed <br> Rate** | **Expiration <br> Date** | **Notional <br> Amount<sup>(2)</sup>** | **Value** | **Premiums <br> Paid<br> (Received)** | **Unrealized <br> Appreciation** | **Unrealized <br> Depreciation** |
| CDX.EM.S38 | Quarterly ICE | 1.000% | 12/20/27 | $(4030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(123) |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(123) |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index; or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
| <sup>(2)</sup> | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Stone Harbor Strategic Income Fund

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

#### November 30, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of November 30, 2022, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total <br> Value at<br> November 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$123 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038 |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3309 |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3797 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13317 |
| Liabilities: |  |  |  |
| Other Financial Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| &nbsp;&nbsp;&nbsp;Centrally Cleared Credit Default Swap | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13528 |

---

There were no securities valued using significant unobservable inputs (Level 3) at November 30, 2022.

There were no transfers into or out of Level 3 related to securities held at November 30, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)

#### November 30, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Corporate Debt Fund** | &nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$7113 | &nbsp;&nbsp;&nbsp;&nbsp;$439982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128 |
| Investment in affiliates at value<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1780 |
| Foreign currency at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Cash pledged as collateral for forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash pledged as collateral for swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Receivable from adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961 |
| **Liabilities** |  |  |  |
| Over-the-counter swap at value<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$7053 | &nbsp;&nbsp;&nbsp;&nbsp;$465036 | &nbsp;&nbsp;&nbsp;$1905 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$12566 | &nbsp;&nbsp;&nbsp;&nbsp;$979155 | &nbsp;&nbsp;&nbsp;$10365 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5513) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(514119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8460) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$7053 | &nbsp;&nbsp;&nbsp;&nbsp;$465036 | &nbsp;&nbsp;&nbsp;$1905 |
| **Net Assets:** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$6961 | &nbsp;&nbsp;&nbsp;&nbsp;$464948 | &nbsp;&nbsp;&nbsp;$1811 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12887 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;926274 | &nbsp;&nbsp;&nbsp;&nbsp;65556342 | &nbsp;&nbsp;&nbsp;&nbsp;249329 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.09 | &nbsp;&nbsp;&nbsp;&nbsp;$7.26 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.09 | &nbsp;&nbsp;&nbsp;&nbsp;$7.27 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### November 30, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Corporate Debt Fund** | &nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.37 | &nbsp;&nbsp;&nbsp;&nbsp;$7.54 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$7947 | &nbsp;&nbsp;&nbsp;&nbsp;$552654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$128 |
| <sup>(2)</sup> Investment in affiliates at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10968 | &nbsp;&nbsp;&nbsp;$1746 |
| <sup>(3)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| <sup>(4)</sup> Includes premiums paid (received) on swaps <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### November 30, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Stone Harbor High Yield Bond Fund** | &nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$97207 | &nbsp;&nbsp;&nbsp;&nbsp;$12686 | &nbsp;&nbsp;&nbsp;&nbsp;$17419 |
| Investment in affiliates at value<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25482 |
| Foreign currency at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Due from broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Cash pledged as collateral for futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 |
| Cash pledged as collateral for swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 |
| Unrealized appreciation on forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Receivable from adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp; Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44005 |
| **Liabilities** |  |  |  |
| Due from Broker<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Variation margin payable on cleared swaps<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| Variation margin payable on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Unrealized depreciation on forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2595 |
| &nbsp;&nbsp;&nbsp; Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp; Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp; Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp; Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2777 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99257 | &nbsp;&nbsp;&nbsp;&nbsp;$14681 | &nbsp;&nbsp;&nbsp;&nbsp;$41228 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;$138091 | &nbsp;&nbsp;&nbsp;$226621 | &nbsp;&nbsp;&nbsp;&nbsp;$47688 |
| &nbsp;&nbsp;&nbsp; Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(211940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6460) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99257 | &nbsp;&nbsp;&nbsp;&nbsp;$14681 | &nbsp;&nbsp;&nbsp;&nbsp;$41228 |
| **Net Assets:** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99117 | &nbsp;&nbsp;&nbsp;&nbsp;$14586 | &nbsp;&nbsp;&nbsp;&nbsp;$41134 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11259 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;14309392 | &nbsp;&nbsp;&nbsp;&nbsp;1977532 | &nbsp;&nbsp;&nbsp;&nbsp;4939756 |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.32 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.33 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (Unaudited) (Continued)

#### November 30, 2022
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Stone Harbor High Yield Bond Fund** | &nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8.64 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;$108408 | &nbsp;&nbsp;&nbsp;&nbsp;$17663 | &nbsp;&nbsp;&nbsp;&nbsp;$18351 |
| <sup>(2)</sup> Investment in affiliates at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$29565 |
| <sup>(3)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$354 |

---

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

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF OPERATIONS (Unaudited)

#### SIX MONTHS ENDED November 30, 2022
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Corporate Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$282 | &nbsp;&nbsp;&nbsp;&nbsp;$1 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp; Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(166) | &nbsp;&nbsp;&nbsp;&nbsp;(122261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50279) | &nbsp;&nbsp;&nbsp;&nbsp;(799) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(165) | &nbsp;&nbsp;&nbsp;&nbsp;$(30186) | &nbsp;&nbsp;&nbsp;&nbsp;$(704) |

---

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

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF OPERATIONS (Unaudited) (Continued)

#### SIX MONTHS ENDED November 30, 2022
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor High Yield Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11 | &nbsp;&nbsp;&nbsp;&nbsp;$48 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 |
| &nbsp;&nbsp;&nbsp; Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 |
| &nbsp;&nbsp;&nbsp; Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp; Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp; Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp; Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp; Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp; Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp; Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp; Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(2843) | &nbsp;&nbsp;&nbsp;&nbsp;(10297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(441) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8652) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(2429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(1090) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward foreign currency exchange contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(5272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5643) | &nbsp;&nbsp;&nbsp;&nbsp;(1490) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(2454) | &nbsp;&nbsp;&nbsp;&nbsp;$(4192) | &nbsp;&nbsp;&nbsp;&nbsp;$(628) |

---

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

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Corporate Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Corporate Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> November 30,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> May 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> November 30,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> May 31,<br> 2022** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59896 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78244)<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176170) |
| &nbsp;&nbsp;&nbsp; **Decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194518) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60380) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60381) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410972) |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(410872) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(266088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(665771) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396895 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7058 | &nbsp;&nbsp;&nbsp;&nbsp;$465036 | &nbsp;&nbsp;&nbsp;&nbsp;$731124 |

---

\* Inception date April 11, 2022. <br> <sup>(1)</sup> See Note 12 in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor High Yield Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor High Yield Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> November 30,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> May 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> November 30,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> May 31,<br> 2022** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4753 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(999) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(585) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10600) |
| &nbsp;&nbsp;&nbsp; **Decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6432) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4960) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4961) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15153 |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15253 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97925 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$99257 | &nbsp;&nbsp;&nbsp;&nbsp;$101785 |

---

\* Inception date April 11, 2022.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> November 30,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> May 31,<br> 2022** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> November 30,<br> 2022<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> May 31,<br> 2022** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$945 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3500) |
| &nbsp;&nbsp;&nbsp; **Decrease in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2157) |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) |
| &nbsp;&nbsp;&nbsp; **Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<sup>\*</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65384) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9914 |
| &nbsp;&nbsp;&nbsp; **Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10014 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83890) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7057 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31550 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$77102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38607 |

---

\* Inception date April 11, 2022.

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

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING<br> THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Stone Harbor Emerging Markets Corporate Debt Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.89 | 0.20 | (0.40) | (0.20) | (0.19) | (0.19) | (0.39) | $7.50 | &nbsp;&nbsp;&nbsp;(2.47) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$92 | 1.27 % <sup>(7)</sup> | 3.48% | 5.31% | &nbsp;&nbsp;&nbsp;13% |
| 4/11/22 <sup>(8)</sup> to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.16 | 0.05 | (0.22) | (0.17) | (0.10) | (0.10) | (0.27) | &nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;(2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | 1.27 <sup>(9)</sup> | 3.15 | 4.50 | &nbsp;&nbsp;&nbsp;14 <sup>(10)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.91 | 0.21 | (0.40) | (0.19) | (0.20) | (0.20) | (0.39) | $7.52 | &nbsp;&nbsp;&nbsp;(2.34) % | &nbsp;&nbsp;&nbsp;&nbsp;$6961 | 1.01 % <sup>(7)</sup> | 3.19% | 5.56% | &nbsp;&nbsp;&nbsp;13% |
| 6/1/21 to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.25 | 0.40 | (1.33) | (0.93) | (0.41) | (0.41) | (1.34) | &nbsp;&nbsp;&nbsp;7.91 | (10.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6961 | 1.02 <sup>(9)</sup> | 3.21 | 4.49 | &nbsp;&nbsp;&nbsp;14 |
| 6/1/20 to 5/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.17 | 0.45 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;1.55 | (0.47) | (0.47) | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6694 | 1.01 <sup>(11)</sup> | 3.46 | 4.99 | &nbsp;&nbsp;&nbsp;55 |
| 6/1/19 to 5/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.82 | 0.42 | (0.64) | (0.22) | (0.43) | (0.43) | (0.65) | &nbsp;&nbsp;&nbsp;8.17 | &nbsp;&nbsp;&nbsp;(2.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666 | 1.01 <sup>(11)</sup> | 1.95 | 4.68 | 168 |
| 6/1/18 to 5/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.80 | 0.45 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.48 | (0.46) | (0.46) | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13078 | 1.01 <sup>(11)</sup> | 2.15 | 5.21 | &nbsp;&nbsp;&nbsp;63 |
| 6/1/17 to 5/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;9.14 | 0.44 | (0.36) | &nbsp;&nbsp;0.08 | (0.42) | (0.42) | (0.34) | &nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11503 | 1.01 <sup>(11)</sup> | 2.19 | 4.76 | 115 |
| **Stone Harbor Emerging Markets Debt Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.63 | 0.24 | (0.51) | (0.27) | (0.27) | (0.27) | (0.54) | $7.09 | &nbsp;&nbsp;&nbsp;(3.42) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$88 | 1.02 % <sup>(7)</sup> | 1.18% | 6.98% | &nbsp;&nbsp;&nbsp;73% |
| 4/11/22 <sup>(8)</sup> to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.06 | 0.06 | (0.38) | (0.32) | (0.11) | (0.11) | (0.43) | &nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;&nbsp;(3.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | 1.02 <sup>(11)</sup> | 1.10 | 6.09 | 104 <sup>(10)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.63 | 0.25 | (0.51) | (0.26) | (0.28) | (0.28) | (0.54) | $7.09 | &nbsp;&nbsp;&nbsp;(3.32) % | &nbsp;&nbsp;$464948 | 0.74 % <sup>(7)</sup> | 0.83% | 7.19% | &nbsp;&nbsp;&nbsp;73% |
| 6/1/21 to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | 0.46 | (2.18) | (1.72) | (0.47) | (0.47) | (2.19) | &nbsp;&nbsp;&nbsp;7.63 | (18.08) | &nbsp;&nbsp;&nbsp;&nbsp;731029 | 0.74 <sup>(11)</sup> | 0.75 | 4.96 | 104 |
| 6/1/20 to 5/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.92 | 0.51 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;1.36 | (0.46) | (0.46) | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;15.31 | &nbsp;&nbsp;&nbsp;1396895 | 0.73 <sup>(11)</sup> | 0.73 | 5.18 | 106 |
| 6/1/19 to 5/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | 0.47 | (0.74) | (0.27) | (0.54) | (0.54) | (0.81) | &nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;(3.02) | &nbsp;&nbsp;&nbsp;1094713 | 0.72 <sup>(11)</sup> | 0.72 | 4.89 | 118 |
| 6/1/18 to 5/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;9.99 | 0.56 | (0.21) | &nbsp;&nbsp;0.35 | (0.61) | (0.61) | (0.26) | &nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;1212774 | 0.71 <sup>(11)</sup> | 0.71 | 5.81 | 104 |
| 6/1/17 to 5/31/18 | &nbsp;&nbsp;&nbsp;10.60 | 0.58 | (0.56) | &nbsp;&nbsp;0.02 | (0.63) | (0.63) | (0.61) | &nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;1207251 | 0.71 <sup>(11)</sup> | 0.71 | 5.53 | 108 |
| **Stone Harbor Emerging Markets Debt Allocation Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.51 | 0.13 | (0.38) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | $7.26 | &nbsp;&nbsp;&nbsp;(3.33) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94 | 0.24 % <sup>(7)</sup> | 2.81% | 3.80% | &nbsp;&nbsp;&nbsp;22% |
| 4/11/22 <sup>(8)</sup> to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;7.76 | 0.02 | (0.27) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | &nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;(3.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | 0.26 | 2.14 | 2.12 | &nbsp;&nbsp;&nbsp;12 <sup>(10)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.51 | 0.10 | (0.34) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | $7.27 | &nbsp;&nbsp;&nbsp;(3.20) % | &nbsp;&nbsp;&nbsp;&nbsp;$1811 | 0.02 % <sup>(7)</sup> | 2.45% | 2.81% | &nbsp;&nbsp;&nbsp;22% |
| 6/1/21 to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | 0.21 | (1.80) | (1.59) | (0.22) | (0.22) | (1.81) | &nbsp;&nbsp;&nbsp;7.51 | (17.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8151 | &nbsp;&nbsp;&nbsp;&nbsp;— | 1.48 | 2.37 | &nbsp;&nbsp;&nbsp;12 |
| 6/1/20 to 5/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | 0.20 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;1.06 | (0.35) | (0.35) | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;12.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18807 | 0.02 | 1.32 | 2.13 | &nbsp;&nbsp;&nbsp;29 |
| 6/1/19 to 5/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.95 | 0.27 | (0.36) | (0.09) | (0.25) | (0.25) | (0.34) | &nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31267 | 0.03 | 1.22 | 2.98 | &nbsp;&nbsp;&nbsp;21 |
| 6/1/18 to 5/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;9.25 | 0.33 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) | (0.30) | (0.30) | &nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28213 | 0.05 | 1.21 | 3.70 | &nbsp;&nbsp;&nbsp;38 |
| 6/1/17 to 5/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;9.55 | 0.31 | (0.28) | &nbsp;&nbsp;0.03 | (0.33) | (0.33) | (0.30) | &nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28159 | 0.05 | 1.19 | 3.21 | &nbsp;&nbsp;&nbsp;33 |
| **Stone Harbor High Yield Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.28 | 0.19 | (0.37) | (0.18) | (0.18) | (0.18) | (0.36) | $6.92 | &nbsp;&nbsp;&nbsp;(2.52) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140 | 0.92 % <sup>(7)</sup> | 1.15% | 5.55% | &nbsp;&nbsp;&nbsp;24% |
| 4/11/22 <sup>(8)</sup> to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | 0.04 | (0.15) | (0.11) | (0.09) | (0.09) | (0.20) | &nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | 0.92 <sup>(11)</sup> | 1.12 | 4.12 | &nbsp;&nbsp;&nbsp;55 <sup>(10)</sup> |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized<br>and Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Total Distributions** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Gross Expenses to<br>Average Net Assets<sup>(4)(5)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(4)</sup>** | **Portfolio Turnover Rate<sup>(2)</sup>** |
| **Stone Harbor High Yield Bond Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.28 | 0.20 | (0.37) | (0.17) | (0.18) | (0.18) | (0.35) | $6.93 | &nbsp;&nbsp;&nbsp;(2.30) % | &nbsp;&nbsp;&nbsp;&nbsp;$99117 | 0.67 % <sup>(7)</sup> | 0.82% | 5.76% | &nbsp;&nbsp;&nbsp;24% |
| 6/1/21 to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.14 | 0.37 | (0.85) | (0.48) | (0.38) | (0.38) | (0.86) | &nbsp;&nbsp;&nbsp;7.28 | &nbsp;&nbsp;&nbsp;(6.11) | &nbsp;&nbsp;&nbsp;&nbsp;101688 | 0.67 <sup>(11)</sup> | 0.80 | 4.61 | &nbsp;&nbsp;&nbsp;55 |
| 6/1/20 to 5/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;7.53 | 0.38 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;0.98 | (0.37) | (0.37) | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;13.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97925 | 0.66 <sup>(11)</sup> | 0.88 | 4.76 | &nbsp;&nbsp;&nbsp;94 |
| 6/1/19 to 5/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;7.88 | 0.42 | (0.34) | &nbsp;&nbsp;0.08 | (0.43) | (0.43) | (0.35) | &nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65454 | 0.66 <sup>(11)</sup> | 0.88 | 5.36 | &nbsp;&nbsp;&nbsp;57 |
| 6/1/18 to 5/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | 0.43 | (0.02) | &nbsp;&nbsp;0.41 | (0.44) | (0.44) | (0.03) | &nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88562 | 0.66 <sup>(11)</sup> | 0.84 | 5.51 | &nbsp;&nbsp;&nbsp;54 |
| 6/1/17 to 5/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.31 | 0.43 | (0.36) | &nbsp;&nbsp;0.07 | (0.47) | (0.47) | (0.40) | &nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;103035 | 0.66 <sup>(11)</sup> | 0.77 | 5.25 | &nbsp;&nbsp;&nbsp;58 |
| **Stone Harbor Local Markets Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.51 | 0.23 | (0.38) | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) | $7.36 | &nbsp;&nbsp;&nbsp;(2.00) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95 | 1.27 % <sup>(7)(11)</sup> | 1.62% | 6.45% | &nbsp;&nbsp;&nbsp;39% |
| 4/11/22 <sup>(8)</sup> to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | 0.05 | (0.25) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;(2.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | 1.27 <sup>(9)(11)</sup> | 1.53 | 5.24 | &nbsp;&nbsp;&nbsp;67 <sup>(10)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$7.51 | 0.23 | (0.36) | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.13) | $7.38 | &nbsp;&nbsp;&nbsp;(1.73) % | &nbsp;&nbsp;&nbsp;&nbsp;$14586 | 1.03 % <sup>(7)(11)</sup> | 1.28% | 6.30% | &nbsp;&nbsp;&nbsp;39% |
| 6/1/21 to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.03 | 0.41 | (1.93) | (1.52) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.52) | &nbsp;&nbsp;&nbsp;7.51 | (16.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77005 | 1.01 <sup>(11)</sup> | 1.14 | 4.87 | &nbsp;&nbsp;&nbsp;67 |
| 6/1/20 to 5/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.34 | 0.40 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;&nbsp;&nbsp;8.27 | &nbsp;&nbsp;&nbsp;&nbsp;160992 | 1.01 <sup>(11)</sup> | 1.04 | 4.60 | &nbsp;&nbsp;&nbsp;95 |
| 6/1/19 to 5/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | 0.47 | (0.42) | &nbsp;&nbsp;0.05 | (0.01) | (0.01) | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;329596 | 0.96 <sup>(11)</sup> | 0.96 | 5.53 | 103 |
| 6/1/18 to 5/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;8.64 | 0.51 | (0.74) | (0.23) | (0.11) | (0.11) | (0.34) | &nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;(2.60) | &nbsp;&nbsp;&nbsp;&nbsp;719558 | 0.90 <sup>(11)</sup> | 0.90 | 6.28 | 101 |
| 6/1/17 to 5/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | 0.56 | (0.59) | (0.03) | (0.09) | (0.09) | (0.12) | &nbsp;&nbsp;&nbsp;8.64 | &nbsp;&nbsp;&nbsp;(0.33) | &nbsp;&nbsp;&nbsp;1048339 | 0.90 <sup>(11)</sup> | 0.90 | 6.13 | 119 |
| **Stone Harbor Strategic Income Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$8.68 | 0.18 | (0.34) | (0.16) | (0.20) | (0.20) | (0.36) | $8.32 | &nbsp;&nbsp;&nbsp;(1.80) % | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$94 | 0.52 % <sup>(7)</sup> | 1.37% | 4.28% | &nbsp;&nbsp;&nbsp;53% |
| 4/11/22 <sup>(8)</sup> to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;8.89 | 0.06 | (0.24) | (0.18) | (0.03) | (0.03) | (0.21) | &nbsp;&nbsp;&nbsp;8.68 | &nbsp;&nbsp;&nbsp;(1.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | 0.51 | 1.35 | 5.04 | 120 <sup>(10)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 6/1/22 to 11/30/22<sup>(6)</sup> | &nbsp;&nbsp;$8.69 | 0.19 | (0.34) | (0.15) | (0.21) | (0.21) | (0.36) | $8.33 | &nbsp;&nbsp;&nbsp;(1.67) % | &nbsp;&nbsp;&nbsp;&nbsp;$41134 | 0.27 % <sup>(7)</sup> | 1.02% | 4.61% | &nbsp;&nbsp;&nbsp;53% |
| 6/1/21 to 5/31/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | 0.28 | (0.99) | (0.71) | (0.24) | (0.24) | (0.95) | &nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38509 | 0.24 | 1.13 | 3.01 | 120 |
| 6/1/20 to 5/31/21 | &nbsp;&nbsp;&nbsp;&nbsp;9.13 | 0.37 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.91 | (0.40) | (0.40) | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31550 | 0.07 | 1.13 | 3.84 | &nbsp;&nbsp;&nbsp;13 |
| 6/1/19 to 5/31/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.58 | 0.38 | (0.54) | (0.16) | (0.29) | (0.29) | (0.45) | &nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30622 | 0.08 | 1.12 | 3.99 | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| 6/1/18 to 5/31/19 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | 0.37 | (0.04) | &nbsp;&nbsp;0.33 | (0.39) | (0.39) | (0.06) | &nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32489 | 0.06 | 1.09 | 3.94 | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| 6/1/17 to 5/31/18 | &nbsp;&nbsp;&nbsp;&nbsp;9.90 | 0.40 | (0.34) | &nbsp;&nbsp;0.06 | (0.32) | (0.32) | (0.26) | &nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33451 | 0.07 | 1.01 | 4.03 | &nbsp;&nbsp;&nbsp;29 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Not annualized for periods less than one year. |
| <sup>(3)</sup> | Total returns would have been lower had various fees and expenses not been waived and reimbursed during the period. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions). |
| <sup>(4)</sup> | Annualized for periods less than one year. |
| <sup>(5)</sup> | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
| <sup>(6)</sup> | Unaudited. |
| <sup>(7)</sup> | Net expense ratio includes extraordinary proxy expenses. |
| <sup>(8)</sup> | Inception date. |
| <sup>(9)</sup> | Includes borrowing costs of 0.02% to average net assets. |
| <sup>(10)</sup> | Portfolio turnover is representative of the Fund for the entire period. |
| <sup>(11)</sup> | Includes borrowing costs of 0.01% to average net assets. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited)

#### November 30, 2022

#### Note 1. Organization
Virtus Opportunities Trust (the "Trust") is organized as a Delaware statutory trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of this report, 26 funds of the Trust are offered for sale, of which 6 (each a "Fund" or collectively, the "Funds") are reported in this semiannual report. Each Fund has a distinct investment objective and is diversified, except Stone Harbor Local Markets Fund which is non-diversified.

Before each Fund identified below commenced operations, on April 8, 2022, all of the property, assets and liabilities of the corresponding fund identified as its respective predecessor fund, each of which was formerly a series of Stone Harbor Investment Funds, a Massachusetts business trust (each, a"Predecessor Fund"), were transferred to each respective Fund shown below in a tax-free reorganization as set forth in an agreement and plan of reorganization (each a "Stone Harbor Reorganization") among the Trust, on behalf of the Funds, Stone Harbor Investment Funds, on behalf of the Predecessor Funds, Stone Harbor Investment Partners, LLC and Virtus Alternative Investment Advisers, Inc.. As a result of each Stone Harbor Reorganization, each Fund assumed the performance and accounting history of its corresponding Predecessor Fund. Prior to the Stone Harbor Reorganizations, the Funds did not have any assets or liabilities. Financial information for each Fund included for the dates prior to the Stone Harbor Reorganizations is that of such Fund's Predecessor Fund.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Predecessor Fund** | &nbsp;&nbsp;**Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Emerging Markets Corporate Debt Fund | &nbsp;&nbsp;Virtus Stone Harbor Emerging Markets Corporate Debt Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Emerging Markets Debt Fund | &nbsp;&nbsp;Virtus Stone Harbor Emerging Markets Debt Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Emerging Markets Debt Allocation Fund | &nbsp;&nbsp;Virtus Stone Harbor Emerging Markets Debt Allocation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor High Yield Bond Fund | &nbsp;&nbsp;Virtus Stone Harbor High Yield Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Local Markets Fund | &nbsp;&nbsp;Virtus Stone Harbor Local Markets Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Strategic Income Fund | &nbsp;&nbsp;Virtus Stone Harbor Strategic Income Fund |

---

The Funds have the following investment objective(s):

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Investment objective(s)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Corporate Debt Fund<br>| &nbsp;&nbsp;Seeking to maximize total return, which consists of income on its investments and capital appreciation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Fund<br>| &nbsp;&nbsp;Seeking to maximize total return, which consists of income on its investments and capital appreciation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Allocation Fund<br>| &nbsp;&nbsp;Seeking to maximize total return, which consists of income on its investments and capital appreciation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor High Yield Bond Fund<br>| &nbsp;&nbsp;Seeking to maximize total return, which consists of income on its investments and capital appreciation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Local Markets Fund<br>| &nbsp;&nbsp;Seeking to maximize total return, which consists of income on its investments and capital appreciation. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Strategic Income Fund<br>| &nbsp;&nbsp;Seeking to maximize total return, which consists of income on its investments and capital appreciation. |

---

*There is no guarantee that a Fund will achieve its objective(s).*

All of the Funds offer Class A shares and Class I shares.

Class A shares of the Funds are sold with a front-end sales charge of up to 3.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months. No front-end sales load is applied to purchases of $1,000,000 or more. The CDSC period begins on the last day of the month preceding the month in which the purchase was made. Class I shares are sold without a front-end sales charge or CDSC.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

#### Note 2. Significant Accounting Policies
The Trust is an investment company that follows the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |

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

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

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

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

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

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

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

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

A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as |

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

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| | |
|:---|:---|
|  | a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
|  | Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Convertible Securities** |
|  | Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds' investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock. |
| **G.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income securities, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **H.** | **Payment-In-Kind Securities** |
|  | Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. |
| **I.** | **Inflation-Indexed Bonds** |
|  | Certain Funds may invest in inflation-indexed bonds. Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the |

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

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| | |
|:---|:---|
|  | principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. |
| **J.** | **Mortgage-Related and Other Asset-Backed Securities** |
|  | Certain Funds may invest in mortgage-related and other asset-backed securities. These securities include mortgage pass-through securities, collateralized mortgage obligations, commercial mortgage-backed securities, stripped mortgage-backed securities, asset-backed securities, collateralized debt obligations and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property. Mortgage-related and other asset-backed securities are interests in pools of loans or other receivables. Mortgage-related securities are created from pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Asset-backed securities are created from many types of assets, including auto loans, credit card receivables, home equity loans, and student loans. These securities provide a monthly payment which consists of both interest and principal payments. Interest payments may be determined by fixed or adjustable rates. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. The timely payment of principal and interest of certain mortgage-related securities is guaranteed with the full faith and credit of the U.S. Government. Pools created and guaranteed by non-governmental issuers, including government sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that the private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. |
| **K.** | **U.S. Government Agencies or Government-Sponsored Enterprises** |
|  | Certain Funds may invest in securities of U.S. Government agencies or government-sponsored enterprises. U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association ("GNMA" or "Ginnie Mae"), are supported by the full faith and credit of the U.S. Government; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Department of the Treasury (the "U.S. Treasury"); others, such as those of the Federal National Mortgage Association ("FNMA" or "Fannie Mae"), are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations. U.S. Government securities may include zero coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities. |
|  | Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include FNMA and the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"). FNMA is a government-sponsored corporation. FNMA purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government. |
| **L.** | **Securities Traded on a To-Be-Announced Basis** |
|  | Certain Funds may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities. |
| **M.** | **When-issued Purchases and Forward Commitments (Delayed Delivery)** |
|  | Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. |
| **N.** | **Leveraged Loans** |
|  | Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a |

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

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| | |
|:---|:---|
|  | result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. |
|  | A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |
|  | The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. |
|  | A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. |
| **O.** | **Credit Linked Notes** |
|  | The Funds may invest in credit linked notes to obtain economic exposure to high yield, emerging markets or other securities. Investments in a credit linked note typically provide the holder with a return based on the return of an underlying reference instrument, such as an emerging market bond. Like an investment in a bond, investments in credit-linked securities represent the right to receive periodic income payments (in the form of distributions) and payment of principal at the end of the term of the security. In addition to the risks associated with the underlying reference instrument, an investment in a credit linked note is also subject to liquidity risk, market risk, interest rate risk and the risk that the counterparty will be unwilling or unable to meet its obligations under the note. |

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#### Note 3. Derivative Financial Instruments and Transactions

#### ($ reported in thousands)
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

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| | |
|:---|:---|
| **A.** | **Futures Contracts** |
|  | A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the "initial margin" requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts. |
|  | During the six months (the "period") ended November 30, 2022, the Stone Harbor Strategic Income Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund's success in using futures will be dependent upon the subadviser's ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after the Fund's Schedule of Investments. Cash deposited as margin is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for futures contracts." |
| **B.** | **Forward Foreign Currency Exchange Contracts** |
|  | A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency. Cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for forward foreign currency contracts". |
|  | During the period ended November 30, 2022, the Stone Harbor Emerging Markets Debt Fund, Stone Harbor Emerging Markets Debt Allocation Fund, Stone Harbor Local Markets Fund and Stone Harbor Strategic Income Fund entered into forward foreign currency exchange contracts as an |

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

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|:---|:---|
|  | economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from, foreign currencies (foreign currency exchange rate risk). |
|  | Forward foreign currency contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. |
| **C.** | **Swaps** |
|  | Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). The value of the swap is reflected on the Statements of Assets and Liabilities as "Swaps at value". Swaps are marked-to-market daily and changes in value are recorded as "Net change in unrealized appreciation (depreciation) on swaps" in the Statements of Operations. |
|  | Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under "Swaps at value" in the Statements of Assets and Liabilities and are amortized over the term of the swap. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as "Net realized gain (loss) on swaps" in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. |
|  | In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. |
|  | Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for swaps". |
|  | Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. |
|  | *Credit default swaps – A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).* |
|  | During the period ended November 30, 2022, the Stone Harbor Emerging Markets Debt Fund and Stone Harbor Strategic Income Fund utilized both single name credit default swaps and credit index swaps to gain exposure to short individual securities or to gain exposure to a credit or asset-backed index. |

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022
The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Assets and Liabilities at November 30, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;**Stone Harbor Local Markets Fund** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |
| Over-the-counter swap at value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;$1355 | &nbsp;&nbsp;&nbsp;$— |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;213 |
| Total |  | &nbsp;&nbsp;$1495 | &nbsp;&nbsp;$213 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;$(1820) | &nbsp;&nbsp;$(194) |
| Total |  | &nbsp;&nbsp;$(1820) | &nbsp;&nbsp;$(194) |

---

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;&nbsp;$50 |
| Variation margin payable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Total |  | &nbsp;&nbsp;&nbsp;$58 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| Variation margin payable on cleared swaps<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;$(123) |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| Variation margin payable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62) |
| Total |  | &nbsp;&nbsp;$(205) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Represents cumulative appreciation (depreciation) on futures contracts and swap contracts as reported in the Schedule of Investments. Only current day's variation margin is shown in the Statements of Assets and Liabilities for exchange traded futures contracts and exchange traded swap contracts. For OTC swap contracts, the value (including premiums) at November 30, 2022 is shown in the Statements of Assets and Liabilities.

The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Operations for the period ended November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** |
| **Net Realized Gain (Loss) From** | **Net Realized Gain (Loss) From** | **Net Realized Gain (Loss) From** | **Net Realized Gain (Loss) From** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;$4461 | &nbsp;&nbsp;$(1) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total |  | &nbsp;&nbsp;$5186 | &nbsp;&nbsp;$(1) |
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;$(1448) | &nbsp;&nbsp;$(4) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp;$(237) | &nbsp;&nbsp;$(4) |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

---

| | | | |
|:---|:---|:---|:---|
| **Statement Line Description** | &nbsp;&nbsp;&nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
| **Net Realized Gain (Loss) From** | **Net Realized Gain (Loss) From** | **Net Realized Gain (Loss) From** | **Net Realized Gain (Loss) From** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;$(397) | &nbsp;&nbsp;&nbsp;$(21) |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Total |  | &nbsp;&nbsp;$(397) | &nbsp;&nbsp;$745 |
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;$35 | &nbsp;&nbsp;&nbsp;&nbsp;$10 |
| Futures | &nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(68) |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(155) |
| Total |  | &nbsp;&nbsp;&nbsp;&nbsp;$35 | &nbsp;&nbsp;$(213) |

---

The table below shows the quarterly average volume (unless otherwise specified) of the derivatives held by the applicable Fund for the period ended November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts - Long Positions<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures Contracts - Short Positions<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Purchase Contracts<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Sale Contracts<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swap Contracts - Buy Protection<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Default Swap Contracts - Sell Protection<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Average unrealized for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> Average notional amount. |

---

---

| | |
|:---|:---|
| **D.** | **Derivative Risks** |
|  | A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. |
|  | A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. |
|  | With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund. |
|  | In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

---

| | |
|:---|:---|
|  | instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. |
| **E.** | **Collateral Requirements and Master Netting Agreements ("MNA")** |
|  | For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. |
|  | Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
|  | For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. |
|  | The following tables present the Funds' derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of November 30, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At November 30, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At November 30, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At November 30, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At November 30, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** | **At November 30, 2022, the Funds' derivative assets and liabilities (by type) are as follows:** |
|  | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;**Stone Harbor Local Markets Fund** |
|  | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** |
| **Derivative Financial<br> Instruments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency<br> exchange contracts | &nbsp;&nbsp;$140 | &nbsp;&nbsp;$1820 | &nbsp;&nbsp;$213 | &nbsp;&nbsp;$194 |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;$140 | &nbsp;&nbsp;$5062 | &nbsp;&nbsp;$213 | &nbsp;&nbsp;$194 |
| Derivatives not subject to a MNA<br> or similar agreement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets and liabilities<br> subject to a MNA | &nbsp;&nbsp;$140 | &nbsp;&nbsp;$5062 | &nbsp;&nbsp;$213 | &nbsp;&nbsp;$194 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Stone Harbor Strategic<br> Income Fund** | &nbsp;&nbsp;**Stone Harbor Strategic<br> Income Fund** |
|  | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** |
| **Derivative Financial<br> Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;Forward foreign currency <br> exchange contracts | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$20 |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$78 |
| Derivatives not subject to a MNA<br> or similar agreement | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(58) |
| Total assets and liabilities<br> subject to a MNA | &nbsp;&nbsp;$50 | &nbsp;&nbsp;$20 |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022
The following tables present the Funds' derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of November 30, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Derivative<br> Assets<br> Subject to<br> a MNA by<br> Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives <br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Cash <br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash <br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> Amount of<br> Derivative<br> Assets<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;$140 | &nbsp;&nbsp;&nbsp;&nbsp;$(140) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;$140 | &nbsp;&nbsp;&nbsp;&nbsp;$(140) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Derivative<br> Liabilities<br> Subject to<br> a MNA by<br> Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives <br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-cash <br> Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash <br> Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> Amount of<br> Derivative<br> Liabilities<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;$3242 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(3242) | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$5062 | &nbsp;&nbsp;&nbsp;&nbsp;$(140) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(4842) | &nbsp;&nbsp;&nbsp;&nbsp;$80 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Local Markets Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Derivative<br> Assets<br> Subject to<br> a MNA by<br> Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives <br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Cash <br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash <br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> Amount of<br> Derivative<br> Assets<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;$16 | &nbsp;&nbsp;&nbsp;&nbsp;$(16) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;$213 | &nbsp;&nbsp;&nbsp;&nbsp;$(153) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$60 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Derivative<br> Liabilities<br> Subject to<br> a MNA by<br> Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives <br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-cash <br> Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash <br> Collateral<br> Pledged<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> Amount of<br> Derivative<br> Liabilities<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;$31 | &nbsp;&nbsp;&nbsp;&nbsp;$(16) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Shanghai Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$194 | &nbsp;&nbsp;&nbsp;&nbsp;$(153) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$41 |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Derivative<br> Assets<br> Subject to<br> a MNA by<br> Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives <br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-Cash <br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash <br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> Amount of<br> Derivative<br> Assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;$10 | &nbsp;&nbsp;&nbsp;&nbsp;$(2) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A. <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;$50 | &nbsp;&nbsp;&nbsp;&nbsp;$(18) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$32 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Gross Derivative<br> Liabilities<br> Subject to<br> a MNA by<br> Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;**Derivatives <br> Available<br> for Offset** | &nbsp;&nbsp;&nbsp;&nbsp;**Non-cash <br> Collateral<br> Pledged** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash <br> Collateral<br> Pledged** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> Amount of<br> Derivative<br> Liabilities<sup>(1)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;&nbsp;$(2) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs & Co.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Bank N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;$(18) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2 |

---

<sup>(1)</sup> These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.

#### Note 4. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Alternative Investment Advisers, Inc. (the "Adviser"), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadviser. |
|  | As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Advisory Fee** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Corporate Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Local Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Strategic Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 |

---

During the period ended November 30, 2022, the Stone Harbor Emerging Markets Debt Fund invested a portion of its assets in Stone Harbor Emerging Markets Corporate Debt Fund and Stone Harbor Local Markets Fund; Stone Harbor Strategic Income Fund invested a portion of its assets in Stone Harbor Emerging Markets Corporate Debt Fund, Stone Harbor Emerging Markets Debt Fund, Stone Harbor High Yield Bond Fund and Stone Harbor Local Markets Fund; and Stone Harbor Emerging Markets Debt Allocation Fund invested a portion of its assets in Stone Harbor Emerging Markets Debt Fund and Stone Harbor Local Markets Fund, each an affiliated mutual fund. In order to avoid any duplication of advisory fees, the Adviser voluntarily waived its advisory fees in an amount equal to that which would otherwise be paid by each Fund on the assets invested in the Stone Harbor Emerging Markets Corporate Debt Fund, Stone Harbor Emerging Markets Debt Fund, Stone Harbor High Yield Bond Fund and Stone Harbor Local Markets Fund. For the period ended November 30, 2022, the waiver amounted to $12, $29 and $83 for Stone Harbor Emerging Markets Debt Fund, Stone Harbor Emerging Markets Debt Allocation Fund and Stone Harbor Strategic Income Fund, respectively. This waiver was in addition to the expense limitation and/or fee waiver covered elsewhere in these financial statements and is included in the Statements of Operations in "Less expenses reimbursed and/or waived by investment adviser and/or distributor."

---

| | |
|:---|:---|
| **B.** | **Subadviser** |
|  | Stone Harbor Investment Partners (the "Subadviser"), a division of Virtus Fixed Income Advisers LLC ("VFIA"), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Funds. The Subadviser manages the investments of the Funds, for which it is paid a fee by the Adviser. |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

---

| | |
|:---|:---|
| **C.** | **Expense Limitations** |
|  | The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 7, 2024. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Corporate Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Local Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Strategic Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |

---

The exclusions include front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses other than those of funds managed by the Funds' subadviser, and dividend expenses, if any.

---

| | |
|:---|:---|
| **D.** | **Expense Recapture** |
|  | Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the period ending November 30: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2023** | &nbsp;&nbsp;&nbsp;&nbsp;**2024** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Emerging Markets Corporate Debt Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;$1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Emerging Markets Debt Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Emerging Markets Debt Allocation Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor High Yield Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Local Markets Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Strategic Income Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803 |

---

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

---

| | |
|:---|:---|
| **E.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for period ended November 30, 2022, it did not retain any net commissions for Class A shares. |
|  | In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan, at the annual rate of 0.25% of the average daily net assets of such Fund's Class A shares. Class I shares are not subject to a Rule 12b-1 plan. |
|  | Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

---

| | |
|:---|:---|
|  | For the period ended November 30, 2022, the Funds incurred administration fees totaling $353 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the period ended November 30, 2022, the Funds incurred transfer agent fees totaling $158 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |
| **G.** | **Affiliated Shareholders** |
|  | At November 30, 2022, Virtus and its affiliates held shares of the following Funds, which may be redeemed at any time, that aggregated to the following: |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Net<br> Asset Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Emerging Markets Corporate Debt Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12255 | &nbsp;&nbsp;&nbsp;&nbsp;$92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stone Harbor Local Markets Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;1045448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7782 |

---

---

| | |
|:---|:---|
| **H.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended November 30, 2022, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
|  | Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this Note. An affiliated issuer includes any company in which the Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. |
|  | A summary of the Funds' total long-term and short-term purchases and sales of the respective shares of the affiliated investments during the period ended November 30, 2022, is as follows: |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value, <br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases <sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales <br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value, <br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend <br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions <br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—2.2%<sup>(2)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Stone Harbor Emerging Markets Corporate Debt Fund, Class I<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4437 | &nbsp;&nbsp;&nbsp;&nbsp;$114 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(218) | &nbsp;&nbsp;&nbsp;&nbsp;$4333 | &nbsp;&nbsp;&nbsp;&nbsp;576219 | &nbsp;&nbsp;&nbsp;&nbsp;$114 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Stone Harbor Local Markets Fund, Class I<sup>(3),(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819 | &nbsp;&nbsp;&nbsp;&nbsp;788382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$4437 | &nbsp;&nbsp;&nbsp;&nbsp;$5814 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(99) | &nbsp;&nbsp;&nbsp;&nbsp;$10152 |  | &nbsp;&nbsp;&nbsp;&nbsp;$114 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value, <br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases <sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales <br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value, <br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend <br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions <br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—93.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Stone Harbor Emerging Markets Debt Fund, Class I<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3976 | &nbsp;&nbsp;&nbsp;&nbsp;$1036 | &nbsp;&nbsp;&nbsp;&nbsp;$3602 | &nbsp;&nbsp;&nbsp;&nbsp;$(914) | &nbsp;&nbsp;&nbsp;&nbsp;$371 | &nbsp;&nbsp;&nbsp;&nbsp;$867 | &nbsp;&nbsp;&nbsp;&nbsp;122203 | &nbsp;&nbsp;&nbsp;&nbsp;$95 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Stone Harbor Local Markets Fund, Class I<sup>(3),(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp;123762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$7956 | &nbsp;&nbsp;&nbsp;&nbsp;$1457 | &nbsp;&nbsp;&nbsp;&nbsp;$6840 | &nbsp;&nbsp;&nbsp;&nbsp;$(997) | &nbsp;&nbsp;&nbsp;&nbsp;$204 | &nbsp;&nbsp;&nbsp;&nbsp;$1780 |  | &nbsp;&nbsp;&nbsp;&nbsp;$95 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value, <br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases <sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales <br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net <br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value, <br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend <br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions <br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—61.8%<sup>(5)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Stone Harbor Emerging Markets Corporate Debt Fund, Class I<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1902 | &nbsp;&nbsp;&nbsp;&nbsp;$212 | &nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;$(—)<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$(90) | &nbsp;&nbsp;&nbsp;&nbsp;$2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269057 | &nbsp;&nbsp;&nbsp;&nbsp;$49 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Stone Harbor Emerging Markets Debt Fund, Class I<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(596) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10035 | &nbsp;&nbsp;&nbsp;&nbsp;1415405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Stone Harbor High Yield Bond Fund, Class I<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12375 | &nbsp;&nbsp;&nbsp;&nbsp;1785721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Virtus Stone Harbor Local Markets Fund, Class I<sup>(3),(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$24050 | &nbsp;&nbsp;&nbsp;&nbsp;$3607 | &nbsp;&nbsp;&nbsp;&nbsp;$872 | &nbsp;&nbsp;&nbsp;&nbsp;$(213) | &nbsp;&nbsp;&nbsp;&nbsp;$(1090) | &nbsp;&nbsp;&nbsp;&nbsp;$25482 |  | &nbsp;&nbsp;&nbsp;&nbsp;$703 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Includes reinvested dividends from income and capital gain distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(2)</sup> The Stone Harbor Emerging Markets Debt Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At November 30, 2022, the Fund was the owner of record of 61% of the Virtus Stone Harbor Emerging Markets Corporate Debt Fund Class I, the owner of record of 40% of the Virtus Stone Harbor Local Markets Fund Class I, and the owner of record of less than 10% of all other affiliated underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(3)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(4)</sup> Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(5)</sup> The Stone Harbor Strategic Income Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At November 30, 2022, the Fund was the owner of record of 29% of the Virtus Stone Harbor Emerging Markets Corporate Debt Fund Class I, the owner of record of 12% of the Virtus Stone Harbor High Yield Bond Fund Class I, and the owner of record of less than 10% of all other affiliated underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>(6)</sup> Amount is less than $500.

---

| | |
|:---|:---|
| **I.** | **Trustee Deferred Compensation Plan** |
|  | The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022
the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at November 30, 2022.

#### Note 5. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities, forward currency contracts, and short-term securities) during the period ended November 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Corporate Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Local Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Strategic Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373 |

---

Purchases and sales of long-term U.S. government and agency securities during the period ended November 30, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Strategic Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$16261 | &nbsp;&nbsp;&nbsp;&nbsp;$16319 |

---

#### Note 6. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Stone Harbor Emerging Markets Corporate Debt Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Corporate Debt Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Corporate Debt Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Corporate Debt Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$164 | &nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5564 | &nbsp;&nbsp;&nbsp;&nbsp;12857 | &nbsp;&nbsp;&nbsp;&nbsp;$91100 | &nbsp;&nbsp;&nbsp;&nbsp;34545 | &nbsp;&nbsp;&nbsp;$322559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(—) <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;(494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4550) | &nbsp;&nbsp;&nbsp;&nbsp;(45644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323969) | &nbsp;&nbsp;&nbsp;&nbsp;(87070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(788603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$342 | &nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1331 | &nbsp;&nbsp;&nbsp;&nbsp;(30222) | &nbsp;&nbsp;$(214702) | &nbsp;&nbsp;&nbsp;&nbsp;(46447) | &nbsp;&nbsp;$(410972) |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;**Stone Harbor Emerging Markets Debt Allocation Fund** | &nbsp;&nbsp;**Stone Harbor High Yield Bond Fund** | &nbsp;&nbsp;**Stone Harbor High Yield Bond Fund** | &nbsp;&nbsp;**Stone Harbor High Yield Bond Fund** | &nbsp;&nbsp;**Stone Harbor High Yield Bond Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$922 | &nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$983 | &nbsp;&nbsp;1568 | &nbsp;&nbsp;&nbsp;&nbsp;$12265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433 | &nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6499) | &nbsp;&nbsp;&nbsp;&nbsp;(1090) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8564) | &nbsp;&nbsp;&nbsp;&nbsp;(164) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1099) | &nbsp;&nbsp;&nbsp;&nbsp;(264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2072) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(836) | &nbsp;&nbsp;$(5639) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(932) | &nbsp;&nbsp;$(7209) | &nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2461 | &nbsp;&nbsp;1942 | &nbsp;&nbsp;&nbsp;&nbsp;$15153 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;**Stone Harbor Local Markets Fund** | &nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;**Stone Harbor Strategic Income Fund** | &nbsp;&nbsp;**Stone Harbor Strategic Income Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> November 30, 2022<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** | &nbsp;&nbsp;**Year Ended<br> May 31, 2022** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A<sup>\*</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1778 | &nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3251 | &nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(9131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64433) | &nbsp;&nbsp;&nbsp;&nbsp;(7801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67162) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(8273) | &nbsp;&nbsp;$(58229) | &nbsp;&nbsp;&nbsp;&nbsp;(7581) | &nbsp;&nbsp;$(65384) | &nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4209 | &nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9914 |

---

&nbsp;&nbsp;&nbsp;&nbsp;\* Inception date April 11, 2022.

&nbsp;&nbsp;&nbsp;&nbsp; <sup>(1)</sup> Amount is less than 500 shares.

#### Note 7. 10% Shareholders
As of November 30, 2022, each Fund had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Corporate Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90% | &nbsp;&nbsp;&nbsp;&nbsp;2 <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;2 <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;3 <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Local Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;3 <sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Strategic Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;1 <sup>\*</sup> |

---

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022
<sup>\*</sup> Includes affiliated shareholder account(s).

#### Note 8. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

In July 2017, the head of the United Kingdom Financial Conduct Authority ("FCA") announced the intention to phase out the use of LIBOR by the end of 2021. However, after subsequent announcements by the FCA, the LIBOR administrator and other regulators, certain of the most widely used LIBORs are expected to continue until June 30, 2023. The ICE Benchmark Administration Limited, which is regulated and authorized by FCA, and the administrator of LIBOR, ceased publishing certain LIBOR settings on December 31, 2021. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The expected discontinuation of LIBOR could have a significant impact on the financial markets and may present a material risk for certain market participants, including the Funds. Abandonment of or modifications to LIBOR could lead to significant short- and long-term uncertainty and market instability. The risks associated with this discontinuation and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. It remains uncertain the effects such changes will have on the Funds, issuers of instruments in which the Funds invest, and the financial markets generally.

In countries with limited or developing markets, investments may present greater risks than in more developed markets and the prices of such investments may be volatile. The consequences of political, social or economic changes in these markets may have disruptive effects on the market prices of these investments and the income they generate, as well as a Fund's ability to repatriate such amounts.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or Subadviser to accurately predict risk.

#### Note 9. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

#### Note 10. Restricted Securities
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At November 30, 2022, the Funds did not hold any securities that were restricted.

#### Note 11. Redemption Facility
On April 11, 2022, the Funds were added to a $250,000 unsecured line of credit ("Credit Agreement") with certain other affiliated funds. This Credit Agreement, as amended, is with a commercial bank that allows the Funds to borrow cash from the bank to manage large unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each Fund's total net assets in accordance with the terms of the agreement. This Credit Agreement has a term of 364 days and has been renewed for a period up to March 9, 2023. Interest is charged at the higher of the LIBOR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the period ended November 30, 2022, are included in the "Interest expense and/or commitment fees" line on the Statements of Operations. The Funds and other affiliated funds that are parties are individually, and not jointly, liable for their particular advances, if any, under the Credit Agreement. The lending bank has the ability to require repayment of outstanding borrowings under this Credit Agreement upon certain circumstances such as an event of default.

The following Fund had an outstanding loan during the period. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest Incurred<br> on Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average Dollar<br> Amount of Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Days Loan<br> was Open** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Local Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;$1083 | &nbsp;&nbsp;&nbsp;&nbsp;1.58% | &nbsp;&nbsp;&nbsp;&nbsp;23 |

---

#### Note 12. In-Kind Transactions
For the period ended May 31, 2022, the Stone Harbor Emerging Markets Debt Fund incurred net realized losses of $1,335 from redemptions in kind. A redemption in kind occurs when a Fund delivers securities from its portfolio in lieu of cash as payment to a redeeming shareholder.

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### November 30, 2022

#### Note 13. Federal Income Tax Information

#### ($ reported in thousands)
At November 30, 2022, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal <br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized <br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Corporate Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7957 | &nbsp;&nbsp;&nbsp;&nbsp;$35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;576373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(139736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11685) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11447) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Local Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7498) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Strategic Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5675) |

---

Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the fiscal year ended May 31, 2022, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Corporate Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1693 | &nbsp;&nbsp;&nbsp;&nbsp;$2678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Emerging Markets Debt Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor High Yield Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Local Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stone Harbor Strategic Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039 |

---

#### Note 14. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 15. Recent Accounting Pronouncement
In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04 ("ASU 2020-04"), Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the LIBOR and other interbank-offered reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating ASU 2020-04, but does not believe there will be a material impact.

#### Note 16. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that the following subsequent events require recognition or disclosure in these financial statements:

Effective January 30, 2023, the name of Virtus Stone Harbor Emerging Markets Corporate Debt Fund will be changed to Virtus Stone Harbor Emerging Markets Bond Fund and the name of Virtus Stone Harbor Emerging Markets Debt Fund will be changed to Virtus Stone Harbor Emerging Markets Debt Income Fund.

------

[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM (UNAUDITED)
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program") to govern the Funds' approach to managing liquidity risk, which is the risk that a Fund would not be able to meet redemption requests without significant dilution of remaining investors' interests in the Fund. The Program is overseen by the Funds' investment adviser as the Funds' Liquidity Risk Management Program Administrator (the "Program Administrator"), and the Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Funds. Assessment and management of a Fund's liquidity risk under the Program take into consideration certain factors, such as the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short- and long-term cash-flow projections during both normal and reasonably foreseeable stressed conditions, and its cash and cash-equivalent holdings and access to other funding sources. As required by the rule, the Program includes policies and procedures for classification of Fund portfolio holdings in four liquidity categories, maintaining certain levels of highly liquid investments, and limiting holdings of illiquid investments.

The Funds did not exist in calendar year 2021. However, because the Funds are the survivors of reorganizations with corresponding series of Stone Harbor Investment Funds (such series, the "Predecessor Funds") that took place on April 8, 2022, at a meeting of the Board held on May 23-25, 2022, the Board received a report from the program administrator for the liquidity risk management program pertaining to the Predecessor Funds addressing the operation and management of that program for calendar year 2021 (the "Review Period"). The report noted that for the Review Period, the program administrator believed that the program was implemented and operated effectively in all material respects and that existing procedures, controls and safeguards were appropriately designed to enable the program administrator to administer the program in compliance with Rule 22e-4. The report noted that during the Review Period, there were no events that created liquidity related concerns for the Funds. The report further noted that while changes to the program had been made during the Review Period and reported to the Board of the Predecessor Funds, no material changes were made to that Program as a result of the annual review.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to a Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in that Fund may be subject.

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Virtus Stone Harbor Emerging Markets Corporate Debt Fund,

#### Virtus Stone Harbor Emerging Markets Debt Fund,

#### Virtus Stone Harbor Emerging Markets Debt Allocation Fund,

#### Virtus Stone Harbor High Yield Bond Fund, and

#### Virtus Stone Harbor Local Markets Fund (each, a "Fund")

#### each a series of Virtus Opportunities Trust
Supplement dated October 27, 2022 to the Summary Prospectuses, the Virtus Opportunities Trust<br> Statutory Prospectus and the Statement of Additional Information ("SAI"),<br> each dated September 28, 2022, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Stone Harbor Investment Partners has announced that, effective March 31, 2023, William Perry will retire and consequently step down as portfolio manager for the Funds. There will be no changes to the investment process for the Funds, which is team oriented. The Prospectuses and SAI will be updated as appropriate at the time of the transition.

#### Investors should retain this supplement with the Prospectuses and SAI for future reference.
VOT 8470/Stone Harbor PM Announcement (10/2022)

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### Virtus Stone Harbor Emerging Markets Debt Fund and

#### Virtus Stone Harbor Emerging Markets Corporate Debt Fund<br> (each a "Fund" and together the "Funds"),<br> each a Series of Virtus Opportunities Trust
Supplement dated November 21, 2022, to the Funds' Summary Prospectuses, the Virtus Opportunities Trust<br> Statutory Prospectus pertaining to the Funds, and the Statement of Additional Information ("SAI"),<br> each dated September 28, 2022, as supplemented

#### IMPORTANT NOTICE TO INVESTORS
Effective January 30, 2023, the name of the Virtus Stone Harbor Emerging Markets Debt Fund will be changed to **Virtus Stone Harbor Emerging Markets Debt Income Fund** and the name of the Virtus Stone Harbor Emerging Markets Corporate Debt Fund will be changed to **Virtus Stone Harbor Emerging Markets Bond Fund**.

There will be no changes to the principal investment strategies for the Funds as a result of these name changes.

All other disclosure concerning the Funds, including investment objectives, fees, expenses and portfolio management remains unchanged.

#### Investors should retain this supplement with the Prospectuses and SAI for future reference.
VOT 8470/EMDebt-EMCorpDebt Name Change (11/2022)

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

THIS PAGE INTENTIONALLY BLANK.

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

#### VIRTUS OPPORTUNITIES TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Philip R. McLoughlin, Chairman

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

Sidney E. Harris

John R. Mallin

Connie D. McDaniel

Geraldine M. McNamara

R. Keith Walton

Brian T. Zino

#### Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Alternative Investment Advisers, Inc.

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Administrator and Transfer Agent
Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286-1048

#### How to Contact Us
Mutual Fund Services 1-800-243-1574 <br> Adviser Consulting Group 1-800-243-4361

---

| | |
|:---|:---|
| Website | **Virtus.com** |

---

Important Notice to Shareholders<br> The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.

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[**Table of Contents**](#job_stone_4c35d39d-2a65-4bea-90ff-16181f2b973a_toc)

![](g338583img6114ff204.gif)

P.O. Box 9874

Providence, RI 02940-8074

For more information about Virtus Mutual Funds,<br> please contact us at **1-800-243-1574**, or visit **Virtus.com**.

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| | |
|:---|:---|
| 8458 | 01-23 |

---

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**Item 2. Code of Ethics.** 

Not applicable.

**Item 3. Audit Committee Financial Expert.** 

Not applicable.

**Item 4. Principal Accountant Fees and Services.** 

Not applicable.

**Item 5. Audit Committee of Listed Registrants.** 

Not applicable.

**Item 6. Investments.** 

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is
included as part of the report to shareholders filed under Item 1(a) of this form.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

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**Item 11. Controls and Procedures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's principal executive and principal financial officers, or persons performing similar
functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required
by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.** 

---

| | |
|:---|:---|
|  (a)(1) | Not applicable. |
|  (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d338583dex99cert.htm) |
|  (a)(2)(1) | Not applicable. |
|  (a)(2)(2) | [Deloitte & Touche LLP ("Deloitte") served as the independent registered public accounting firm for Virtus Stone Harbor Emerging Markets Corporate Debt Fund, Virtus Stone Harbor Emerging Markets Debt Allocation Fund, Virtus Stone Harbor Emerging Markets Debt Fund, Virtus Stone Harbor High Yield Bond Fund, Virtus Stone Harbor Local Markets Fund, and Virtus Stone Harbor Strategic Income Fund (each a "Fund" and collectively, the "Funds"), each a series of the Registrant, for the fiscal year ended May 31, 2022. Deloitte's reports on the financial statements for the fiscal year ended May 31, 2022 contained no adverse opinion or disclaimer of opinion nor were they qualified or modified as to uncertainty, audit scope or accounting principle. Through May 31, 2022, the date of dismissal, and during such fiscal year-end, (i) there were no disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which agreements, if not resolved to the satisfaction of Deloitte, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Funds' financial statements for period, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.](d338583dex9913a22.htm) |

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------

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| | |
|:---|:---|
|  | On May 24, 2022, the Audit Committee of the Registrant's Board of Trustees approved the engagement of PricewaterhouseCoopers LLP ("PwC") as independent public accounting firm for the Funds for the fiscal year ended May 31, 2023, thereby replacing Deloitte effective upon the completion of their May 31, 2022 audit and issuance of their report thereon. Through May 24, 2022 and during the Funds' fiscal year ended May 31, 2022, neither the Registrant nor the Funds, nor anyone on their behalf, consulted with PwC on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Funds' financial statements; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304). |
|  | The Funds have requested that Deloitte furnish it with a letter addressed to the U.S. Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of such letter is filed as an Exhibit to this Form N-CSR. |
|  | There was no change in the Registrant's independent public accountant for the remaining series of the Trust. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d338583dex99906cert.htm) |

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------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Virtus Opportunities Trust

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

Date February 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

Date February 3, 2023

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

Date February 3, 2023

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Opportunities
Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 3, 2023 | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Opportunities
Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 3, 2023 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

## Ex-99.(13)(A)(2)(2)

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| | |
|:---|:---|
| ![LOGO](g338583dsp11.jpg) | **Deloitte & Touche LLP**<br> Suite 400<br> 1601 Wewatta Street<br> Denver, CO 80202<br> USA<br>Tel: +1 303 292 5400<br> Fax: +1 303 312 4000<br> www.deloitte.com |

---

January 30, 2023

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-7561

Dear Sirs/Madams:

We have read the text related to the change in independent registered public accounting firm contained within the semi-annual report for the period ended November 30, 2022 expected to be filed on Form N-CSRS by Virtus Opportunities Trust on or about January 31, 2023, and we agree with the statements made therein.

Yours truly,

![LOGO](g338583dsp11a.jpg)

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, George R. Aylward, President of Virtus Opportunities Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| Date: February 3, 2023 | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Opportunities Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: February 3, 2023 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---