# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001193125-25-306326
**Filing Date:** 2025-12
**Character Count:** 1477451
**Document Hash:** 9a3981b25a6b0a56c0096a0c0563d99e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306326.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306326

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251545855

**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 Newfleet Core Plus Bond Fund (Series ID: S000001336)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003572 | CLASS A      | SAVAX           |
| C000003574 | CLASS C      | SAVCX           |
| C000003575 | CLASS I      | SAVYX           |
| C000176707 | Class R6     | VBFRX           |

### Virtus Duff & Phelps Real Estate Securities Fund (Series ID: S000018002)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049901 | Class A      | PHRAX           |
| C000049903 | Class C      | PHRCX           |
| C000049904 | Class I      | PHRIX           |
| C000148854 | Class R6     | VRREX           |

### Virtus Newfleet High Yield Fund (Series ID: S000018005)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049912 | Class C      | PGHCX           |
| C000049913 | Class A      | PHCHX           |
| C000119169 | Class I      | PHCIX           |
| C000176708 | Class R6     | VRHYX           |

### Virtus Newfleet Multi-Sector Intermediate Bond Fund (Series ID: S000018007)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049915 | Class A      | NAMFX           |
| C000049917 | Class C      | NCMFX           |
| C000081781 | Class I      | VMFIX           |
| C000148855 | Class R6     | VMFRX           |

### Virtus Newfleet Multi-Sector Short Term Bond Fund (Series ID: S000018008)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049918 | Class A      | NARAX           |
| C000049920 | Class C      | PSTCX           |
| C000049921 | Class C1     | PMSTX           |
| C000066828 | Class I      | PIMSX           |
| C000176709 | Class R6     | VMSSX           |

### Virtus Duff & Phelps Global Infrastructure Fund (Series ID: S000018009)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000049922 | Class A      | PGUAX           |
| C000049923 | Class C      | PGUCX           |
| C000066829 | Class I      | PGIUX           |
| C000199804 | Class R6     | VGIRX           |

### Virtus Duff & Phelps Real Asset Fund (Series ID: S000018976)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000052537 | Class A      | PDPAX           |
| C000052538 | Class C      | PDPCX           |
| C000081785 | Class I      | VADIX           |
| C000235246 | Class R6     | VAABX           |

### Virtus Newfleet Senior Floating Rate Fund (Series ID: S000020772)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000058006 | Class A      | PSFRX           |
| C000058007 | Class C      | PFSRX           |
| C000058008 | Class I      | PSFIX           |
| C000176710 | Class R6     | VRSFX           |

### Virtus Duff & Phelps Global Real Estate Securities Fund (Series ID: S000025108)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000074732 | Class A      | VGSAX           |
| C000074733 | Class C      | VGSCX           |
| C000074734 | Class I      | VGISX           |
| C000176711 | Class R6     | VRGEX           |

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

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

### Virtus KAR Emerging Markets Small-Cap Fund (Series ID: S000042963)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000133101 | Class A      | VAESX           |
| C000133102 | Class C      | VCESX           |
| C000133103 | Class I      | VIESX           |
| C000215024 | Class R6     | VRESX           |

### Virtus SGA Emerging Markets Equity Fund (Series ID: S000055178)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173499 | Class A      | HEMZX           |
| C000173500 | Class C      | PICEX           |
| C000173501 | Class I      | HIEMX           |
| C000173502 | Class R6     | VREMX           |

### Virtus Newfleet Low Duration Core Plus Bond Fund (Series ID: S000055179)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000173503 | Class A      | HIMZX           |
| C000173504 | Class C      | PCMZX           |
| C000173505 | Class I      | HIBIX           |
| C000210350 | Class R6     | VLDRX           |

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

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

### Virtus KAR Developing Markets Fund (Series ID: S000072168)

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

?xml version='1.0' encoding='ASCII'? Virtus Opportunities Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-07455

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

------

101 Munson Street

Greenfield, MA 01301-9668

------

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:

#### September 30

#### Date of reporting period:

#### September 30, 2025

------

 **Item 1. Report to Stockholders.**

(a) The registrant's annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Global Infrastructure Fund
Class A / PGUAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Infrastructure Fund<br>Class A / PGUAX | $132 | 1.25% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 10.61%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27%, the FTSE Developed Core Infrastructure 50/50 Index (net), and the Virtus Global Infrastructure Linked Benchmark, which serve as the style-specific indexes each returned 8.49%, respectively. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

* The FTSE Developed Core Infrastructure 50/50 Index (net) is a free float-adjusted market capitalization weighted index that gives participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The constituent weights for the index are 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. 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 is not available for direct investment. 

* The Virtus Global Infrastructure Linked Benchmark consists of the FTSE Developed Core Infrastructure 50/50 Index (net), a free float-adjusted market capitalization weighted index that gives participants an industry-defined interpretation of developed market infrastructure companies and adjusts the exposure to certain infrastructure subsectors. The constituent weights are 50% Utilities, 30% Transportation (including capping 7.5% for railroads/railways), and a 20% mix of other sectors including pipelines, satellites, and telecommunication towers. The index is calculated on a total return basis with net dividends reinvested. Performance of the Virtus Global Infrastructure Linked Benchmark between September 1, 2008 and September 30, 2016 represents a 100% allocation to the MSCI World Infrastructure Sector Capped Index. Prior to September 1, 2008 the allocation consisted of 65% MSCI USA Utilities Index, 20% MSCI World Telecom Services Index, and 15% MSCI All Country World ex USA Utilities Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection in the transportation and utilities sectors contributed to performance relative to the FTSE Developed Core Infrastructure 50/50 Index (net) during the fiscal year. Stock selection in the midstream energy and communications sectors, combined with negative sector allocations, detracted from performance. The biggest contributors to performance during the 12-month period were Aena SME, Williams Companies, Cheniere Energy, TC Energy, and Ferrovial SE. The biggest detractors from performance during the period were PG&E, American Tower, NextEra Energy, Cellnex Telecom, and ONEOK. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Weakening U.S. dollar<br>| Positive<br>| After strengthening 9% in the first fiscal quarter, the dollar fell precipitously during the rest of the fiscal year, finishing the reporting period down over 3%. The weakening dollar positively affected international stocks.<br>|
| Artificial intelligence/Power demand growth<br>| Positive<br>| Advancements in artificial intelligence (AI) have led to big-tech hyperscalers (companies that provide cloud computing and data management services to large organizations) signing long-term contracts for power, thus causing significant increases in expectations around power demand. These expectations drove strong stock price performance for utilities and midstream gas companies.<br>|
| Consolidation of wireless telecom operators<br>| Negative<br>| The consolidation of wireless telecom operators in the U.S. and the anticipated consolidation of European operators lowered expectations for wireless tower growth and hurt stock performance for the tower companies.<br>|
| Utilities impacted by weather-related events | Negative | Wildfires in the western U.S. continued to cause concerns about the level of financial liability utilities may incur. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754061.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Global Infrastructure Fund (Class A/PGUAX) at NAV<sup>(1)</sup>** | 10.61% | 7.80% | 7.46% |
| **Virtus Duff & Phelps Global Infrastructure Fund (Class A/PGUAX) at POP<sup>(2),(3)</sup>** | 4.52% | 6.58% | 6.85% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **FTSE Developed Core Infrastructure 50/50 Index (net)** | 8.49% | 8.37% | 7.55% |
| **Virtus Global Infrastructure Linked Benchmark** | 8.49% | 8.37% | 7.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$159821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Utilities | 50% |
| Industrials | 30% |
| Energy | 14% |
| Real Estate | 5% |
| Communication Services | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8134 Virtus Duff & Phelps Global Infrastructure Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Global Infrastructure Fund
Class C / PGUCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Infrastructure Fund<br>Class C / PGUCX | $212 | 2.02% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 9.76%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27%, the FTSE Developed Core Infrastructure 50/50 Index (net), and the Virtus Global Infrastructure Linked Benchmark, which serve as the style-specific indexes each returned 8.49%, respectively. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

* The FTSE Developed Core Infrastructure 50/50 Index (net) is a free float-adjusted market capitalization weighted index that gives participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The constituent weights for the index are 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. 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 is not available for direct investment. 

* The Virtus Global Infrastructure Linked Benchmark consists of the FTSE Developed Core Infrastructure 50/50 Index (net), a free float-adjusted market capitalization weighted index that gives participants an industry-defined interpretation of developed market infrastructure companies and adjusts the exposure to certain infrastructure subsectors. The constituent weights are 50% Utilities, 30% Transportation (including capping 7.5% for railroads/railways), and a 20% mix of other sectors including pipelines, satellites, and telecommunication towers. The index is calculated on a total return basis with net dividends reinvested. Performance of the Virtus Global Infrastructure Linked Benchmark between September 1, 2008 and September 30, 2016 represents a 100% allocation to the MSCI World Infrastructure Sector Capped Index. Prior to September 1, 2008 the allocation consisted of 65% MSCI USA Utilities Index, 20% MSCI World Telecom Services Index, and 15% MSCI All Country World ex USA Utilities Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection in the transportation and utilities sectors contributed to performance relative to the FTSE Developed Core Infrastructure 50/50 Index (net) during the fiscal year. Stock selection in the midstream energy and communications sectors, combined with negative sector allocations, detracted from performance. The biggest contributors to performance during the 12-month period were Aena SME, Williams Companies, Cheniere Energy, TC Energy, and Ferrovial SE. The biggest detractors from performance during the period were PG&E, American Tower, NextEra Energy, Cellnex Telecom, and ONEOK. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Weakening U.S. dollar<br>| Positive<br>| After strengthening 9% in the first fiscal quarter, the dollar fell precipitously during the rest of the fiscal year, finishing the reporting period down over 3%. The weakening dollar positively affected international stocks.<br>|
| Artificial intelligence/Power demand growth<br>| Positive<br>| Advancements in artificial intelligence (AI) have led to big-tech hyperscalers (companies that provide cloud computing and data management services to large organizations) signing long-term contracts for power, thus causing significant increases in expectations around power demand. These expectations drove strong stock price performance for utilities and midstream gas companies.<br>|
| Consolidation of wireless telecom operators<br>| Negative<br>| The consolidation of wireless telecom operators in the U.S. and the anticipated consolidation of European operators lowered expectations for wireless tower growth and hurt stock performance for the tower companies.<br>|
| Utilities impacted by weather-related events | Negative | Wildfires in the western U.S. continued to cause concerns about the level of financial liability utilities may incur. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754104.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Global Infrastructure Fund (Class C/PGUCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 9.76% | 6.97% | 6.64% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **FTSE Developed Core Infrastructure 50/50 Index (net)** | 8.49% | 8.37% | 7.55% |
| **Virtus Global Infrastructure Linked Benchmark** | 8.49% | 8.37% | 7.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$159821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Utilities | 50% |
| Industrials | 30% |
| Energy | 14% |
| Real Estate | 5% |
| Communication Services | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8135 Virtus Duff & Phelps Global Infrastructure Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Global Infrastructure Fund
Class I / PGIUX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Infrastructure Fund<br>Class I / PGIUX | $141 | 1.34% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 10.68%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27%, the FTSE Developed Core Infrastructure 50/50 Index (net), and the Virtus Global Infrastructure Linked Benchmark, which serve as the style-specific indexes each returned 8.49%, respectively. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

* The FTSE Developed Core Infrastructure 50/50 Index (net) is a free float-adjusted market capitalization weighted index that gives participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The constituent weights for the index are 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. 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 is not available for direct investment. 

* The Virtus Global Infrastructure Linked Benchmark consists of the FTSE Developed Core Infrastructure 50/50 Index (net), a free float-adjusted market capitalization weighted index that gives participants an industry-defined interpretation of developed market infrastructure companies and adjusts the exposure to certain infrastructure subsectors. The constituent weights are 50% Utilities, 30% Transportation (including capping 7.5% for railroads/railways), and a 20% mix of other sectors including pipelines, satellites, and telecommunication towers. The index is calculated on a total return basis with net dividends reinvested. Performance of the Virtus Global Infrastructure Linked Benchmark between September 1, 2008 and September 30, 2016 represents a 100% allocation to the MSCI World Infrastructure Sector Capped Index. Prior to September 1, 2008 the allocation consisted of 65% MSCI USA Utilities Index, 20% MSCI World Telecom Services Index, and 15% MSCI All Country World ex USA Utilities Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection in the transportation and utilities sectors contributed to performance relative to the FTSE Developed Core Infrastructure 50/50 Index (net) during the fiscal year. Stock selection in the midstream energy and communications sectors, combined with negative sector allocations, detracted from performance. The biggest contributors to performance during the 12-month period were Aena SME, Williams Companies, Cheniere Energy, TC Energy, and Ferrovial SE. The biggest detractors from performance during the period were PG&E, American Tower, NextEra Energy, Cellnex Telecom, and ONEOK. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Weakening U.S. dollar<br>| Positive<br>| After strengthening 9% in the first fiscal quarter, the dollar fell precipitously during the rest of the fiscal year, finishing the reporting period down over 3%. The weakening dollar positively affected international stocks.<br>|
| Artificial intelligence/Power demand growth<br>| Positive<br>| Advancements in artificial intelligence (AI) have led to big-tech hyperscalers (companies that provide cloud computing and data management services to large organizations) signing long-term contracts for power, thus causing significant increases in expectations around power demand. These expectations drove strong stock price performance for utilities and midstream gas companies.<br>|
| Consolidation of wireless telecom operators<br>| Negative<br>| The consolidation of wireless telecom operators in the U.S. and the anticipated consolidation of European operators lowered expectations for wireless tower growth and hurt stock performance for the tower companies.<br>|
| Utilities impacted by weather-related events | Negative | Wildfires in the western U.S. continued to cause concerns about the level of financial liability utilities may incur. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10754147.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Global Infrastructure Fund (Class I/PGIUX) at NAV<sup>(1)</sup>** | 10.68% | 8.05% | 7.71% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **FTSE Developed Core Infrastructure 50/50 Index (net)** | 8.49% | 8.37% | 7.55% |
| **Virtus Global Infrastructure Linked Benchmark** | 8.49% | 8.37% | 7.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$159821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Utilities | 50% |
| Industrials | 30% |
| Energy | 14% |
| Real Estate | 5% |
| Communication Services | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8136 Virtus Duff & Phelps Global Infrastructure Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Global Infrastructure Fund
Class R6 / VGIRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Infrastructure Fund<br>Class R6 / VGIRX | $90 | 0.85% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 10.96%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27%, the FTSE Developed Core Infrastructure 50/50 Index (net), and the Virtus Global Infrastructure Linked Benchmark, which serve as the style-specific indexes each returned 8.49%, respectively. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

* The FTSE Developed Core Infrastructure 50/50 Index (net) is a free float-adjusted market capitalization weighted index that gives participants an industry-defined interpretation of infrastructure and adjust the exposure to certain infrastructure sub-sectors. The constituent weights for the index are 50% Utilities, 30% Transportation including capping of 7.5% for railroads/railways and a 20% mix of other sectors including pipelines, satellites and telecommunication towers. 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 is not available for direct investment. 

* The Virtus Global Infrastructure Linked Benchmark consists of the FTSE Developed Core Infrastructure 50/50 Index (net), a free float-adjusted market capitalization weighted index that gives participants an industry-defined interpretation of developed market infrastructure companies and adjusts the exposure to certain infrastructure subsectors. The constituent weights are 50% Utilities, 30% Transportation (including capping 7.5% for railroads/railways), and a 20% mix of other sectors including pipelines, satellites, and telecommunication towers. The index is calculated on a total return basis with net dividends reinvested. Performance of the Virtus Global Infrastructure Linked Benchmark between September 1, 2008 and September 30, 2016 represents a 100% allocation to the MSCI World Infrastructure Sector Capped Index. Prior to September 1, 2008 the allocation consisted of 65% MSCI USA Utilities Index, 20% MSCI World Telecom Services Index, and 15% MSCI All Country World ex USA Utilities Index. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection in the transportation and utilities sectors contributed to performance relative to the FTSE Developed Core Infrastructure 50/50 Index (net) during the fiscal year. Stock selection in the midstream energy and communications sectors, combined with negative sector allocations, detracted from performance. The biggest contributors to performance during the 12-month period were Aena SME, Williams Companies, Cheniere Energy, TC Energy, and Ferrovial SE. The biggest detractors from performance during the period were PG&E, American Tower, NextEra Energy, Cellnex Telecom, and ONEOK. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Weakening U.S. dollar<br>| Positive<br>| After strengthening 9% in the first fiscal quarter, the dollar fell precipitously during the rest of the fiscal year, finishing the reporting period down over 3%. The weakening dollar positively affected international stocks.<br>|
| Artificial intelligence/Power demand growth<br>| Positive<br>| Advancements in artificial intelligence (AI) have led to big-tech hyperscalers (companies that provide cloud computing and data management services to large organizations) signing long-term contracts for power, thus causing significant increases in expectations around power demand. These expectations drove strong stock price performance for utilities and midstream gas companies.<br>|
| Consolidation of wireless telecom operators<br>| Negative<br>| The consolidation of wireless telecom operators in the U.S. and the anticipated consolidation of European operators lowered expectations for wireless tower growth and hurt stock performance for the tower companies.<br>|
| Utilities impacted by weather-related events | Negative | Wildfires in the western U.S. continued to cause concerns about the level of financial liability utilities may incur. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (January 30, 2018). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10754190.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Duff & Phelps Global Infrastructure Fund (Class R6/VGIRX) at NAV<sup>(1)</sup>** | 10.96% | 8.24% | 6.72% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 10.00% |
| **FTSE Developed Core Infrastructure 50/50 Index (net)** | 8.49% | 8.37% | 6.35% |
| **Virtus Global Infrastructure Linked Benchmark** | 8.49% | 8.37% | 6.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$159821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;51% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Utilities | 50% |
| Industrials | 30% |
| Energy | 14% |
| Real Estate | 5% |
| Communication Services | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8137 Virtus Duff & Phelps Global Infrastructure Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Global Real Estate Securities Fund
Class A / VGSAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Real Estate Securities Fund<br>Class A / VGSAX | $128 | 1.28% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 0.42%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the FTSE EPRA Nareit Developed Index (net), which serves as the style-specific index, returned (0.31)%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

* The FTSE EPRA Nareit Developed Index (net) is a free-float market capitalization-weighted index measuring publicly traded equity REITs and listed property companies from developed markets, which meet minimum size and liquidity requirements. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
For the 12-month period, positive stock selection offset negative country and property sector allocation, and contributed to outperformance relative to the FTSE EPRA Nareit Developed Index (net) (the "Index"), the Fund's style-specific benchmark. On a country basis, positive stock selection and an overweight to the U.S. were the largest contributors to performance, followed by stock selection and an overweight to Spain. On a property sector basis, stock selection and an overweight to health care were the largest contributors, followed by stock selection in diversified, which offset the underweight to the sector. Overweight exposure to the U.K. and selection within it, in addition to an underweight allocation to Switzerland, detracted from performance. Overweight allocations to, and stock selection within, the residential and industrial property sectors also detracted from performance. The biggest contributors to performance during the 12-month period were Welltower, Goodman Group, Merlin Properties, Swire Properties, and Mitsubishi Estate. The biggest detractors from performance during the period were Unite Group, Rexford Industrial, CubeSmart, Americold Realty, and Safestore Holdings. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Welltower<br>| Positive<br>| The Fund's overweight positioning in Welltower aided performance. Strong operating performance in the company's senior housing segment contributed to the stock's outperformance versus the Index.<br>|
| Goodman<br>| Positive<br>| The Fund's underweight positioning in Goodman during the stock's pronounced drop in spring 2025 aided performance versus the Index.<br>|
| Unite Group<br>| Negative<br>| The Fund's overweight positioning in Unite detracted from performance relative to the Index. Underperformance was driven by concerns about Unite's ability to achieve its leasing objectives, as well as noise surrounding its potential acquisition of a smaller student housing peer and softer U.K. economic growth.<br>|
| Rexford Industrial | Negative | The Fund's overweight positioning in Rexford Industrial detracted from performance. Concerns about tariffs and trade, slower decision-making among industrial tenants, and falling market rents contributed to the stock's underperformance versus the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754233.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Global Real Estate Securities Fund (Class A/VGSAX) at NAV<sup>(1)</sup>** | 0.42% | 6.38% | 5.94% |
| **Virtus Duff & Phelps Global Real Estate Securities Fund (Class A/VGSAX) at POP<sup>(2),(3)</sup>** | (5.11)% | 5.18% | 5.34% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **FTSE EPRA Nareit Developed Index (net)** | (0.31)% | 5.51% | 3.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$386760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrial/Office REITS | 19% |
| Residential REITS | 15% |
| Health Care REITS | 13% |
| Retail REITS | 13% |
| Data Centers REITS | 10% |
| Self Storage REITS | 6% |
| Real Estate Operating Companies | 5% |
| Other REITS | 19% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 1.24% went into effect for Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8138 Virtus Duff & Phelps Global Real Estate Securities Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Global Real Estate Securities Fund
Class C / VGSCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Real Estate Securities Fund<br>Class C / VGSCX | $203 | 2.03% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (0.32)%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the FTSE EPRA Nareit Developed Index (net), which serves as the style-specific index, returned (0.31)%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

* The FTSE EPRA Nareit Developed Index (net) is a free-float market capitalization-weighted index measuring publicly traded equity REITs and listed property companies from developed markets, which meet minimum size and liquidity requirements. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
For the 12-month period, positive stock selection offset negative country and property sector allocation, and contributed to outperformance relative to the FTSE EPRA Nareit Developed Index (net) (the "Index"), the Fund's style-specific benchmark. On a country basis, positive stock selection and an overweight to the U.S. were the largest contributors to performance, followed by stock selection and an overweight to Spain. On a property sector basis, stock selection and an overweight to health care were the largest contributors, followed by stock selection in diversified, which offset the underweight to the sector. Overweight exposure to the U.K. and selection within it, in addition to an underweight allocation to Switzerland, detracted from performance. Overweight allocations to, and stock selection within, the residential and industrial property sectors also detracted from performance. The biggest contributors to performance during the 12-month period were Welltower, Goodman Group, Merlin Properties, Swire Properties, and Mitsubishi Estate. The biggest detractors from performance during the period were Unite Group, Rexford Industrial, CubeSmart, Americold Realty, and Safestore Holdings. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Welltower<br>| Positive<br>| The Fund's overweight positioning in Welltower aided performance. Strong operating performance in the company's senior housing segment contributed to the stock's outperformance versus the Index.<br>|
| Goodman<br>| Positive<br>| The Fund's underweight positioning in Goodman during the stock's pronounced drop in spring 2025 aided performance versus the Index.<br>|
| Unite Group<br>| Negative<br>| The Fund's overweight positioning in Unite detracted from performance relative to the Index. Underperformance was driven by concerns about Unite's ability to achieve its leasing objectives, as well as noise surrounding its potential acquisition of a smaller student housing peer and softer U.K. economic growth.<br>|
| Rexford Industrial | Negative | The Fund's overweight positioning in Rexford Industrial detracted from performance. Concerns about tariffs and trade, slower decision-making among industrial tenants, and falling market rents contributed to the stock's underperformance versus the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754276.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Global Real Estate Securities Fund (Class C/VGSCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (0.32)% | 5.58% | 5.15% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **FTSE EPRA Nareit Developed Index (net)** | (0.31)% | 5.51% | 3.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$386760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrial/Office REITS | 19% |
| Residential REITS | 15% |
| Health Care REITS | 13% |
| Retail REITS | 13% |
| Data Centers REITS | 10% |
| Self Storage REITS | 6% |
| Real Estate Operating Companies | 5% |
| Other REITS | 19% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 1.99% went into effect for Class C shares.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8139 Virtus Duff & Phelps Global Real Estate Securities Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Global Real Estate Securities Fund
Class I / VGISX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Real Estate Securities Fund<br>Class I / VGISX | $103 | 1.03% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 0.66%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the FTSE EPRA Nareit Developed Index (net), which serves as the style-specific index, returned (0.31)%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

* The FTSE EPRA Nareit Developed Index (net) is a free-float market capitalization-weighted index measuring publicly traded equity REITs and listed property companies from developed markets, which meet minimum size and liquidity requirements. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
For the 12-month period, positive stock selection offset negative country and property sector allocation, and contributed to outperformance relative to the FTSE EPRA Nareit Developed Index (net) (the "Index"), the Fund's style-specific benchmark. On a country basis, positive stock selection and an overweight to the U.S. were the largest contributors to performance, followed by stock selection and an overweight to Spain. On a property sector basis, stock selection and an overweight to health care were the largest contributors, followed by stock selection in diversified, which offset the underweight to the sector. Overweight exposure to the U.K. and selection within it, in addition to an underweight allocation to Switzerland, detracted from performance. Overweight allocations to, and stock selection within, the residential and industrial property sectors also detracted from performance. The biggest contributors to performance during the 12-month period were Welltower, Goodman Group, Merlin Properties, Swire Properties, and Mitsubishi Estate. The biggest detractors from performance during the period were Unite Group, Rexford Industrial, CubeSmart, Americold Realty, and Safestore Holdings. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Welltower<br>| Positive<br>| The Fund's overweight positioning in Welltower aided performance. Strong operating performance in the company's senior housing segment contributed to the stock's outperformance versus the Index.<br>|
| Goodman<br>| Positive<br>| The Fund's underweight positioning in Goodman during the stock's pronounced drop in spring 2025 aided performance versus the Index.<br>|
| Unite Group<br>| Negative<br>| The Fund's overweight positioning in Unite detracted from performance relative to the Index. Underperformance was driven by concerns about Unite's ability to achieve its leasing objectives, as well as noise surrounding its potential acquisition of a smaller student housing peer and softer U.K. economic growth.<br>|
| Rexford Industrial | Negative | The Fund's overweight positioning in Rexford Industrial detracted from performance. Concerns about tariffs and trade, slower decision-making among industrial tenants, and falling market rents contributed to the stock's underperformance versus the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10754362.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Global Real Estate Securities Fund (Class I/VGISX) at NAV<sup>(1)</sup>** | 0.66% | 6.65% | 6.20% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **FTSE EPRA Nareit Developed Index (net)** | (0.31)% | 5.51% | 3.75% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$386760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrial/Office REITS | 19% |
| Residential REITS | 15% |
| Health Care REITS | 13% |
| Retail REITS | 13% |
| Data Centers REITS | 10% |
| Self Storage REITS | 6% |
| Real Estate Operating Companies | 5% |
| Other REITS | 19% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 0.99% went into effect for Class I shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8140 Virtus Duff & Phelps Global Real Estate Securities Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Global Real Estate Securities Fund
Class R6 / VRGEX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Real Estate Securities Fund<br>Class R6 / VRGEX | $88 | 0.88% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 0.83%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the FTSE EPRA Nareit Developed Index (net), which serves as the style-specific index, returned (0.31)%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

* The FTSE EPRA Nareit Developed Index (net) is a free-float market capitalization-weighted index measuring publicly traded equity REITs and listed property companies from developed markets, which meet minimum size and liquidity requirements. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
For the 12-month period, positive stock selection offset negative country and property sector allocation, and contributed to outperformance relative to the FTSE EPRA Nareit Developed Index (net) (the "Index"), the Fund's style-specific benchmark. On a country basis, positive stock selection and an overweight to the U.S. were the largest contributors to performance, followed by stock selection and an overweight to Spain. On a property sector basis, stock selection and an overweight to health care were the largest contributors, followed by stock selection in diversified, which offset the underweight to the sector. Overweight exposure to the U.K. and selection within it, in addition to an underweight allocation to Switzerland, detracted from performance. Overweight allocations to, and stock selection within, the residential and industrial property sectors also detracted from performance. The biggest contributors to performance during the 12-month period were Welltower, Goodman Group, Merlin Properties, Swire Properties, and Mitsubishi Estate. The biggest detractors from performance during the period were Unite Group, Rexford Industrial, CubeSmart, Americold Realty, and Safestore Holdings. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Welltower<br>| Positive<br>| The Fund's overweight positioning in Welltower aided performance. Strong operating performance in the company's senior housing segment contributed to the stock's outperformance versus the Index.<br>|
| Goodman<br>| Positive<br>| The Fund's underweight positioning in Goodman during the stock's pronounced drop in spring 2025 aided performance versus the Index.<br>|
| Unite Group<br>| Negative<br>| The Fund's overweight positioning in Unite detracted from performance relative to the Index. Underperformance was driven by concerns about Unite's ability to achieve its leasing objectives, as well as noise surrounding its potential acquisition of a smaller student housing peer and softer U.K. economic growth.<br>|
| Rexford Industrial | Negative | The Fund's overweight positioning in Rexford Industrial detracted from performance. Concerns about tariffs and trade, slower decision-making among industrial tenants, and falling market rents contributed to the stock's underperformance versus the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (November 3, 2016). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10754319.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Duff & Phelps Global Real Estate Securities Fund (Class R6/VRGEX) at NAV<sup>(1)</sup>** | 0.83% | 6.90% | 6.68% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 12.43% |
| **FTSE EPRA Nareit Developed Index (net)** | (0.31)% | 5.51% | 3.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$386760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrial/Office REITS | 19% |
| Residential REITS | 15% |
| Health Care REITS | 13% |
| Retail REITS | 13% |
| Data Centers REITS | 10% |
| Self Storage REITS | 6% |
| Real Estate Operating Companies | 5% |
| Other REITS | 19% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 0.87% went into effect for Class R6 shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8141 Virtus Duff & Phelps Global Real Estate Securities Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Real Asset Fund
Class A / PDPAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Asset Fund<br>Class A / PDPAX | $54 | 0.51% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 10.01%. For the same period, the MSCI World Index (net) and the MSCI All Country World Index (net), each a broad-based securities market index, returned 17.25% and 17.27%, respectively. 

* The MSCI World Index (net) is a free float-adjusted market capitalization-weighted index that measures developed global market equity performance. 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 is not available for direct investment. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is a "fund of funds" that seeks long-term capital appreciation by investing in a mix of affiliated and unaffiliated mutual funds and exchange traded funds (ETFs) that represent a broad universe of real assets. During the fiscal year, the performance of many of the real asset strategies the Fund invests in was strong, but the Fund still underperformed the broader and more technology-heavy MSCI World index (net). The largest contributors to Fund performance for the 12-month period were global infrastructure, which finished up 11.0%, and gold, which finished up 94.1%. The smallest contributors to performance during the period were agriculture, as measured by the Invesco DB Agriculture Fund, which rose just 6.8% during the year, and Treasury inflation-protected securities (TIPS), as measured by the Schwab U.S. TIPS ETF, which rose 3.8%. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Weakening U.S. dollar<br>| Positive<br>| After strengthening 9% in the first fiscal quarter, the dollar fell precipitously during the rest of the fiscal year, finishing the reporting period down over 3%. The weakening dollar positively affected international stocks while also being an important driver of the increase in the price of gold.<br>|
| Artificial intelligence/Power demand growth<br>| Positive<br>| Advancements in artificial intelligence (AI) have led to big-tech hyperscalers (companies that provide cloud computing and data management services to large organizations) signing long-term contracts for power, thus causing significant increases in expectations around power demand. These expectations drove strong stock price performance for utility, midstream gas, water, and clean energy companies.<br>|
| Tariffs<br>| Negative<br>| The significant increase in tariffs by the Trump administration upended markets early in 2025 and had a negative impact on the global economy. This hurt commodities, especially oil and agriculture, as well as real estate investment trusts (REITs).<br>|
| Large-cap tech outperformance | Negative | Large-cap technology stocks continued to dominate the market, which caused many other sectors, especially more defensive sectors like REITs and utilities, to underperform during the fiscal year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

The broad-based securities market index for the Fund changed from the MSCI All Country World Index (net) to the MSCI World Index (net), to more closely match the Fund's regulatory benchmark to its principal investment strategy.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10756125.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Real Asset Fund (Class A/PDPAX) at NAV<sup>(1)</sup>** | 10.01% | 11.27% | 6.54% |
| **Virtus Duff & Phelps Real Asset Fund (Class A/PDPAX) at POP<sup>(2),(3)</sup>** | 3.96% | 10.02% | 5.94% |
| **MSCI World Index (net)** | 17.25% | 14.41% | 12.43% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$36311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 77% |
| Exchange-Traded Funds | 19% |
| Affiliated Exchange-Traded Fund | 4% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8142 Virtus Duff & Phelps Real Asset Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Real Asset Fund
Class C / PDPCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Asset Fund<br>Class C / PDPCX | $132 | 1.26% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 9.22%. For the same period, the MSCI World Index (net) and the MSCI All Country World Index (net), each a broad-based securities market index, returned 17.25% and 17.27%, respectively. 

* The MSCI World Index (net) is a free float-adjusted market capitalization-weighted index that measures developed global market equity performance. 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 is not available for direct investment. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is a "fund of funds" that seeks long-term capital appreciation by investing in a mix of affiliated and unaffiliated mutual funds and exchange traded funds (ETFs) that represent a broad universe of real assets. During the fiscal year, the performance of many of the real asset strategies the Fund invests in was strong, but the Fund still underperformed the broader and more technology-heavy MSCI World index (net). The largest contributors to Fund performance for the 12-month period were global infrastructure, which finished up 11.0%, and gold, which finished up 94.1%. The smallest contributors to performance during the period were agriculture, as measured by the Invesco DB Agriculture Fund, which rose just 6.8% during the year, and Treasury inflation-protected securities (TIPS), as measured by the Schwab U.S. TIPS ETF, which rose 3.8%. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Weakening U.S. dollar<br>| Positive<br>| After strengthening 9% in the first fiscal quarter, the dollar fell precipitously during the rest of the fiscal year, finishing the reporting period down over 3%. The weakening dollar positively affected international stocks while also being an important driver of the increase in the price of gold.<br>|
| Artificial intelligence/Power demand growth<br>| Positive<br>| Advancements in artificial intelligence (AI) have led to big-tech hyperscalers (companies that provide cloud computing and data management services to large organizations) signing long-term contracts for power, thus causing significant increases in expectations around power demand. These expectations drove strong stock price performance for utility, midstream gas, water, and clean energy companies.<br>|
| Tariffs<br>| Negative<br>| The significant increase in tariffs by the Trump administration upended markets early in 2025 and had a negative impact on the global economy. This hurt commodities, especially oil and agriculture, as well as real estate investment trusts (REITs).<br>|
| Large-cap tech outperformance | Negative | Large-cap technology stocks continued to dominate the market, which caused many other sectors, especially more defensive sectors like REITs and utilities, to underperform during the fiscal year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

The broad-based securities market index for the Fund changed from the MSCI All Country World Index (net) to the MSCI World Index (net), to more closely match the Fund's regulatory benchmark to its principal investment strategy.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10756168.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Real Asset Fund (Class C/PDPCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 9.22% | 10.43% | 5.73% |
| **MSCI World Index (net)** | 17.25% | 14.41% | 12.43% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$36311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 77% |
| Exchange-Traded Funds | 19% |
| Affiliated Exchange-Traded Fund | 4% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8143 Virtus Duff & Phelps Real Asset Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Real Asset Fund
Class I / VADIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Asset Fund<br>Class I / VADIX | $26 | 0.25% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 10.26%. For the same period, the MSCI World Index (net) and the MSCI All Country World Index (net), each a broad-based securities market index, returned 17.25% and 17.27%, respectively. 

* The MSCI World Index (net) is a free float-adjusted market capitalization-weighted index that measures developed global market equity performance. 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 is not available for direct investment. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is a "fund of funds" that seeks long-term capital appreciation by investing in a mix of affiliated and unaffiliated mutual funds and exchange traded funds (ETFs) that represent a broad universe of real assets. During the fiscal year, the performance of many of the real asset strategies the Fund invests in was strong, but the Fund still underperformed the broader and more technology-heavy MSCI World index (net). The largest contributors to Fund performance for the 12-month period were global infrastructure, which finished up 11.0%, and gold, which finished up 94.1%. The smallest contributors to performance during the period were agriculture, as measured by the Invesco DB Agriculture Fund, which rose just 6.8% during the year, and Treasury inflation-protected securities (TIPS), as measured by the Schwab U.S. TIPS ETF, which rose 3.8%. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Weakening U.S. dollar<br>| Positive<br>| After strengthening 9% in the first fiscal quarter, the dollar fell precipitously during the rest of the fiscal year, finishing the reporting period down over 3%. The weakening dollar positively affected international stocks while also being an important driver of the increase in the price of gold.<br>|
| Artificial intelligence/Power demand growth<br>| Positive<br>| Advancements in artificial intelligence (AI) have led to big-tech hyperscalers (companies that provide cloud computing and data management services to large organizations) signing long-term contracts for power, thus causing significant increases in expectations around power demand. These expectations drove strong stock price performance for utility, midstream gas, water, and clean energy companies.<br>|
| Tariffs<br>| Negative<br>| The significant increase in tariffs by the Trump administration upended markets early in 2025 and had a negative impact on the global economy. This hurt commodities, especially oil and agriculture, as well as real estate investment trusts (REITs).<br>|
| Large-cap tech outperformance | Negative | Large-cap technology stocks continued to dominate the market, which caused many other sectors, especially more defensive sectors like REITs and utilities, to underperform during the fiscal year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

The broad-based securities market index for the Fund changed from the MSCI All Country World Index (net) to the MSCI World Index (net), to more closely match the Fund's regulatory benchmark to its principal investment strategy.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10756211.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Real Asset Fund (Class I/VADIX) at NAV<sup>(1)</sup>** | 10.26% | 11.56% | 6.81% |
| **MSCI World Index (net)** | 17.25% | 14.41% | 12.43% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$36311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 77% |
| Exchange-Traded Funds | 19% |
| Affiliated Exchange-Traded Fund | 4% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8144 Virtus Duff & Phelps Real Asset Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Real Asset Fund
Class R6 / VAABX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Asset Fund<br>Class R6 / VAABX | $21 | 0.20% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 10.36%. For the same period, the MSCI World Index (net) and the MSCI All Country World Index (net), each a broad-based securities market index, returned 17.25% and 17.27%, respectively. 

* The MSCI World Index (net) is a free float-adjusted market capitalization-weighted index that measures developed global market equity performance. 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 is not available for direct investment. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is a "fund of funds" that seeks long-term capital appreciation by investing in a mix of affiliated and unaffiliated mutual funds and exchange traded funds (ETFs) that represent a broad universe of real assets. During the fiscal year, the performance of many of the real asset strategies the Fund invests in was strong, but the Fund still underperformed the broader and more technology-heavy MSCI World index (net). The largest contributors to Fund performance for the 12-month period were global infrastructure, which finished up 11.0%, and gold, which finished up 94.1%. The smallest contributors to performance during the period were agriculture, as measured by the Invesco DB Agriculture Fund, which rose just 6.8% during the year, and Treasury inflation-protected securities (TIPS), as measured by the Schwab U.S. TIPS ETF, which rose 3.8%. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Weakening U.S. dollar<br>| Positive<br>| After strengthening 9% in the first fiscal quarter, the dollar fell precipitously during the rest of the fiscal year, finishing the reporting period down over 3%. The weakening dollar positively affected international stocks while also being an important driver of the increase in the price of gold.<br>|
| Artificial intelligence/Power demand growth<br>| Positive<br>| Advancements in artificial intelligence (AI) have led to big-tech hyperscalers (companies that provide cloud computing and data management services to large organizations) signing long-term contracts for power, thus causing significant increases in expectations around power demand. These expectations drove strong stock price performance for utility, midstream gas, water, and clean energy companies.<br>|
| Tariffs<br>| Negative<br>| The significant increase in tariffs by the Trump administration upended markets early in 2025 and had a negative impact on the global economy. This hurt commodities, especially oil and agriculture, as well as real estate investment trusts (REITs).<br>|
| Large-cap tech outperformance | Negative | Large-cap technology stocks continued to dominate the market, which caused many other sectors, especially more defensive sectors like REITs and utilities, to underperform during the fiscal year. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (January 31, 2022). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

The broad-based securities market index for the Fund changed from the MSCI All Country World Index (net) to the MSCI World Index (net), to more closely match the Fund's regulatory benchmark to its principal investment strategy.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10756254.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus Duff & Phelps Real Asset Fund (Class R6/VAABX) at NAV<sup>(1)</sup>** | 10.36% | 7.40% |
| **MSCI World Index (net)** | 17.25% | 11.51% |
| **MSCI All Country World Index (net)** | 17.27% | 10.87% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$36311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 77% |
| Exchange-Traded Funds | 19% |
| Affiliated Exchange-Traded Fund | 4% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8145 Virtus Duff & Phelps Real Asset Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Real Estate Securities Fund
Class A / PHRAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Fund<br>Class A / PHRAX | $125 | 1.27% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned (3.30)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the FTSE Nareit Equity REITs Index, which serves as the style-specific index, returned (1.98)%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. 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 is not available for direct investment. 

* The FTSE Nareit Equity REITs Index is a free-float market capitalization-weighted index measuring equity tax-qualified real estate investment trusts, which meet minimum size and liquidity criteria, that are listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market System. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
For the 12-month period, a negative sector allocation effect more than offset positive stock selection and contributed to overall underperformance relative to the FTSE Nareit Equity REITs Index (the "Index"), the Fund's style-specific benchmark. Stock selection within the health care property sector was the largest contributor to performance, followed by stock selection within the office property sector. Stock selection in the freestanding sector and an allocation to the out-of-benchmark telecommunications real estate investment trust (REIT) sector were the largest detractors from performance. The biggest contributors to performance for the 12-month period were Alexandria Real Estate, Ventas, Sabra Health Care REIT, First Industrial, and Smartstop Self Storage. The biggest detractors from performance during the period were Rexford Industrial, CubeSmart, American Homes 4 Rent, American Tower, and AvalonBay Communities. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Alexandria Real Estate<br>| Positive<br>| The Fund's underweight positioning in Alexandria Real Estate aided relative performance. Poor operating fundamentals in the life science property sector contributed to the stock's underperformance versus the Index.<br>|
| Ventas<br>| Positive<br>| The Fund's overweight positioning in Ventas aided performance. Strong operating performance in the company's senior housing segment contributed to the stock's outperformance versus the Index.<br>|
| Rexford Industrial<br>| Negative<br>| The Fund's overweight positioning in Rexford Industrial detracted from performance. Concerns about tariffs and trade, slower decision-making among industrial tenants, and falling market rents contributed to the stock's underperformance versus the Index.<br>|
| CubeSmart | Negative | The Fund's overweight positioning in CubeSmart detracted from performance. A lack of Federal Reserve (Fed) rate cuts until September 2025 and a stagnant housing market contributed to the stock's underperformance versus the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754405.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Real Estate Securities Fund (Class A/PHRAX) at NAV<sup>(1)</sup>** | (3.30)% | 8.71% | 6.49% |
| **Virtus Duff & Phelps Real Estate Securities Fund (Class A/PHRAX) at POP<sup>(2),(3)</sup>** | (8.62)% | 7.49% | 5.89% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **FTSE Nareit Equity REITs Index** | (1.98)% | 9.33% | 6.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$348812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Health Care REITS | 18% |
| Residential REITS | 17% |
| Retail REITS | 16% |
| Industrial/Office REITS | 15% |
| Data Centers REITS | 14% |
| Self Storage REITS | 8% |
| Specialty REITS | 5% |
| Other REITS | 7% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, an expense limitation of 1.24% went into effect for Class A shares.

**Where can I find more information?**

![TSR VVIT QR Code](g228299images_29652.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8146 Virtus Duff & Phelps Real Estate Securities Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Real Estate Securities Fund
Class C / PHRCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Fund<br>Class C / PHRCX | $198 | 2.02% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned (4.00)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the FTSE Nareit Equity REITs Index, which serves as the style-specific index, returned (1.98)%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. 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 is not available for direct investment. 

* The FTSE Nareit Equity REITs Index is a free-float market capitalization-weighted index measuring equity tax-qualified real estate investment trusts, which meet minimum size and liquidity criteria, that are listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market System. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
For the 12-month period, a negative sector allocation effect more than offset positive stock selection and contributed to overall underperformance relative to the FTSE Nareit Equity REITs Index (the "Index"), the Fund's style-specific benchmark. Stock selection within the health care property sector was the largest contributor to performance, followed by stock selection within the office property sector. Stock selection in the freestanding sector and an allocation to the out-of-benchmark telecommunications real estate investment trust (REIT) sector were the largest detractors from performance. The biggest contributors to performance for the 12-month period were Alexandria Real Estate, Ventas, Sabra Health Care REIT, First Industrial, and Smartstop Self Storage. The biggest detractors from performance during the period were Rexford Industrial, CubeSmart, American Homes 4 Rent, American Tower, and AvalonBay Communities. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Alexandria Real Estate<br>| Positive<br>| The Fund's underweight positioning in Alexandria Real Estate aided relative performance. Poor operating fundamentals in the life science property sector contributed to the stock's underperformance versus the Index.<br>|
| Ventas<br>| Positive<br>| The Fund's overweight positioning in Ventas aided performance. Strong operating performance in the company's senior housing segment contributed to the stock's outperformance versus the Index.<br>|
| Rexford Industrial<br>| Negative<br>| The Fund's overweight positioning in Rexford Industrial detracted from performance. Concerns about tariffs and trade, slower decision-making among industrial tenants, and falling market rents contributed to the stock's underperformance versus the Index.<br>|
| CubeSmart | Negative | The Fund's overweight positioning in CubeSmart detracted from performance. A lack of Federal Reserve (Fed) rate cuts until September 2025 and a stagnant housing market contributed to the stock's underperformance versus the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754448.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Real Estate Securities Fund (Class C/PHRCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | (4.00)% | 7.93% | 5.72% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **FTSE Nareit Equity REITs Index** | (1.98)% | 9.33% | 6.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$348812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Health Care REITS | 18% |
| Residential REITS | 17% |
| Retail REITS | 16% |
| Industrial/Office REITS | 15% |
| Data Centers REITS | 14% |
| Self Storage REITS | 8% |
| Specialty REITS | 5% |
| Other REITS | 7% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, an expense limitation of 1.99% went into effect for Class C shares.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR VVIT QR Code](g228299images_29652.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8147 Virtus Duff & Phelps Real Estate Securities Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Real Estate Securities Fund
Class I / PHRIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Fund<br>Class I / PHRIX | $100 | 1.02% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned (3.07)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the FTSE Nareit Equity REITs Index, which serves as the style-specific index, returned (1.98)%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. 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 is not available for direct investment. 

* The FTSE Nareit Equity REITs Index is a free-float market capitalization-weighted index measuring equity tax-qualified real estate investment trusts, which meet minimum size and liquidity criteria, that are listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market System. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
For the 12-month period, a negative sector allocation effect more than offset positive stock selection and contributed to overall underperformance relative to the FTSE Nareit Equity REITs Index (the "Index"), the Fund's style-specific benchmark. Stock selection within the health care property sector was the largest contributor to performance, followed by stock selection within the office property sector. Stock selection in the freestanding sector and an allocation to the out-of-benchmark telecommunications real estate investment trust (REIT) sector were the largest detractors from performance. The biggest contributors to performance for the 12-month period were Alexandria Real Estate, Ventas, Sabra Health Care REIT, First Industrial, and Smartstop Self Storage. The biggest detractors from performance during the period were Rexford Industrial, CubeSmart, American Homes 4 Rent, American Tower, and AvalonBay Communities. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Alexandria Real Estate<br>| Positive<br>| The Fund's underweight positioning in Alexandria Real Estate aided relative performance. Poor operating fundamentals in the life science property sector contributed to the stock's underperformance versus the Index.<br>|
| Ventas<br>| Positive<br>| The Fund's overweight positioning in Ventas aided performance. Strong operating performance in the company's senior housing segment contributed to the stock's outperformance versus the Index.<br>|
| Rexford Industrial<br>| Negative<br>| The Fund's overweight positioning in Rexford Industrial detracted from performance. Concerns about tariffs and trade, slower decision-making among industrial tenants, and falling market rents contributed to the stock's underperformance versus the Index.<br>|
| CubeSmart | Negative | The Fund's overweight positioning in CubeSmart detracted from performance. A lack of Federal Reserve (Fed) rate cuts until September 2025 and a stagnant housing market contributed to the stock's underperformance versus the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10754491.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Real Estate Securities Fund (Class I/PHRIX) at NAV<sup>(1)</sup>** | (3.07)% | 8.99% | 6.77% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **FTSE Nareit Equity REITs Index** | (1.98)% | 9.33% | 6.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$348812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Health Care REITS | 18% |
| Residential REITS | 17% |
| Retail REITS | 16% |
| Industrial/Office REITS | 15% |
| Data Centers REITS | 14% |
| Self Storage REITS | 8% |
| Specialty REITS | 5% |
| Other REITS | 7% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, an expense limitation of 0.99% went into effect for Class I shares.

**Where can I find more information?**

![TSR VVIT QR Code](g228299images_29652.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8148 Virtus Duff & Phelps Real Estate Securities Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Duff & Phelps Real Estate Securities Fund
Class R6 / VRREX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Fund<br>Class R6 / VRREX | $78 | 0.79% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned (2.85)%. For the same period, the FT Wilshire 5000 Index, a broad-based securities market index, returned 17.46% and the FTSE Nareit Equity REITs Index, which serves as the style-specific index, returned (1.98)%. 

* The FT Wilshire 5000 Index is a broad-based free-float market capitalization-weighted index that aims to capture 100% of the U.S. investable market capitalization. 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 is not available for direct investment. 

* The FTSE Nareit Equity REITs Index is a free-float market capitalization-weighted index measuring equity tax-qualified real estate investment trusts, which meet minimum size and liquidity criteria, that are listed on the New York Stock Exchange, the American Stock Exchange and the NASDAQ National Market System. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
For the 12-month period, a negative sector allocation effect more than offset positive stock selection and contributed to overall underperformance relative to the FTSE Nareit Equity REITs Index (the "Index"), the Fund's style-specific benchmark. Stock selection within the health care property sector was the largest contributor to performance, followed by stock selection within the office property sector. Stock selection in the freestanding sector and an allocation to the out-of-benchmark telecommunications real estate investment trust (REIT) sector were the largest detractors from performance. The biggest contributors to performance for the 12-month period were Alexandria Real Estate, Ventas, Sabra Health Care REIT, First Industrial, and Smartstop Self Storage. The biggest detractors from performance during the period were Rexford Industrial, CubeSmart, American Homes 4 Rent, American Tower, and AvalonBay Communities. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Alexandria Real Estate<br>| Positive<br>| The Fund's underweight positioning in Alexandria Real Estate aided relative performance. Poor operating fundamentals in the life science property sector contributed to the stock's underperformance versus the Index.<br>|
| Ventas<br>| Positive<br>| The Fund's overweight positioning in Ventas aided performance. Strong operating performance in the company's senior housing segment contributed to the stock's outperformance versus the Index.<br>|
| Rexford Industrial<br>| Negative<br>| The Fund's overweight positioning in Rexford Industrial detracted from performance. Concerns about tariffs and trade, slower decision-making among industrial tenants, and falling market rents contributed to the stock's underperformance versus the Index.<br>|
| CubeSmart | Negative | The Fund's overweight positioning in CubeSmart detracted from performance. A lack of Federal Reserve (Fed) rate cuts until September 2025 and a stagnant housing market contributed to the stock's underperformance versus the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10754534.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Real Estate Securities Fund (Class R6/VRREX) at NAV<sup>(1)</sup>** | (2.85)% | 9.32% | 7.04% |
| **FT Wilshire 5000 Index** | 17.46% | 15.96% | 14.89% |
| **FTSE Nareit Equity REITs Index** | (1.98)% | 9.33% | 6.61% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$348812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;17% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Health Care REITS | 18% |
| Residential REITS | 17% |
| Retail REITS | 16% |
| Industrial/Office REITS | 15% |
| Data Centers REITS | 14% |
| Self Storage REITS | 8% |
| Specialty REITS | 5% |
| Other REITS | 7% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR QR Code 2 MF](g228299images_29653.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8149 Virtus Duff & Phelps Real Estate Securities Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR Developing Markets Fund
Class A / VDMAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Developing Markets Fund<br>Class A / VDMAX | $151 | 1.37% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 20.49%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in industrials and information technology contributed to performance relative to the MSCI Emerging Markets Index (net) for the fiscal year. Stock selection in communication services, as well as an overweight in consumer staples, detracted from performance. The biggest contributors to performance for the 12-month period were Precision Tsugami, Taiwan Semiconductor Manufacturing, Tencent, Credit Bureau Asia, and Optima Bank. The biggest detractors from performance during the period were PT Sarana Menara Nusantara, Union Auction Public, PT Bank Central Asia, and Voltronic Power Technology. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Precision Tsugami<br>| Positive<br>| Precision Tsugami makes machine tools in China, where it has 70% market share for Computer Numerical Control (CNC) lathes. The company's shares outperformed as earnings continued to grow as a result of a recovery in demand in China.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| Taiwan Semiconductor is the world's largest manufacturer of semiconductor chips. The company's earnings grew materially due to strong demand for advanced chips used for artificial intelligence-related applications. This led to outperformance during the reporting period.<br>|
| PT Sarana Menara Nusantara<br>| Negative<br>| PT Sarana Menara Nusantara is one of the leading telecommunication tower and fiber operators in Indonesia. Underperformance stemmed largely from a contraction in the company's valuation multiple, which we believe reflected weaker sentiment for Indonesian equities, coupled with the company's exposure to two large customer consolidation events overlapping in a brief period.<br>|
| Union Auction Public | Negative | Union Auction Public is the largest operator of used car auctions in Thailand. The company underperformed during the reporting period as a moratorium on debt collection across multiple lending markets in Thailand led to fewer vehicle repossessions and lower auction volumes. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class A shares from inception (June 22, 2021) including any applicable sales charges or fees. It assumes a $10,000 initial investment from inception, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10756469.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Developing Markets Fund (Class A/VDMAX) at NAV<sup>(1)</sup>** | 20.49% | 3.02% |
| **Virtus KAR Developing Markets Fund (Class A/VDMAX) at POP<sup>(2),(3)</sup>** | 13.86% | 1.67% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 2.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Communication Services | 15% |
| Consumer Staples | 14% |
| Financials | 14% |
| Information Technology | 14% |
| Consumer Discretionary | 5% |
| Materials | 4% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 1.33% went into effect for Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8179 Virtus KAR Developing Markets Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR Developing Markets Fund
Class C / VDMCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Developing Markets Fund<br>Class C / VDMCX | $233 | 2.12% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 19.60%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in industrials and information technology contributed to performance relative to the MSCI Emerging Markets Index (net) for the fiscal year. Stock selection in communication services, as well as an overweight in consumer staples, detracted from performance. The biggest contributors to performance for the 12-month period were Precision Tsugami, Taiwan Semiconductor Manufacturing, Tencent, Credit Bureau Asia, and Optima Bank. The biggest detractors from performance during the period were PT Sarana Menara Nusantara, Union Auction Public, PT Bank Central Asia, and Voltronic Power Technology. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Precision Tsugami<br>| Positive<br>| Precision Tsugami makes machine tools in China, where it has 70% market share for Computer Numerical Control (CNC) lathes. The company's shares outperformed as earnings continued to grow as a result of a recovery in demand in China.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| Taiwan Semiconductor is the world's largest manufacturer of semiconductor chips. The company's earnings grew materially due to strong demand for advanced chips used for artificial intelligence-related applications. This led to outperformance during the reporting period.<br>|
| PT Sarana Menara Nusantara<br>| Negative<br>| PT Sarana Menara Nusantara is one of the leading telecommunication tower and fiber operators in Indonesia. Underperformance stemmed largely from a contraction in the company's valuation multiple, which we believe reflected weaker sentiment for Indonesian equities, coupled with the company's exposure to two large customer consolidation events overlapping in a brief period.<br>|
| Union Auction Public | Negative | Union Auction Public is the largest operator of used car auctions in Thailand. The company underperformed during the reporting period as a moratorium on debt collection across multiple lending markets in Thailand led to fewer vehicle repossessions and lower auction volumes. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class C shares from inception (June 22, 2021). It assumes a $10,000 initial investment from inception, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10756512.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Developing Markets Fund (Class C/VDMCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 19.60% | 2.26% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 2.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Communication Services | 15% |
| Consumer Staples | 14% |
| Financials | 14% |
| Information Technology | 14% |
| Consumer Discretionary | 5% |
| Materials | 4% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 2.08% went into effect for Class C shares.

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8180 Virtus KAR Developing Markets Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR Developing Markets Fund
Class I / VIDMX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Developing Markets Fund<br>Class I / VIDMX | $121 | 1.10% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 20.84%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in industrials and information technology contributed to performance relative to the MSCI Emerging Markets Index (net) for the fiscal year. Stock selection in communication services, as well as an overweight in consumer staples, detracted from performance. The biggest contributors to performance for the 12-month period were Precision Tsugami, Taiwan Semiconductor Manufacturing, Tencent, Credit Bureau Asia, and Optima Bank. The biggest detractors from performance during the period were PT Sarana Menara Nusantara, Union Auction Public, PT Bank Central Asia, and Voltronic Power Technology. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Precision Tsugami<br>| Positive<br>| Precision Tsugami makes machine tools in China, where it has 70% market share for Computer Numerical Control (CNC) lathes. The company's shares outperformed as earnings continued to grow as a result of a recovery in demand in China.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| Taiwan Semiconductor is the world's largest manufacturer of semiconductor chips. The company's earnings grew materially due to strong demand for advanced chips used for artificial intelligence-related applications. This led to outperformance during the reporting period.<br>|
| PT Sarana Menara Nusantara<br>| Negative<br>| PT Sarana Menara Nusantara is one of the leading telecommunication tower and fiber operators in Indonesia. Underperformance stemmed largely from a contraction in the company's valuation multiple, which we believe reflected weaker sentiment for Indonesian equities, coupled with the company's exposure to two large customer consolidation events overlapping in a brief period.<br>|
| Union Auction Public | Negative | Union Auction Public is the largest operator of used car auctions in Thailand. The company underperformed during the reporting period as a moratorium on debt collection across multiple lending markets in Thailand led to fewer vehicle repossessions and lower auction volumes. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class I shares from inception (June 22, 2021). It assumes a $100,000 initial investment from inception, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10756555.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Developing Markets Fund (Class I/VIDMX) at NAV<sup>(1)</sup>** | 20.84% | 3.29% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 2.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Communication Services | 15% |
| Consumer Staples | 14% |
| Financials | 14% |
| Information Technology | 14% |
| Consumer Discretionary | 5% |
| Materials | 4% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 1.08% went into effect for Class I shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8181 Virtus KAR Developing Markets Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR Developing Markets Fund
Class R6 / VDMRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Developing Markets Fund<br>Class R6 / VDMRX | $118 | 1.07% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 20.89%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in industrials and information technology contributed to performance relative to the MSCI Emerging Markets Index (net) for the fiscal year. Stock selection in communication services, as well as an overweight in consumer staples, detracted from performance. The biggest contributors to performance for the 12-month period were Precision Tsugami, Taiwan Semiconductor Manufacturing, Tencent, Credit Bureau Asia, and Optima Bank. The biggest detractors from performance during the period were PT Sarana Menara Nusantara, Union Auction Public, PT Bank Central Asia, and Voltronic Power Technology. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Precision Tsugami<br>| Positive<br>| Precision Tsugami makes machine tools in China, where it has 70% market share for Computer Numerical Control (CNC) lathes. The company's shares outperformed as earnings continued to grow as a result of a recovery in demand in China.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| Taiwan Semiconductor is the world's largest manufacturer of semiconductor chips. The company's earnings grew materially due to strong demand for advanced chips used for artificial intelligence-related applications. This led to outperformance during the reporting period.<br>|
| PT Sarana Menara Nusantara<br>| Negative<br>| PT Sarana Menara Nusantara is one of the leading telecommunication tower and fiber operators in Indonesia. Underperformance stemmed largely from a contraction in the company's valuation multiple, which we believe reflected weaker sentiment for Indonesian equities, coupled with the company's exposure to two large customer consolidation events overlapping in a brief period.<br>|
| Union Auction Public | Negative | Union Auction Public is the largest operator of used car auctions in Thailand. The company underperformed during the reporting period as a moratorium on debt collection across multiple lending markets in Thailand led to fewer vehicle repossessions and lower auction volumes. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (June 22, 2021). It assumes a $2,500,000 initial investment from inception, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10756598.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus KAR Developing Markets Fund (Class R6/VDMRX) at NAV<sup>(1)</sup>** | 20.89% | 3.35% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 2.59% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Communication Services | 15% |
| Consumer Staples | 14% |
| Financials | 14% |
| Information Technology | 14% |
| Consumer Discretionary | 5% |
| Materials | 4% |
| Other | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 1.03% went into effect for Class R6 shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8182 Virtus KAR Developing Markets Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR Emerging Markets Small-Cap Fund
Class A / VAESX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Emerging Markets Small-Cap Fund<br>Class A / VAESX | $178 | 1.72% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 7.29%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32% and the MSCI Emerging Markets Small Cap Index (net), which serves as the style-specific index, returned 8.28%. 

* 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 is not available for direct investment. 

* The MSCI Emerging Markets Small Cap Index (net) is a free float-adjusted market capitalization-weighted index designed to measure small cap 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in information technology, as well as an underweight in real estate, contributed to performance relative to the MSCI Emerging Markets Small Cap Index (net) for the fiscal year. Stock selection in communication services, as well as stock selection and an overweight in consumer staples, detracted from performance. The biggest contributors to performance for the 12-month period were TOTVS, Grupa Pracuj, Optima Bank, Kanzhun, and Douzone Bizon. The biggest detractors from performance were PT Sarana Menara Nusantara, Union Auction Public, Humanica Public, Computer Age Management Services, and Oracle Financial Services Software. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| TOTVS<br>| Positive<br>| TOTVS is the leading enterprise resource planning system vendor in Brazil, with close to 50% market share among domestic small- and medium-sized businesses. The company benefited from its ability to raise prices to keep up with inflation, which led to expanded profit margins. In addition, there was growing optimism about the company's pending acquisition of a leading retail management software provider in Brazil.<br>|
| Grupa Pracuj<br>| Positive<br>| Grupa Pracuj is the leading job portal in Poland. The company demonstrated steady business results and showed signs of resilience, including a moderate recovery in the number of jobs being posted on its platform.<br>|
| PT Sarana Menara Nusantara<br>| Negative<br>| PT Sarana Menara Nusantara is one of the leading telecommunication tower and fiber operators in Indonesia. Underperformance stemmed largely from a contraction in the company's valuation multiple, which we believe reflected weaker sentiment for Indonesian equities, coupled with the company's exposure to two large customer consolidation events overlapping in a brief period.<br>|
| Union Auction Public | Negative | Union Auction Public is the largest operator of used car auctions in Thailand. The company underperformed during the reporting period as a moratorium on debt collection across multiple lending markets in Thailand led to fewer vehicle repossessions and lower auction volumes. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754577.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Emerging Markets Small-Cap Fund (Class A/VAESX) at NAV<sup>(1)</sup>** | 7.29% | 5.24% | 10.12% |
| **Virtus KAR Emerging Markets Small-Cap Fund (Class A/VAESX) at POP<sup>(2),(3)</sup>** | 1.39% | 4.06% | 9.50% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |
| **MSCI Emerging Markets Small Cap Index (net)** | 8.28% | 12.51% | 8.48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$345276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Communication Services | 17% |
| Financials | 14% |
| Information Technology | 11% |
| Consumer Staples | 11% |
| Consumer Discretionary | 5% |
| Health Care | 5% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 1.70% went into effect for Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8183 Virtus KAR Emerging Markets Small-Cap Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR Emerging Markets Small-Cap Fund
Class C / VCESX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Emerging Markets Small-Cap Fund<br>Class C / VCESX | $254 | 2.46% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 6.57%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32% and the MSCI Emerging Markets Small Cap Index (net), which serves as the style-specific index, returned 8.28%. 

* 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 is not available for direct investment. 

* The MSCI Emerging Markets Small Cap Index (net) is a free float-adjusted market capitalization-weighted index designed to measure small cap 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in information technology, as well as an underweight in real estate, contributed to performance relative to the MSCI Emerging Markets Small Cap Index (net) for the fiscal year. Stock selection in communication services, as well as stock selection and an overweight in consumer staples, detracted from performance. The biggest contributors to performance for the 12-month period were TOTVS, Grupa Pracuj, Optima Bank, Kanzhun, and Douzone Bizon. The biggest detractors from performance were PT Sarana Menara Nusantara, Union Auction Public, Humanica Public, Computer Age Management Services, and Oracle Financial Services Software. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| TOTVS<br>| Positive<br>| TOTVS is the leading enterprise resource planning system vendor in Brazil, with close to 50% market share among domestic small- and medium-sized businesses. The company benefited from its ability to raise prices to keep up with inflation, which led to expanded profit margins. In addition, there was growing optimism about the company's pending acquisition of a leading retail management software provider in Brazil.<br>|
| Grupa Pracuj<br>| Positive<br>| Grupa Pracuj is the leading job portal in Poland. The company demonstrated steady business results and showed signs of resilience, including a moderate recovery in the number of jobs being posted on its platform.<br>|
| PT Sarana Menara Nusantara<br>| Negative<br>| PT Sarana Menara Nusantara is one of the leading telecommunication tower and fiber operators in Indonesia. Underperformance stemmed largely from a contraction in the company's valuation multiple, which we believe reflected weaker sentiment for Indonesian equities, coupled with the company's exposure to two large customer consolidation events overlapping in a brief period.<br>|
| Union Auction Public | Negative | Union Auction Public is the largest operator of used car auctions in Thailand. The company underperformed during the reporting period as a moratorium on debt collection across multiple lending markets in Thailand led to fewer vehicle repossessions and lower auction volumes. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754620.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Emerging Markets Small-Cap Fund (Class C/VCESX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 6.57% | 4.48% | 9.30% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |
| **MSCI Emerging Markets Small Cap Index (net)** | 8.28% | 12.51% | 8.48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$345276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Communication Services | 17% |
| Financials | 14% |
| Information Technology | 11% |
| Consumer Staples | 11% |
| Consumer Discretionary | 5% |
| Health Care | 5% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 2.45% went into effect for Class C shares.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8184 Virtus KAR Emerging Markets Small-Cap Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR Emerging Markets Small-Cap Fund
Class I / VIESX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Emerging Markets Small-Cap Fund<br>Class I / VIESX | $153 | 1.47% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 7.55%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32% and the MSCI Emerging Markets Small Cap Index (net), which serves as the style-specific index, returned 8.28%. 

* 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 is not available for direct investment. 

* The MSCI Emerging Markets Small Cap Index (net) is a free float-adjusted market capitalization-weighted index designed to measure small cap 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in information technology, as well as an underweight in real estate, contributed to performance relative to the MSCI Emerging Markets Small Cap Index (net) for the fiscal year. Stock selection in communication services, as well as stock selection and an overweight in consumer staples, detracted from performance. The biggest contributors to performance for the 12-month period were TOTVS, Grupa Pracuj, Optima Bank, Kanzhun, and Douzone Bizon. The biggest detractors from performance were PT Sarana Menara Nusantara, Union Auction Public, Humanica Public, Computer Age Management Services, and Oracle Financial Services Software. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| TOTVS<br>| Positive<br>| TOTVS is the leading enterprise resource planning system vendor in Brazil, with close to 50% market share among domestic small- and medium-sized businesses. The company benefited from its ability to raise prices to keep up with inflation, which led to expanded profit margins. In addition, there was growing optimism about the company's pending acquisition of a leading retail management software provider in Brazil.<br>|
| Grupa Pracuj<br>| Positive<br>| Grupa Pracuj is the leading job portal in Poland. The company demonstrated steady business results and showed signs of resilience, including a moderate recovery in the number of jobs being posted on its platform.<br>|
| PT Sarana Menara Nusantara<br>| Negative<br>| PT Sarana Menara Nusantara is one of the leading telecommunication tower and fiber operators in Indonesia. Underperformance stemmed largely from a contraction in the company's valuation multiple, which we believe reflected weaker sentiment for Indonesian equities, coupled with the company's exposure to two large customer consolidation events overlapping in a brief period.<br>|
| Union Auction Public | Negative | Union Auction Public is the largest operator of used car auctions in Thailand. The company underperformed during the reporting period as a moratorium on debt collection across multiple lending markets in Thailand led to fewer vehicle repossessions and lower auction volumes. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10754663.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR Emerging Markets Small-Cap Fund (Class I/VIESX) at NAV<sup>(1)</sup>** | 7.55% | 5.54% | 10.40% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |
| **MSCI Emerging Markets Small Cap Index (net)** | 8.28% | 12.51% | 8.48% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$345276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Communication Services | 17% |
| Financials | 14% |
| Information Technology | 11% |
| Consumer Staples | 11% |
| Consumer Discretionary | 5% |
| Health Care | 5% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 1.45% went into effect for Class I shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8185 Virtus KAR Emerging Markets Small-Cap Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR Emerging Markets Small-Cap Fund
Class R6 / VRESX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Emerging Markets Small-Cap Fund<br>Class R6 / VRESX | $138 | 1.33% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 7.72%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32% and the MSCI Emerging Markets Small Cap Index (net), which serves as the style-specific index, returned 8.28%. 

* 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 is not available for direct investment. 

* The MSCI Emerging Markets Small Cap Index (net) is a free float-adjusted market capitalization-weighted index designed to measure small cap 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in information technology, as well as an underweight in real estate, contributed to performance relative to the MSCI Emerging Markets Small Cap Index (net) for the fiscal year. Stock selection in communication services, as well as stock selection and an overweight in consumer staples, detracted from performance. The biggest contributors to performance for the 12-month period were TOTVS, Grupa Pracuj, Optima Bank, Kanzhun, and Douzone Bizon. The biggest detractors from performance were PT Sarana Menara Nusantara, Union Auction Public, Humanica Public, Computer Age Management Services, and Oracle Financial Services Software. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| TOTVS<br>| Positive<br>| TOTVS is the leading enterprise resource planning system vendor in Brazil, with close to 50% market share among domestic small- and medium-sized businesses. The company benefited from its ability to raise prices to keep up with inflation, which led to expanded profit margins. In addition, there was growing optimism about the company's pending acquisition of a leading retail management software provider in Brazil.<br>|
| Grupa Pracuj<br>| Positive<br>| Grupa Pracuj is the leading job portal in Poland. The company demonstrated steady business results and showed signs of resilience, including a moderate recovery in the number of jobs being posted on its platform.<br>|
| PT Sarana Menara Nusantara<br>| Negative<br>| PT Sarana Menara Nusantara is one of the leading telecommunication tower and fiber operators in Indonesia. Underperformance stemmed largely from a contraction in the company's valuation multiple, which we believe reflected weaker sentiment for Indonesian equities, coupled with the company's exposure to two large customer consolidation events overlapping in a brief period.<br>|
| Union Auction Public | Negative | Union Auction Public is the largest operator of used car auctions in Thailand. The company underperformed during the reporting period as a moratorium on debt collection across multiple lending markets in Thailand led to fewer vehicle repossessions and lower auction volumes. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (August 1, 2019). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10754706.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus KAR Emerging Markets Small-Cap Fund (Class R6/VRESX) at NAV<sup>(1)</sup>** | 7.72% | 5.68% | 8.30% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.05% |
| **MSCI Emerging Markets Small Cap Index (net)** | 8.28% | 12.51% | 10.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$345276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;34% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Industrials | 31% |
| Communication Services | 17% |
| Financials | 14% |
| Information Technology | 11% |
| Consumer Staples | 11% |
| Consumer Discretionary | 5% |
| Health Care | 5% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective January 1, 2025, a new expense limitation of 1.30% went into effect for Class R6 shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8186 Virtus KAR Emerging Markets Small-Cap Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR International Small-Mid Cap Fund
Class A / VISAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR International Small-Mid Cap Fund<br>Class A / VISAX | $150 | 1.45% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 7.31%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 16.45% and the MSCI All Country World ex USA Small Mid Cap Index (net), which serves as the style-specific index, returned 17.23%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. 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 is not available for direct investment. 

* The MSCI All Country World ex USA Small Mid Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures mid- and small-cap performance across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Markets countries. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in health care and an underweight in real estate contributed to performance relative to the MSCI All Country World Ex USA SMID Cap Index (net) for the fiscal year. Stock selection in information technology, as well as stock selection and an overweight in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Haw Par, MTU Aero Engines, FinecoBank, Corporacion Moctezuma, and SHIFT. The biggest detractors from performance during the period were FDM Group, Alten, Mercari, PST Sarana Menara Nusantara, and Haitian International. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Haw Par<br>| Positive<br>| Haw Par is an investment holding company listed in Singapore. The company announced a substantial special dividend in the first quarter of 2025, which bolstered stock price performance.<br>|
| MTU Aero Engines<br>| Positive<br>| MTU is a German aircraft engine manufacturer. The company experienced strong demand for its aftermarket spare parts and servicing, driven by the persistent shortage of new planes from Boeing and Airbus.<br>|
| FDM Group<br>| Negative<br>| FDM Group is a U.K.-based information technology (IT) services company. The company experienced a period of weak demand following a surge in demand for IT services during the COVID-19 pandemic.<br>|
| Alten | Negative | Alten is a leading outsourced research and development engineering firm headquartered in France. Demand for outsourced engineering experienced cyclical weakness during the fiscal year. Disruption to the European auto supply chain, an industry to which Alten is highly exposed, created additional issues during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754749.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR International Small-Mid Cap Fund (Class A/VISAX) at NAV<sup>(1)</sup>** | 7.31% | 4.55% | 9.35% |
| **Virtus KAR International Small-Mid Cap Fund (Class A/VISAX) at POP<sup>(2),(3)</sup>** | 1.40% | 3.37% | 8.74% |
| **MSCI All Country World ex USA Index (net)** | 16.45% | 10.26% | 8.23% |
| **MSCI All Country World ex USA Small Mid Cap Index (net)** | 17.23% | 9.67% | 8.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1049095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$9141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Communication Services | 24% |
| Industrials | 23% |
| Financials | 16% |
| Information Technology | 12% |
| Health Care | 8% |
| Materials | 7% |
| Consumer Staples | 4% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8211 Virtus KAR International Small-Mid Cap Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR International Small-Mid Cap Fund
Class C / VCISX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR International Small-Mid Cap Fund<br>Class C / VCISX | $228 | 2.21% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 6.46%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 16.45% and the MSCI All Country World ex USA Small Mid Cap Index (net), which serves as the style-specific index, returned 17.23%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. 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 is not available for direct investment. 

* The MSCI All Country World ex USA Small Mid Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures mid- and small-cap performance across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Markets countries. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in health care and an underweight in real estate contributed to performance relative to the MSCI All Country World Ex USA SMID Cap Index (net) for the fiscal year. Stock selection in information technology, as well as stock selection and an overweight in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Haw Par, MTU Aero Engines, FinecoBank, Corporacion Moctezuma, and SHIFT. The biggest detractors from performance during the period were FDM Group, Alten, Mercari, PST Sarana Menara Nusantara, and Haitian International. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Haw Par<br>| Positive<br>| Haw Par is an investment holding company listed in Singapore. The company announced a substantial special dividend in the first quarter of 2025, which bolstered stock price performance.<br>|
| MTU Aero Engines<br>| Positive<br>| MTU is a German aircraft engine manufacturer. The company experienced strong demand for its aftermarket spare parts and servicing, driven by the persistent shortage of new planes from Boeing and Airbus.<br>|
| FDM Group<br>| Negative<br>| FDM Group is a U.K.-based information technology (IT) services company. The company experienced a period of weak demand following a surge in demand for IT services during the COVID-19 pandemic.<br>|
| Alten | Negative | Alten is a leading outsourced research and development engineering firm headquartered in France. Demand for outsourced engineering experienced cyclical weakness during the fiscal year. Disruption to the European auto supply chain, an industry to which Alten is highly exposed, created additional issues during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754792.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR International Small-Mid Cap Fund (Class C/VCISX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 6.46% | 3.77% | 8.55% |
| **MSCI All Country World ex USA Index (net)** | 16.45% | 10.26% | 8.23% |
| **MSCI All Country World ex USA Small Mid Cap Index (net)** | 17.23% | 9.67% | 8.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1049095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$9141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Communication Services | 24% |
| Industrials | 23% |
| Financials | 16% |
| Information Technology | 12% |
| Health Care | 8% |
| Materials | 7% |
| Consumer Staples | 4% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8212 Virtus KAR International Small-Mid Cap Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR International Small-Mid Cap Fund
Class I / VIISX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR International Small-Mid Cap Fund<br>Class I / VIISX | $123 | 1.19% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 7.51%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 16.45% and the MSCI All Country World ex USA Small Mid Cap Index (net), which serves as the style-specific index, returned 17.23%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. 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 is not available for direct investment. 

* The MSCI All Country World ex USA Small Mid Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures mid- and small-cap performance across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Markets countries. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in health care and an underweight in real estate contributed to performance relative to the MSCI All Country World Ex USA SMID Cap Index (net) for the fiscal year. Stock selection in information technology, as well as stock selection and an overweight in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Haw Par, MTU Aero Engines, FinecoBank, Corporacion Moctezuma, and SHIFT. The biggest detractors from performance during the period were FDM Group, Alten, Mercari, PST Sarana Menara Nusantara, and Haitian International. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Haw Par<br>| Positive<br>| Haw Par is an investment holding company listed in Singapore. The company announced a substantial special dividend in the first quarter of 2025, which bolstered stock price performance.<br>|
| MTU Aero Engines<br>| Positive<br>| MTU is a German aircraft engine manufacturer. The company experienced strong demand for its aftermarket spare parts and servicing, driven by the persistent shortage of new planes from Boeing and Airbus.<br>|
| FDM Group<br>| Negative<br>| FDM Group is a U.K.-based information technology (IT) services company. The company experienced a period of weak demand following a surge in demand for IT services during the COVID-19 pandemic.<br>|
| Alten | Negative | Alten is a leading outsourced research and development engineering firm headquartered in France. Demand for outsourced engineering experienced cyclical weakness during the fiscal year. Disruption to the European auto supply chain, an industry to which Alten is highly exposed, created additional issues during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10754835.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR International Small-Mid Cap Fund (Class I/VIISX) at NAV<sup>(1)</sup>** | 7.51% | 4.82% | 9.63% |
| **MSCI All Country World ex USA Index (net)** | 16.45% | 10.26% | 8.23% |
| **MSCI All Country World ex USA Small Mid Cap Index (net)** | 17.23% | 9.67% | 8.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1049095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$9141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Communication Services | 24% |
| Industrials | 23% |
| Financials | 16% |
| Information Technology | 12% |
| Health Care | 8% |
| Materials | 7% |
| Consumer Staples | 4% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8213 Virtus KAR International Small-Mid Cap Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus KAR International Small-Mid Cap Fund
Class R6 / VRISX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR International Small-Mid Cap Fund<br>Class R6 / VRISX | $113 | 1.09% |

---

Portfolio Manager Commentary by Kayne Anderson Rudnick Investment Management, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 7.64%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 16.45% and the MSCI All Country World ex USA Small Mid Cap Index (net), which serves as the style-specific index, returned 17.23%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. 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 is not available for direct investment. 

* The MSCI All Country World ex USA Small Mid Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures mid- and small-cap performance across 22 of 23 Developed Market countries (excluding the U.S.) and 24 Emerging Markets countries. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund utilizes an actively managed, bottom-up fundamental research approach to identify a select group of companies believed by the Fund's portfolio managers to possess sustainable competitive advantages. As such, the performance of the Fund is expected to be primarily determined by market reactions, both positive and negative, to activity related to these companies. Stock selection in health care and an underweight in real estate contributed to performance relative to the MSCI All Country World Ex USA SMID Cap Index (net) for the fiscal year. Stock selection in information technology, as well as stock selection and an overweight in communication services, detracted from performance. The biggest contributors to performance for the 12-month period were Haw Par, MTU Aero Engines, FinecoBank, Corporacion Moctezuma, and SHIFT. The biggest detractors from performance during the period were FDM Group, Alten, Mercari, PST Sarana Menara Nusantara, and Haitian International. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Haw Par<br>| Positive<br>| Haw Par is an investment holding company listed in Singapore. The company announced a substantial special dividend in the first quarter of 2025, which bolstered stock price performance.<br>|
| MTU Aero Engines<br>| Positive<br>| MTU is a German aircraft engine manufacturer. The company experienced strong demand for its aftermarket spare parts and servicing, driven by the persistent shortage of new planes from Boeing and Airbus.<br>|
| FDM Group<br>| Negative<br>| FDM Group is a U.K.-based information technology (IT) services company. The company experienced a period of weak demand following a surge in demand for IT services during the COVID-19 pandemic.<br>|
| Alten | Negative | Alten is a leading outsourced research and development engineering firm headquartered in France. Demand for outsourced engineering experienced cyclical weakness during the fiscal year. Disruption to the European auto supply chain, an industry to which Alten is highly exposed, created additional issues during the period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10754878.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus KAR International Small-Mid Cap Fund (Class R6/VRISX) at NAV<sup>(1)</sup>** | 7.64% | 4.93% | 9.74% |
| **MSCI All Country World ex USA Index (net)** | 16.45% | 10.26% | 8.23% |
| **MSCI All Country World ex USA Small Mid Cap Index (net)** | 17.23% | 9.67% | 8.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1049095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$9141 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Communication Services | 24% |
| Industrials | 23% |
| Financials | 16% |
| Information Technology | 12% |
| Health Care | 8% |
| Materials | 7% |
| Consumer Staples | 4% |
| Other | 6% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8214 Virtus KAR International Small-Mid Cap Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Core Plus Bond Fund
Class A / SAVAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Core Plus Bond Fund<br>Class A / SAVAX | $71 | 0.70% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 3.46%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Issue selection within investment grade corporate bonds had a positive impact on performance during the period. In addition, the Fund's yield curve positioning (which indicates the Fund portfolio's sensitivity to interest rates), which emphasized longer-term U.S. Treasuries, detracted from performance relative to the benchmark. In addition, issue selection within high yield corporate bonds had a negative impact on performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Underweighting U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Investment grade corporate bonds<br>| Positive<br>| Issue selection, driven by the Fund's overweight to BBB-rated bonds, had a positive impact on performance.<br>|
| U.S. Treasuries yield curve positioning<br>| Negative<br>| More of the Fund's U.S. Treasury holdings were allocated to the longer end of the yield curve (or longer duration), which underperformed the shorter areas of the curve (or shorter duration) during the period.<br>|
| High yield corporate bonds | Negative | Issue selection within high yield corporate bonds detracted from the Fund's performance relative to the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754921.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Core Plus Bond Fund (Class A/SAVAX) at NAV<sup>(1)</sup>** | 3.46% | 0.88% | 2.73% |
| **Virtus Newfleet Core Plus Bond Fund (Class A/SAVAX) at POP<sup>(2),(3)</sup>** | (0.42)% | 0.11% | 2.34% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$572037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 14% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 11% |  |
| Mortgage-Backed Securities |  | 30% |
| U.S. Government Securities |  | 15% |
| Asset-Backed Securities |  | 11% |
| Leveraged Loans |  | 4% |
| Foreign Government Securities |  | 4% |
| Short-Term Investment |  | 3% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective April 1, 2025, the Fund's investment adviser reduced the management fee to 0.35%.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8257 Virtus Newfleet Core Plus Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Core Plus Bond Fund
Class C / SAVCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Core Plus Bond Fund<br>Class C / SAVCX | $147 | 1.45% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 2.76%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Issue selection within investment grade corporate bonds had a positive impact on performance during the period. In addition, the Fund's yield curve positioning (which indicates the Fund portfolio's sensitivity to interest rates), which emphasized longer-term U.S. Treasuries, detracted from performance relative to the benchmark. In addition, issue selection within high yield corporate bonds had a negative impact on performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Underweighting U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Investment grade corporate bonds<br>| Positive<br>| Issue selection, driven by the Fund's overweight to BBB-rated bonds, had a positive impact on performance.<br>|
| U.S. Treasuries yield curve positioning<br>| Negative<br>| More of the Fund's U.S. Treasury holdings were allocated to the longer end of the yield curve (or longer duration), which underperformed the shorter areas of the curve (or shorter duration) during the period.<br>|
| High yield corporate bonds | Negative | Issue selection within high yield corporate bonds detracted from the Fund's performance relative to the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10754964.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Core Plus Bond Fund (Class C/SAVCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 2.76% | 0.13% | 1.96% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$572037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 14% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 11% |  |
| Mortgage-Backed Securities |  | 30% |
| U.S. Government Securities |  | 15% |
| Asset-Backed Securities |  | 11% |
| Leveraged Loans |  | 4% |
| Foreign Government Securities |  | 4% |
| Short-Term Investment |  | 3% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective April 1, 2025, the Fund's investment adviser reduced the management fee to 0.35%.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8258 Virtus Newfleet Core Plus Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Core Plus Bond Fund
Class I / SAVYX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Core Plus Bond Fund<br>Class I / SAVYX | $46 | 0.45% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 3.75%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Issue selection within investment grade corporate bonds had a positive impact on performance during the period. In addition, the Fund's yield curve positioning (which indicates the Fund portfolio's sensitivity to interest rates), which emphasized longer-term U.S. Treasuries, detracted from performance relative to the benchmark. In addition, issue selection within high yield corporate bonds had a negative impact on performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Underweighting U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Investment grade corporate bonds<br>| Positive<br>| Issue selection, driven by the Fund's overweight to BBB-rated bonds, had a positive impact on performance.<br>|
| U.S. Treasuries yield curve positioning<br>| Negative<br>| More of the Fund's U.S. Treasury holdings were allocated to the longer end of the yield curve (or longer duration), which underperformed the shorter areas of the curve (or shorter duration) during the period.<br>|
| High yield corporate bonds | Negative | Issue selection within high yield corporate bonds detracted from the Fund's performance relative to the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10755007.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Core Plus Bond Fund (Class I/SAVYX) at NAV<sup>(1)</sup>** | 3.75% | 1.14% | 2.98% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$572037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 14% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 11% |  |
| Mortgage-Backed Securities |  | 30% |
| U.S. Government Securities |  | 15% |
| Asset-Backed Securities |  | 11% |
| Leveraged Loans |  | 4% |
| Foreign Government Securities |  | 4% |
| Short-Term Investment |  | 3% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective April 1, 2025, the Fund's investment adviser reduced the management fee to 0.35%.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8259 Virtus Newfleet Core Plus Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Core Plus Bond Fund
Class R6 / VBFRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Core Plus Bond Fund<br>Class R6 / VBFRX | $38 | 0.37% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 3.82%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Issue selection within investment grade corporate bonds had a positive impact on performance during the period. In addition, the Fund's yield curve positioning (which indicates the Fund portfolio's sensitivity to interest rates), which emphasized longer-term U.S. Treasuries, detracted from performance relative to the benchmark. In addition, issue selection within high yield corporate bonds had a negative impact on performance. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Underweighting U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Investment grade corporate bonds<br>| Positive<br>| Issue selection, driven by the Fund's overweight to BBB-rated bonds, had a positive impact on performance.<br>|
| U.S. Treasuries yield curve positioning<br>| Negative<br>| More of the Fund's U.S. Treasury holdings were allocated to the longer end of the yield curve (or longer duration), which underperformed the shorter areas of the curve (or shorter duration) during the period.<br>|
| High yield corporate bonds | Negative | Issue selection within high yield corporate bonds detracted from the Fund's performance relative to the Index. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (November 3, 2016). It assumes a $2,500,000 initial investment from inception, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10755050.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Newfleet Core Plus Bond Fund (Class R6/VBFRX) at NAV<sup>(1)</sup>** | 3.82% | 1.24% | 2.80% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$572037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 14% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 11% |  |
| Mortgage-Backed Securities |  | 30% |
| U.S. Government Securities |  | 15% |
| Asset-Backed Securities |  | 11% |
| Leveraged Loans |  | 4% |
| Foreign Government Securities |  | 4% |
| Short-Term Investment |  | 3% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective April 1, 2025, the Fund's investment adviser reduced the management fee to 0.35%.

Effective April 1, 2025, a new expense limitation of 0.35% went into effect for Class R6 shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8260 Virtus Newfleet Core Plus Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet High Yield Fund
Class A / PHCHX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet High Yield Fund<br>Class A / PHCHX | $98 | 0.95% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 6.93%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index, which serves as the style-specific index, returned 7.41%. 

* 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 is not available for direct investment. 

* The Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index is a market capitalization-weighted index that measures fixed rate non-investment grade debt securities of U.S. and non-U.S. corporations. No single issuer accounts for more than 2% of market cap. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Negative issue selection in consumer products, retail non-food/drug, and industrial other contributed to the Fund's underperformance relative to the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index (the "Index"). Issue selection in media other, midstream, and health care helped relative performance. The biggest contributors to absolute performance for the 12-month period were bonds issued by Centerfield Media, Cox Media, Charter Communications, VistaJet, and CSC Holdings. The biggest detractors from absolute performance were bonds and loans issued by Saks Global Enterprises, KIK Custom Products, Klockner Pentaplast, Unifrax, and Merlin Entertainments. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Improved regulatory climate for broadcasters<br>| Positive<br>| The Fund benefited from its positions in television broadcasters as the market anticipated that the Federal Communications Commission would loosen the rules that had restricted merger activity.<br>|
| Retail exposure<br>| Negative<br>| The Fund was hurt by a sharp decline in the bonds of luxury retailer Saks Global Enterprises, which struggled due to working capital needs, tariff announcements, and the impact of the volatile macroeconomic climate on consumer spending.<br>|
| Exposure to Centerfield Media<br>| Positive<br>| The Fund benefited from exposure to a Centerfield Media bond as its price rose sharply in the latter part of the fiscal year due to improved operating results and investors' pricing in a higher likelihood of a near-term refinancing.<br>|
| Event risk | Negative | A fire at a distribution plant led to poor performance for bonds of KIK Custom Products, as it worsened near-term financial results, strained liquidity, and created litigation risk. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755093.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet High Yield Fund (Class A/PHCHX) at NAV<sup>(1)</sup>** | 6.93% | 5.68% | 5.65% |
| **Virtus Newfleet High Yield Fund (Class A/PHCHX) at POP<sup>(2),(3)</sup>** | 2.92% | 4.87% | 5.24% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | 7.41% | 5.54% | 6.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$49959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 18% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 42% |  |
| Securities Lending Collateral |  | 2% |
| Leveraged Loans |  | 1% |
| Other |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8261 Virtus Newfleet High Yield Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet High Yield Fund
Class C / PGHCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet High Yield Fund<br>Class C / PGHCX | $175 | 1.70% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 6.13%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index, which serves as the style-specific index, returned 7.41%. 

* 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 is not available for direct investment. 

* The Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index is a market capitalization-weighted index that measures fixed rate non-investment grade debt securities of U.S. and non-U.S. corporations. No single issuer accounts for more than 2% of market cap. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Negative issue selection in consumer products, retail non-food/drug, and industrial other contributed to the Fund's underperformance relative to the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index (the "Index"). Issue selection in media other, midstream, and health care helped relative performance. The biggest contributors to absolute performance for the 12-month period were bonds issued by Centerfield Media, Cox Media, Charter Communications, VistaJet, and CSC Holdings. The biggest detractors from absolute performance were bonds and loans issued by Saks Global Enterprises, KIK Custom Products, Klockner Pentaplast, Unifrax, and Merlin Entertainments. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Improved regulatory climate for broadcasters<br>| Positive<br>| The Fund benefited from its positions in television broadcasters as the market anticipated that the Federal Communications Commission would loosen the rules that had restricted merger activity.<br>|
| Retail exposure<br>| Negative<br>| The Fund was hurt by a sharp decline in the bonds of luxury retailer Saks Global Enterprises, which struggled due to working capital needs, tariff announcements, and the impact of the volatile macroeconomic climate on consumer spending.<br>|
| Exposure to Centerfield Media<br>| Positive<br>| The Fund benefited from exposure to a Centerfield Media bond as its price rose sharply in the latter part of the fiscal year due to improved operating results and investors' pricing in a higher likelihood of a near-term refinancing.<br>|
| Event risk | Negative | A fire at a distribution plant led to poor performance for bonds of KIK Custom Products, as it worsened near-term financial results, strained liquidity, and created litigation risk. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755136.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet High Yield Fund (Class C/PGHCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 6.13% | 4.88% | 4.85% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | 7.41% | 5.54% | 6.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$49959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 18% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 42% |  |
| Securities Lending Collateral |  | 2% |
| Leveraged Loans |  | 1% |
| Other |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8262 Virtus Newfleet High Yield Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet High Yield Fund
Class I / PHCIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet High Yield Fund<br>Class I / PHCIX | $73 | 0.70% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 7.19%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index, which serves as the style-specific index, returned 7.41%. 

* 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 is not available for direct investment. 

* The Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index is a market capitalization-weighted index that measures fixed rate non-investment grade debt securities of U.S. and non-U.S. corporations. No single issuer accounts for more than 2% of market cap. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Negative issue selection in consumer products, retail non-food/drug, and industrial other contributed to the Fund's underperformance relative to the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index (the "Index"). Issue selection in media other, midstream, and health care helped relative performance. The biggest contributors to absolute performance for the 12-month period were bonds issued by Centerfield Media, Cox Media, Charter Communications, VistaJet, and CSC Holdings. The biggest detractors from absolute performance were bonds and loans issued by Saks Global Enterprises, KIK Custom Products, Klockner Pentaplast, Unifrax, and Merlin Entertainments. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Improved regulatory climate for broadcasters<br>| Positive<br>| The Fund benefited from its positions in television broadcasters as the market anticipated that the Federal Communications Commission would loosen the rules that had restricted merger activity.<br>|
| Retail exposure<br>| Negative<br>| The Fund was hurt by a sharp decline in the bonds of luxury retailer Saks Global Enterprises, which struggled due to working capital needs, tariff announcements, and the impact of the volatile macroeconomic climate on consumer spending.<br>|
| Exposure to Centerfield Media<br>| Positive<br>| The Fund benefited from exposure to a Centerfield Media bond as its price rose sharply in the latter part of the fiscal year due to improved operating results and investors' pricing in a higher likelihood of a near-term refinancing.<br>|
| Event risk | Negative | A fire at a distribution plant led to poor performance for bonds of KIK Custom Products, as it worsened near-term financial results, strained liquidity, and created litigation risk. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10755179.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet High Yield Fund (Class I/PHCIX) at NAV<sup>(1)</sup>** | 7.19% | 5.94% | 5.93% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | 7.41% | 5.54% | 6.16% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$49959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 18% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 42% |  |
| Securities Lending Collateral |  | 2% |
| Leveraged Loans |  | 1% |
| Other |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8263 Virtus Newfleet High Yield Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet High Yield Fund
Class R6 / VRHYX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet High Yield Fund<br>Class R6 / VRHYX | $61 | 0.59% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 7.31%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index, which serves as the style-specific index, returned 7.41%. 

* 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 is not available for direct investment. 

* The Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index is a market capitalization-weighted index that measures fixed rate non-investment grade debt securities of U.S. and non-U.S. corporations. No single issuer accounts for more than 2% of market cap. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Negative issue selection in consumer products, retail non-food/drug, and industrial other contributed to the Fund's underperformance relative to the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index (the "Index"). Issue selection in media other, midstream, and health care helped relative performance. The biggest contributors to absolute performance for the 12-month period were bonds issued by Centerfield Media, Cox Media, Charter Communications, VistaJet, and CSC Holdings. The biggest detractors from absolute performance were bonds and loans issued by Saks Global Enterprises, KIK Custom Products, Klockner Pentaplast, Unifrax, and Merlin Entertainments. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Improved regulatory climate for broadcasters<br>| Positive<br>| The Fund benefited from its positions in television broadcasters as the market anticipated that the Federal Communications Commission would loosen the rules that had restricted merger activity.<br>|
| Retail exposure<br>| Negative<br>| The Fund was hurt by a sharp decline in the bonds of luxury retailer Saks Global Enterprises, which struggled due to working capital needs, tariff announcements, and the impact of the volatile macroeconomic climate on consumer spending.<br>|
| Exposure to Centerfield Media<br>| Positive<br>| The Fund benefited from exposure to a Centerfield Media bond as its price rose sharply in the latter part of the fiscal year due to improved operating results and investors' pricing in a higher likelihood of a near-term refinancing.<br>|
| Event risk | Negative | A fire at a distribution plant led to poor performance for bonds of KIK Custom Products, as it worsened near-term financial results, strained liquidity, and created litigation risk. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (November 3, 2016). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10755222.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Newfleet High Yield Fund (Class R6/VRHYX) at NAV<sup>(1)</sup>** | 7.31% | 6.08% | 5.60% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.57% |
| **Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index** | 7.41% | 5.54% | 5.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$49959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;31% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 18% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 42% |  |
| Securities Lending Collateral |  | 2% |
| Leveraged Loans |  | 1% |
| Other |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8264 Virtus Newfleet High Yield Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Low Duration Core Plus Bond Fund
Class A / HIMZX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Low Duration Core Plus Bond Fund<br>Class A / HIMZX | $77 | 0.75% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 5.04%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-5 Year U.S. Corporate & Government Bond Index, which serves as the style-specific index, returned 4.17%. 

* 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 is not available for direct investment. 

* The ICE BofA 1-5 Year U.S. Corporate & Government Bond Index tracks the performance of US dollar denominated investment grade debt publicly issued in the U.S. domestic market,including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 5 years, calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the ICE BofA 1-5 Year U.S. Corporate & Government Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Allocation to and issue selection within asset-backed securities had a positive impact on performance. While issue selection within investment grade corporates aided performance, the Fund's underweight to the sector versus the Index detracted. In addition, issue selection within high yield corporate bonds had a negative impact on performance as higher quality cohorts underperformed. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Asset-backed securities<br>| Positive<br>| Allocation to and issue selection within asset-backed securities had a positive impact on performance relative to the Index.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated issues, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index detracted.<br>|
| High yield corporate bonds | Negative | Issue selection within high yield corporate bonds had a negative impact on performance as higher quality cohorts underperformed. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755265.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Low Duration Core Plus Bond Fund (Class A/HIMZX) at NAV<sup>(1)</sup>** | 5.04% | 2.56% | 2.54% |
| **Virtus Newfleet Low Duration Core Plus Bond Fund (Class A/HIMZX) at POP<sup>(2),(3)</sup>** | 2.68% | 2.09% | 2.31% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-5 Year U.S. Corporate & Government Bond Index** | 4.17% | 1.44% | 2.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$458733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 33% |
| Mortgage-Backed Securities |  | 27% |
| Corporate Bonds and Notes |  | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| U.S. Government Securities |  | 7% |
| Leveraged Loans |  | 3% |
| Other (includes securities lending collateral) |  | 5% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8265 Virtus Newfleet Low Duration Core Plus Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Low Duration Core Plus Bond Fund
Class C / PCMZX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Low Duration Core Plus Bond Fund<br>Class C / PCMZX | $153 | 1.50% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 4.26%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-5 Year U.S. Corporate & Government Bond Index, which serves as the style-specific index, returned 4.17%. 

* 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 is not available for direct investment. 

* The ICE BofA 1-5 Year U.S. Corporate & Government Bond Index tracks the performance of US dollar denominated investment grade debt publicly issued in the U.S. domestic market,including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 5 years, calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the ICE BofA 1-5 Year U.S. Corporate & Government Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Allocation to and issue selection within asset-backed securities had a positive impact on performance. While issue selection within investment grade corporates aided performance, the Fund's underweight to the sector versus the Index detracted. In addition, issue selection within high yield corporate bonds had a negative impact on performance as higher quality cohorts underperformed. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Asset-backed securities<br>| Positive<br>| Allocation to and issue selection within asset-backed securities had a positive impact on performance relative to the Index.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated issues, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index detracted.<br>|
| High yield corporate bonds | Negative | Issue selection within high yield corporate bonds had a negative impact on performance as higher quality cohorts underperformed. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755308.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Low Duration Core Plus Bond Fund (Class C/PCMZX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 4.26% | 1.79% | 1.78% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-5 Year U.S. Corporate & Government Bond Index** | 4.17% | 1.44% | 2.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$458733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 33% |
| Mortgage-Backed Securities |  | 27% |
| Corporate Bonds and Notes |  | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| U.S. Government Securities |  | 7% |
| Leveraged Loans |  | 3% |
| Other (includes securities lending collateral) |  | 5% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8266 Virtus Newfleet Low Duration Core Plus Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Low Duration Core Plus Bond Fund
Class I / HIBIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Low Duration Core Plus Bond Fund<br>Class I / HIBIX | $51 | 0.50% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 5.40%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-5 Year U.S. Corporate & Government Bond Index, which serves as the style-specific index, returned 4.17%. 

* 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 is not available for direct investment. 

* The ICE BofA 1-5 Year U.S. Corporate & Government Bond Index tracks the performance of US dollar denominated investment grade debt publicly issued in the U.S. domestic market,including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 5 years, calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the ICE BofA 1-5 Year U.S. Corporate & Government Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Allocation to and issue selection within asset-backed securities had a positive impact on performance. While issue selection within investment grade corporates aided performance, the Fund's underweight to the sector versus the Index detracted. In addition, issue selection within high yield corporate bonds had a negative impact on performance as higher quality cohorts underperformed. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Asset-backed securities<br>| Positive<br>| Allocation to and issue selection within asset-backed securities had a positive impact on performance relative to the Index.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated issues, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index detracted.<br>|
| High yield corporate bonds | Negative | Issue selection within high yield corporate bonds had a negative impact on performance as higher quality cohorts underperformed. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10755351.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Low Duration Core Plus Bond Fund (Class I/HIBIX) at NAV<sup>(1)</sup>** | 5.40% | 2.83% | 2.81% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-5 Year U.S. Corporate & Government Bond Index** | 4.17% | 1.44% | 2.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$458733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 33% |
| Mortgage-Backed Securities |  | 27% |
| Corporate Bonds and Notes |  | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| U.S. Government Securities |  | 7% |
| Leveraged Loans |  | 3% |
| Other (includes securities lending collateral) |  | 5% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8267 Virtus Newfleet Low Duration Core Plus Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Low Duration Core Plus Bond Fund
Class R6 / VLDRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Low Duration Core Plus Bond Fund<br>Class R6 / VLDRX | $44 | 0.43% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 5.47%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-5 Year U.S. Corporate & Government Bond Index, which serves as the style-specific index, returned 4.17%. 

* 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 is not available for direct investment. 

* The ICE BofA 1-5 Year U.S. Corporate & Government Bond Index tracks the performance of US dollar denominated investment grade debt publicly issued in the U.S. domestic market,including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 5 years, calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the ICE BofA 1-5 Year U.S. Corporate & Government Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Allocation to and issue selection within asset-backed securities had a positive impact on performance. While issue selection within investment grade corporates aided performance, the Fund's underweight to the sector versus the Index detracted. In addition, issue selection within high yield corporate bonds had a negative impact on performance as higher quality cohorts underperformed. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Asset-backed securities<br>| Positive<br>| Allocation to and issue selection within asset-backed securities had a positive impact on performance relative to the Index.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated issues, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index detracted.<br>|
| High yield corporate bonds | Negative | Issue selection within high yield corporate bonds had a negative impact on performance as higher quality cohorts underperformed. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (December 20, 2018). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10755394.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Newfleet Low Duration Core Plus Bond Fund (Class R6/VLDRX) at NAV<sup>(1)</sup>** | 5.47% | 2.90% | 3.41% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.92% |
| **ICE BofA 1-5 Year U.S. Corporate & Government Bond Index** | 4.17% | 1.44% | 2.49% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$458733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;542 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$951 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 33% |
| Mortgage-Backed Securities |  | 27% |
| Corporate Bonds and Notes |  | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| U.S. Government Securities |  | 7% |
| Leveraged Loans |  | 3% |
| Other (includes securities lending collateral) |  | 5% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8268 Virtus Newfleet Low Duration Core Plus Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Fund
Class A / NAMFX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund<br>Class A / NAMFX | $102 | 0.99% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 5.56%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Allocation to and issue selection within emerging markets sovereign debt aided performance. Issue selection within investment grade corporate bonds had a positive impact on performance during the period, however, the Fund's underweight detracted. In addition, issue selection within bank loans had a negative impact, but the allocation to the sector was beneficial. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Emerging markets sovereign debt<br>| Positive<br>| The Fund's allocation to and issue selection within emerging markets sovereign debt aided performance.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated issues, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index was a detractor.<br>|
| Bank loans | Mixed | The Fund's allocation to bank loans had a positive impact on performance, however, issue selection within the sector detracted. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755437.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Intermediate Bond Fund (Class A/NAMFX) at NAV<sup>(1)</sup>** | 5.56% | 3.26% | 4.09% |
| **Virtus Newfleet Multi-Sector Intermediate Bond Fund (Class A/NAMFX) at POP<sup>(2),(3)</sup>** | 1.60% | 2.47% | 3.69% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$842621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12% |  |
| Mortgage-Backed Securities |  | 24% |
| Foreign Government Securities |  | 14% |
| Asset-Backed Securities |  | 13% |
| Leveraged Loans |  | 8% |
| U.S. Government Securities |  | 5% |
| Securities Lending Collateral |  | 1% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8270 Virtus Newfleet Multi-Sector Intermediate Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Fund
Class C / NCMFX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund<br>Class C / NCMFX | $178 | 1.74% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 4.71%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Allocation to and issue selection within emerging markets sovereign debt aided performance. Issue selection within investment grade corporate bonds had a positive impact on performance during the period, however, the Fund's underweight detracted. In addition, issue selection within bank loans had a negative impact, but the allocation to the sector was beneficial. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Emerging markets sovereign debt<br>| Positive<br>| The Fund's allocation to and issue selection within emerging markets sovereign debt aided performance.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated issues, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index was a detractor.<br>|
| Bank loans | Mixed | The Fund's allocation to bank loans had a positive impact on performance, however, issue selection within the sector detracted. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755480.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Intermediate Bond Fund (Class C/NCMFX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 4.71% | 2.47% | 3.30% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$842621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12% |  |
| Mortgage-Backed Securities |  | 24% |
| Foreign Government Securities |  | 14% |
| Asset-Backed Securities |  | 13% |
| Leveraged Loans |  | 8% |
| U.S. Government Securities |  | 5% |
| Securities Lending Collateral |  | 1% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8271 Virtus Newfleet Multi-Sector Intermediate Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Fund
Class I / VMFIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund<br>Class I / VMFIX | $76 | 0.74% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 5.69%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Allocation to and issue selection within emerging markets sovereign debt aided performance. Issue selection within investment grade corporate bonds had a positive impact on performance during the period, however, the Fund's underweight detracted. In addition, issue selection within bank loans had a negative impact, but the allocation to the sector was beneficial. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Emerging markets sovereign debt<br>| Positive<br>| The Fund's allocation to and issue selection within emerging markets sovereign debt aided performance.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated issues, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index was a detractor.<br>|
| Bank loans | Mixed | The Fund's allocation to bank loans had a positive impact on performance, however, issue selection within the sector detracted. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10755523.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Intermediate Bond Fund (Class I/VMFIX) at NAV<sup>(1)</sup>** | 5.69% | 3.50% | 4.34% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$842621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12% |  |
| Mortgage-Backed Securities |  | 24% |
| Foreign Government Securities |  | 14% |
| Asset-Backed Securities |  | 13% |
| Leveraged Loans |  | 8% |
| U.S. Government Securities |  | 5% |
| Securities Lending Collateral |  | 1% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8272 Virtus Newfleet Multi-Sector Intermediate Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Fund
Class R6 / VMFRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund<br>Class R6 / VMFRX | $62 | 0.60% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 5.90%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the Bloomberg U.S. Aggregate Bond Index (the "Index") for the 12-month period. The Fund's underweight to U.S. Treasuries was a key contributor to performance. Allocation to and issue selection within emerging markets sovereign debt aided performance. Issue selection within investment grade corporate bonds had a positive impact on performance during the period, however, the Fund's underweight detracted. In addition, issue selection within bank loans had a negative impact, but the allocation to the sector was beneficial. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. Treasuries<br>| Positive<br>| The Fund's underweight to U.S. Treasuries had a positive impact on performance, as spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt.<br>|
| Emerging markets sovereign debt<br>| Positive<br>| The Fund's allocation to and issue selection within emerging markets sovereign debt aided performance.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated issues, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index was a detractor.<br>|
| Bank loans | Mixed | The Fund's allocation to bank loans had a positive impact on performance, however, issue selection within the sector detracted. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10755566.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Intermediate Bond Fund (Class R6/VMFRX) at NAV<sup>(1)</sup>** | 5.90% | 3.67% | 4.48% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$842621 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;821 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;76% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12% |  |
| Mortgage-Backed Securities |  | 24% |
| Foreign Government Securities |  | 14% |
| Asset-Backed Securities |  | 13% |
| Leveraged Loans |  | 8% |
| U.S. Government Securities |  | 5% |
| Securities Lending Collateral |  | 1% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8273 Virtus Newfleet Multi-Sector Intermediate Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class A / NARAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class A / NARAX | $92 | 0.90% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 4.94%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-3 Year A-BBB U.S. Corporate Index, which serves as the style-specific index, returned 4.92%. 

* 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 is not available for direct investment. 

* The ICE BofA 1-3 Year A-BBB U.S. Corporate Index measures performance of U.S. corporate bond issues rated A1 through BBB3, inclusive (based on an average of Moody's, S&P and Fitch), with a remaining term to final maturity less than 3 years. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the ICE BofA 1-3 Year A-BBB U.S. Corporate Index (the "Index") for the 12-month period. The Fund's overweights to emerging markets sovereign debt and high yield corporate bonds were positive for the period, however, issue selection in both sectors was a detractor. Issue selection within investment grade corporate bonds contributed to performance, however, the underweight to the sector versus the Index had a negative impact. The Fund's overweight to U.S. Treasuries was negative for the fiscal year, as most spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Emerging markets (EM) sovereign debt<br>| Mixed<br>| The Fund's allocation to EM sovereign bonds aided performance. Issue selection, however, had a negative impact during the fiscal year.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated bonds, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index was a detractor.<br>|
| High yield corporate bonds<br>| Mixed<br>| The Fund's allocation to high yield corporate bonds had a positive impact on performance, however, the higher quality positioning within the sector was a detractor.<br>|
| U.S. Treasuries | Negative | The Fund's allocation to U.S. Treasuries had a negative impact on performance, as most spread sectors outperformed Treasuries during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755609.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Short Term Bond Fund (Class A/NARAX) at NAV<sup>(1)</sup>** | 4.94% | 2.75% | 2.94% |
| **Virtus Newfleet Multi-Sector Short Term Bond Fund (Class A/NARAX) at POP<sup>(2),(3)</sup>** | 2.58% | 2.28% | 2.71% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-3 Year A-BBB U.S. Corporate Index** | 4.92% | 2.44% | 2.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4698763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$17952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 25% |
| U.S. Government Securities |  | 7% |
| Foreign Government Securities |  | 6% |
| Leveraged Loans |  | 6% |
| Other (includes short-term investment and securities lending collateral) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8276 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class C / PSTCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class C / PSTCX | $119 | 1.16% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 4.84%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-3 Year A-BBB U.S. Corporate Index, which serves as the style-specific index, returned 4.92%. 

* 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 is not available for direct investment. 

* The ICE BofA 1-3 Year A-BBB U.S. Corporate Index measures performance of U.S. corporate bond issues rated A1 through BBB3, inclusive (based on an average of Moody's, S&P and Fitch), with a remaining term to final maturity less than 3 years. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the ICE BofA 1-3 Year A-BBB U.S. Corporate Index (the "Index") for the 12-month period. The Fund's overweights to emerging markets sovereign debt and high yield corporate bonds were positive for the period, however, issue selection in both sectors was a detractor. Issue selection within investment grade corporate bonds contributed to performance, however, the underweight to the sector versus the Index had a negative impact. The Fund's overweight to U.S. Treasuries was negative for the fiscal year, as most spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Emerging markets (EM) sovereign debt<br>| Mixed<br>| The Fund's allocation to EM sovereign bonds aided performance. Issue selection, however, had a negative impact during the fiscal year.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated bonds, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index was a detractor.<br>|
| High yield corporate bonds<br>| Mixed<br>| The Fund's allocation to high yield corporate bonds had a positive impact on performance, however, the higher quality positioning within the sector was a detractor.<br>|
| U.S. Treasuries | Negative | The Fund's allocation to U.S. Treasuries had a negative impact on performance, as most spread sectors outperformed Treasuries during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755652.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Short Term Bond Fund (Class C/PSTCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 4.84% | 2.53% | 2.69% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-3 Year A-BBB U.S. Corporate Index** | 4.92% | 2.44% | 2.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4698763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$17952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 25% |
| U.S. Government Securities |  | 7% |
| Foreign Government Securities |  | 6% |
| Leveraged Loans |  | 6% |
| Other (includes short-term investment and securities lending collateral) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8277 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class C1 / PMSTX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class C1 / PMSTX | $169 | 1.66% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class C1 shares at NAV returned 4.11%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-3 Year A-BBB U.S. Corporate Index, which serves as the style-specific index, returned 4.92%. 

* 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 is not available for direct investment. 

* The ICE BofA 1-3 Year A-BBB U.S. Corporate Index measures performance of U.S. corporate bond issues rated A1 through BBB3, inclusive (based on an average of Moody's, S&P and Fitch), with a remaining term to final maturity less than 3 years. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the ICE BofA 1-3 Year A-BBB U.S. Corporate Index (the "Index") for the 12-month period. The Fund's overweights to emerging markets sovereign debt and high yield corporate bonds were positive for the period, however, issue selection in both sectors was a detractor. Issue selection within investment grade corporate bonds contributed to performance, however, the underweight to the sector versus the Index had a negative impact. The Fund's overweight to U.S. Treasuries was negative for the fiscal year, as most spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Emerging markets (EM) sovereign debt<br>| Mixed<br>| The Fund's allocation to EM sovereign bonds aided performance. Issue selection, however, had a negative impact during the fiscal year.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated bonds, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index was a detractor.<br>|
| High yield corporate bonds<br>| Mixed<br>| The Fund's allocation to high yield corporate bonds had a positive impact on performance, however, the higher quality positioning within the sector was a detractor.<br>|
| U.S. Treasuries | Negative | The Fund's allocation to U.S. Treasuries had a negative impact on performance, as most spread sectors outperformed Treasuries during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C1 shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755695.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Short Term Bond Fund (Class C1/PMSTX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 4.11% | 1.99% | 2.19% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-3 Year A-BBB U.S. Corporate Index** | 4.92% | 2.44% | 2.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4698763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$17952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 25% |
| U.S. Government Securities |  | 7% |
| Foreign Government Securities |  | 6% |
| Leveraged Loans |  | 6% |
| Other (includes short-term investment and securities lending collateral) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C1 shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C1 shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C1 share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8278 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class I / PIMSX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class I / PIMSX | $67 | 0.65% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 5.20%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-3 Year A-BBB U.S. Corporate Index, which serves as the style-specific index, returned 4.92%. 

* 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 is not available for direct investment. 

* The ICE BofA 1-3 Year A-BBB U.S. Corporate Index measures performance of U.S. corporate bond issues rated A1 through BBB3, inclusive (based on an average of Moody's, S&P and Fitch), with a remaining term to final maturity less than 3 years. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the ICE BofA 1-3 Year A-BBB U.S. Corporate Index (the "Index") for the 12-month period. The Fund's overweights to emerging markets sovereign debt and high yield corporate bonds were positive for the period, however, issue selection in both sectors was a detractor. Issue selection within investment grade corporate bonds contributed to performance, however, the underweight to the sector versus the Index had a negative impact. The Fund's overweight to U.S. Treasuries was negative for the fiscal year, as most spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Emerging markets (EM) sovereign debt<br>| Mixed<br>| The Fund's allocation to EM sovereign bonds aided performance. Issue selection, however, had a negative impact during the fiscal year.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated bonds, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index was a detractor.<br>|
| High yield corporate bonds<br>| Mixed<br>| The Fund's allocation to high yield corporate bonds had a positive impact on performance, however, the higher quality positioning within the sector was a detractor.<br>|
| U.S. Treasuries | Negative | The Fund's allocation to U.S. Treasuries had a negative impact on performance, as most spread sectors outperformed Treasuries during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10755738.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Multi-Sector Short Term Bond Fund (Class I/PIMSX) at NAV<sup>(1)</sup>** | 5.20% | 3.05% | 3.20% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-3 Year A-BBB U.S. Corporate Index** | 4.92% | 2.44% | 2.72% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4698763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$17952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 25% |
| U.S. Government Securities |  | 7% |
| Foreign Government Securities |  | 6% |
| Leveraged Loans |  | 6% |
| Other (includes short-term investment and securities lending collateral) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8279 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class R6 / VMSSX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class R6 / VMSSX | $53 | 0.52% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 5.06%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-3 Year A-BBB U.S. Corporate Index, which serves as the style-specific index, returned 4.92%. 

* 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 is not available for direct investment. 

* The ICE BofA 1-3 Year A-BBB U.S. Corporate Index measures performance of U.S. corporate bond issues rated A1 through BBB3, inclusive (based on an average of Moody's, S&P and Fitch), with a remaining term to final maturity less than 3 years. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Sector allocation and issue selection contributed to returns relative to the ICE BofA 1-3 Year A-BBB U.S. Corporate Index (the "Index") for the 12-month period. The Fund's overweights to emerging markets sovereign debt and high yield corporate bonds were positive for the period, however, issue selection in both sectors was a detractor. Issue selection within investment grade corporate bonds contributed to performance, however, the underweight to the sector versus the Index had a negative impact. The Fund's overweight to U.S. Treasuries was negative for the fiscal year, as most spread sectors outpaced Treasuries during the period. Spread sectors are investments other than risk-free government debt. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Emerging markets (EM) sovereign debt<br>| Mixed<br>| The Fund's allocation to EM sovereign bonds aided performance. Issue selection, however, had a negative impact during the fiscal year.<br>|
| Investment grade corporate bonds<br>| Mixed<br>| Issue selection, driven by the Fund's overweight to BBB-rated bonds, had a positive impact on performance. However, the Fund's underweight to investment grade bonds versus the Index was a detractor.<br>|
| High yield corporate bonds<br>| Mixed<br>| The Fund's allocation to high yield corporate bonds had a positive impact on performance, however, the higher quality positioning within the sector was a detractor.<br>|
| U.S. Treasuries | Negative | The Fund's allocation to U.S. Treasuries had a negative impact on performance, as most spread sectors outperformed Treasuries during the reporting period. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (November 3, 2016). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10755781.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Newfleet Multi-Sector Short Term Bond Fund (Class R6/VMSSX) at NAV<sup>(1)</sup>** | 5.06% | 3.12% | 3.15% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.57% |
| **ICE BofA 1-3 Year A-BBB U.S. Corporate Index** | 4.92% | 2.44% | 2.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4698763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$17952 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 25% |
| U.S. Government Securities |  | 7% |
| Foreign Government Securities |  | 6% |
| Leveraged Loans |  | 6% |
| Other (includes short-term investment and securities lending collateral) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8280 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Senior Floating Rate Fund
Class A / PSFRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Senior Floating Rate Fund<br>Class A / PSFRX | $96 | 0.93% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 5.81%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the S&P UBS Leveraged Loan Index, which serves as the style-specific index, returned 7.09%. 

* 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 is not available for direct investment. 

* The S&P UBS Leveraged Loan Index is a market-weighted index that tracks the investable universe of the U.S. dollar denominated leveraged loans. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's overweights to the broadcasting and cable/wireless video sectors contributed to performance relative to the S&P UBS Leveraged Loan Index (the "Index"), along with underweights to automotive, chemicals, and land transportation. Issue selection within broadcasting, retail, services, chemicals, and manufacturing were contributors, along with selection within the B, Split BB, and CC, C, and Default rating tiers. The Fund's cash holdings also contributed. An underweight and issue selection within financials detracted from performance, as did an overweight and issue selection within food/tobacco. Issue selection within forest products/containers, telecommunications, consumer non-durables, and information technology also detracted. Underweights and issue selection in Split B and non-rated credits hurt performance, along with issue selection within CCC/Split CCC and BB credits. A slight overweight to the CC, C, and Default tier detracted, though this was offset by positive issue selection.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Trade policy and tariffs<br>| Negative<br>| Aggressive tariff announcements in early 2025 ("Liberation Day") triggered sharp volatility and increased recession probabilities, though conditions stabilized in later months.<br>|
| Federal Reserve policy and volatility<br>| Negative<br>| Uncertainty around the Federal Reserve's (the Fed's) rate cut path, along with its eventual rate cut in September, created periods of volatility. Loans underperformed credit-sensitive fixed rate assets during these times, and yields to investors declined as borrowers refinanced into lower borrowing costs.<br>|
| Positive supply/demand dynamics<br>| Positive<br>| Throughout the period, the loan market experienced a persistent shortage in new issuance, with demand from retail investors as well as robust collateralized loan obligation (CLO) issuance—a key driver of demand within the loan market—outstripping net new supply.<br>|
| Resilient fundamentals | Positive | Income carry—interest income generated from holding a loan asset—was the primary driver of returns, with yields to maturity (YTM) consistently above historical averages. YTM is the expected annual rate of return earned on a debt-based investment assuming that the debt is held until maturity. The macroeconomic backdrop was resilient, with real gross domestic product (GDP) growth slowing but remaining positive. While lower interest rates decreased yields for investors, corporate borrowers benefited from lower borrowing costs. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755824.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Senior Floating Rate Fund (Class A/PSFRX) at NAV<sup>(1)</sup>** | 5.81% | 6.12% | 4.34% |
| **Virtus Newfleet Senior Floating Rate Fund (Class A/PSFRX) at POP<sup>(2),(3)</sup>** | 2.90% | 5.53% | 4.05% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **S&P UBS Leveraged Loan Index** | 7.09% | 6.88% | 5.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$171378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 39% |  |
| Corporate Bonds and Notes |  | 4% |
| Exchange-Traded Funds |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8281 Virtus Newfleet Senior Floating Rate Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Senior Floating Rate Fund
Class C / PFSRX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Senior Floating Rate Fund<br>Class C / PFSRX | $172 | 1.68% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 4.91%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the S&P UBS Leveraged Loan Index, which serves as the style-specific index, returned 7.09%. 

* 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 is not available for direct investment. 

* The S&P UBS Leveraged Loan Index is a market-weighted index that tracks the investable universe of the U.S. dollar denominated leveraged loans. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's overweights to the broadcasting and cable/wireless video sectors contributed to performance relative to the S&P UBS Leveraged Loan Index (the "Index"), along with underweights to automotive, chemicals, and land transportation. Issue selection within broadcasting, retail, services, chemicals, and manufacturing were contributors, along with selection within the B, Split BB, and CC, C, and Default rating tiers. The Fund's cash holdings also contributed. An underweight and issue selection within financials detracted from performance, as did an overweight and issue selection within food/tobacco. Issue selection within forest products/containers, telecommunications, consumer non-durables, and information technology also detracted. Underweights and issue selection in Split B and non-rated credits hurt performance, along with issue selection within CCC/Split CCC and BB credits. A slight overweight to the CC, C, and Default tier detracted, though this was offset by positive issue selection.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Trade policy and tariffs<br>| Negative<br>| Aggressive tariff announcements in early 2025 ("Liberation Day") triggered sharp volatility and increased recession probabilities, though conditions stabilized in later months.<br>|
| Federal Reserve policy and volatility<br>| Negative<br>| Uncertainty around the Federal Reserve's (the Fed's) rate cut path, along with its eventual rate cut in September, created periods of volatility. Loans underperformed credit-sensitive fixed rate assets during these times, and yields to investors declined as borrowers refinanced into lower borrowing costs.<br>|
| Positive supply/demand dynamics<br>| Positive<br>| Throughout the period, the loan market experienced a persistent shortage in new issuance, with demand from retail investors as well as robust collateralized loan obligation (CLO) issuance—a key driver of demand within the loan market—outstripping net new supply.<br>|
| Resilient fundamentals | Positive | Income carry—interest income generated from holding a loan asset—was the primary driver of returns, with yields to maturity (YTM) consistently above historical averages. YTM is the expected annual rate of return earned on a debt-based investment assuming that the debt is held until maturity. The macroeconomic backdrop was resilient, with real gross domestic product (GDP) growth slowing but remaining positive. While lower interest rates decreased yields for investors, corporate borrowers benefited from lower borrowing costs. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755867.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Senior Floating Rate Fund (Class C/PFSRX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 4.91% | 5.33% | 3.57% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **S&P UBS Leveraged Loan Index** | 7.09% | 6.88% | 5.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$171378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 39% |  |
| Corporate Bonds and Notes |  | 4% |
| Exchange-Traded Funds |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8282 Virtus Newfleet Senior Floating Rate Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Senior Floating Rate Fund
Class I / PSFIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Senior Floating Rate Fund<br>Class I / PSFIX | $70 | 0.68% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 5.95%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the S&P UBS Leveraged Loan Index, which serves as the style-specific index, returned 7.09%. 

* 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 is not available for direct investment. 

* The S&P UBS Leveraged Loan Index is a market-weighted index that tracks the investable universe of the U.S. dollar denominated leveraged loans. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's overweights to the broadcasting and cable/wireless video sectors contributed to performance relative to the S&P UBS Leveraged Loan Index (the "Index"), along with underweights to automotive, chemicals, and land transportation. Issue selection within broadcasting, retail, services, chemicals, and manufacturing were contributors, along with selection within the B, Split BB, and CC, C, and Default rating tiers. The Fund's cash holdings also contributed. An underweight and issue selection within financials detracted from performance, as did an overweight and issue selection within food/tobacco. Issue selection within forest products/containers, telecommunications, consumer non-durables, and information technology also detracted. Underweights and issue selection in Split B and non-rated credits hurt performance, along with issue selection within CCC/Split CCC and BB credits. A slight overweight to the CC, C, and Default tier detracted, though this was offset by positive issue selection.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Trade policy and tariffs<br>| Negative<br>| Aggressive tariff announcements in early 2025 ("Liberation Day") triggered sharp volatility and increased recession probabilities, though conditions stabilized in later months.<br>|
| Federal Reserve policy and volatility<br>| Negative<br>| Uncertainty around the Federal Reserve's (the Fed's) rate cut path, along with its eventual rate cut in September, created periods of volatility. Loans underperformed credit-sensitive fixed rate assets during these times, and yields to investors declined as borrowers refinanced into lower borrowing costs.<br>|
| Positive supply/demand dynamics<br>| Positive<br>| Throughout the period, the loan market experienced a persistent shortage in new issuance, with demand from retail investors as well as robust collateralized loan obligation (CLO) issuance—a key driver of demand within the loan market—outstripping net new supply.<br>|
| Resilient fundamentals | Positive | Income carry—interest income generated from holding a loan asset—was the primary driver of returns, with yields to maturity (YTM) consistently above historical averages. YTM is the expected annual rate of return earned on a debt-based investment assuming that the debt is held until maturity. The macroeconomic backdrop was resilient, with real gross domestic product (GDP) growth slowing but remaining positive. While lower interest rates decreased yields for investors, corporate borrowers benefited from lower borrowing costs. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10755910.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Senior Floating Rate Fund (Class I/PSFIX) at NAV<sup>(1)</sup>** | 5.95% | 6.39% | 4.60% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **S&P UBS Leveraged Loan Index** | 7.09% | 6.88% | 5.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$171378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 39% |  |
| Corporate Bonds and Notes |  | 4% |
| Exchange-Traded Funds |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8283 Virtus Newfleet Senior Floating Rate Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Newfleet Senior Floating Rate Fund
Class R6 / VRSFX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Senior Floating Rate Fund<br>Class R6 / VRSFX | $60 | 0.58% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 6.18%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the S&P UBS Leveraged Loan Index, which serves as the style-specific index, returned 7.09%. 

* 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 is not available for direct investment. 

* The S&P UBS Leveraged Loan Index is a market-weighted index that tracks the investable universe of the U.S. dollar denominated leveraged loans. 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund's overweights to the broadcasting and cable/wireless video sectors contributed to performance relative to the S&P UBS Leveraged Loan Index (the "Index"), along with underweights to automotive, chemicals, and land transportation. Issue selection within broadcasting, retail, services, chemicals, and manufacturing were contributors, along with selection within the B, Split BB, and CC, C, and Default rating tiers. The Fund's cash holdings also contributed. An underweight and issue selection within financials detracted from performance, as did an overweight and issue selection within food/tobacco. Issue selection within forest products/containers, telecommunications, consumer non-durables, and information technology also detracted. Underweights and issue selection in Split B and non-rated credits hurt performance, along with issue selection within CCC/Split CCC and BB credits. A slight overweight to the CC, C, and Default tier detracted, though this was offset by positive issue selection.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Trade policy and tariffs<br>| Negative<br>| Aggressive tariff announcements in early 2025 ("Liberation Day") triggered sharp volatility and increased recession probabilities, though conditions stabilized in later months.<br>|
| Federal Reserve policy and volatility<br>| Negative<br>| Uncertainty around the Federal Reserve's (the Fed's) rate cut path, along with its eventual rate cut in September, created periods of volatility. Loans underperformed credit-sensitive fixed rate assets during these times, and yields to investors declined as borrowers refinanced into lower borrowing costs.<br>|
| Positive supply/demand dynamics<br>| Positive<br>| Throughout the period, the loan market experienced a persistent shortage in new issuance, with demand from retail investors as well as robust collateralized loan obligation (CLO) issuance—a key driver of demand within the loan market—outstripping net new supply.<br>|
| Resilient fundamentals | Positive | Income carry—interest income generated from holding a loan asset—was the primary driver of returns, with yields to maturity (YTM) consistently above historical averages. YTM is the expected annual rate of return earned on a debt-based investment assuming that the debt is held until maturity. The macroeconomic backdrop was resilient, with real gross domestic product (GDP) growth slowing but remaining positive. While lower interest rates decreased yields for investors, corporate borrowers benefited from lower borrowing costs. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (November 3, 2016). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10755953.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Newfleet Senior Floating Rate Fund (Class R6/VRSFX) at NAV<sup>(1)</sup>** | 6.18% | 6.55% | 4.74% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.57% |
| **S&P UBS Leveraged Loan Index** | 7.09% | 6.88% | 5.45% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$171378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;104% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 94% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 39% |  |
| Corporate Bonds and Notes |  | 4% |
| Exchange-Traded Funds |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8284 Virtus Newfleet Senior Floating Rate Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Seix Tax-Exempt Bond Fund
Class A / HXBZX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Seix Tax-Exempt Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Tax-Exempt Bond Fund<br>Class A / HXBZX | $84 | 0.83% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 1.25%. For the same period, the Bloomberg Municipal Bond Index, a broad-based securities market index, returned 1.39% and the ICE BofA 1-22 Year U.S. Municipal Securities Index, which serves as the style-specific index, returned 2.20%. 

* The Bloomberg Municipal Bond Index is a market capitalization-weighted index that measures the long-term tax-exempt 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 is not available for direct investment. 

* The ICE BofA 1-22 Year U.S. Municipal Securities Index is a subset of the ICE BofA U.S. Municipal Securities Index including all securities with a remaining term to final maturity less than 22 years, calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Overweight allocations to the industrial development revenue (IDR) sectors, along with underweights in health care bonds, contributed to Fund performance relative to its style-specific benchmark, the ICE BofA 1-22 Year U.S. Municipal Securities Index (the "Index"), for the fiscal year. Underweight allocations to the power and housing sectors, as well as overweights to the transportation and leasing sectors, detracted from performance. Municipal bond selection in IDR, local general obligation (GO) bonds, and leasing contributed to performance, while municipal bonds with lower coupons and long-dated maturities detracted. Coupon refers to the annual interest rate paid on a bond. The largest contributors to performance for the 12-month period were issues of Public Authority for Colorado Energy, Philadelphia, PA, and Miami-Dade County, FL. The biggest detractors from performance during the period were Buckeye Ohio, Santa Clarita Community College, and Dallas Texas Independent School District. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strong allocation and selection within IDR sectors<br>| Positive<br>| IDRs were among the best-performing sectors during the reporting period, so having more exposure than the Index contributed to performance. Within the Fund's holdings, one IDR bond was responsible for a significant contribution to performance.<br>|
| The municipal yield curve steepened, with longer maturities underperforming<br>| Negative<br>| Interest rates moved higher as maturities got longer, especially maturities greater than five years. The Fund was overweight to 10-year, 15-year and 22+-year bonds versus the Index. Longer maturity bonds had the weakest return during the reporting period.<br>|
| Lower-coupon bonds underperformed<br>| Positive<br>| The Fund was underexposed to 4% coupon municipal bonds relative to the Index and benefited from the underweight, as these municipal bonds produced weaker performance during the fiscal year.<br>|
| Credit spreads widened | Negative | The Fund was overweight to A- and BBB-rated municipal bonds versus the Index. Spread widening in lower-rated credits detracted from performance for the period. Spread refers to the additional yield the market demands from lower-rated bonds versus higher-quality bonds. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10755996.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Tax-Exempt Bond Fund (Class A/HXBZX) at NAV<sup>(1)</sup>** | 1.25% | 0.38% | 1.66% |
| **Virtus Seix Tax-Exempt Bond Fund (Class A/HXBZX) at POP<sup>(2),(3)</sup>** | (1.54)% | (0.17)% | 1.38% |
| **Bloomberg Municipal Bond Index** | 1.39% | 0.86% | 2.34% |
| **ICE BofA 1-22 Year U.S. Municipal Securities Index** | 2.20% | 1.19% | 2.33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$47919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8340 Virtus Seix Tax-Exempt Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Seix Tax-Exempt Bond Fund
Class C / PXCZX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Seix Tax-Exempt Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Tax-Exempt Bond Fund<br>Class C / PXCZX | $158 | 1.58% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 0.49%. For the same period, the Bloomberg Municipal Bond Index, a broad-based securities market index, returned 1.39% and the ICE BofA 1-22 Year U.S. Municipal Securities Index, which serves as the style-specific index, returned 2.20%. 

* The Bloomberg Municipal Bond Index is a market capitalization-weighted index that measures the long-term tax-exempt 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 is not available for direct investment. 

* The ICE BofA 1-22 Year U.S. Municipal Securities Index is a subset of the ICE BofA U.S. Municipal Securities Index including all securities with a remaining term to final maturity less than 22 years, calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Overweight allocations to the industrial development revenue (IDR) sectors, along with underweights in health care bonds, contributed to Fund performance relative to its style-specific benchmark, the ICE BofA 1-22 Year U.S. Municipal Securities Index (the "Index"), for the fiscal year. Underweight allocations to the power and housing sectors, as well as overweights to the transportation and leasing sectors, detracted from performance. Municipal bond selection in IDR, local general obligation (GO) bonds, and leasing contributed to performance, while municipal bonds with lower coupons and long-dated maturities detracted. Coupon refers to the annual interest rate paid on a bond. The largest contributors to performance for the 12-month period were issues of Public Authority for Colorado Energy, Philadelphia, PA, and Miami-Dade County, FL. The biggest detractors from performance during the period were Buckeye Ohio, Santa Clarita Community College, and Dallas Texas Independent School District. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strong allocation and selection within IDR sectors<br>| Positive<br>| IDRs were among the best-performing sectors during the reporting period, so having more exposure than the Index contributed to performance. Within the Fund's holdings, one IDR bond was responsible for a significant contribution to performance.<br>|
| The municipal yield curve steepened, with longer maturities underperforming<br>| Negative<br>| Interest rates moved higher as maturities got longer, especially maturities greater than five years. The Fund was overweight to 10-year, 15-year and 22+-year bonds versus the Index. Longer maturity bonds had the weakest return during the reporting period.<br>|
| Lower-coupon bonds underperformed<br>| Positive<br>| The Fund was underexposed to 4% coupon municipal bonds relative to the Index and benefited from the underweight, as these municipal bonds produced weaker performance during the fiscal year.<br>|
| Credit spreads widened | Negative | The Fund was overweight to A- and BBB-rated municipal bonds versus the Index. Spread widening in lower-rated credits detracted from performance for the period. Spread refers to the additional yield the market demands from lower-rated bonds versus higher-quality bonds. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10756039.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Tax-Exempt Bond Fund (Class C/PXCZX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 0.49% | (0.37)% | 0.90% |
| **Bloomberg Municipal Bond Index** | 1.39% | 0.86% | 2.34% |
| **ICE BofA 1-22 Year U.S. Municipal Securities Index** | 2.20% | 1.19% | 2.33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$47919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8341 Virtus Seix Tax-Exempt Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus Seix Tax-Exempt Bond Fund
Class I / HXBIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Seix Tax-Exempt Bond Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Tax-Exempt Bond Fund<br>Class I / HXBIX | $58 | 0.58% |

---

Portfolio Manager Commentary by Seix Investment Advisors

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 1.50%. For the same period, the Bloomberg Municipal Bond Index, a broad-based securities market index, returned 1.39% and the ICE BofA 1-22 Year U.S. Municipal Securities Index, which serves as the style-specific index, returned 2.20%. 

* The Bloomberg Municipal Bond Index is a market capitalization-weighted index that measures the long-term tax-exempt 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 is not available for direct investment. 

* The ICE BofA 1-22 Year U.S. Municipal Securities Index is a subset of the ICE BofA U.S. Municipal Securities Index including all securities with a remaining term to final maturity less than 22 years, calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Overweight allocations to the industrial development revenue (IDR) sectors, along with underweights in health care bonds, contributed to Fund performance relative to its style-specific benchmark, the ICE BofA 1-22 Year U.S. Municipal Securities Index (the "Index"), for the fiscal year. Underweight allocations to the power and housing sectors, as well as overweights to the transportation and leasing sectors, detracted from performance. Municipal bond selection in IDR, local general obligation (GO) bonds, and leasing contributed to performance, while municipal bonds with lower coupons and long-dated maturities detracted. Coupon refers to the annual interest rate paid on a bond. The largest contributors to performance for the 12-month period were issues of Public Authority for Colorado Energy, Philadelphia, PA, and Miami-Dade County, FL. The biggest detractors from performance during the period were Buckeye Ohio, Santa Clarita Community College, and Dallas Texas Independent School District. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strong allocation and selection within IDR sectors<br>| Positive<br>| IDRs were among the best-performing sectors during the reporting period, so having more exposure than the Index contributed to performance. Within the Fund's holdings, one IDR bond was responsible for a significant contribution to performance.<br>|
| The municipal yield curve steepened, with longer maturities underperforming<br>| Negative<br>| Interest rates moved higher as maturities got longer, especially maturities greater than five years. The Fund was overweight to 10-year, 15-year and 22+-year bonds versus the Index. Longer maturity bonds had the weakest return during the reporting period.<br>|
| Lower-coupon bonds underperformed<br>| Positive<br>| The Fund was underexposed to 4% coupon municipal bonds relative to the Index and benefited from the underweight, as these municipal bonds produced weaker performance during the fiscal year.<br>|
| Credit spreads widened | Negative | The Fund was overweight to A- and BBB-rated municipal bonds versus the Index. Spread widening in lower-rated credits detracted from performance for the period. Spread refers to the additional yield the market demands from lower-rated bonds versus higher-quality bonds. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10756082.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Seix Tax-Exempt Bond Fund (Class I/HXBIX) at NAV<sup>(1)</sup>** | 1.50% | 0.63% | 1.91% |
| **Bloomberg Municipal Bond Index** | 1.39% | 0.86% | 2.34% |
| **ICE BofA 1-22 Year U.S. Municipal Securities Index** | 2.20% | 1.19% | 2.33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$47919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;35% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8342 Virtus Seix Tax-Exempt Bond Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus SGA Emerging Markets Equity Fund
Class A / HEMZX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Emerging Markets Equity Fund<br>Class A / HEMZX | $162 | 1.56% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 7.97%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while sector allocation effects are purely a byproduct of our fundamental, bottom-up investment process. The Fund underperformed the MSCI Emerging Markets Index (net) (the "Index") for the period. Within the Index, companies with higher growth prospects underperformed, while the reward to business quality metrics, which are key elements of our investment approach, were mixed. Companies with higher gross margins (pricing power) performed well, while companies with lower debt/equity ratios (financial strength), and greater sales stability (recurring revenues), underperformed. Stock selection within the information technology, financials, consumer staples, and materials sectors detracted from relative returns, while selection in communication services contributed. Sector allocations also detracted from relative returns, driven primarily by the Fund's significant overweight exposure to consumer staples, while a lack of exposure to energy and utilities contributed to returns. The five largest contributors to Fund performance were Tencent Music, Taiwan Semiconductor Manufacturing, Alibaba, Totvs, and Tencent. The five largest detractors from Fund performance were Infosys, Bank of Central Asia, CP All, Raia Drogasil, and Tata Consultancy Services. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Tencent Music<br>| Positive<br>| Tencent Music is the leading music company in China. Strong subscription growth continued to support pricing power and the company's development of new growth drivers across many aspects of the music ecosystem.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| The company demonstrated strong revenue growth and raised its earnings guidance due to robust demand for advanced semiconductor equipment.<br>|
| Infosys<br>| Negative<br>| Infosys is an Indian information technology (IT) services company that provides digital software development, infrastructure management, and business process outsourcing. A soft Indian equity market and sector-wide weakness, combined with conservative guidance on future earnings, led to weakness in the stock.<br>|
| Bank of Central Asia | Negative | Investor sentiment was negatively affected by broad weakness in the region, as well as slow economic growth. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10756297.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA Emerging Markets Equity Fund (Class A/HEMZX) at NAV<sup>(1)</sup>** | 7.97% | (1.59)% | 2.32% |
| **Virtus SGA Emerging Markets Equity Fund (Class A/HEMZX) at POP<sup>(2),(3)</sup>** | 2.03% | (2.70)% | 1.74% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$530556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Discretionary | 23% |
| Information Technology | 18% |
| Consumer Staples | 15% |
| Communication Services | 13% |
| Industrials | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8349 Virtus SGA Emerging Markets Equity Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus SGA Emerging Markets Equity Fund
Class C / PICEX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Emerging Markets Equity Fund<br>Class C / PICEX | $240 | 2.32% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 7.10%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while sector allocation effects are purely a byproduct of our fundamental, bottom-up investment process. The Fund underperformed the MSCI Emerging Markets Index (net) (the "Index") for the period. Within the Index, companies with higher growth prospects underperformed, while the reward to business quality metrics, which are key elements of our investment approach, were mixed. Companies with higher gross margins (pricing power) performed well, while companies with lower debt/equity ratios (financial strength), and greater sales stability (recurring revenues), underperformed. Stock selection within the information technology, financials, consumer staples, and materials sectors detracted from relative returns, while selection in communication services contributed. Sector allocations also detracted from relative returns, driven primarily by the Fund's significant overweight exposure to consumer staples, while a lack of exposure to energy and utilities contributed to returns. The five largest contributors to Fund performance were Tencent Music, Taiwan Semiconductor Manufacturing, Alibaba, Totvs, and Tencent. The five largest detractors from Fund performance were Infosys, Bank of Central Asia, CP All, Raia Drogasil, and Tata Consultancy Services. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Tencent Music<br>| Positive<br>| Tencent Music is the leading music company in China. Strong subscription growth continued to support pricing power and the company's development of new growth drivers across many aspects of the music ecosystem.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| The company demonstrated strong revenue growth and raised its earnings guidance due to robust demand for advanced semiconductor equipment.<br>|
| Infosys<br>| Negative<br>| Infosys is an Indian information technology (IT) services company that provides digital software development, infrastructure management, and business process outsourcing. A soft Indian equity market and sector-wide weakness, combined with conservative guidance on future earnings, led to weakness in the stock.<br>|
| Bank of Central Asia | Negative | Investor sentiment was negatively affected by broad weakness in the region, as well as slow economic growth. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g228299chartimages_10756340.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA Emerging Markets Equity Fund (Class C/PICEX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 7.10% | (2.28)% | 1.60% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$530556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Discretionary | 23% |
| Information Technology | 18% |
| Consumer Staples | 15% |
| Communication Services | 13% |
| Industrials | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8350 Virtus SGA Emerging Markets Equity Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus SGA Emerging Markets Equity Fund
Class I / HIEMX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Emerging Markets Equity Fund<br>Class I / HIEMX | $137 | 1.32% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended September 30, 2025, the Fund's Class I shares at NAV returned 8.18%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while sector allocation effects are purely a byproduct of our fundamental, bottom-up investment process. The Fund underperformed the MSCI Emerging Markets Index (net) (the "Index") for the period. Within the Index, companies with higher growth prospects underperformed, while the reward to business quality metrics, which are key elements of our investment approach, were mixed. Companies with higher gross margins (pricing power) performed well, while companies with lower debt/equity ratios (financial strength), and greater sales stability (recurring revenues), underperformed. Stock selection within the information technology, financials, consumer staples, and materials sectors detracted from relative returns, while selection in communication services contributed. Sector allocations also detracted from relative returns, driven primarily by the Fund's significant overweight exposure to consumer staples, while a lack of exposure to energy and utilities contributed to returns. The five largest contributors to Fund performance were Tencent Music, Taiwan Semiconductor Manufacturing, Alibaba, Totvs, and Tencent. The five largest detractors from Fund performance were Infosys, Bank of Central Asia, CP All, Raia Drogasil, and Tata Consultancy Services. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Tencent Music<br>| Positive<br>| Tencent Music is the leading music company in China. Strong subscription growth continued to support pricing power and the company's development of new growth drivers across many aspects of the music ecosystem.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| The company demonstrated strong revenue growth and raised its earnings guidance due to robust demand for advanced semiconductor equipment.<br>|
| Infosys<br>| Negative<br>| Infosys is an Indian information technology (IT) services company that provides digital software development, infrastructure management, and business process outsourcing. A soft Indian equity market and sector-wide weakness, combined with conservative guidance on future earnings, led to weakness in the stock.<br>|
| Bank of Central Asia | Negative | Investor sentiment was negatively affected by broad weakness in the region, as well as slow economic growth. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class I shares. It assumes a $100,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $100,000
![Fund Performance - Growth of 10K](g228299chartimages_10756383.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA Emerging Markets Equity Fund (Class I/HIEMX) at NAV<sup>(1)</sup>** | 8.18% | (1.30)% | 2.63% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$530556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Discretionary | 23% |
| Information Technology | 18% |
| Consumer Staples | 15% |
| Communication Services | 13% |
| Industrials | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8351 Virtus SGA Emerging Markets Equity Fund

![Virtus_FC_Logo](g228299images_29491.jpg)

## Virtus SGA Emerging Markets Equity Fund
Class R6 / VREMX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Emerging Markets Equity Fund<br>Class R6 / VREMX | $110 | 1.06% |

---

Portfolio Manager Commentary by Sustainable Growth Advisers, LP

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 8.45%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* 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 is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection is expected to be the primary driver of the Fund's returns, while sector allocation effects are purely a byproduct of our fundamental, bottom-up investment process. The Fund underperformed the MSCI Emerging Markets Index (net) (the "Index") for the period. Within the Index, companies with higher growth prospects underperformed, while the reward to business quality metrics, which are key elements of our investment approach, were mixed. Companies with higher gross margins (pricing power) performed well, while companies with lower debt/equity ratios (financial strength), and greater sales stability (recurring revenues), underperformed. Stock selection within the information technology, financials, consumer staples, and materials sectors detracted from relative returns, while selection in communication services contributed. Sector allocations also detracted from relative returns, driven primarily by the Fund's significant overweight exposure to consumer staples, while a lack of exposure to energy and utilities contributed to returns. The five largest contributors to Fund performance were Tencent Music, Taiwan Semiconductor Manufacturing, Alibaba, Totvs, and Tencent. The five largest detractors from Fund performance were Infosys, Bank of Central Asia, CP All, Raia Drogasil, and Tata Consultancy Services. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Tencent Music<br>| Positive<br>| Tencent Music is the leading music company in China. Strong subscription growth continued to support pricing power and the company's development of new growth drivers across many aspects of the music ecosystem.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| The company demonstrated strong revenue growth and raised its earnings guidance due to robust demand for advanced semiconductor equipment.<br>|
| Infosys<br>| Negative<br>| Infosys is an Indian information technology (IT) services company that provides digital software development, infrastructure management, and business process outsourcing. A soft Indian equity market and sector-wide weakness, combined with conservative guidance on future earnings, led to weakness in the stock.<br>|
| Bank of Central Asia | Negative | Investor sentiment was negatively affected by broad weakness in the region, as well as slow economic growth. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g228299chartimages_10756426.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus SGA Emerging Markets Equity Fund (Class R6/VREMX) at NAV<sup>(1)</sup>** | 8.45% | (1.04)% | 2.84% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$530556 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

**Asset Allocation<sup>(1)</sup>**

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Discretionary | 23% |
| Information Technology | 18% |
| Consumer Staples | 15% |
| Communication Services | 13% |
| Industrials | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g228299images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8352 Virtus SGA Emerging Markets Equity Fund

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit **.** 

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant's Board of Trustees has determined that the Registrant has an "audit committee financial expert" serving on its Audit Committee.

---

| | |
|:---|:---|
| (a)(2) | The Registrant's Board of Trustees has determined that each of Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." Each such individual is an "independent" trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.  |

---

(a)(3) Not applicable.

------

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $368,343 for 2025 and $363,528 for 2024.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item are $0 for 2025 and $47,825 for 2024. Such audit-related fees include the out of pocket expenses.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $57,087 for 2025 and $126,522 for 2024.

"Tax Fees" are those primarily associated with review of the Trust's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust's financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund's federal income returns.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2025 and $0 for 2024.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Board of Trustees of Virtus Opportunities Trust (the "Fund") has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis ("general pre-approval").

The Audit Committee has determined that the Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.

------

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $57,087 for 2025 and $174,347 for 2024.

(h) The registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) Please refer to Item 7(a).

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant's (annual) financial statements and financial highlights are as follows:

------

ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

**VIRTUS OPPORTUNITIES TRUST**

![](g228299imga5e10b711.gif)

September 30, 2025

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

---

| |
|:---|
| Virtus Newfleet Core Plus Bond Fund |
| Virtus Newfleet High Yield Fund |
| Virtus Newfleet Low Duration Core Plus Bond Fund |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund |
| Virtus Newfleet Multi-Sector Short Term Bond Fund |
| Virtus Newfleet Senior Floating Rate Fund |
| Virtus Seix Tax-Exempt Bond Fund |

---

**Not FDIC Insured • No Bank Guarantee • May Lose Value**

------

**Table of Contents** 

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_KIT-TOC-KeyInvestmentTerms-342_1) | 1 |
| [Schedules of Investments](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-342_1) |  |
| [Virtus Newfleet Core Plus Bond Fund (](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-342_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-342_1)[Newfleet Core Plus Bond Fund](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-342_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-342_1)[)](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-342_1) | 3 |
| [Virtus Newfleet High Yield Fund (](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-344_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-344_1)[Newfleet High Yield Fund](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-344_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-344_1)[)](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-344_1) | 15 |
| [Virtus Newfleet Low Duration Core Plus Bond Fund (](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-345_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-345_1)[Newfleet Low Duration Core Plus Bond](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-345_1)<br> [Fund](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-345_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-345_1)[)](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-345_1) | 19 |
| [Virtus Newfleet Multi-Sector Intermediate Bond Fund (](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-346_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-346_1)[Newfleet Multi-Sector Intermediate](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-346_1)<br> [Bond Fund](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-346_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-346_1)[)](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-346_1) | 29 |
| [Virtus Newfleet Multi-Sector Short Term Bond Fund (](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-347_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-347_1)[Newfleet Multi-Sector Short Term Bond](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-347_1)<br> [Fund](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-347_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-347_1)[)](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-347_1) | 44 |
| [Virtus Newfleet Senior Floating Rate Fund (](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-348_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-348_1)[Newfleet Senior Floating Rate Fund](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-348_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-348_1)[)](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-348_1) | 60 |
| [Virtus Seix Tax-Exempt Bond Fund (](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-349_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-349_1)[Seix Tax-Exempt Bond Fund](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-349_1)["](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-349_1)[)](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOI-TOC-ScheduleofInvestments-349_1) | 68 |
| [Statements of Assets and Liabilities](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SAL-SAL-Headerfooter-342_1) | 71 |
| [Statements of Operations](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOP-SOP-Headerfooter-342_1) | 75 |
| [Statements of Changes in Net Assets](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_SOC-SOC-HeaderFooter-342_1) | 77 |
| [Financial Highlights](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_FIHI-FIHI-Headerfooter-342_1) | 81 |
| [Notes to Financial Statements](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_NTF-TOC-NTF-342_1) | 87 |
| [Report of Independent Registered Public Accounting Firm](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_RIRPA-TOC-ReportofAccountingFirm-342_1) | 103 |
| [Other Information](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_OI-TOC-OtherInformation-342_1) | 104 |
| [Tax Information Notice](#xx_08714f80-bdf7-4069-8a1a-8f5e0e482a57_TIN-TOC-TIN-342_1) | 105 |

---

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

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

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.

------

**VIRTUS OPPORTUNITIES TRUST**

**KEY INVESTMENT TERMS (Unaudited)**

**September 30, 2025**

**American Depositary Receipt ("ADR")**

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

**Asset-Backed Securities ("ABS")**

Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.

**Business Development Company ("BDC")**

A type of pooled investment vehicle that is often described as a hybrid between a traditional investment company and an operating company.

**Collateralized Loan Obligation ("CLO")**

A collateralized loan obligation is a type of security backed by a pool of debt, typically low-rated corporate loans, structured so that there are several classes of bondholders with varying maturities, called tranches.

**Designated Activity Company ("DAC")**

A flexible legal structure chosen for specialized financial activities in Ireland. A DAC is incorporated as a private company with limited liability.

**Exchange-Traded Fund ("ETF")**

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

**Federal Home Loan Mortgage Corporation ("Freddie Mac")**

A government-owned corporation that buys mortgages and packages them into mortgage-backed securities.

**Federal National Mortgage Association ("Fannie Mae")**

A government-sponsored, publicly traded enterprise that makes mortgages available to low- and moderate-income borrowers. It does not provide loans but backs or guarantees them in the secondary mortgage market.

**Federal Reserve ("Fed")**

The central bank of the U.S., responsible for controlling 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.

**Government National Mortgage Association ("Ginnie Mae")**

A U.S. government corporation that guarantees the timely payment of principal and interest on mortgage-backed securities (MBSs) issued by approved Ginnie Mae lenders, with the goal of expanding the pool of homeowners by mostly aiding lending to homeowners who are traditionally underserved in the mortgage marketplace such as first-time home buyers and low-income borrowers.

**Joint Stock Company ("JSC")**

A joint stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.

**Leveraged Loan**

Leveraged loans (also known as bank, senior or floating-rate loans) consists of below investment-grade credit quality loans that are arranged by banks and other financial institutions to help companies finance acquisitions, recapitalizations, or other highly leveraged transactions. Such loans may be especially vulnerable to adverse changes in economic or market conditions, although they are senior in the capital structure which typically provides investors/lenders a degree of potential credit risk protection.

**Mortgage-Backed Securities ("MBS")**

Mortgage-backed securities represent interests in pools of mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders.

**Permanent School Fund Guarantee Program ("PSF GTD")**

A program by which the bonds issued by certain public school districts and/or charter schools are guaranteed using a pool of assets held by a state for the purpose of ensuring the availability of public education.

**Prime Rate**

The federal funds rate commercial banks charge their most creditworthy corporate customers.

------

**VIRTUS OPPORTUNITIES TRUST**

**KEY INVESTMENT TERMS (Unaudited) (Continued)** 

**September 30, 2025**

**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.

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—15.2%** | **U.S. Government Securities—15.2%** | **U.S. Government Securities—15.2%** |
| U.S. Treasury Bonds |  |  |
| 2.375%, 2/15/42 | $720 | &nbsp;&nbsp; $533 |
| 3.875%, 5/15/43 | 1440 | &nbsp;&nbsp; 1304 |
| 3.000%, 8/15/48 | 3115 | &nbsp;&nbsp; 2342 |
| 1.250%, 5/15/50 | 5910 | &nbsp;&nbsp; 2899 |
| 1.375%, 8/15/50 | 9840 | &nbsp;&nbsp; 4948 |
| 1.875%, 2/15/51 | 1335 | &nbsp;&nbsp; 762 |
| 1.875%, 11/15/51 | 940 | &nbsp;&nbsp; 532 |
| 2.250%, 2/15/52 | 950 | &nbsp;&nbsp; 589 |
| 2.875%, 5/15/52 | 985 | &nbsp;&nbsp; 703 |
| 4.000%, 11/15/52 | 2800 | &nbsp;&nbsp; 2478 |
| 3.625%, 2/15/53 | 1420 | &nbsp;&nbsp; 1174 |
| 3.625%, 5/15/53 | 7550 | &nbsp;&nbsp; 6236 |
| 4.125%, 8/15/53 | 6110 | &nbsp;&nbsp; 5523 |
| 4.750%, 11/15/53 | 1590 | &nbsp;&nbsp; 1593 |
| 4.250%, 2/15/54 | 9175 | &nbsp;&nbsp; 8469 |
| 4.625%, 5/15/54 | 5930 | &nbsp;&nbsp; 5826 |
| 4.250%, 8/15/54 | 4155 | &nbsp;&nbsp; 3836 |
| 4.500%, 11/15/54 | 3155 | &nbsp;&nbsp; 3038 |
| 4.625%, 2/15/55 | 7090 | &nbsp;&nbsp; 6969 |
| U.S. Treasury Notes |  |  |
| 4.250%, 1/31/30 | 980 | &nbsp;&nbsp; 1001 |
| 1.500%, 2/15/30 | 1265 | &nbsp;&nbsp; 1154 |
| 4.000%, 2/28/30 | 2405 | &nbsp;&nbsp; 2433 |
| 3.375%, 5/15/33 | 2435 | &nbsp;&nbsp; 2339 |
| 4.500%, 11/15/33 | 870 | &nbsp;&nbsp; 899 |
| 4.375%, 5/15/34 | 4705 | &nbsp;&nbsp; 4814 |
| 3.875%, 8/15/34 | 4260 | &nbsp;&nbsp; 4195 |
| 4.625%, 2/15/35 | 5055 | &nbsp;&nbsp; 5253 |
| 4.250%, 5/15/35 | 5230 | &nbsp;&nbsp; 5278 |
| **Total U.S. Government Securities** <br>**(Identified Cost $92,965)** | **Total U.S. Government Securities** <br>**(Identified Cost $92,965)** | &nbsp;&nbsp; **87120** |
| **Foreign Government Securities—4.0%** | **Foreign Government Securities—4.0%** | **Foreign Government Securities—4.0%** |
| Abu Dhabi Government <br> International Bond 144A <br>3.125%, 9/30/49<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp; 159 |
| Brazil Notas do Tesouro <br> Nacional Series F <br>10.000%, 1/1/31<br>| 6760 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 1112 |
| Costa Rica Government |  |  |
| 144A <br>6.550%, 4/3/34<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 118 |
| 144A <br>7.300%, 11/13/54<sup>(2)</sup> <br>| 65 | &nbsp;&nbsp; 71 |
| Czech Republic <br> Government Bond <br>1.750%, 6/23/32<br>| 26170 <br><sup>CZK</sup><br>| &nbsp;&nbsp; 1077 |
| Dominican Republic |  |  |
| 144A <br>5.500%, 2/22/29<sup>(2)</sup> <br>| 355 | &nbsp;&nbsp; 362 |
| 144A <br>4.875%, 9/23/32<sup>(2)</sup> <br>| 715 | &nbsp;&nbsp; 685 |
| Federative Republic of <br> Brazil<br>|  |  |
| <br>6.000%, 10/20/33 | 815 | &nbsp;&nbsp; 833 |
| <br>6.625%, 3/15/35 | 294 | &nbsp;&nbsp; 306 |
| <br>7.250%, 1/12/56 | 107 | &nbsp;&nbsp; 108 |
| Honduras Government <br> 144A <br>8.625%, 11/27/34<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 220 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Hungary Government <br> International Bond<br>|  |  |
| 144A <br>6.250%, 9/22/32<sup>(2)</sup> <br>| $804 | &nbsp;&nbsp; $861 |
| 144A <br>5.500%, 3/26/36<sup>(2)</sup> <br>| 215 | &nbsp;&nbsp; 217 |
| Kingdom of Jordan 144A <br>5.850%, 7/7/30<sup>(2)</sup> <br>| 219 | &nbsp;&nbsp; 218 |
| Kingdom of Morocco 144A <br>3.000%, 12/15/32<sup>(2)</sup> <br>| 311 | &nbsp;&nbsp; 275 |
| Malaysia Government Bond <br>2.632%, 4/15/31<br>| 4650 <br><sup>MYR</sup><br>| &nbsp;&nbsp; 1065 |
| Mex Bonos Desarr <br>8.500%, 5/31/29<br>| 19840 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 1098 |
| Republic of Angola 144A <br>8.000%, 11/26/29<sup>(2)</sup> <br>| 360 | &nbsp;&nbsp; 350 |
| Republic of Colombia |  |  |
| <br>7.375%, 4/25/30 | 155 | &nbsp;&nbsp; 166 |
| <br>8.000%, 11/14/35 | 226 | &nbsp;&nbsp; 243 |
| <br>7.750%, 11/7/36 | 235 | &nbsp;&nbsp; 246 |
| <br>8.750%, 11/14/53 | 130 | &nbsp;&nbsp; 143 |
| Republic of El Salvador |  |  |
| 144A <br>8.625%, 2/28/29<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp; 187 |
| RegS <br>7.650%, 6/15/35<sup>(3)</sup> <br>| 276 | &nbsp;&nbsp; 280 |
| Republic of Guatemala <br> 144A <br>6.600%, 6/13/36<sup>(2)</sup> <br>| 225 | &nbsp;&nbsp; 238 |
| Republic of Indonesia |  |  |
| <br>4.550%, 1/11/28 | 318 | &nbsp;&nbsp; 321 |
| <br>5.600%, 1/15/35<sup>(4)</sup> <br>| 161 | &nbsp;&nbsp; 171 |
| <br>5.100%, 2/10/54<sup>(4)</sup> <br>| 513 | &nbsp;&nbsp; 491 |
| Republic of Ivory Coast |  |  |
| 144A <br>7.625%, 1/30/33<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp; 270 |
| 144A <br>8.250%, 1/30/37<sup>(2)</sup> <br>| 472 | &nbsp;&nbsp; 491 |
| Republic of Kenya 144A <br>9.500%, 3/5/36<sup>(2)</sup> <br>| 222 | &nbsp;&nbsp; 227 |
| Republic of Nigeria 144A <br>10.375%, 12/9/34<sup>(2)</sup> <br>| 514 | &nbsp;&nbsp; 572 |
| Republic of Panama <br>8.000%, 3/1/38<br>| 268 | &nbsp;&nbsp; 306 |
| Republic of Peru <br>5.375%, 2/8/35<br>| 450 | &nbsp;&nbsp; 459 |
| Republic of Philippines <br>4.750%, 3/5/35<br>| 755 | &nbsp;&nbsp; 762 |
| Republic of Poland |  |  |
| <br>4.875%, 10/4/33 | 470 | &nbsp;&nbsp; 475 |
| <br>5.125%, 9/18/34 | 164 | &nbsp;&nbsp; 168 |
| <br>5.375%, 2/12/35 | 204 | &nbsp;&nbsp; 211 |
| Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(2)</sup> <br>| 284 | &nbsp;&nbsp; 308 |
| Republic of South Africa |  |  |
| <br>5.875%, 6/22/30 | 559 | &nbsp;&nbsp; 572 |
| <br>5.650%, 9/27/47 | 60 | &nbsp;&nbsp; 48 |
| <br>8.750%, 2/28/48 | 22000 <br><sup>ZAR</sup><br>| &nbsp;&nbsp; 1101 |
| Republic of Turkiye |  |  |
| <br>7.250%, 5/29/32 | 310 | &nbsp;&nbsp; 323 |
| <br>7.625%, 5/15/34 | 558 | &nbsp;&nbsp; 591 |
| <br>6.625%, 2/17/45 | 135 | &nbsp;&nbsp; 121 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republica Orient Uruguay <br>5.100%, 6/18/50<br>| $491 | &nbsp;&nbsp; $465 |
| Romania Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(2)</sup> <br>| 422 | &nbsp;&nbsp; 434 |
| 144A <br>7.125%, 1/17/33<sup>(2)</sup> <br>| 211 | &nbsp;&nbsp; 225 |
| 144A <br>6.625%, 5/16/36<sup>(2)</sup> <br>| 402 | &nbsp;&nbsp; 408 |
| Saudi International Bond |  |  |
| 144A <br>4.875%, 7/18/33<sup>(2)</sup> <br>| 552 | &nbsp;&nbsp; 560 |
| 144A <br>5.625%, 1/13/35<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 213 |
| 144A <br>4.500%, 10/26/46<sup>(2)</sup> <br>| 185 | &nbsp;&nbsp; 160 |
| UAE International <br> Government Bond 144A <br>4.050%, 7/7/32<sup>(2)</sup> <br>| 303 | &nbsp;&nbsp; 304 |
| United Mexican States |  |  |
| <br>5.375%, 3/22/33 | 289 | &nbsp;&nbsp; 289 |
| <br>3.500%, 2/12/34 | 187 | &nbsp;&nbsp; 162 |
| <br>6.000%, 5/7/36 | 345 | &nbsp;&nbsp; 354 |
| <br>6.625%, 1/29/38 | 309 | &nbsp;&nbsp; 325 |
| Uzbekistan International <br> Bond 144A <br>6.900%, 2/28/32<sup>(2)</sup> <br>| 266 | &nbsp;&nbsp; 286 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $22,027)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $22,027)** | &nbsp;&nbsp; **22811** |
| **Mortgage-Backed Securities—29.7%** | **Mortgage-Backed Securities—29.7%** | **Mortgage-Backed Securities—29.7%** |
| **Agency—14.9%** | **Agency—14.9%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #SB8269 <br>6.000%, 10/1/38<br>| 319 | &nbsp;&nbsp; 329 |
| Pool #SD2026 <br>5.000%, 11/1/52<br>| 1368 | &nbsp;&nbsp; 1363 |
| Pool #SD3238 <br>5.500%, 12/1/52<br>| 123 | &nbsp;&nbsp; 124 |
| Pool #SD5594 <br>5.500%, 7/1/53<br>| 2788 | &nbsp;&nbsp; 2821 |
| Pool #SD5856 <br>3.500%, 1/1/54<br>| 4795 | &nbsp;&nbsp; 4387 |
| Pool #SD6881 <br>2.500%, 2/1/52<br>| 5346 | &nbsp;&nbsp; 4514 |
| Pool #SD8289 <br>5.500%, 1/1/53<br>| 2560 | &nbsp;&nbsp; 2593 |
| Pool #SD8309 <br>6.000%, 3/1/53<br>| 2342 | &nbsp;&nbsp; 2402 |
| Pool #SD8317 <br>6.000%, 4/1/53<br>| 327 | &nbsp;&nbsp; 335 |
| Pool #SD8343 <br>6.000%, 7/1/53<br>| 1130 | &nbsp;&nbsp; 1157 |
| Pool #SD8350 <br>6.000%, 8/1/53<br>| 654 | &nbsp;&nbsp; 670 |
| Pool #SD8418 <br>4.500%, 4/1/54<br>| 5274 | &nbsp;&nbsp; 5117 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #SL0019 <br>5.500%, 1/1/55<br>| $1329 | &nbsp;&nbsp; $1341 |
| Pool #SL0298 <br>5.000%, 1/1/55<br>| 4982 | &nbsp;&nbsp; 4944 |
| Pool #SL0627 <br>6.000%, 10/1/54<br>| 2608 | &nbsp;&nbsp; 2672 |
| Federal National Mortgage <br> Association<br>|  |  |
| Pool #323702 <br>6.000%, 5/1/29<br>| 2 | &nbsp;&nbsp; 2 |
| Pool #535371 <br>6.500%, 5/1/30<br>| — <br><sup>(5)</sup><br>| &nbsp;&nbsp; — <br><sup>(5)</sup><br>|
| Pool #590108 <br>7.000%, 7/1/31<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #880117 <br>5.500%, 4/1/36<br>| 13 | &nbsp;&nbsp; 13 |
| Pool #909092 <br>6.000%, 9/1/37<br>| 6 | &nbsp;&nbsp; 6 |
| Pool #909220 <br>6.000%, 8/1/38<br>| 49 | &nbsp;&nbsp; 52 |
| Pool #938574 <br>5.500%, 9/1/36<br>| 26 | &nbsp;&nbsp; 27 |
| Pool #986067 <br>6.000%, 8/1/38<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #CB6857 <br>4.500%, 8/1/53<br>| 2343 | &nbsp;&nbsp; 2286 |
| Pool #FA0685 <br>6.000%, 1/1/55<br>| 5990 | &nbsp;&nbsp; 6127 |
| Pool #FA1378 <br>4.000%, 3/1/55<br>| 6022 | &nbsp;&nbsp; 5690 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 5010 | &nbsp;&nbsp; 5129 |
| Pool #FA2472 <br>5.000%, 4/1/54<br>| 5176 | &nbsp;&nbsp; 5150 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 122 | &nbsp;&nbsp; 121 |
| Pool #FS4991 <br>3.000%, 3/1/52<br>| 1376 | &nbsp;&nbsp; 1209 |
| Pool #FS6679 <br>6.000%, 12/1/53<br>| 1923 | &nbsp;&nbsp; 1970 |
| Pool #FS7751 <br>4.000%, 3/1/53<br>| 5207 | &nbsp;&nbsp; 4910 |
| Pool #FS8360 <br>3.500%, 9/1/52<br>| 2283 | &nbsp;&nbsp; 2089 |
| Pool #FS8791 <br>6.000%, 8/1/54<br>| 3721 | &nbsp;&nbsp; 3822 |
| Pool #MA4785 <br>5.000%, 10/1/52<br>| 280 | &nbsp;&nbsp; 280 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 440 | &nbsp;&nbsp; 429 |
| Pool #MA4839 <br>4.000%, 12/1/52<br>| 5274 | &nbsp;&nbsp; 4984 |
| Pool #MA4980 <br>6.000%, 4/1/53<br>| 1768 | &nbsp;&nbsp; 1816 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 1570 | &nbsp;&nbsp; 1585 |
| Pool #MA5385 <br>4.000%, 6/1/54<br>| 3172 | &nbsp;&nbsp; 2991 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Government National <br> Mortgage Association <br> Pool #443000 <br>6.500%, 9/15/28<br>| $3 | &nbsp;&nbsp; $4 |
|  |  | &nbsp;&nbsp; 85463 |
| **Non-Agency—14.8%** | **Non-Agency—14.8%** |  |
| A&D Mortgage Trust |  |  |
| 2023-NQM3, A1 144A <br>6.733%, 7/25/68<sup>(2)(6)</sup> <br>| 953 | &nbsp;&nbsp; 962 |
| 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(2)(6)</sup> <br>| 1098 | &nbsp;&nbsp; 1108 |
| Ajax Mortgage Loan Trust |  |  |
| 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(2)(6)</sup> <br>| 640 | &nbsp;&nbsp; 618 |
| 2022-B, A1 144A <br>3.500%, 3/27/62<sup>(2)(6)</sup> <br>| 645 | &nbsp;&nbsp; 626 |
| ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.894%, 6/15/40<sup>(2)(6)</sup> <br>| 1345 | &nbsp;&nbsp; 1352 |
| AMSR Trust 2021-SFR2, C <br> 144A <br>1.877%, 8/17/38<sup>(2)</sup> <br>| 460 | &nbsp;&nbsp; 448 |
| Angel Oak Mortgage Trust |  |  |
| 2021-8, A1 144A <br>1.820%, 11/25/66<sup>(2)(6)</sup> <br>| 770 | &nbsp;&nbsp; 690 |
| 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(2)(6)</sup> <br>| 1442 | &nbsp;&nbsp; 1434 |
| 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(2)(6)</sup> <br>| 1993 | &nbsp;&nbsp; 1984 |
| Arroyo Mortgage Trust |  |  |
| 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(2)(6)</sup> <br>| 40 | &nbsp;&nbsp; 39 |
| 2019-2, A1 144A <br>3.347%, 4/25/49<sup>(2)(6)</sup> <br>| 17 | &nbsp;&nbsp; 17 |
| 2020-1, A3 144A <br>3.328%, 3/25/55<sup>(2)</sup> <br>| 1410 | &nbsp;&nbsp; 1285 |
| 2022-1, A1B 144A <br>3.269%, 12/25/56<sup>(2)(6)</sup> <br>| 270 | &nbsp;&nbsp; 253 |
| BBCMS Mortgage Trust <br> 2018-TALL, A (1 month <br> Term SOFR + 0.919%, <br> Cap N/A, Floor 0.872%) <br> 144A <br>5.070%, 3/15/37<sup>(2)(6)</sup> <br>| 1045 | &nbsp;&nbsp; 990 |
| BBCMS Trust 2018-CBM, A <br> (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor <br> 1.250%) 144A <br>5.448%, 7/15/37<sup>(2)(6)</sup> <br>| 1324 | &nbsp;&nbsp; 1292 |
| Benchmark Mortgage Trust <br> 2023-B38, A2 <br>5.626%, 4/15/56<br>| 235 | &nbsp;&nbsp; 241 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| BX Commercial Mortgage <br> Trust<br>|  |  |
| 2022-LP2, D (1 month <br> Term SOFR + 1.961%, <br> Cap N/A, Floor 1.961%) <br> 144A <br>6.111%, 2/15/39<sup>(2)(6)</sup> <br>| $227 | &nbsp;&nbsp; $227 |
| 2024-XL5, A (1 month <br> Term SOFR + 1.392%, <br> Cap N/A, Floor 1.392%) <br> 144A <br>5.542%, 3/15/41<sup>(2)(6)</sup> <br>| 1014 | &nbsp;&nbsp; 1015 |
| BX Trust |  |  |
| 2019-OC11, A 144A <br>3.202%, 12/9/41<sup>(2)</sup> <br>| 875 | &nbsp;&nbsp; 827 |
| 2019-OC11, D 144A <br>4.075%, 12/9/41<sup>(2)(6)</sup> <br>| 1135 | &nbsp;&nbsp; 1073 |
| 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(2)</sup> <br>| 1230 | &nbsp;&nbsp; 1239 |
| 2025-ROIC, C (1 month <br> Term SOFR + 1.543%, <br> Cap N/A, Floor 1.543%) <br> 144A <br>5.693%, 3/15/30<sup>(2)(6)</sup> <br>| 872 | &nbsp;&nbsp; 869 |
| CENT 2025-CITY, A 144A <br>5.091%, 7/10/40<sup>(2)(6)</sup> <br>| 1315 | &nbsp;&nbsp; 1330 |
| Chase Home Lending <br> Mortgage Trust <br> 2024-RPL4, A1A 144A <br>3.375%, 12/25/64<sup>(2)(6)</sup> <br>| 1298 | &nbsp;&nbsp; 1174 |
| CIM Trust 2022-R2, A1 <br> 144A <br>3.750%, 12/25/61<sup>(2)(6)</sup> <br>| 478 | &nbsp;&nbsp; 456 |
| Citigroup Mortgage Loan <br> Trust, Inc. 2019-RP1, A1 <br> 144A <br>3.500%, 1/25/66<sup>(2)(6)</sup> <br>| 193 | &nbsp;&nbsp; 190 |
| COLT Mortgage Loan Trust |  |  |
| 2022-5, A1 144A <br>4.550%, 4/25/67<sup>(2)(6)</sup> <br>| 622 | &nbsp;&nbsp; 620 |
| 2023-4, A1 144A <br>7.163%, 10/25/68<sup>(2)(6)</sup> <br>| 1039 | &nbsp;&nbsp; 1056 |
| 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(2)(6)</sup> <br>| 769 | &nbsp;&nbsp; 770 |
| COOPR Residential <br> Mortgage Trust <br> 2025-CES2, A1A 144A <br>5.502%, 6/25/60<sup>(2)(6)</sup> <br>| 700 | &nbsp;&nbsp; 707 |
| CoreVest American Finance <br> Trust<br>|  |  |
| 2019-3, C 144A <br>3.265%, 10/15/52<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp; 207 |
| 2020-3, A 144A <br>1.358%, 8/15/53<sup>(2)</sup> <br>| 16 | &nbsp;&nbsp; 16 |
| 2022-1, A 144A <br>4.744%, 6/17/55<sup>(2)(6)</sup> <br>| 511 | &nbsp;&nbsp; 514 |
| Credit Suisse Mortgage <br> Capital Trust<br>|  |  |
| 2020-NQM1, A1 144A <br>2.208%, 5/25/65<sup>(2)(6)</sup> <br>| 183 | &nbsp;&nbsp; 175 |
| 2020-RPL4, A1 144A <br>2.000%, 1/25/60<sup>(2)(6)</sup> <br>| 852 | &nbsp;&nbsp; 772 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Deephaven Residential <br> Mortgage Trust 2022-1, <br> A1 144A <br>2.205%, 1/25/67<sup>(2)(6)</sup> <br>| $318 | &nbsp;&nbsp; $292 |
| EFMT 2025-NQM2, A1 <br> 144A <br>5.596%, 6/25/70<sup>(2)(6)</sup> <br>| 930 | &nbsp;&nbsp; 938 |
| Ellington Financial <br> Mortgage Trust 2019-2, <br> A3 144A <br>3.046%, 11/25/59<sup>(2)(6)</sup> <br>| 18 | &nbsp;&nbsp; 17 |
| ELM Trust 2024-ELM, A10 <br> 144A <br>5.994%, 6/10/39<sup>(2)(6)</sup> <br>| 897 | &nbsp;&nbsp; 906 |
| Fashion Show Mall LLC <br> 2024-SHOW, A 144A <br>5.274%, 10/10/41<sup>(2)(6)</sup> <br>| 2010 | &nbsp;&nbsp; 2039 |
| FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(2)</sup> <br>| 225 | &nbsp;&nbsp; 219 |
| Flagstar Mortgage Trust <br> 2017-1, 1A3 144A <br>3.500%, 3/25/47<sup>(2)(6)</sup> <br>| 33 | &nbsp;&nbsp; 31 |
| Fontainebleau Miami Beach <br> Mortgage Trust <br> 2024-FBLU, A (1 month <br> Term SOFR + 1.450%, <br> Cap N/A, Floor 1.450%) <br> 144A <br>5.600%, 12/15/39<sup>(2)(6)</sup> <br>| 660 | &nbsp;&nbsp; 660 |
| Galton Funding Mortgage <br> Trust 2018-1, A23 144A <br>3.500%, 11/25/57<sup>(2)(6)</sup> <br>| 280 | &nbsp;&nbsp; 255 |
| GCAT Trust 2020-NQM1, <br> A1 144A <br>3.247%, 1/25/60<sup>(2)(6)</sup> <br>| 493 | &nbsp;&nbsp; 484 |
| Homes Trust 2023-NQM2, <br> A1 144A <br>6.456%, 2/25/68<sup>(2)(6)</sup> <br>| 1171 | &nbsp;&nbsp; 1177 |
| Houston Galleria Mall Trust <br> 2025-HGLR, A 144A <br>5.644%, 2/5/45<sup>(2)(6)</sup> <br>| 880 | &nbsp;&nbsp; 910 |
| Imperial Fund Mortgage <br> Trust 2022-NQM3, A1 <br> 144A <br>4.380%, 5/25/67<sup>(2)(6)</sup> <br>| 1404 | &nbsp;&nbsp; 1399 |
| JP Morgan Seasoned <br> Mortgage Trust Series <br> 2024-1, A4 144A <br>4.415%, 1/25/63<sup>(2)(6)</sup> <br>| 702 | &nbsp;&nbsp; 688 |
| JPMorgan Chase <br> Commercial Mortgage <br> Securities Trust <br> 2024-OMNI, A 144A <br>5.990%, 10/5/39<sup>(2)(6)</sup> <br>| 1115 | &nbsp;&nbsp; 1137 |
| JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(2)(6)</sup> <br>| 358 | &nbsp;&nbsp; 314 |
| 2017-5, A1 144A <br>4.967%, 10/26/48<sup>(2)(6)</sup> <br>| 6 | &nbsp;&nbsp; 6 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2024-NQM1, A3 144A <br>5.947%, 2/25/64<sup>(2)(6)</sup> <br>| $499 | &nbsp;&nbsp; $502 |
| 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(2)(6)</sup> <br>| 695 | &nbsp;&nbsp; 700 |
| 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(2)(6)</sup> <br>| 964 | &nbsp;&nbsp; 972 |
| LHOME Mortgage Trust |  |  |
| 2024-RTL1, A1 144A <br>7.017%, 1/25/29<sup>(2)(6)</sup> <br>| 535 | &nbsp;&nbsp; 541 |
| 2024-RTL4, A1 144A <br>5.921%, 7/25/39<sup>(2)(6)</sup> <br>| 450 | &nbsp;&nbsp; 453 |
| MetLife Securitization Trust <br> 2017-1A, M1 144A <br>3.411%, 4/25/55<sup>(2)(6)</sup> <br>| 305 | &nbsp;&nbsp; 279 |
| MFA Trust |  |  |
| 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(2)(6)</sup> <br>| 1312 | &nbsp;&nbsp; 1309 |
| 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(2)(6)</sup> <br>| 1496 | &nbsp;&nbsp; 1476 |
| 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(2)(6)</sup> <br>| 1882 | &nbsp;&nbsp; 1885 |
| 2020-NQM3, A1 144A <br>1.014%, 1/26/65<sup>(2)(6)</sup> <br>| 109 | &nbsp;&nbsp; 103 |
| Mill City Mortgage Loan <br> Trust<br>|  |  |
| 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(2)(6)</sup> <br>| 155 | &nbsp;&nbsp; 144 |
| 2019-GS2, A1 144A <br>2.750%, 8/25/59<sup>(2)(6)</sup> <br>| 1172 | &nbsp;&nbsp; 1140 |
| 2021-NMR1, A1 144A <br>1.125%, 11/25/60<sup>(2)(6)</sup> <br>| 52 | &nbsp;&nbsp; 50 |
| MIRA Trust 2023-MILE, A <br> 144A <br>6.755%, 6/10/38<sup>(2)</sup> <br>| 800 | &nbsp;&nbsp; 833 |
| MSSG Trust 2017-237P, A <br> 144A <br>3.397%, 9/13/39<sup>(2)</sup> <br>| 1427 | &nbsp;&nbsp; 1362 |
| New Residential Mortgage <br> Loan Trust<br>|  |  |
| 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(2)(6)</sup> <br>| 37 | &nbsp;&nbsp; 36 |
| 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(2)(6)</sup> <br>| 684 | &nbsp;&nbsp; 666 |
| 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(2)(6)</sup> <br>| 604 | &nbsp;&nbsp; 587 |
| 2018-2A, A1 144A <br>4.500%, 2/25/58<sup>(2)(6)</sup> <br>| 69 | &nbsp;&nbsp; 68 |
| 2021-NQ2R, A1 144A <br>0.941%, 10/25/58<sup>(2)(6)</sup> <br>| 552 | &nbsp;&nbsp; 528 |
| 2022-NQM2, A1 144A <br>3.079%, 3/27/62<sup>(2)(6)</sup> <br>| 1404 | &nbsp;&nbsp; 1333 |
| 2024-NQM3, A1 144A <br>5.466%, 11/25/64<sup>(2)(6)</sup> <br>| 356 | &nbsp;&nbsp; 360 |
| 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(2)(6)</sup> <br>| 315 | &nbsp;&nbsp; 308 |
| NLT Trust 2021-INV2, A1 <br> 144A <br>1.162%, 8/25/56<sup>(2)(6)</sup> <br>| 122 | &nbsp;&nbsp; 107 |
| NY Commercial Mortgage <br> Trust 2025-299P, A 144A <br>5.853%, 2/10/47<sup>(2)(6)</sup> <br>| 800 | &nbsp;&nbsp; 840 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| NYMT Loan Trust <br> 2024-CP1, A1 144A <br>3.750%, 2/25/68<sup>(2)(6)</sup> <br>| $1078 | &nbsp;&nbsp; $1000 |
| OBX Trust |  |  |
| 2022-NQM1, A1 144A <br>2.305%, 11/25/61<sup>(2)(6)</sup> <br>| 1794 | &nbsp;&nbsp; 1626 |
| 2023-NQM10, A1 144A <br>6.465%, 10/25/63<sup>(2)(6)</sup> <br>| 408 | &nbsp;&nbsp; 412 |
| 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(2)(6)</sup> <br>| 697 | &nbsp;&nbsp; 702 |
| 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(2)(6)</sup> <br>| 609 | &nbsp;&nbsp; 619 |
| 2024-HYB1, A1 144A <br>3.631%, 3/25/53<sup>(2)(6)</sup> <br>| 555 | &nbsp;&nbsp; 546 |
| 2024-HYB2, A1 144A <br>3.688%, 4/25/53<sup>(2)(6)</sup> <br>| 666 | &nbsp;&nbsp; 655 |
| 2024-NQM3, A1 144A <br>6.129%, 12/25/63<sup>(2)(6)</sup> <br>| 979 | &nbsp;&nbsp; 991 |
| 2024-NQM9, A1 144A <br>6.030%, 1/25/64<sup>(2)(6)</sup> <br>| 382 | &nbsp;&nbsp; 387 |
| 2025-NQM6, A1 144A <br>5.603%, 3/25/65<sup>(2)(6)</sup> <br>| 898 | &nbsp;&nbsp; 908 |
| PMT Loan Trust |  |  |
| 2024-INV1, A2 144A <br>6.000%, 10/25/59<sup>(2)(6)</sup> <br>| 741 | &nbsp;&nbsp; 754 |
| 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(2)(6)</sup> <br>| 407 | &nbsp;&nbsp; 413 |
| 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(2)(6)</sup> <br>| 1280 | &nbsp;&nbsp; 1302 |
| PRET Trust |  |  |
| 2024-RPL1, A1 144A <br>3.900%, 10/25/63<sup>(2)(6)</sup> <br>| 399 | &nbsp;&nbsp; 386 |
| 2025-NPL1, A1 144A <br>6.063%, 2/25/55<sup>(2)(6)</sup> <br>| 962 | &nbsp;&nbsp; 965 |
| RCKT Mortgage Trust |  |  |
| 2020-1, A1 144A <br>3.000%, 2/25/50<sup>(2)(6)</sup> <br>| 93 | &nbsp;&nbsp; 81 |
| 2023-CES1, A1A 144A <br>6.515%, 6/25/43<sup>(2)(6)</sup> <br>| 385 | &nbsp;&nbsp; 388 |
| 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(2)(6)</sup> <br>| 609 | &nbsp;&nbsp; 616 |
| RFR Trust 2025-SGRM, A <br> 144A <br>5.562%, 3/11/41<sup>(2)(6)</sup> <br>| 1140 | &nbsp;&nbsp; 1166 |
| RIDE 2025-SHRE, B 144A <br>6.020%, 2/14/47<sup>(2)(6)</sup> <br>| 900 | &nbsp;&nbsp; 925 |
| ROCK Trust |  |  |
| 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(2)</sup> <br>| 830 | &nbsp;&nbsp; 855 |
| 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(2)</sup> <br>| 900 | &nbsp;&nbsp; 935 |
| Sequoia Mortgage Trust <br> 2013-8, B1 <br>3.481%, 6/25/43<sup>(6)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| Starwood Mortgage <br> Residential Trust <br> 2021-5, A2 144A <br>2.178%, 9/25/66<sup>(2)(6)</sup> <br>| 1304 | &nbsp;&nbsp; 1132 |
| THPT Mortgage Trust <br> 2023-THL, A 144A <br>7.227%, 12/10/34<sup>(2)(6)</sup> <br>| 486 | &nbsp;&nbsp; 493 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Towd Point Mortgage Trust |  |  |
| 2015-6, B2 144A <br>3.789%, 4/25/55<sup>(2)(6)</sup> <br>| $635 | &nbsp;&nbsp; $600 |
| 2016-4, B1 144A <br>3.967%, 7/25/56<sup>(2)(6)</sup> <br>| 310 | &nbsp;&nbsp; 302 |
| 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(2)(6)</sup> <br>| 340 | &nbsp;&nbsp; 335 |
| 2017-4, A2 144A <br>3.000%, 6/25/57<sup>(2)(6)</sup> <br>| 1570 | &nbsp;&nbsp; 1490 |
| 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(2)(6)</sup> <br>| 670 | &nbsp;&nbsp; 653 |
| 2018-6, A2 144A <br>3.750%, 3/25/58<sup>(2)(6)</sup> <br>| 600 | &nbsp;&nbsp; 554 |
| 2019-1, A1 144A <br>3.750%, 3/25/58<sup>(2)(6)</sup> <br>| 84 | &nbsp;&nbsp; 82 |
| 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(2)(6)</sup> <br>| 990 | &nbsp;&nbsp; 900 |
| 2019-4, A2 144A <br>3.250%, 10/25/59<sup>(2)(6)</sup> <br>| 770 | &nbsp;&nbsp; 701 |
| 2019-HY2, M1 (1 month <br> Term SOFR + 1.714%, <br> Cap N/A, Floor 1.600%) <br> 144A <br>5.872%, 5/25/58<sup>(2)(6)</sup> <br>| 100 | &nbsp;&nbsp; 100 |
| 2020-MH1, A2 144A <br>2.500%, 2/25/60<sup>(2)(6)</sup> <br>| 405 | &nbsp;&nbsp; 389 |
| 2021-1, A2 144A <br>2.750%, 11/25/61<sup>(2)(6)</sup> <br>| 355 | &nbsp;&nbsp; 305 |
| 2023-1, A1 144A <br>3.750%, 1/25/63<sup>(2)</sup> <br>| 1211 | &nbsp;&nbsp; 1175 |
| 2024-1, A1 144A <br>4.876%, 3/25/64<sup>(2)(6)</sup> <br>| 729 | &nbsp;&nbsp; 741 |
| Tricon American Homes <br> Trust 2020-SFR2, D <br> 144A <br>2.281%, 11/17/39<sup>(2)</sup> <br>| 310 | &nbsp;&nbsp; 292 |
| Verus Securitization Trust <br> 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(2)(6)</sup> <br>| 1057 | &nbsp;&nbsp; 1068 |
| Visio Trust |  |  |
| 2020-1R, A2 144A <br>1.567%, 11/25/55<sup>(2)</sup> <br>| 27 | &nbsp;&nbsp; 26 |
| 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(2)</sup> <br>| 168 | &nbsp;&nbsp; 157 |
| 2022-1, A2 144A <br>5.850%, 8/25/57<sup>(2)(6)</sup> <br>| 341 | &nbsp;&nbsp; 340 |
| WSTN Trust 2023-MAUI, C <br> 144A <br>7.958%, 7/5/37<sup>(2)(6)</sup> <br>| 1350 | &nbsp;&nbsp; 1372 |
|  |  | &nbsp;&nbsp; 84484 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $169,355)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $169,355)** | &nbsp;&nbsp; **169947** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Asset-Backed Securities—10.4%** | **Asset-Backed Securities—10.4%** | **Asset-Backed Securities—10.4%** |
| **Automobiles—3.2%** | **Automobiles—3.2%** |  |
| American Credit <br> Acceptance Receivables <br> Trust<br>|  |  |
| 2024-1, C 144A <br>5.630%, 1/14/30<sup>(2)</sup> <br>| $544 | &nbsp;&nbsp; $547 |
| 2024-4, C 144A <br>4.910%, 8/12/31<sup>(2)</sup> <br>| 1050 | &nbsp;&nbsp; 1055 |
| 2025-1, C 144A <br>5.090%, 8/12/31<sup>(2)</sup> <br>| 1320 | &nbsp;&nbsp; 1331 |
| Arivo Acceptance Auto <br> Loan Receivables Trust <br> 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(2)</sup> <br>| 704 | &nbsp;&nbsp; 722 |
| Avis Budget Rental Car <br> Funding LLC<br>|  |  |
| (AESOP) 2020-2A, A <br> 144A <br>2.020%, 2/20/27<sup>(2)</sup> <br>| 318 | &nbsp;&nbsp; 316 |
| (AESOP) 2022-5A, A <br> 144A <br>6.120%, 4/20/27<sup>(2)</sup> <br>| 475 | &nbsp;&nbsp; 478 |
| (AESOP) 2023-3A, A <br> 144A <br>5.440%, 2/22/28<sup>(2)</sup> <br>| 402 | &nbsp;&nbsp; 408 |
| Bridgecrest Lending Auto <br> Securitization Trust <br> 2025-1, C <br>5.150%, 12/17/29<br>| 935 | &nbsp;&nbsp; 940 |
| Carvana Auto Receivables <br> Trust<br>|  |  |
| 2020-P1, C <br>1.320%, 11/9/26<br>| 620 | &nbsp;&nbsp; 617 |
| 2021-N3, D <br>1.580%, 6/12/28<br>| 32 | &nbsp;&nbsp; 32 |
| Consumer Portfolio <br> Services Auto Trust <br> 2025-A, C 144A <br>5.250%, 4/15/31<sup>(2)</sup> <br>| 1220 | &nbsp;&nbsp; 1232 |
| CPS Auto Receivables Trust |  |  |
| 2023-D, C 144A <br>7.170%, 1/15/30<sup>(2)</sup> <br>| 429 | &nbsp;&nbsp; 435 |
| 2024-A, C 144A <br>5.740%, 4/15/30<sup>(2)</sup> <br>| 540 | &nbsp;&nbsp; 546 |
| Credit Acceptance Auto <br> Loan Trust 2024-1A, A <br> 144A <br>5.680%, 3/15/34<sup>(2)</sup> <br>| 488 | &nbsp;&nbsp; 494 |
| DT Auto Owner Trust <br> 2023-3A, C 144A <br>6.400%, 5/15/29<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 203 |
| Exeter Automobile <br> Receivables Trust<br>|  |  |
| 2023-5A, B <br>6.580%, 4/17/28<br>| 217 | &nbsp;&nbsp; 218 |
| 2024-5A, B <br>4.480%, 4/16/29<br>| 1015 | &nbsp;&nbsp; 1016 |
| 2025-4A, B <br>4.400%, 5/15/30<br>| 1340 | &nbsp;&nbsp; 1345 |
| FHF Trust 2023-1A, A2 <br> 144A <br>6.570%, 6/15/28<sup>(2)</sup> <br>| 56 | &nbsp;&nbsp; 56 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| First Investors Auto Owner <br> Trust 2022-1A, C 144A <br>3.130%, 5/15/28<sup>(2)</sup> <br>| $191 | &nbsp;&nbsp; $190 |
| Foursight Capital <br> Automobile Receivables <br> Trust 2023-2, A2 144A <br>5.990%, 5/15/28<sup>(2)</sup> <br>| 69 | &nbsp;&nbsp; 69 |
| GLS Auto Select <br> Receivables Trust<br>|  |  |
| 2023-1A, B 144A <br>6.090%, 3/15/29<sup>(2)</sup> <br>| 385 | &nbsp;&nbsp; 394 |
| 2023-2A, A3 144A <br>6.380%, 2/15/29<sup>(2)</sup> <br>| 353 | &nbsp;&nbsp; 360 |
| LAD Auto Receivables Trust |  |  |
| 2021-1A, D 144A <br>3.990%, 11/15/29<sup>(2)</sup> <br>| 229 | &nbsp;&nbsp; 229 |
| 2022-1A, A 144A <br>5.210%, 6/15/27<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| 2023-2A, D 144A <br>6.300%, 2/15/31<sup>(2)</sup> <br>| 265 | &nbsp;&nbsp; 271 |
| 2023-4A, C 144A <br>6.760%, 3/15/29<sup>(2)</sup> <br>| 466 | &nbsp;&nbsp; 481 |
| Lendbuzz Securitization <br> Trust<br>|  |  |
| 2022-1A, A 144A <br>4.220%, 5/17/27<sup>(2)</sup> <br>| 34 | &nbsp;&nbsp; 34 |
| 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(2)</sup> <br>| 374 | &nbsp;&nbsp; 376 |
| Prestige Auto Receivables <br> Trust 2025-1A, C 144A <br>5.520%, 2/15/30<sup>(2)</sup> <br>| 1179 | &nbsp;&nbsp; 1196 |
| SAFCO Auto Receivables <br> Trust 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(2)</sup> <br>| 545 | &nbsp;&nbsp; 547 |
| Santander Drive Auto <br> Receivables Trust <br> 2023-1, B <br>4.980%, 2/15/28<br>| 34 | &nbsp;&nbsp; 34 |
| SBNA Auto Receivables <br> Trust 2024-A, C 144A <br>5.590%, 1/15/30<sup>(2)</sup> <br>| 452 | &nbsp;&nbsp; 461 |
| Veridian Auto Receivables <br> Trust 2023-1A, A4 144A <br>5.590%, 12/15/28<sup>(2)</sup> <br>| 315 | &nbsp;&nbsp; 319 |
| Westlake Automobile <br> Receivables Trust<br>|  |  |
| 2021-3A, D 144A <br>2.120%, 1/15/27<sup>(2)</sup> <br>| 68 | &nbsp;&nbsp; 68 |
| 2024-1A, B 144A <br>5.550%, 11/15/27<sup>(2)</sup> <br>| 700 | &nbsp;&nbsp; 705 |
| 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(2)</sup> <br>| 870 | &nbsp;&nbsp; 881 |
|  |  | &nbsp;&nbsp; 18616 |
| **Consumer Loans—0.2%** | **Consumer Loans—0.2%** |  |
| Marlette Funding Trust <br> 2023-2A, B 144A <br>6.540%, 6/15/33<sup>(2)</sup> <br>| 11 | &nbsp;&nbsp; 12 |
| Oportun Issuance Trust <br> 2021-C, A 144A <br>2.180%, 10/8/31<sup>(2)</sup> <br>| 121 | &nbsp;&nbsp; 118 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Loans—continued** | **Consumer Loans—continued** |  |
| Reach ABS Trust |  |  |
| 2023-1A, B 144A <br>7.330%, 2/18/31<sup>(2)</sup> <br>| $72 | &nbsp;&nbsp; $72 |
| 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(2)</sup> <br>| 675 | &nbsp;&nbsp; 681 |
|  |  | &nbsp;&nbsp; 883 |
| **Credit Card—0.1%** | **Credit Card—0.1%** |  |
| Mercury Financial Credit <br> Card Master Trust <br> 2024-2A, A 144A <br>6.560%, 7/20/29<sup>(2)</sup> <br>| 720 | &nbsp;&nbsp; 726 |
| **Equipment—0.1%** | **Equipment—0.1%** |  |
| Post Road Equipment <br> Finance LLC 2024-1A, <br> A2 144A <br>5.590%, 11/15/29<sup>(2)</sup> <br>| 317 | &nbsp;&nbsp; 318 |
| **Other—6.8%** | **Other—6.8%** |  |
| Affirm Asset Securitization <br> Trust 2024-X2, A 144A <br>5.220%, 12/17/29<sup>(2)</sup> <br>| 154 | &nbsp;&nbsp; 154 |
| ALLO Issuer LLC 2025-1A, <br> A2 144A <br>5.528%, 4/20/55<sup>(2)</sup> <br>| 1200 | &nbsp;&nbsp; 1218 |
| Amur Equipment Finance <br> Receivables XV LLC <br> 2025-1A, D 144A <br>5.680%, 8/20/32<sup>(2)</sup> <br>| 1340 | &nbsp;&nbsp; 1363 |
| Applebee's Funding LLC <br> 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(2)</sup> <br>| 1044 | &nbsp;&nbsp; 1062 |
| Aqua Finance Issuer Trust <br> 2025-A, A 144A <br>5.250%, 12/19/50<sup>(2)</sup> <br>| 951 | &nbsp;&nbsp; 968 |
| Aqua Finance Trust |  |  |
| 2019-A, A 144A <br>3.140%, 7/16/40<sup>(2)</sup> <br>| 27 | &nbsp;&nbsp; 27 |
| 2019-A, C 144A <br>4.010%, 7/16/40<sup>(2)</sup> <br>| 117 | &nbsp;&nbsp; 115 |
| 2020-AA, B 144A <br>2.790%, 7/17/46<sup>(2)</sup> <br>| 199 | &nbsp;&nbsp; 191 |
| 2024-A, B 144A <br>5.060%, 4/18/50<sup>(2)</sup> <br>| 1025 | &nbsp;&nbsp; 1036 |
| Auxilior Term Funding LLC <br> 2023-1A, C 144A <br>6.500%, 11/15/30<sup>(2)</sup> <br>| 485 | &nbsp;&nbsp; 503 |
| BHG Securitization Trust <br> 2024-1CON, A 144A <br>5.810%, 4/17/35<sup>(2)</sup> <br>| 214 | &nbsp;&nbsp; 219 |
| Bojangles Issuer LLC <br> 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(2)</sup> <br>| 1050 | &nbsp;&nbsp; 1065 |
| BXG Receivables <br> Note Trust 2023-A, A <br> 144A <br>5.770%, 11/15/38<sup>(2)</sup> <br>| 169 | &nbsp;&nbsp; 172 |
| CCG Receivables Trust |  |  |
| 2024-1, B 144A <br>5.080%, 3/15/32<sup>(2)</sup> <br>| 860 | &nbsp;&nbsp; 874 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| 2025-1, C 144A <br>4.890%, 10/14/32<sup>(2)</sup> <br>| $1195 | &nbsp;&nbsp; $1209 |
| Commercial Equipment <br> Finance LLC 2024-1A, A <br> 144A <br>5.970%, 7/16/29<sup>(2)</sup> <br>| 369 | &nbsp;&nbsp; 373 |
| Dext ABS LLC |  |  |
| 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(2)</sup> <br>| 48 | &nbsp;&nbsp; 48 |
| 2023-2, B 144A <br>6.410%, 5/15/34<sup>(2)</sup> <br>| 465 | &nbsp;&nbsp; 473 |
| Foundation Finance Trust |  |  |
| 2021-1A, A 144A <br>1.270%, 5/15/41<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 57 |
| 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp; 229 |
| 2024-2A, A 144A <br>4.600%, 3/15/50<sup>(2)</sup> <br>| 626 | &nbsp;&nbsp; 627 |
| Hardee's Funding LLC <br> 2024-1A, A2 144A <br>7.253%, 3/20/54<sup>(2)</sup> <br>| 1566 | &nbsp;&nbsp; 1622 |
| HINNT LLC 2025-A, B 144A <br>5.450%, 3/15/44<sup>(2)</sup> <br>| 930 | &nbsp;&nbsp; 939 |
| Jersey Mike's Funding LLC |  |  |
| 2019-1A, A2 144A <br>4.433%, 2/15/50<sup>(2)</sup> <br>| 315 | &nbsp;&nbsp; 315 |
| 2024-1A, A2 144A <br>5.636%, 2/15/55<sup>(2)</sup> <br>| 1095 | &nbsp;&nbsp; 1115 |
| Libra Solutions LLC <br> 2024-1A, A 144A <br>5.880%, 9/30/38<sup>(2)</sup> <br>| 965 | &nbsp;&nbsp; 963 |
| MetroNet Infrastructure <br> Issuer LLC 2025-2A, A2 <br> 144A <br>5.400%, 8/20/55<sup>(2)</sup> <br>| 1065 | &nbsp;&nbsp; 1081 |
| Momnt Technologies Trust <br> 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(2)</sup> <br>| 80 | &nbsp;&nbsp; 80 |
| MVW LLC 2020-1A, A <br> 144A <br>1.740%, 10/20/37<sup>(2)</sup> <br>| 87 | &nbsp;&nbsp; 86 |
| Navient Private Education <br> Refi Loan Trust 2021-EA, <br> A 144A <br>0.970%, 12/16/69<sup>(2)</sup> <br>| 129 | &nbsp;&nbsp; 116 |
| NBC Funding LLC 2025-1A, <br> A2 144A <br>6.209%, 7/30/55<sup>(2)</sup> <br>| 1560 | &nbsp;&nbsp; 1595 |
| NMEF Funding LLC |  |  |
| 2023-A, B 144A <br>6.830%, 6/17/30<sup>(2)</sup> <br>| 1000 | &nbsp;&nbsp; 1023 |
| 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(2)</sup> <br>| 577 | &nbsp;&nbsp; 581 |
| Octane Receivables Trust |  |  |
| 2023-1A, C 144A <br>6.370%, 9/20/29<sup>(2)</sup> <br>| 285 | &nbsp;&nbsp; 290 |
| 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(2)</sup> <br>| 532 | &nbsp;&nbsp; 541 |
| OWN Equipment Fund I <br> LLC 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(2)</sup> <br>| 951 | &nbsp;&nbsp; 964 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| PEAC Solutions <br> Receivables LLC <br> 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(2)</sup> <br>| $740 | &nbsp;&nbsp; $760 |
| PowerPay Issuance Trust <br> 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(2)</sup> <br>| 324 | &nbsp;&nbsp; 334 |
| Progress Residential Trust <br> 2021-SFR6, D 144A <br>2.225%, 7/17/38<sup>(2)</sup> <br>| 205 | &nbsp;&nbsp; 202 |
| RCKT Mortgage Trust |  |  |
| 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(2)(6)</sup> <br>| 650 | &nbsp;&nbsp; 662 |
| 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(2)(6)</sup> <br>| 352 | &nbsp;&nbsp; 355 |
| 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(2)(6)</sup> <br>| 1045 | &nbsp;&nbsp; 1060 |
| Reach ABS Trust |  |  |
| 2024-2A, B 144A <br>5.840%, 7/15/31<sup>(2)</sup> <br>| 1000 | &nbsp;&nbsp; 1017 |
| 2025-2A, B 144A <br>5.120%, 8/18/32<sup>(2)</sup> <br>| 1315 | &nbsp;&nbsp; 1325 |
| Scalelogix ABS U.S. Issuer <br> LLC 2025-1A, A2 144A <br>5.673%, 7/25/55<sup>(2)</sup> <br>| 1350 | &nbsp;&nbsp; 1350 |
| Sierra Timeshare <br> Receivables <br> Funding LLC 2023-2A, B <br> 144A <br>6.280%, 4/20/40<sup>(2)</sup> <br>| 109 | &nbsp;&nbsp; 112 |
| Switch ABS Issuer LLC <br> 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(2)</sup> <br>| 1260 | &nbsp;&nbsp; 1266 |
| Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(2)</sup> <br>| 1435 | &nbsp;&nbsp; 1431 |
| Towd Point Mortgage Trust <br> 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(2)(6)</sup> <br>| 619 | &nbsp;&nbsp; 623 |
| Trafigura Securitisation <br> Finance plc 2024-1A, A2 <br> 144A <br>5.980%, 11/15/27<sup>(2)</sup> <br>| 1205 | &nbsp;&nbsp; 1225 |
| Tricon Residential Trust <br> 2024-SFR3, A 144A <br>4.500%, 8/17/41<sup>(2)</sup> <br>| 343 | &nbsp;&nbsp; 343 |
| TSC SPV Funding LLC <br> 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(2)</sup> <br>| 868 | &nbsp;&nbsp; 882 |
| UPX HIL Issuer Trust <br> 2025-1, A 144A <br>5.160%, 1/25/47<sup>(2)</sup> <br>| 519 | &nbsp;&nbsp; 522 |
| USQ Rail III LLC 2024-1A, <br> A 144A <br>4.990%, 9/28/54<sup>(2)</sup> <br>| 954 | &nbsp;&nbsp; 953 |
| VFI ABS LLC |  |  |
| 2023-1A, A 144A <br>7.270%, 3/26/29<sup>(2)</sup> <br>| 44 | &nbsp;&nbsp; 44 |
| 2025-1A, C 144A <br>5.600%, 4/24/31<sup>(2)</sup> <br>| 1075 | &nbsp;&nbsp; 1081 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Zaxby's Funding LLC <br> 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(2)</sup> <br>| $379 | &nbsp;&nbsp; $358 |
|  |  | &nbsp;&nbsp; 39199 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $59,119)** | **Total Asset-Backed Securities** <br>**(Identified Cost $59,119)** | &nbsp;&nbsp; **59742** |
| **Corporate Bonds and Notes—32.2%** | **Corporate Bonds and Notes—32.2%** | **Corporate Bonds and Notes—32.2%** |
| **Communication Services—1.1%** | **Communication Services—1.1%** |  |
| CCO Holdings LLC |  |  |
| <br>144A 6.375%, 9/1/29<sup>(2)</sup> <br>| 23 | &nbsp;&nbsp; 23 |
| <br>144A 4.750%, 3/1/30<sup>(2)</sup> <br>| 670 | &nbsp;&nbsp; 643 |
| Charter Communications <br> Operating LLC <br> 4.800%, 3/1/50<br>| 1790 | &nbsp;&nbsp; 1418 |
| CSC Holdings LLC 144A <br>11.750%, 1/31/29<sup>(2)</sup> <br>| 305 | &nbsp;&nbsp; 256 |
| DIRECTV Financing LLC |  |  |
| <br>144A 5.875%, 8/15/27<sup>(2)</sup> <br>| 296 | &nbsp;&nbsp; 296 |
| <br>144A 8.875%, 2/1/30<sup>(2)</sup> <br>| 85 | &nbsp;&nbsp; 84 |
| Gray Media, Inc. 144A <br>7.250%, 8/15/33<sup>(2)</sup> <br>| 465 | &nbsp;&nbsp; 461 |
| Interpublic Group of Cos., <br> Inc. (The) <br> 5.375%, 6/15/33<br>| 790 | &nbsp;&nbsp; 806 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(2)</sup> <br>| 605 | &nbsp;&nbsp; 621 |
| Sprint Capital Corp. <br> 8.750%, 3/15/32<br>| 635 | &nbsp;&nbsp; 773 |
| Univision <br> Communications, Inc. <br> 144A <br>8.000%, 8/15/28<sup>(2)</sup> <br>| 690 | &nbsp;&nbsp; 715 |
|  |  | &nbsp;&nbsp; 6096 |
| **Consumer Discretionary—1.5%** | **Consumer Discretionary—1.5%** |  |
| Aptiv Swiss Holdings Ltd. <br> 6.875%, 12/15/54<br>| 815 | &nbsp;&nbsp; 833 |
| Ashtead Capital, Inc. |  |  |
| <br>144A 5.500%, 8/11/32<sup>(2)</sup> <br>| 305 | &nbsp;&nbsp; 316 |
| <br>144A <br> 5.950%, 10/15/33<sup>(2)</sup> <br>| 475 | &nbsp;&nbsp; 502 |
| <br>144A 5.800%, 4/15/34<sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 555 |
| Ashton Woods USA LLC <br> 144A <br>4.625%, 4/1/30<sup>(2)</sup> <br>| 560 | &nbsp;&nbsp; 530 |
| Clarios Global LP 144A <br>6.750%, 2/15/30<sup>(2)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| Dick's Sporting Goods, Inc. <br> 4.100%, 1/15/52<br>| 1085 | &nbsp;&nbsp; 808 |
| DR Horton, Inc. <br> 5.500%, 10/15/35<br>| 1260 | &nbsp;&nbsp; 1306 |
| Ford Motor Co. <br> 4.750%, 1/15/43<br>| 110 | &nbsp;&nbsp; 88 |
| Ford Motor Credit Co. LLC |  |  |
| 6.800%, 5/12/28 | 200 | &nbsp;&nbsp; 208 |
| 6.054%, 11/5/31 | 255 | &nbsp;&nbsp; 261 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Meritage Homes Corp. <br> 144A <br>3.875%, 4/15/29<sup>(2)</sup> <br>| $893 | &nbsp;&nbsp; $869 |
| Newell Brands, Inc. <br> 6.375%, 9/15/27<br>| 800 | &nbsp;&nbsp; 811 |
| Ontario Gaming GTA LP <br> 144A <br>8.000%, 8/1/30<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp; 248 |
| Sodexo, Inc. 144A <br>5.800%, 8/15/35<sup>(2)</sup> <br>| 1290 | &nbsp;&nbsp; 1352 |
|  |  | &nbsp;&nbsp; 8718 |
| **Consumer Staples—1.5%** | **Consumer Staples—1.5%** |  |
| Alimentation Couche-Tard, <br> Inc. 144A <br>5.077%, 9/29/35<sup>(2)</sup> <br>| 1200 | &nbsp;&nbsp; 1199 |
| Anheuser-Busch Cos. LLC <br> 4.900%, 2/1/46<br>| 240 | &nbsp;&nbsp; 225 |
| Anheuser-Busch InBev <br> Worldwide, Inc. <br> 5.550%, 1/23/49<br>| 705 | &nbsp;&nbsp; 713 |
| BAT Capital Corp. |  |  |
| 7.750%, 10/19/32 | 398 | &nbsp;&nbsp; 465 |
| 4.390%, 8/15/37 | 245 | &nbsp;&nbsp; 225 |
| 4.758%, 9/6/49 | 245 | &nbsp;&nbsp; 208 |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(2)</sup> <br>| 490 | &nbsp;&nbsp; 501 |
| Mars, Inc. 144A <br>5.200%, 3/1/35<sup>(2)</sup> <br>| 1190 | &nbsp;&nbsp; 1216 |
| Philip Morris International, <br> Inc. 4.900%, 11/1/34<br>| 1040 | &nbsp;&nbsp; 1048 |
| Pilgrim's Pride Corp. <br> 6.250%, 7/1/33<br>| 1122 | &nbsp;&nbsp; 1198 |
| Post Holdings, Inc. |  |  |
| <br>144A 6.250%, 2/15/32<sup>(2)</sup> <br>| 855 | &nbsp;&nbsp; 879 |
| <br>144A 6.375%, 3/1/33<sup>(2)</sup> <br>| 375 | &nbsp;&nbsp; 378 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 530 |
|  |  | &nbsp;&nbsp; 8785 |
| **Energy—3.8%** | **Energy—3.8%** |  |
| BP Capital Markets plc <br> 4.875% <sup>(7)</sup> <br>| 1290 | &nbsp;&nbsp; 1281 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(2)</sup> <br>| 285 | &nbsp;&nbsp; 296 |
| Columbia Pipelines <br> Operating Co. LLC<br>|  |  |
| <br>144A <br> 6.036%, 11/15/33<sup>(2)</sup> <br>| 345 | &nbsp;&nbsp; 368 |
| <br>144A 5.439%, 2/15/35<sup>(2)</sup> <br>| 675 | &nbsp;&nbsp; 688 |
| Diamondback Energy, Inc. <br> 5.900%, 4/18/64<br>| 955 | &nbsp;&nbsp; 919 |
| DT Midstream, Inc. 144A <br>4.375%, 6/15/31<sup>(2)</sup> <br>| 1420 | &nbsp;&nbsp; 1372 |
| Enbridge, Inc. <br> 8.500%, 1/15/84<br>| 759 | &nbsp;&nbsp; 868 |
| Energy Transfer LP |  |  |
| Series G 7.125%<sup>(7)</sup> <br>| 215 | &nbsp;&nbsp; 222 |
| Series H 6.500%<sup>(7)</sup> <br>| 230 | &nbsp;&nbsp; 231 |
| EOG Resources, Inc. |  |  |
| 5.350%, 1/15/36 | 190 | &nbsp;&nbsp; 195 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| 5.650%, 12/1/54 | $995 | &nbsp;&nbsp; $996 |
| Flex Intermediate <br> Holdco LLC 144A <br>3.363%, 6/30/31<sup>(2)</sup> <br>| 1240 | &nbsp;&nbsp; 1141 |
| Genesis Energy LP <br> 8.875%, 4/15/30<br>| 515 | &nbsp;&nbsp; 545 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(2)</sup> <br>| 970 | &nbsp;&nbsp; 996 |
| HF Sinclair Corp. <br> 6.250%, 1/15/35<br>| 1070 | &nbsp;&nbsp; 1119 |
| KazMunayGas National Co. <br> JSC 144A <br>5.750%, 4/19/47<sup>(2)</sup> <br>| 162 | &nbsp;&nbsp; 151 |
| Kinder Morgan Energy <br> Partners LP<br>|  |  |
| 6.950%, 1/15/38 | 400 | &nbsp;&nbsp; 450 |
| 7.500%, 11/15/40 | 215 | &nbsp;&nbsp; 252 |
| Kinder Morgan, Inc. <br> 5.850%, 6/1/35<br>| 490 | &nbsp;&nbsp; 516 |
| Kodiak Gas Services LLC <br> 144A <br>6.750%, 10/1/35<sup>(2)</sup> <br>| 355 | &nbsp;&nbsp; 365 |
| Kraken Oil & Gas <br> Partners LLC 144A <br>7.625%, 8/15/29<sup>(2)</sup> <br>| 585 | &nbsp;&nbsp; 580 |
| Nabors Industries, Inc. <br> 144A <br>7.375%, 5/15/27<sup>(2)</sup> <br>| 370 | &nbsp;&nbsp; 376 |
| Occidental Petroleum Corp. |  |  |
| 5.550%, 10/1/34 | 635 | &nbsp;&nbsp; 644 |
| 6.200%, 3/15/40 | 610 | &nbsp;&nbsp; 620 |
| Pertamina Persero PT <br> 144A <br>6.450%, 5/30/44<sup>(2)</sup> <br>| 630 | &nbsp;&nbsp; 676 |
| Petroleos Mexicanos |  |  |
| 6.500%, 3/13/27 | 605 | &nbsp;&nbsp; 612 |
| 7.690%, 1/23/50 | 187 | &nbsp;&nbsp; 170 |
| 6.950%, 1/28/60 | 25 | &nbsp;&nbsp; 21 |
| Petronas Capital Ltd. 144A <br>5.848%, 4/3/55<sup>(2)</sup> <br>| 346 | &nbsp;&nbsp; 366 |
| Reliance Industries Ltd. <br> 144A <br>2.875%, 1/12/32<sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 481 |
| Saudi Arabian Oil Co. 144A <br>5.250%, 7/17/34<sup>(2)</sup> <br>| 850 | &nbsp;&nbsp; 874 |
| Sempra Infrastructure <br> Partners LP 144A <br>3.250%, 1/15/32<sup>(2)</sup> <br>| 339 | &nbsp;&nbsp; 301 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. 7.500%, 3/1/55<br>| 610 | &nbsp;&nbsp; 648 |
| Western Midstream <br> Operating LP <br> 5.250%, 2/1/50<br>| 1585 | &nbsp;&nbsp; 1379 |
| Williams Cos., Inc. (The) <br> 5.150%, 3/15/34<br>| 1010 | &nbsp;&nbsp; 1025 |
|  |  | &nbsp;&nbsp; 21744 |
| **Financials—14.4%** | **Financials—14.4%** |  |
| AerCap Ireland Capital DAC |  |  |
| 3.300%, 1/30/32 | 470 | &nbsp;&nbsp; 433 |
| 6.950%, 3/10/55 | 322 | &nbsp;&nbsp; 337 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| 6.500%, 1/31/56 | $485 | &nbsp;&nbsp; $500 |
| Allianz SE |  |  |
| <br>144A 6.350%, 9/6/53<sup>(2)</sup> <br>| 600 | &nbsp;&nbsp; 643 |
| <br>144A 5.600%, 9/3/54<sup>(2)</sup> <br>| 380 | &nbsp;&nbsp; 390 |
| Allstate Corp. (The) Series <br> B (3 month Term SOFR + <br> 3.200%)7.411%, 8/15/53<sup>(6)</sup> <br>| 545 | &nbsp;&nbsp; 546 |
| Ally Financial, Inc. |  |  |
| 5.737%, 5/15/29 | 105 | &nbsp;&nbsp; 107 |
| 5.543%, 1/17/31 | 1045 | &nbsp;&nbsp; 1065 |
| American Express Co. <br> 5.625%, 7/28/34<br>| 1785 | &nbsp;&nbsp; 1864 |
| American National Group, <br> Inc. 7.000%, 12/1/55<br>| 202 | &nbsp;&nbsp; 208 |
| Apollo Debt Solutions BDC <br> 6.900%, 4/13/29<br>| 810 | &nbsp;&nbsp; 852 |
| Apollo Global <br> Management, Inc. <br> 6.000%, 12/15/54<sup>(4)</sup> <br>| 970 | &nbsp;&nbsp; 964 |
| Ascent Resources Utica <br> Holdings LLC 144A <br>6.625%, 7/15/33<sup>(2)</sup> <br>| 545 | &nbsp;&nbsp; 554 |
| Ascot Group Ltd. 144A <br>4.250%, 12/15/30<sup>(2)</sup> <br>| 650 | &nbsp;&nbsp; 591 |
| Australia & New Zealand <br> Banking Group Ltd. <br> 144A <br>5.816%, 6/18/36<sup>(2)</sup> <br>| 1410 | &nbsp;&nbsp; 1463 |
| Avolon Holdings Funding <br> Ltd. 144A <br>5.750%, 11/15/29<sup>(2)</sup> <br>| 1060 | &nbsp;&nbsp; 1101 |
| Banco de Credito del Peru <br> S.A. 144A <br>6.450%, 7/30/35<sup>(2)</sup> <br>| 148 | &nbsp;&nbsp; 154 |
| Banco de Credito e <br> Inversiones S.A. 144A <br>8.750% <sup>(2)(7)</sup> <br>| 235 | &nbsp;&nbsp; 254 |
| Banco Mercantil del Norte <br> S.A. 144A <br>8.375% <sup>(2)(7)</sup> <br>| 211 | &nbsp;&nbsp; 222 |
| Bank of America Corp. |  |  |
| 2.687%, 4/22/32 | 455 | &nbsp;&nbsp; 414 |
| 2.972%, 2/4/33 | 1270 | &nbsp;&nbsp; 1157 |
| 5.518%, 10/25/35 | 1345 | &nbsp;&nbsp; 1378 |
| Bank of New York Mellon <br> Corp. (The) <br> 5.834%, 10/25/33<br>| 200 | &nbsp;&nbsp; 215 |
| Barclays plc |  |  |
| 7.437%, 11/2/33 | 945 | &nbsp;&nbsp; 1084 |
| 5.335%, 9/10/35 | 260 | &nbsp;&nbsp; 264 |
| BBVA Mexico S.A. <br> Institucion De Banca <br> Multiple Grupo <br> Financiero BBVA Mexico <br> 144A <br>5.125%, 1/18/33<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 197 |
| BlackRock Funding, Inc. <br> 5.250%, 3/14/54<br>| 1005 | &nbsp;&nbsp; 980 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 5.950%, 7/16/29 | 455 | &nbsp;&nbsp; 468 |
| 6.000%, 11/22/34<sup>(4)</sup> <br>| 510 | &nbsp;&nbsp; 522 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | $280 | &nbsp;&nbsp; $290 |
| <br>144A 6.000%, 8/15/33<sup>(2)</sup> <br>| 170 | &nbsp;&nbsp; 174 |
| Blue Owl Credit Income <br> Corp. 6.650%, 3/15/31<br>| 240 | &nbsp;&nbsp; 252 |
| Blue Owl Finance LLC <br> 3.125%, 6/10/31<br>| 1575 | &nbsp;&nbsp; 1433 |
| BNSF Funding Trust I <br> 6.613%, 12/15/55<br>| 525 | &nbsp;&nbsp; 524 |
| BPCE S.A. |  |  |
| <br>144A <br> 7.003%, 10/19/34<sup>(2)</sup> <br>| 820 | &nbsp;&nbsp; 915 |
| <br>144A 6.915%, 1/14/46<sup>(2)</sup> <br>| 565 | &nbsp;&nbsp; 606 |
| Brookfield Asset <br> Management Ltd. <br> 5.795%, 4/24/35<br>| 1060 | &nbsp;&nbsp; 1110 |
| Capital One Financial Corp. |  |  |
| 2.359%, 7/29/32 | 752 | &nbsp;&nbsp; 649 |
| 6.377%, 6/8/34 | 810 | &nbsp;&nbsp; 876 |
| Capital Power <br> U.S. Holdings, Inc. 144A <br>6.189%, 6/1/35<sup>(2)</sup> <br>| 1110 | &nbsp;&nbsp; 1164 |
| Charles Schwab Corp. <br> (The)<br>|  |  |
| 6.136%, 8/24/34 | 740 | &nbsp;&nbsp; 806 |
| Series H 4.000%<sup>(7)</sup> <br>| 559 | &nbsp;&nbsp; 525 |
| Citigroup, Inc. |  |  |
| 3.980%, 3/20/30 | 465 | &nbsp;&nbsp; 459 |
| 6.270%, 11/17/33 | 705 | &nbsp;&nbsp; 769 |
| 6.174%, 5/25/34 | 503 | &nbsp;&nbsp; 535 |
| 5.174%, 9/11/36 | 840 | &nbsp;&nbsp; 849 |
| Series X 3.875%<sup>(7)</sup> <br>| 515 | &nbsp;&nbsp; 510 |
| Corebridge Financial, Inc. <br> 6.375%, 9/15/54<br>| 1035 | &nbsp;&nbsp; 1062 |
| CRH America Finance, Inc. <br> 5.400%, 5/21/34<br>| 1055 | &nbsp;&nbsp; 1096 |
| Deutsche Bank AG <br> 5.403%, 9/11/35<sup>(4)</sup> <br>| 1300 | &nbsp;&nbsp; 1326 |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(2)</sup> <br>| 1125 | &nbsp;&nbsp; 1098 |
| EMD Finance LLC 144A <br>5.000%, 10/15/35<sup>(2)</sup> <br>| 1135 | &nbsp;&nbsp; 1135 |
| F&G Annuities & Life, Inc. <br> 6.500%, 6/4/29<br>| 935 | &nbsp;&nbsp; 975 |
| Fifth Third Bancorp <br> 4.337%, 4/25/33<br>| 910 | &nbsp;&nbsp; 887 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(2)</sup> <br>| 780 | &nbsp;&nbsp; 792 |
| Foundry JV Holdco LLC <br> 144A <br>5.875%, 1/25/34<sup>(2)</sup> <br>| 995 | &nbsp;&nbsp; 1037 |
| Global Atlantic Fin Co. |  |  |
| <br>144A 7.950%, 6/15/33<sup>(2)</sup> <br>| 606 | &nbsp;&nbsp; 702 |
| <br>144A <br> 7.950%, 10/15/54<sup>(2)</sup> <br>| 170 | &nbsp;&nbsp; 180 |
| Goldman Sachs Group, Inc. <br> (The)<br>|  |  |
| 5.330%, 7/23/35 | 1215 | &nbsp;&nbsp; 1251 |
| 6.450%, 5/1/36 | 145 | &nbsp;&nbsp; 160 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| HA Sustainable <br> Infrastructure Capital, <br> Inc.<br>|  |  |
| 6.375%, 7/1/34 | $1051 | &nbsp;&nbsp; $1070 |
| 6.750%, 7/15/35 | 260 | &nbsp;&nbsp; 268 |
| Huntington Bancshares, <br> Inc.<br>|  |  |
| 5.709%, 2/2/35 | 485 | &nbsp;&nbsp; 506 |
| 6.141%, 11/18/39 | 615 | &nbsp;&nbsp; 640 |
| Icon Investments Six DAC <br> 6.000%, 5/8/34<br>| 1290 | &nbsp;&nbsp; 1354 |
| Imperial Brands Finance <br> plc 144A <br>5.875%, 7/1/34<sup>(2)</sup> <br>| 870 | &nbsp;&nbsp; 911 |
| JH North America <br> Holdings, Inc. 144A <br>6.125%, 7/31/32<sup>(2)</sup> <br>| 1275 | &nbsp;&nbsp; 1306 |
| JPMorgan Chase & Co. |  |  |
| 2.956%, 5/13/31 | 545 | &nbsp;&nbsp; 511 |
| 5.717%, 9/14/33 | 435 | &nbsp;&nbsp; 460 |
| 5.350%, 6/1/34 | 455 | &nbsp;&nbsp; 474 |
| 6.254%, 10/23/34 | 610 | &nbsp;&nbsp; 672 |
| 5.576%, 7/23/36 | 525 | &nbsp;&nbsp; 544 |
| 1.953%, 2/4/32 | 685 | &nbsp;&nbsp; 606 |
| KeyCorp |  |  |
| 4.789%, 6/1/33 | 515 | &nbsp;&nbsp; 513 |
| 6.401%, 3/6/35 | 245 | &nbsp;&nbsp; 266 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(2)</sup> <br>| 455 | &nbsp;&nbsp; 447 |
| M&T Bank Corp. <br> 5.400%, 7/30/35<br>| 1110 | &nbsp;&nbsp; 1118 |
| Merlin Entertainments <br> Group U.S. Holdings, <br> Inc. 144A <br>7.375%, 2/15/31<sup>(2)</sup> <br>| 580 | &nbsp;&nbsp; 500 |
| Morgan Stanley |  |  |
| 5.250%, 4/21/34 | 375 | &nbsp;&nbsp; 387 |
| 5.424%, 7/21/34 | 1760 | &nbsp;&nbsp; 1834 |
| 5.948%, 1/19/38 | 378 | &nbsp;&nbsp; 396 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(2)</sup> <br>| 816 | &nbsp;&nbsp; 779 |
| National Rural Utilities <br> Cooperative Finance <br> Corp. (3 month Term <br> SOFR + <br> 3.172%)7.482%, 4/30/43<sup>(6)</sup> <br>| 150 | &nbsp;&nbsp; 149 |
| NatWest Group plc <br> 6.475%, 6/1/34<br>| 1005 | &nbsp;&nbsp; 1057 |
| NextEra Energy Capital <br> Holdings, Inc. <br> 6.500%, 8/15/55<br>| 835 | &nbsp;&nbsp; 884 |
| Nippon Life Insurance Co. |  |  |
| <br>144A 6.250%, 9/13/53<sup>(2)</sup> <br>| 815 | &nbsp;&nbsp; 865 |
| <br>144A 6.500%, 4/30/55<sup>(2)</sup> <br>| 380 | &nbsp;&nbsp; 409 |
| Northern Trust Corp. <br> 3.375%, 5/8/32<br>| 1145 | &nbsp;&nbsp; 1123 |
| OneMain Finance Corp. <br> 6.750%, 3/15/32<br>| 590 | &nbsp;&nbsp; 601 |
| PNC Financial Services <br> Group, Inc. (The) <br> 5.575%, 1/29/36<br>| 1115 | &nbsp;&nbsp; 1163 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Prudential Financial, Inc. |  |  |
| 5.125%, 3/1/52 | $247 | &nbsp;&nbsp; $248 |
| 6.750%, 3/1/53 | 185 | &nbsp;&nbsp; 200 |
| 6.500%, 3/15/54 | 470 | &nbsp;&nbsp; 503 |
| Reinsurance Group of <br> America, Inc. <br> 6.650%, 9/15/55<br>| 775 | &nbsp;&nbsp; 814 |
| Repsol E&P Capital <br> Markets U.S. LLC 144A <br>5.976%, 9/16/35<sup>(2)</sup> <br>| 480 | &nbsp;&nbsp; 489 |
| Rivers Enterprise <br> Lender LLC 144A <br>6.250%, 10/15/30<sup>(2)</sup> <br>| 140 | &nbsp;&nbsp; 141 |
| Rocket Cos., Inc. 144A <br>6.375%, 8/1/33<sup>(2)</sup> <br>| 515 | &nbsp;&nbsp; 532 |
| Societe Generale S.A. 144A <br>6.066%, 1/19/35<sup>(2)</sup> <br>| 995 | &nbsp;&nbsp; 1045 |
| South Bow USA <br> Infrastructure <br> Holdings LLC<br>|  |  |
| 5.584%, 10/1/34 | 610 | &nbsp;&nbsp; 613 |
| 6.176%, 10/1/54 | 435 | &nbsp;&nbsp; 424 |
| State Street Corp. |  |  |
| 6.123%, 11/21/34 | 1045 | &nbsp;&nbsp; 1131 |
| Series I 6.700%<sup>(7)</sup> <br>| 400 | &nbsp;&nbsp; 416 |
| Stellantis Finance U.S., Inc. <br> 144A <br>6.450%, 3/18/35<sup>(2)</sup> <br>| 680 | &nbsp;&nbsp; 697 |
| Sumitomo Life Insurance <br> Co. 144A <br>5.875%, 9/10/55<sup>(2)</sup> <br>| 1140 | &nbsp;&nbsp; 1161 |
| Synchrony Financial <br> 3.700%, 8/4/26<br>| 132 | &nbsp;&nbsp; 131 |
| Texas Capital Bancshares, <br> Inc. 4.000%, 5/6/31<br>| 330 | &nbsp;&nbsp; 325 |
| Toll Brothers Finance Corp. <br> 5.600%, 6/15/35<br>| 475 | &nbsp;&nbsp; 487 |
| Toronto-Dominion Bank <br> (The) 8.125%, 10/31/82<br>| 845 | &nbsp;&nbsp; 893 |
| Transurban Finance Co. Pty <br> Ltd. 144A <br>4.924%, 3/24/36<sup>(2)</sup> <br>| 1445 | &nbsp;&nbsp; 1435 |
| Truist Financial Corp. |  |  |
| 5.122%, 1/26/34 | 654 | &nbsp;&nbsp; 664 |
| 5.867%, 6/8/34 | 580 | &nbsp;&nbsp; 615 |
| U.S. Bancorp |  |  |
| 4.967%, 7/22/33 | 510 | &nbsp;&nbsp; 512 |
| 5.424%, 2/12/36 | 1135 | &nbsp;&nbsp; 1175 |
| UBS Group AG |  |  |
| <br>144A 9.250%<sup>(2)(7)</sup> <br>| 140 | &nbsp;&nbsp; 167 |
| <br>144A 4.988%, 8/5/33<sup>(2)</sup> <br>| 820 | &nbsp;&nbsp; 829 |
| Wells Fargo & Co. |  |  |
| 5.389%, 4/24/34 | 480 | &nbsp;&nbsp; 499 |
| 6.491%, 10/23/34 | 1140 | &nbsp;&nbsp; 1267 |
|  |  | &nbsp;&nbsp; 82300 |
| **Health Care—2.3%** | **Health Care—2.3%** |  |
| Amgen, Inc. <br> 5.650%, 3/2/53<br>| 1478 | &nbsp;&nbsp; 1474 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Amneal <br> Pharmaceuticals LLC <br> 144A <br>6.875%, 8/1/32<sup>(2)</sup> <br>| $35 | &nbsp;&nbsp; $36 |
| Community Health <br> Systems, Inc. 144A <br>5.250%, 5/15/30<sup>(2)</sup> <br>| 930 | &nbsp;&nbsp; 841 |
| CVS Health Corp. |  |  |
| 5.050%, 3/25/48 | 355 | &nbsp;&nbsp; 316 |
| 5.625%, 2/21/53 | 835 | &nbsp;&nbsp; 793 |
| 6.750%, 12/10/54 | 682 | &nbsp;&nbsp; 704 |
| DENTSPLY SIRONA, Inc. <br> 3.250%, 6/1/30<br>| 1535 | &nbsp;&nbsp; 1412 |
| HCA, Inc. |  |  |
| 5.500%, 6/1/33 | 250 | &nbsp;&nbsp; 260 |
| 5.600%, 4/1/34 | 205 | &nbsp;&nbsp; 213 |
| 5.450%, 9/15/34 | 345 | &nbsp;&nbsp; 354 |
| 5.250%, 6/15/49 | 170 | &nbsp;&nbsp; 156 |
| 6.000%, 4/1/54 | 268 | &nbsp;&nbsp; 269 |
| IQVIA, Inc. |  |  |
| 5.700%, 5/15/28 | 479 | &nbsp;&nbsp; 494 |
| 6.250%, 2/1/29 | 730 | &nbsp;&nbsp; 768 |
| <br>144A 6.250%, 6/1/32<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp; 165 |
| Molina Healthcare, Inc. <br> 144A <br>6.250%, 1/15/33<sup>(2)</sup> <br>| 235 | &nbsp;&nbsp; 238 |
| Par Pharmaceutical, Inc. <br> Escrow 144A <br>0.000% <sup>(2)(8)</sup> <br>| 70 | &nbsp;&nbsp; — |
| Royalty Pharma plc |  |  |
| 5.400%, 9/2/34 | 1450 | &nbsp;&nbsp; 1481 |
| 3.350%, 9/2/51 | 350 | &nbsp;&nbsp; 235 |
| Smith & Nephew plc <br> 5.400%, 3/20/34<br>| 1275 | &nbsp;&nbsp; 1316 |
| Solstice Advanced <br> Materials, Inc. 144A <br>5.625%, 9/30/33<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| Universal Health Services, <br> Inc.<br>|  |  |
| 2.650%, 1/15/32 | 945 | &nbsp;&nbsp; 822 |
| 5.050%, 10/15/34 | 560 | &nbsp;&nbsp; 547 |
| Viatris, Inc. 144A <br>2.300%, 6/22/27<sup>(2)</sup> <br>| 2 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 12935 |
| **Industrials—2.6%** | **Industrials—2.6%** |  |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(2)</sup> <br>| 623 | &nbsp;&nbsp; 624 |
| Aviation Capital Group LLC |  |  |
| <br>144A 3.500%, 11/1/27<sup>(2)</sup> <br>| 490 | &nbsp;&nbsp; 481 |
| <br>144A <br> 6.750%, 10/25/28<sup>(2)</sup> <br>| 70 | &nbsp;&nbsp; 74 |
| <br>144A 5.125%, 4/10/30<sup>(2)</sup> <br>| 485 | &nbsp;&nbsp; 492 |
| Boeing Co. (The) <br> 5.930%, 5/1/60<br>| 1439 | &nbsp;&nbsp; 1438 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(2)</sup> <br>| 782 | &nbsp;&nbsp; 710 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Builders FirstSource, Inc. <br> 144A <br>6.375%, 3/1/34<sup>(2)</sup> <br>| $475 | &nbsp;&nbsp; $489 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(2)</sup> <br>| 935 | &nbsp;&nbsp; 856 |
| Delta Air Lines <br> Pass-Through Trust <br> 2015-1, <br> AA3.625%, 1/30/29<br>| 347 | &nbsp;&nbsp; 342 |
| DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp; 201 |
| Global Infrastructure <br> Solutions, Inc. 144A <br>7.500%, 4/15/32<sup>(2)</sup> <br>| 215 | &nbsp;&nbsp; 227 |
| Herc Holdings, Inc. 144A <br>7.250%, 6/15/33<sup>(2)</sup> <br>| 225 | &nbsp;&nbsp; 235 |
| Hilton Domestic Operating <br> Co., Inc. 144A <br>5.750%, 9/15/33<sup>(2)</sup> <br>| 560 | &nbsp;&nbsp; 568 |
| Icahn Enterprises LP <br> 5.250%, 5/15/27<br>| 200 | &nbsp;&nbsp; 197 |
| Ingersoll Rand, Inc. <br> 5.700%, 8/14/33<br>| 1220 | &nbsp;&nbsp; 1296 |
| L3Harris Technologies, Inc. <br> 5.400%, 7/31/33<br>| 1030 | &nbsp;&nbsp; 1074 |
| Neptune Bidco U.S., Inc. <br> 144A <br>9.290%, 4/15/29<sup>(2)</sup> <br>| 970 | &nbsp;&nbsp; 952 |
| New York State Electric & <br> Gas Corp. 144A <br>5.850%, 8/15/33<sup>(2)</sup> <br>| 540 | &nbsp;&nbsp; 575 |
| Quikrete Holdings, Inc. <br> 144A <br>6.375%, 3/1/32<sup>(2)</sup> <br>| 120 | &nbsp;&nbsp; 124 |
| Regal Rexnord Corp. <br> 6.400%, 4/15/33<br>| 1035 | &nbsp;&nbsp; 1111 |
| Science Applications <br> International Corp. 144A <br>4.875%, 4/1/28<sup>(2)</sup> <br>| 285 | &nbsp;&nbsp; 282 |
| TransDigm, Inc. |  |  |
| <br>144A <br> 6.875%, 12/15/30<sup>(2)</sup> <br>| 275 | &nbsp;&nbsp; 285 |
| <br>144A 6.625%, 3/1/32<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp; 165 |
| United Airlines <br> Pass-Through Trust <br> 2023-1, <br> A5.800%, 7/15/37<br>| 357 | &nbsp;&nbsp; 370 |
| United Airlines <br> Pass-Through-Trust <br> 2024-1, <br> AA5.450%, 8/15/38<br>| 579 | &nbsp;&nbsp; 596 |
| Veralto Corp. <br> 5.450%, 9/18/33<br>| 1110 | &nbsp;&nbsp; 1161 |
|  |  | &nbsp;&nbsp; 14925 |
| **Information Technology—1.5%** | **Information Technology—1.5%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| 5.950%, 8/4/33 | 555 | &nbsp;&nbsp; 583 |
| <br>144A 3.875%, 9/1/28<sup>(2)</sup> <br>| 465 | &nbsp;&nbsp; 456 |
| <br>144A <br> 4.000%, 7/1/29<sup>(2)(4)</sup> <br>| 275 | &nbsp;&nbsp; 268 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Broadcom, Inc. |  |  |
| 5.150%, 11/15/31 | $535 | &nbsp;&nbsp; $556 |
| <br>144A <br> 3.137%, 11/15/35<sup>(2)</sup> <br>| 720 | &nbsp;&nbsp; 623 |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(2)</sup> <br>| 735 | &nbsp;&nbsp; 762 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(2)</sup> <br>| 1590 | &nbsp;&nbsp; 1501 |
| Leidos, Inc. <br> 2.300%, 2/15/31<br>| 475 | &nbsp;&nbsp; 424 |
| Marvell Technology, Inc. <br> 5.450%, 7/15/35<br>| 1035 | &nbsp;&nbsp; 1067 |
| Oracle Corp. |  |  |
| 6.250%, 11/9/32 | 390 | &nbsp;&nbsp; 424 |
| 6.900%, 11/9/52 | 335 | &nbsp;&nbsp; 373 |
| 5.550%, 2/6/53 | 380 | &nbsp;&nbsp; 360 |
| 3.850%, 4/1/60 | 60 | &nbsp;&nbsp; 41 |
| Roper Technologies, Inc. <br> 5.100%, 9/15/35<br>| 1075 | &nbsp;&nbsp; 1084 |
|  |  | &nbsp;&nbsp; 8522 |
| **Materials—1.3%** | **Materials—1.3%** |  |
| Bayport Polymers LLC <br> 144A <br>5.140%, 4/14/32<sup>(2)</sup> <br>| 855 | &nbsp;&nbsp; 844 |
| Berry Global, Inc. <br> 5.650%, 1/15/34<br>| 1350 | &nbsp;&nbsp; 1407 |
| Corp. Nacional del Cobre <br> de Chile 144A <br>5.950%, 1/8/34<sup>(2)</sup> <br>| 776 | &nbsp;&nbsp; 812 |
| Glencore Funding LLC |  |  |
| <br>144A 2.850%, 4/27/31<sup>(2)</sup> <br>| 225 | &nbsp;&nbsp; 207 |
| <br>144A 5.634%, 4/4/34<sup>(2)</sup> <br>| 1085 | &nbsp;&nbsp; 1129 |
| INEOS Quattro Finance 2 <br> plc 144A <br>9.625%, 3/15/29<sup>(2)</sup> <br>| 565 | &nbsp;&nbsp; 559 |
| Smurfit Kappa Treasury <br> ULC 5.777%, 4/3/54<br>| 980 | &nbsp;&nbsp; 999 |
| Sonoco Products Co. <br> 5.000%, 9/1/34<br>| 995 | &nbsp;&nbsp; 984 |
| Windsor Holdings III LLC <br> 144A <br>8.500%, 6/15/30<sup>(2)</sup> <br>| 180 | &nbsp;&nbsp; 190 |
|  |  | &nbsp;&nbsp; 7131 |
| **Utilities—2.2%** | **Utilities—2.2%** |  |
| AES Corp. (The) <br> 7.600%, 1/15/55<br>| 335 | &nbsp;&nbsp; 347 |
| Black Hills Corp. <br> 6.150%, 5/15/34<br>| 925 | &nbsp;&nbsp; 988 |
| Brooklyn Union Gas Co. <br> (The) 144A <br>4.866%, 8/5/32<sup>(2)</sup> <br>| 355 | &nbsp;&nbsp; 350 |
| CMS Energy Corp. <br> 4.750%, 6/1/50<br>| 1190 | &nbsp;&nbsp; 1160 |
| Dominion Energy, Inc. |  |  |
| 6.200%, 2/15/56 | 560 | &nbsp;&nbsp; 564 |
| Series B 7.000%, 6/1/54 | 380 | &nbsp;&nbsp; 412 |
| Electricite de France S.A. |  |  |
| <br>144A 6.250%, 5/23/33<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 218 |
| <br>144A 6.900%, 5/23/53<sup>(2)</sup> <br>| 755 | &nbsp;&nbsp; 842 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Enel Finance International <br> N.V.<br>|  |  |
| <br>144A <br> 7.500%, 10/14/32<sup>(2)</sup> <br>| $400 | &nbsp;&nbsp; $461 |
| <br>144A 5.500%, 6/26/34<sup>(2)</sup> <br>| 535 | &nbsp;&nbsp; 554 |
| Entergy Corp. <br> 7.125%, 12/1/54<br>| 715 | &nbsp;&nbsp; 747 |
| Entergy Texas, Inc. <br> 5.800%, 9/1/53<br>| 455 | &nbsp;&nbsp; 461 |
| Ferrellgas LP 144A <br>5.875%, 4/1/29<sup>(2)</sup> <br>| 595 | &nbsp;&nbsp; 554 |
| KeySpan Gas East Corp. <br> 144A <br>5.994%, 3/6/33<sup>(2)</sup> <br>| 695 | &nbsp;&nbsp; 736 |
| NGL Energy Operating LLC |  |  |
| <br>144A 8.125%, 2/15/29<sup>(2)</sup> <br>| 80 | &nbsp;&nbsp; 82 |
| <br>144A 8.375%, 2/15/32<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 128 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(2)</sup> <br>| 645 | &nbsp;&nbsp; 713 |
| PacifiCorp <br> 5.800%, 1/15/55<br>| 500 | &nbsp;&nbsp; 490 |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara 144A <br>5.450%, 5/21/28<sup>(2)</sup> <br>| 146 | &nbsp;&nbsp; 150 |
| Puget Energy, Inc. |  |  |
| 2.379%, 6/15/28 | 204 | &nbsp;&nbsp; 194 |
| 4.224%, 3/15/32 | 973 | &nbsp;&nbsp; 932 |
| Southern California Edison <br> Co. 6.000%, 1/15/34<br>| 640 | &nbsp;&nbsp; 670 |
| Vistra Corp. 144A <br>8.000% <sup>(2)(7)</sup> <br>| 163 | &nbsp;&nbsp; 167 |
| Vistra Operations Co. LLC <br> 144A <br>5.700%, 12/30/34<sup>(2)</sup> <br>| 880 | &nbsp;&nbsp; 911 |
|  |  | &nbsp;&nbsp; 12831 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $179,090)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $179,090)** | &nbsp;&nbsp; **183987** |
| **Leveraged Loans—4.3%** | **Leveraged Loans—4.3%** | **Leveraged Loans—4.3%** |
| **Aerospace—0.3%** | **Aerospace—0.3%** |  |
| American Airlines, Inc. (3 <br> month Term SOFR + <br> 2.250%) <br>6.575%, 4/20/28<sup>(6)</sup> <br>| 334 | &nbsp;&nbsp; 334 |
| Dynasty Acquisition Co., <br> Inc.<br>|  |  |
| Tranche B-1 (1 month <br> Term SOFR + 2.000%) <br>6.163%, 10/31/31<sup>(6)</sup> <br>| 515 | &nbsp;&nbsp; 515 |
| Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>6.163%, 10/31/31<sup>(6)</sup> <br>| 196 | &nbsp;&nbsp; 196 |
| TransDigm, Inc. |  |  |
| Tranche J (3 month Term <br> SOFR + 2.500%) <br>6.502%, 2/28/31<sup>(6)</sup> <br>| 314 | &nbsp;&nbsp; 313 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| Tranche K (3 month <br> Term SOFR + 2.250%) <br>6.252%, 3/22/30<sup>(6)</sup> <br>| $160 | &nbsp;&nbsp; $160 |
|  |  | &nbsp;&nbsp; 1518 |
| **Chemicals—0.0%** | **Chemicals—0.0%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>7.413%, 2/18/30<sup>(6)</sup> <br>| 194 | &nbsp;&nbsp; 175 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| Resideo Funding, Inc. (3 <br> month Term SOFR + <br> 2.000%) <br>6.038%, 8/13/32<sup>(6)</sup> <br>| 330 | &nbsp;&nbsp; 330 |
| **Consumer Non-Durables—0.0%** | **Consumer Non-Durables—0.0%** |  |
| Energizer Holdings, Inc. <br> 2025, Tranche B (1 <br> month Term SOFR + <br> 2.000%) <br>6.135%, 3/13/32<sup>(6)</sup> <br>| 200 | &nbsp;&nbsp; 199 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Epic Crude Services LP <br> Tranche B (3 month <br> Term SOFR + 2.500%) <br>6.828%, 10/15/31<sup>(6)</sup> <br>| 363 | &nbsp;&nbsp; 363 |
| Freeport LNG <br> Investments LLP 2025, <br> Tranche B (3 month <br> Term SOFR + 3.250%) <br>7.575%, 12/21/28<sup>(6)</sup> <br>| 293 | &nbsp;&nbsp; 293 |
| GIP Pilot Acquisition <br> Partners LP (3 month <br> Term SOFR + 2.000%) <br>6.286%, 10/4/30<sup>(6)</sup> <br>| 489 | &nbsp;&nbsp; 487 |
| Hilcorp Energy I LP <br> Tranche B (1 month <br> Term SOFR + 2.000%) <br>6.150%, 2/11/30<sup>(6)</sup> <br>| 154 | &nbsp;&nbsp; 154 |
| Oryx Midstream Services <br> Permian Basin LLC <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>6.416%, 10/5/28<sup>(6)</sup> <br>| 456 | &nbsp;&nbsp; 456 |
| Whitewater DBR <br> Holdco LLC Tranche C (3 <br> month Term SOFR + <br> 2.311%) <br>6.312%, 3/3/31<sup>(6)</sup> <br>| 124 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp; 1877 |
| **Financials—0.3%** | **Financials—0.3%** |  |
| Citadel Securities LP 2024 <br> (1 month Term SOFR + <br> 2.000%) <br>6.163%, 10/31/31<sup>(6)</sup> <br>| 489 | &nbsp;&nbsp; 489 |
| Finco I LLC 2025 <br>0.000%, 6/27/29<sup>(6)(9)</sup> <br>| 563 | &nbsp;&nbsp; 562 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Truist Insurance <br> Holdings LLC 2024, <br> Tranche B (3 month <br> Term SOFR + 2.750%) <br>6.752%, 5/6/31<sup>(6)</sup> <br>| $535 | &nbsp;&nbsp; $534 |
|  |  | &nbsp;&nbsp; 1585 |
| **Food / Tobacco—0.3%** | **Food / Tobacco—0.3%** |  |
| Del Monte Foods Corp. II, <br> Inc. (1 month Term <br> SOFR + 9.600%) <br>13.774%, 4/2/26<sup>(6)</sup> <br>| 33 | &nbsp;&nbsp; 31 |
| Del Monte Foods, Inc. |  |  |
| (1 month Term SOFR + <br> 9.600%) <br>13.750% - 13.774%, <br> 4/2/26<sup>(6)</sup> <br>| 48 | &nbsp;&nbsp; 38 |
| (3 month Term SOFR + <br> 4.400%) <br>8.423% - 8.571%, <br> 8/2/28<sup>(8)(10)</sup> <br>| 63 | &nbsp;&nbsp; 3 |
| (3 month Term SOFR + <br> 4.900%) <br>8.923%, 8/2/28<sup>(10)</sup> <br>| 145 | &nbsp;&nbsp; 2 |
| (3 month Term SOFR + <br> 8.150%) <br>12.321%, 8/2/28<sup>(10)</sup> <br>| 27 | &nbsp;&nbsp; 13 |
| Froneri International Ltd. <br> Tranche B-4 (6 month <br> Term SOFR + 2.000%) <br>6.197%, 9/30/31<sup>(6)</sup> <br>| 752 | &nbsp;&nbsp; 746 |
| Red SPV LLC (1 month <br> Term SOFR + 2.250%) <br>6.386%, 3/15/32<sup>(6)</sup> <br>| 464 | &nbsp;&nbsp; 463 |
| Sazerac Co., Inc. Tranche <br> B-1 (1 month Term <br> SOFR + 2.500%) <br>6.700%, 7/9/32<sup>(6)</sup> <br>| 255 | &nbsp;&nbsp; 256 |
|  |  | &nbsp;&nbsp; 1552 |
| **Gaming / Leisure—0.3%** | **Gaming / Leisure—0.3%** |  |
| Caesars Entertainment, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>6.413%, 2/6/30<sup>(6)</sup> <br>| 41 | &nbsp;&nbsp; 41 |
| Flutter Entertainment plc |  |  |
| 2024, Tranche B (3 <br> month Term SOFR + <br> 1.750%) <br>5.752%, 11/30/30<sup>(6)</sup> <br>| 270 | &nbsp;&nbsp; 269 |
| Tranche B (3 month <br> Term SOFR + 2.000%) <br>6.002%, 6/4/32<sup>(6)</sup> <br>| 404 | &nbsp;&nbsp; 403 |
| Life Time, Inc. 2025, <br> Tranche B, First Lien (1 <br> month Term SOFR + <br> 2.000%) <br>6.250%, 11/5/31<sup>(6)</sup> <br>| 352 | &nbsp;&nbsp; 352 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Playtika Holding Corp. <br> Tranche B-1 (1 month <br> Term SOFR + 2.864%) <br>7.028%, 3/13/28<sup>(6)</sup> <br>| $569 | &nbsp;&nbsp; $559 |
|  |  | &nbsp;&nbsp; 1624 |
| **Health Care—0.3%** | **Health Care—0.3%** |  |
| Grifols Worldwide <br> Operations USA, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.100%) <br>6.263%, 11/15/27<sup>(6)</sup> <br>| 580 | &nbsp;&nbsp; 578 |
| Medline Borrower LP 2030 <br> (1 month Term SOFR + <br> 2.000%) <br>6.163%, 10/23/30<sup>(6)</sup> <br>| 465 | &nbsp;&nbsp; 465 |
| Phoenix Guarantor, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.663%, 2/21/31<sup>(6)</sup> <br>| 335 | &nbsp;&nbsp; 335 |
| Select Medical Corp. <br> Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>6.163%, 12/3/31<sup>(6)</sup> <br>| 377 | &nbsp;&nbsp; 377 |
|  |  | &nbsp;&nbsp; 1755 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| Frontdoor, Inc. 2024, <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>6.413%, 12/17/31<sup>(6)</sup> <br>| 243 | &nbsp;&nbsp; 244 |
| Quikrete Holdings, Inc. <br> Tranche B-1 (1 month <br> Term SOFR + 2.250%) <br>6.413%, 4/14/31<sup>(6)</sup> <br>| 340 | &nbsp;&nbsp; 340 |
|  |  | &nbsp;&nbsp; 584 |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| Boost Newco <br> Borrower LLC Tranche <br> B-2 (3 month Term <br> SOFR + 2.000%) <br>6.002%, 1/31/31<sup>(6)</sup> <br>| 487 | &nbsp;&nbsp; 488 |
| Iron Mountain Information <br> Management LLC <br> Tranche B (1 month <br> Term SOFR + 2.000%) <br>6.163%, 1/31/31<sup>(6)</sup> <br>| 437 | &nbsp;&nbsp; 436 |
| UKG, Inc. Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>7.320%, 2/10/31<sup>(6)</sup> <br>| 369 | &nbsp;&nbsp; 369 |
|  |  | &nbsp;&nbsp; 1293 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| Construction Partners, Inc. <br> (1 month Term SOFR + <br> 2.500%) <br>6.663%, 11/3/31<sup>(6)</sup> <br>| 482 | &nbsp;&nbsp; 482 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| Gates Corp. Tranche B-5 (1 <br> month Term SOFR + <br> 1.750%) <br>5.913%, 6/4/31<sup>(6)</sup> <br>| $465 | &nbsp;&nbsp; $465 |
| MV Holding GmbH Tranche <br> B (1 month Term SOFR + <br> 2.250%) <br>6.413%, 3/17/32<sup>(6)</sup> <br>| 379 | &nbsp;&nbsp; 379 |
|  |  | &nbsp;&nbsp; 1326 |
| **Media / Telecom - Broadcasting—0.3%** | **Media / Telecom - Broadcasting—0.3%** |  |
| EOC Borrower LLC Tranche <br> B (1 month Term SOFR + <br> 3.000%) <br>7.163%, 3/24/32<sup>(6)</sup> <br>| 195 | &nbsp;&nbsp; 194 |
| Nexstar Media, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.663%, 6/28/32<sup>(6)</sup> <br>| 768 | &nbsp;&nbsp; 767 |
| Univision <br> Communications, Inc. <br> 2024, First Lien (1 <br> month Term SOFR + <br> 3.614%) <br>7.778%, 1/31/29<sup>(6)</sup> <br>| 513 | &nbsp;&nbsp; 511 |
|  |  | &nbsp;&nbsp; 1472 |
| **Media / Telecom - Cable/Wireless** <br> **Video—0.3%** | **Media / Telecom - Cable/Wireless** <br> **Video—0.3%** |  |
| Charter Communications <br> Operating LLC Tranche <br> B-5 (3 month Term <br> SOFR + 2.250%) <br>6.541%, 12/15/31<sup>(6)</sup> <br>| 466 | &nbsp;&nbsp; 466 |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term <br> SOFR + 3.250%) <br>7.413%, 9/18/30<sup>(6)</sup> <br>| 396 | &nbsp;&nbsp; 395 |
| DIRECTV Financing LLC <br> 2024, Tranche B (3 <br> month Term SOFR + <br> 5.512%) <br>9.820%, 8/2/29<sup>(6)</sup> <br>| 264 | &nbsp;&nbsp; 264 |
| Eagle Broadband <br> Investments LLC (3 <br> month Term SOFR + <br> 3.262%) <br>7.263%, 11/12/27<sup>(6)</sup> <br>| 563 | &nbsp;&nbsp; 558 |
| Virgin Media Bristol LLC <br> Tranche N (1 month <br> Term SOFR + 2.614%) <br>6.765%, 1/31/28<sup>(6)</sup> <br>| 284 | &nbsp;&nbsp; 283 |
|  |  | &nbsp;&nbsp; 1966 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Media / Telecom - Diversified** <br> **Media—0.1%** | **Media / Telecom - Diversified** <br> **Media—0.1%** |  |
| Formula One Management <br> Ltd. Tranche B-1 (3 <br> month Term SOFR + <br> 2.000%) <br>6.002%, 9/30/31<sup>(6)</sup> <br>| $405 | &nbsp;&nbsp; $405 |
| Neptune Bidco U.S., Inc. <br> Tranche B (3 month <br> Term SOFR + 5.100%) <br>9.429%, 4/11/29<sup>(6)</sup> <br>| — <br><sup>(5)</sup><br>| &nbsp;&nbsp; — <br><sup>(5)</sup><br>|
| UFC Holdings LLC Tranche <br> B-5 (2 month Term <br> SOFR + 2.000%) <br>6.038%, 11/21/31<sup>(6)</sup> <br>| 466 | &nbsp;&nbsp; 467 |
|  |  | &nbsp;&nbsp; 872 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| Harbor Freight Tools USA, <br> Inc. (1 month Term <br> SOFR + 2.250%) <br>6.413%, 6/11/31<sup>(6)</sup> <br>| 162 | &nbsp;&nbsp; 159 |
| Skechers U.S.A., Inc. <br> Tranche B-1 (3 month <br> Term SOFR + 3.250%) <br>7.308%, 9/12/32<sup>(6)</sup> <br>| 140 | &nbsp;&nbsp; 141 |
|  |  | &nbsp;&nbsp; 300 |
| **Service—0.5%** | **Service—0.5%** |  |
| AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>6.163%, 8/12/32<sup>(6)</sup> <br>| 680 | &nbsp;&nbsp; 675 |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.250%) <br>6.413%, 9/29/31<sup>(6)</sup> <br>| 400 | &nbsp;&nbsp; 399 |
| BrightView <br> Landscapes LLC Tranche <br> B (3 month Term SOFR + <br> 2.000%) <br>6.308%, 4/20/29<sup>(6)</sup> <br>| 590 | &nbsp;&nbsp; 588 |
| Green Infrastructure <br> Partners, Inc. (3 month <br> Term SOFR + 2.750%) <br>6.753%, 9/24/32<sup>(6)</sup> <br>| 180 | &nbsp;&nbsp; 180 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.502%, 11/24/28<sup>(6)</sup> <br>| 450 | &nbsp;&nbsp; 434 |
| Prime Security Services <br> Borrower LLC Tranche <br> B-1 (6 month Term <br> SOFR + 2.000%) <br>6.129%, 10/13/30<sup>(6)</sup> <br>| 376 | &nbsp;&nbsp; 375 |
|  |  | &nbsp;&nbsp; 2651 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| American Axle & <br> Manufacturing, Inc. <br> Tranche C <br>0.000%, 2/24/32<sup>(6)(9)</sup> <br>| 285 | &nbsp;&nbsp; 283 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Transportation - Automotive—continued** | **Transportation - Automotive—continued** |  |
| Belron Finance 2019 LLC <br> 2031 (3 month Term <br> SOFR + 2.500%) <br>6.742%, 10/16/31<sup>(6)</sup> <br>| $455 | &nbsp;&nbsp; $457 |
| Clarios Global LP (1 month <br> Term SOFR + 2.750%) <br>6.913%, 1/28/32<sup>(6)</sup> <br>| 405 | &nbsp;&nbsp; 405 |
|  |  | &nbsp;&nbsp; 1145 |
| **Utilities—0.4%** | **Utilities—0.4%** |  |
| Astoria Energy LLC Tranche <br> B (1 month Term SOFR + <br> 2.750%) <br>6.913%, 6/23/32<sup>(6)</sup> <br>| 290 | &nbsp;&nbsp; 291 |
| Calpine Corp. Tranche B-10 <br> (1 month Term SOFR + <br> 1.750%) <br>5.913%, 1/31/31<sup>(6)</sup> <br>| 640 | &nbsp;&nbsp; 639 |
| Cornerstone <br> Generation LLC Tranche <br> B (3 month Term SOFR + <br> 3.250%) <br>7.476%, 8/11/32<sup>(6)</sup> <br>| 165 | &nbsp;&nbsp; 166 |
| Hunterstown <br> Generation LLC (3 <br> month Term SOFR + <br> 3.500%) <br>7.502% - 9.750%, <br> 11/6/31<sup>(6)</sup> <br>| 545 | &nbsp;&nbsp; 545 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.250%) <br>6.530%, 1/27/31<sup>(6)</sup> <br>| 527 | &nbsp;&nbsp; 528 |
|  |  | &nbsp;&nbsp; 2169 |
| **Total Leveraged Loans** <br>**(Identified Cost $24,594)** | **Total Leveraged Loans** <br>**(Identified Cost $24,594)** | &nbsp;&nbsp; **24393** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** |
| **Financials—0.9%** | **Financials—0.9%** |  |
| Virtus Newfleet ABS/MBS <br> ETF<sup>(11)(12)</sup> <br>| 209046 | &nbsp;&nbsp; 5086 |
| **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $5,112)** | **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $5,112)** | &nbsp;&nbsp; **5086** |
| **Total Long-Term** <br> **Investments—96.7%** <br>**(Identified Cost $552,262)** | **Total Long-Term** <br> **Investments—96.7%** <br>**(Identified Cost $552,262)** | &nbsp;&nbsp; **553086** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—2.5%** | **Short-Term Investment—2.5%** | **Short-Term Investment—2.5%** |
| **Money Market Mutual Fund—2.5%** | **Money Market Mutual Fund—2.5%** | **Money Market Mutual Fund—2.5%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 4.041%)<sup>(12)</sup> <br>| 14395523 | &nbsp;&nbsp; $14396 |
| **Total Short-Term Investment** <br>**(Identified Cost $14,396)** | **Total Short-Term Investment** <br>**(Identified Cost $14,396)** | &nbsp;&nbsp; **14396** |
| **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 4.041%)<sup>(12)(13)</sup> <br>| 2476139 | &nbsp;&nbsp; 2476 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $2,476)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $2,476)** | &nbsp;&nbsp; **2476** |
| **TOTAL INVESTMENTS—99.6%** <br>**(Identified Cost $569,134)** | **TOTAL INVESTMENTS—99.6%** <br>**(Identified Cost $569,134)** | &nbsp;&nbsp; **$569958** |
| Other assets and liabilities, net—0.4% | Other assets and liabilities, net—0.4% | &nbsp;&nbsp; 2079 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$572037** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MBS | Mortgage-Backed Securities |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported <br> in thousands.<br>|
| <sup>(2)</sup> <br>| Security exempt from registration under <br> Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt <br> from registration, normally to qualified <br> institutional buyers. At September 30, 2025, these <br> securities amounted to a value of $216,386 or <br> 37.8% of net assets.<br>|

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

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

<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> All or a portion of security is on loan.

<sup>(5)</sup> Amount is less than $500 (not in thousands).

<sup>(6)</sup> Variable rate security. Rate disclosed is as of September 30, 2025. 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>(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> This loan will settle after September 30, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. 

<sup>(10)</sup> Security in default; interest payments are being received. 

<sup>(11)</sup> Affiliated investment. See Note 3G in Notes to Financial Statements. 

<sup>(12)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

<sup>(13)</sup> Represents security purchased with cash collateral received for securities on loan. 

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 89<br> %<br>|
| United Kingdom | 2 |
| Ireland | 1 |
| Canada | 1 |
| France | 1 |
| Mexico | 1 |
| Australia | 1 |
| Other | 4 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $87120 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $87120 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 22811 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22811 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 169947 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 169947 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 59742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59742 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 183987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 183987 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 24393 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24390 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5086 | &nbsp;&nbsp;&nbsp;&nbsp; 5086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14396 | &nbsp;&nbsp;&nbsp;&nbsp; 14396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 2476 | &nbsp;&nbsp;&nbsp;&nbsp; 2476 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $569958 | &nbsp;&nbsp;&nbsp;&nbsp; $21958 | &nbsp;&nbsp;&nbsp;&nbsp; $547997 | &nbsp;&nbsp;&nbsp;&nbsp; $3 |

---

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

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

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

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.

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 September 30, 2025.

*See Notes to Financial Statements*

------

**Newfleet High Yield Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—93.5%** | **Corporate Bonds and Notes—93.5%** | **Corporate Bonds and Notes—93.5%** |
| **Communication Services—10.1%** | **Communication Services—10.1%** |  |
| Altice France Holding S.A. <br> 144A <br>6.000%, 2/15/28<sup>(1)(2)</sup> <br>| $405 | &nbsp;&nbsp; $144 |
| CCO Holdings LLC |  |  |
| <br>144A 6.375%, 9/1/29<sup>(1)</sup> <br>| 17 | &nbsp;&nbsp; 17 |
| <br>144A 4.750%, 3/1/30<sup>(1)</sup> <br>| 1105 | &nbsp;&nbsp; 1060 |
| CMG Media Corp. 144A <br>8.875%, 6/18/29<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 514 |
| CSC Holdings LLC |  |  |
| <br>144A 7.500%, 4/1/28<sup>(1)</sup> <br>| 620 | &nbsp;&nbsp; 449 |
| <br>144A 11.750%, 1/31/29<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 336 |
| DIRECTV Financing LLC |  |  |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 280 | &nbsp;&nbsp; 278 |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| Gray Media, Inc. 144A <br>9.625%, 7/15/32<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 245 |
| Hughes Satellite Systems <br> Corp. 6.625%, 8/1/26<sup>(3)</sup> <br>| 225 | &nbsp;&nbsp; 214 |
| Millennium Escrow Corp. <br> 144A <br>6.625%, 8/1/26<sup>(1)</sup> <br>| 470 | &nbsp;&nbsp; 450 |
| Rackspace Technology <br> Global, Inc. 144A <br>5.375%, 12/1/28<sup>(1)</sup> <br>| 365 | &nbsp;&nbsp; 95 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 298 |
| Snap, Inc. |  |  |
| <br>144A 6.875%, 3/1/33<sup>(1)</sup> <br>| 280 | &nbsp;&nbsp; 286 |
| <br>144A 6.875%, 3/15/34<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 117 |
| Telesat Canada 144A <br>6.500%, 10/15/27<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 86 |
| Univision Communications, <br> Inc. 144A <br>8.000%, 8/15/28<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 259 |
| Warnermedia Holdings, Inc. <br> 5.141%, 3/15/52<br>| 220 | &nbsp;&nbsp; 164 |
|  |  | &nbsp;&nbsp; 5042 |
| **Consumer Discretionary—7.5%** | **Consumer Discretionary—7.5%** |  |
| Aptiv Swiss Holdings Ltd. <br> 6.875%, 12/15/54<br>| 370 | &nbsp;&nbsp; 378 |
| Ashton Woods USA LLC <br> 144A <br>4.625%, 4/1/30<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 322 |
| Churchill Downs, Inc. 144A <br>6.750%, 5/1/31<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 297 |
| Clarios Global LP 144A <br>6.750%, 9/15/32<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 66 |
| Dick's Sporting Goods, Inc. <br> 4.100%, 1/15/52<br>| 360 | &nbsp;&nbsp; 268 |
| Forvia SE 144A <br>6.750%, 9/15/33<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 233 |
| Great Canadian Gaming <br> Corp. 144A <br>8.750%, 11/15/29<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 94 |
| New Home Co., Inc. (The) |  |  |
| <br>144A 9.250%, 10/1/29<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 226 |
| <br>144A 8.500%, 11/1/30<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 16 |
| Newell Brands, Inc. <br> 6.625%, 9/15/29<br>| 485 | &nbsp;&nbsp; 488 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Ontario Gaming GTA LP <br> 144A <br>8.000%, 8/1/30<sup>(1)</sup> <br>| $305 | &nbsp;&nbsp; $303 |
| Prime Security Services <br> Borrower LLC 144A <br>6.250%, 1/15/28<sup>(1)</sup> <br>| 375 | &nbsp;&nbsp; 375 |
| Under Armour, Inc. 144A <br>7.250%, 7/15/30<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 195 |
| Wayfair LLC 144A <br>7.250%, 10/31/29<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Weekley Homes LLC 144A <br>4.875%, 9/15/28<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 475 |
|  |  | &nbsp;&nbsp; 3741 |
| **Consumer Staples—2.2%** | **Consumer Staples—2.2%** |  |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(1)</sup> <br>| 330 | &nbsp;&nbsp; 337 |
| Post Holdings, Inc. |  |  |
| <br>144A 6.250%, 2/15/32<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 206 |
| <br>144A 6.375%, 3/1/33<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 232 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 310 | &nbsp;&nbsp; 310 |
|  |  | &nbsp;&nbsp; 1085 |
| **Energy—17.7%** | **Energy—17.7%** |  |
| Alliance Resource Operating <br> Partners LP 144A <br>8.625%, 6/15/29<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 286 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 145 |
| Caturus Energy LLC 144A <br>8.500%, 2/15/30<sup>(1)</sup> <br>| 205 | &nbsp;&nbsp; 214 |
| Civitas Resources, Inc. 144A <br>8.750%, 7/1/31<sup>(1)</sup> <br>| 280 | &nbsp;&nbsp; 287 |
| Coronado Finance Pty Ltd. <br> 144A <br>9.250%, 10/1/29<sup>(1)(3)</sup> <br>| 270 | &nbsp;&nbsp; 238 |
| DT Midstream, Inc. 144A <br>4.125%, 6/15/29<sup>(1)</sup> <br>| 420 | &nbsp;&nbsp; 410 |
| Enbridge, Inc. <br> 8.500%, 1/15/84<br>| 545 | &nbsp;&nbsp; 623 |
| Energy Transfer LP |  |  |
| Series G 7.125%<sup>(4)</sup> <br>| 160 | &nbsp;&nbsp; 165 |
| Series H 6.500%<sup>(4)</sup> <br>| 495 | &nbsp;&nbsp; 497 |
| Genesis Energy LP <br> 8.875%, 4/15/30<br>| 390 | &nbsp;&nbsp; 413 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 300 | &nbsp;&nbsp; 308 |
| Helix Energy Solutions <br> Group, Inc. 144A <br>9.750%, 3/1/29<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 321 |
| Hilcorp Energy I LP |  |  |
| <br>144A 5.750%, 2/1/29<sup>(1)</sup> <br>| 280 | &nbsp;&nbsp; 276 |
| <br>144A 6.000%, 2/1/31<sup>(1)</sup> <br>| 245 | &nbsp;&nbsp; 236 |
| International Petroleum <br> Corp. 144A, RegS <br>7.250%, 2/1/27<sup>(1)(5)</sup> <br>| 500 | &nbsp;&nbsp; 507 |
| Kodiak Gas Services LLC <br> 144A <br>6.750%, 10/1/35<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 128 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Kraken Oil & Gas <br> Partners LLC 144A <br>7.625%, 8/15/29<sup>(1)</sup> <br>| $155 | &nbsp;&nbsp; $154 |
| Magnolia Oil & Gas <br> Operating LLC 144A <br>6.875%, 12/1/32<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 477 |
| Mesquite Energy, Inc. 144A <br>7.250%, 7/15/26<sup>(1)(6)</sup> <br>| 115 | &nbsp;&nbsp; — <br><sup>(7)</sup><br>|
| Nabors Industries Ltd. 144A <br>7.500%, 1/15/28<sup>(1)</sup> <br>| 130 | &nbsp;&nbsp; 130 |
| Nabors Industries, Inc. 144A <br>7.375%, 5/15/27<sup>(1)</sup> <br>| 414 | &nbsp;&nbsp; 420 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. 7.500%, 3/1/55<br>| 390 | &nbsp;&nbsp; 414 |
| Teine Energy Ltd. 144A <br>6.875%, 4/15/29<sup>(1)</sup> <br>| 380 | &nbsp;&nbsp; 374 |
| Tidewater, Inc. 144A <br>9.125%, 7/15/30<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 134 |
| Transocean International <br> Ltd.<br>|  |  |
| <br>144A 8.250%, 5/15/29<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 69 |
| <br>144A 7.875%, 10/15/32<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| Transocean, Inc. |  |  |
| <br>144A 8.750%, 2/15/30<sup>(1)</sup> <br>| 184 | &nbsp;&nbsp; 193 |
| <br>144A 8.500%, 5/15/31<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 108 |
| Venture Global Calcasieu <br> Pass LLC<br>|  |  |
| <br>144A 3.875%, 8/15/29<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 29 |
| <br>144A 4.125%, 8/15/31<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 472 |
| Venture Global LNG, Inc. |  |  |
| <br>144A 9.000%<sup>(1)(4)</sup> <br>| 260 | &nbsp;&nbsp; 258 |
| <br>144A 9.875%, 2/1/32<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 544 |
|  |  | &nbsp;&nbsp; 8845 |
| **Financials—23.6%** | **Financials—23.6%** |  |
| Acrisure LLC |  |  |
| <br>144A 8.250%, 2/1/29<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 172 |
| <br>144A 6.000%, 8/1/29<sup>(1)</sup> <br>| 450 | &nbsp;&nbsp; 444 |
| Albion Financing 1 S.a.r.l. <br> 144A <br>7.000%, 5/21/30<sup>(1)</sup> <br>| 245 | &nbsp;&nbsp; 253 |
| Altice Financing S.A. 144A <br>5.000%, 1/15/28<sup>(1)</sup> <br>| 695 | &nbsp;&nbsp; 540 |
| American National Group, <br> Inc. 7.000%, 12/1/55<br>| 75 | &nbsp;&nbsp; 77 |
| Apollo Debt Solutions BDC <br> 6.900%, 4/13/29<br>| 425 | &nbsp;&nbsp; 447 |
| Ascent Resources Utica <br> Holdings LLC 144A <br>6.625%, 7/15/33<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 244 |
| Azorra Finance Ltd. 144A <br>7.250%, 1/15/31<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 250 |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | 205 | &nbsp;&nbsp; 212 |
| <br>144A 6.000%, 8/15/33<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 67 |
| Blue Owl Credit Income <br> Corp. 6.650%, 3/15/31<br>| 416 | &nbsp;&nbsp; 437 |
| BNP Paribas S.A. 144A <br>7.450% <sup>(1)(4)</sup> <br>| 500 | &nbsp;&nbsp; 522 |

---

*See Notes to Financial Statements*

------

**Newfleet High Yield Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Broadstreet Partners <br> Group LLC 144A <br>5.875%, 4/15/29<sup>(1)</sup> <br>| $375 | &nbsp;&nbsp; $374 |
| Chobani Holdco II LLC <br> (8.750% Cash or 9.500% <br> PIK) 144A <br>8.750%, 10/1/29<sup>(1)(8)(9)</sup> <br>| — <br><sup>(7)</sup><br>| &nbsp;&nbsp; — <br><sup>(7)</sup><br>|
| Citigroup, Inc. Series <br> X3.875% <sup>(4)</sup> <br>| 555 <br><sup>(10)</sup><br>| &nbsp;&nbsp; 550 |
| Endo Finance Holdings, Inc. <br> 144A <br>8.500%, 4/15/31<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 268 |
| Ford Motor Credit Co. LLC <br> 6.500%, 2/7/35<sup>(3)</sup> <br>| 250 | &nbsp;&nbsp; 257 |
| Froneri Lux FinCo S.a.r.l. <br> 144A <br>6.000%, 8/1/32<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 75 |
| Global Atlantic Fin Co. |  |  |
| <br>144A 7.950%, 6/15/33<sup>(1)</sup> <br>| 128 | &nbsp;&nbsp; 148 |
| <br>144A 7.950%, 10/15/54<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 132 |
| Grifols S.A. 144A <br>4.750%, 10/15/28<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 374 |
| Gulfport Energy Operating <br> Corp. 144A <br>6.750%, 9/1/29<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 144 |
| ION Trading Technologies <br> S.a.r.l. 144A <br>9.500%, 5/30/29<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 211 |
| JH North America Holdings, <br> Inc. 144A <br>6.125%, 7/31/32<sup>(1)</sup> <br>| 245 | &nbsp;&nbsp; 251 |
| Ladder Capital Finance <br> Holdings LLLP 144A <br>4.250%, 2/1/27<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 481 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 555 | &nbsp;&nbsp; 545 |
| Maxam Prill S.a.r.l. 144A <br>7.750%, 7/15/30<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 201 |
| Merlin Entertainments <br> Group U.S. Holdings, Inc. <br> 144A <br>7.375%, 2/15/31<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 207 |
| Midcap Financial Issuer <br> Trust 144A <br>6.500%, 5/1/28<sup>(1)</sup> <br>| 470 | &nbsp;&nbsp; 467 |
| Nationstar Mortgage <br> Holdings, Inc. 144A <br>5.750%, 11/15/31<sup>(1)</sup> <br>| 660 | &nbsp;&nbsp; 667 |
| OneMain Finance Corp. |  |  |
| 7.125%, 11/15/31 | 405 | &nbsp;&nbsp; 420 |
| 6.500%, 3/15/33 | 160 | &nbsp;&nbsp; 160 |
| Opal Bidco SAS 144A <br>6.500%, 3/31/32<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| Organon & Co. 144A <br>4.125%, 4/30/28<sup>(1)</sup> <br>| 255 | &nbsp;&nbsp; 246 |
| Park River Holdings, Inc. <br> 144A <br>8.000%, 3/15/31<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
| Phoenix Aviation Capital Ltd. <br> 144A <br>9.250%, 7/15/30<sup>(1)</sup> <br>| 205 | &nbsp;&nbsp; 218 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Reinsurance Group of <br> America, Inc. <br> 6.650%, 9/15/55<br>| $365 | &nbsp;&nbsp; $383 |
| Rivers Enterprise <br> Lender LLC 144A <br>6.250%, 10/15/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Rocket Cos., Inc. 144A <br>6.375%, 8/1/33<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 248 |
| Saks Global Enterprises LLC |  |  |
| <br>144A <br> 11.000%, 12/15/29<sup>(1)</sup> <br>| 98 | &nbsp;&nbsp; 35 |
| <br>144A <br> 11.000%, 12/15/29<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 100 |
| SGUS LLC 144A <br>11.000%, 12/15/29<sup>(1)</sup> <br>| 126 | &nbsp;&nbsp; 119 |
| Trivium Packaging Finance <br> B.V.<br>|  |  |
| <br>144A 8.250%, 7/15/30<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 32 |
| <br>144A 12.250%, 1/15/31<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 135 |
| UBS Group AG |  |  |
| <br>144A 9.250%<sup>(1)(4)</sup> <br>| 395 | &nbsp;&nbsp; 470 |
| <br>144A 9.250%<sup>(1)(4)</sup> <br>| 80 | &nbsp;&nbsp; 88 |
|  |  | &nbsp;&nbsp; 11794 |
| **Health Care—5.1%** | **Health Care—5.1%** |  |
| AMN Healthcare, Inc. 144A <br>6.500%, 1/15/31<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Amneal <br> Pharmaceuticals LLC <br> 144A <br>6.875%, 8/1/32<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Cheplapharm Arzneimittel <br> GmbH 144A <br>5.500%, 1/15/28<sup>(1)</sup> <br>| 356 | &nbsp;&nbsp; 347 |
| Community Health Systems, <br> Inc.<br>|  |  |
| <br>144A 5.250%, 5/15/30<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 235 |
| <br>144A 4.750%, 2/15/31<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 138 |
| CVS Health Corp. <br> 6.750%, 12/10/54<br>| 240 | &nbsp;&nbsp; 248 |
| DENTSPLY SIRONA, Inc. <br> 8.375%, 9/12/55<br>| 255 | &nbsp;&nbsp; 263 |
| LifePoint Health, Inc. |  |  |
| <br>144A 9.875%, 8/15/30<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 282 |
| <br>144A 10.000%, 6/1/32<sup>(1)</sup> <br>| 155 | &nbsp;&nbsp; 163 |
| Medline Borrower LP 144A <br>5.250%, 10/1/29<sup>(1)</sup> <br>| 565 | &nbsp;&nbsp; 560 |
| Par Pharmaceutical, Inc. <br> Escrow 144A <br>0.000% <sup>(1)(6)</sup> <br>| 256 | &nbsp;&nbsp; — |
| Prime Healthcare Services, <br> Inc. 144A <br>9.375%, 9/1/29<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 270 |
| Solstice Advanced Materials, <br> Inc. 144A <br>5.625%, 9/30/33<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
|  |  | &nbsp;&nbsp; 2536 |
| **Industrials—10.8%** | **Industrials—10.8%** |  |
| Altice France S.A. 144A <br>5.125%, 7/15/29<sup>(1)(11)</sup> <br>| 400 | &nbsp;&nbsp; 342 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Chart Industries, Inc. 144A <br>9.500%, 1/1/31<sup>(1)</sup> <br>| $275 | &nbsp;&nbsp; $295 |
| Cimpress plc 144A <br>7.375%, 9/15/32<sup>(1)</sup> <br>| 370 | &nbsp;&nbsp; 369 |
| Cornerstone Building <br> Brands, Inc. 144A <br>9.500%, 8/15/29<sup>(1)</sup> <br>| 415 | &nbsp;&nbsp; 403 |
| FTAI Aviation Investors LLC |  |  |
| <br>144A 7.000%, 5/1/31<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 288 |
| <br>144A 7.000%, 6/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Garda World Security Corp. <br> 144A <br>8.375%, 11/15/32<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 285 |
| Global Infrastructure <br> Solutions, Inc. 144A <br>7.500%, 4/15/32<sup>(1)</sup> <br>| 430 | &nbsp;&nbsp; 454 |
| Global Medical Response, <br> Inc. 144A <br>7.375%, 10/1/32<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| Herc Holdings, Inc. 144A <br>7.250%, 6/15/33<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 89 |
| Icahn Enterprises LP |  |  |
| 6.250%, 5/15/26 | 18 | &nbsp;&nbsp; 18 |
| 5.250%, 5/15/27 | 280 | &nbsp;&nbsp; 275 |
| <br>144A <br> 10.000%, 11/15/29<sup>(1)</sup> <br>| 210 | &nbsp;&nbsp; 211 |
| LBM Acquisition LLC 144A <br>6.250%, 1/15/29<sup>(1)</sup> <br>| 445 | &nbsp;&nbsp; 412 |
| Neptune Bidco U.S., Inc. <br> 144A <br>9.290%, 4/15/29<sup>(1)</sup> <br>| 365 | &nbsp;&nbsp; 358 |
| Science Applications <br> International Corp. 144A <br>4.875%, 4/1/28<sup>(1)</sup> <br>| 435 | &nbsp;&nbsp; 430 |
| TransDigm, Inc. |  |  |
| <br>144A 6.875%, 12/15/30<sup>(1)</sup> <br>| 300 | &nbsp;&nbsp; 311 |
| <br>144A 6.625%, 3/1/32<sup>(1)</sup> <br>| 205 | &nbsp;&nbsp; 211 |
| VistaJet Malta Finance plc <br> 144A <br>9.500%, 6/1/28<sup>(1)(3)</sup> <br>| 547 | &nbsp;&nbsp; 569 |
|  |  | &nbsp;&nbsp; 5398 |
| **Information Technology—2.7%** | **Information Technology—2.7%** |  |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(1)</sup> <br>| 280 | &nbsp;&nbsp; 290 |
| Consensus Cloud Solutions, <br> Inc.<br>|  |  |
| <br>144A 6.000%, 10/15/26<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| <br>144A 6.500%, 10/15/28<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 342 |
| Helios Software Holdings, <br> Inc. 144A <br>8.750%, 5/1/29<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 207 |
| Intel Corp. 3.100%, 2/15/60 | 450 | &nbsp;&nbsp; 267 |
| Rocket Software, Inc. 144A <br>9.000%, 11/28/28<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 237 |
|  |  | &nbsp;&nbsp; 1353 |
| **Materials—7.0%** | **Materials—7.0%** |  |
| ASP Unifrax Holdings, Inc. <br> 144A <br>5.250%, 9/30/28<sup>(1)</sup> <br>| 568 | &nbsp;&nbsp; 187 |

---

*See Notes to Financial Statements*

------

**Newfleet High Yield Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Capstone Copper Corp. <br> 144A <br>6.750%, 3/31/33<sup>(1)</sup> <br>| $320 | &nbsp;&nbsp; $330 |
| Cleveland-Cliffs, Inc. 144A <br>7.625%, 1/15/34<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 144 |
| Fortescue Treasury Pty Ltd. <br> 144A <br>5.875%, 4/15/30<sup>(1)</sup> <br>| 605 | &nbsp;&nbsp; 620 |
| Illuminate Buyer LLC 144A <br>9.000%, 7/1/28<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 401 |
| INEOS Quattro Finance 2 plc <br> 144A <br>9.625%, 3/15/29<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 351 |
| LSB Industries, Inc. 144A <br>6.250%, 10/15/28<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 469 |
| Mauser Packaging Solutions <br> Holding Co. 144A <br>9.250%, 4/15/27<sup>(1)</sup> <br>| 245 | &nbsp;&nbsp; 245 |
| Taseko Mines Ltd. 144A <br>8.250%, 5/1/30<sup>(1)</sup> <br>| 170 | &nbsp;&nbsp; 180 |
| Windsor Holdings III LLC <br> 144A <br>8.500%, 6/15/30<sup>(1)</sup> <br>| 234 | &nbsp;&nbsp; 247 |
| WR Grace Holdings LLC <br> 144A <br>5.625%, 8/15/29<sup>(1)</sup> <br>| 373 | &nbsp;&nbsp; 347 |
|  |  | &nbsp;&nbsp; 3521 |
| **Utilities—6.8%** | **Utilities—6.8%** |  |
| AES Corp. (The) <br> 7.600%, 1/15/55<br>| 250 | &nbsp;&nbsp; 259 |
| Alexander Funding Trust II <br> 144A <br>7.467%, 7/31/28<sup>(1)</sup> <br>| 285 | &nbsp;&nbsp; 305 |
| American Electric Power <br> Co., Inc. <br> 6.950%, 12/15/54<br>| 530 | &nbsp;&nbsp; 573 |
| Dominion Energy, Inc. <br> Series B7.000%, 6/1/54<br>| 115 | &nbsp;&nbsp; 125 |
| Entergy Corp. <br> 7.125%, 12/1/54<br>| 270 | &nbsp;&nbsp; 282 |
| Ferrellgas LP |  |  |
| <br>144A 5.375%, 4/1/26<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 302 |
| <br>144A 5.875%, 4/1/29<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 163 |
| NGL Energy Operating LLC |  |  |
| <br>144A 8.125%, 2/15/29<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 61 |
| <br>144A 8.375%, 2/15/32<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 364 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 260 |
| Sempra 6.375%, 4/1/56 | 125 | &nbsp;&nbsp; 128 |
| Vistra Corp. 144A <br>8.000% <sup>(1)(4)</sup> <br>| 278 <br><sup>(10)</sup><br>| &nbsp;&nbsp; 284 |
| Vistra Operations Co. LLC <br> 144A <br>6.875%, 4/15/32<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 288 |
|  |  | &nbsp;&nbsp; 3394 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $46,361)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $46,361)** | &nbsp;&nbsp; **46709** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leveraged Loans—0.6%** | **Leveraged Loans—0.6%** | **Leveraged Loans—0.6%** |
| **Aerospace—0.3%** | **Aerospace—0.3%** |  |
| Arcline FM Holdings LLC <br> 2025 (3 month Term <br> SOFR + 3.500%) <br>7.578%, 6/24/30<sup>(12)</sup> <br>| $145 | &nbsp;&nbsp; $145 |
| **Forest Prod / Containers—0.3%** | **Forest Prod / Containers—0.3%** |  |
| Klockner Pentaplast of <br> America, Inc. Tranche B (5 <br> month Term SOFR + <br> 4.975%) <br>9.019%, 2/12/26<sup>(12)</sup> <br>| 299 | &nbsp;&nbsp; 144 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Lannett Co., Inc. First Lien (3 <br> month Term SOFR + <br> 2.000%) <br>2.000%, 6/16/30<sup>(6)(12)</sup> <br>| 13 | &nbsp;&nbsp; 10 |
| **Total Leveraged Loans** <br>**(Identified Cost $441)** | **Total Leveraged Loans** <br>**(Identified Cost $441)** | &nbsp;&nbsp; **299** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.5%** | **Preferred Stock—0.5%** | **Preferred Stock—0.5%** |
| **Financials—0.5%** | **Financials—0.5%** |  |
| Capital Farm Credit ACA <br> Series 1 144A, 5.000%<sup>(1)</sup> <br>| 250 <br><sup>(10)</sup><br>| &nbsp;&nbsp; 245 |
| **Total Preferred Stock** <br>**(Identified Cost $250)** | **Total Preferred Stock** <br>**(Identified Cost $250)** | &nbsp;&nbsp; **245** |
| **Common Stocks—0.2%** | **Common Stocks—0.2%** | **Common Stocks—0.2%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| MYT Holding LLC <br> Class B<sup>(6)(13)</sup> <br>| 33144 | &nbsp;&nbsp; 7 |
| NMG Parent LLC <br> Escrow<sup>(6)(13)</sup> <br>| 116 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 7 |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Talos Energy, Inc.<sup>(13)</sup> <br>| 2973 | &nbsp;&nbsp; 28 |
| **Health Care—0.2%** | **Health Care—0.2%** |  |
| Endo GUC Trust Class A <br> Escrow<sup>(6)(13)</sup> <br>| 3813 | &nbsp;&nbsp; — |
| Envision Healthcare <br> Corp.<sup>(13)</sup> <br>| 720 | &nbsp;&nbsp; 11 |
| Lannett Co., Inc.<sup>(6)(13)</sup> <br>| 2911 | &nbsp;&nbsp; — |
| Mallinckrodt<sup>(13)</sup> <br>| 654 | &nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp; 79 |
| **Total Common Stocks** <br>**(Identified Cost $249)** | **Total Common Stocks** <br>**(Identified Cost $249)** | &nbsp;&nbsp; **114** |
| **Total Long-Term** <br> **Investments—94.8%** <br>**(Identified Cost $47,301)** | **Total Long-Term** <br> **Investments—94.8%** <br>**(Identified Cost $47,301)** | &nbsp;&nbsp; **47367** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—1.1%** | **Short-Term Investment—1.1%** | **Short-Term Investment—1.1%** |
| **Money Market Mutual Fund—1.1%** | **Money Market Mutual Fund—1.1%** | **Money Market Mutual Fund—1.1%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(14)</sup> <br>| 544143 | &nbsp;&nbsp; $544 |
| **Total Short-Term Investment** <br>**(Identified Cost $544)** | **Total Short-Term Investment** <br>**(Identified Cost $544)** | &nbsp;&nbsp; **544** |
| **Securities Lending Collateral—2.4%** | **Securities Lending Collateral—2.4%** | **Securities Lending Collateral—2.4%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(14)(15)</sup> <br>| 1208280 | &nbsp;&nbsp; 1208 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $1,208)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $1,208)** | &nbsp;&nbsp; **1208** |
| **TOTAL INVESTMENTS—98.3%** <br>**(Identified Cost $49,053)** | **TOTAL INVESTMENTS—98.3%** <br>**(Identified Cost $49,053)** | &nbsp;&nbsp; **$49119** |
| Other assets and liabilities, net—1.7% | Other assets and liabilities, net—1.7% | &nbsp;&nbsp; 840 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$49959** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ACA | American Capital Access Financial Guarantee <br> Corp.<br>|
| BDC | Business Development Companies |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LP | Limited Partnership |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under <br> Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt <br> from registration, normally to qualified <br> institutional buyers. At September 30, 2025, these <br> securities amounted to a value of $37,949 or <br> 76.0% of net assets.<br>|
| <sup>(2)</sup> <br>| Security in default; no interest payments are being <br> received.<br>|
| <sup>(3)</sup> <br>| All or a portion of security is on loan. |
| <sup>(4)</sup> <br>| No contractual maturity date. |
| <sup>(5)</sup> <br>| Regulation S security. Security is offered and sold <br> outside of the United States; therefore, it is exempt <br> from registration with the SEC under Rules 903 <br> and 904 of the Securities Act of 1933.<br>|
| <sup>(6)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as <br> a Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(7)</sup> <br>| Amount is less than $500 (not in thousands). |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Newfleet High Yield Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

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

<sup>(8)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(9)</sup> 100% of the income received was in PIK.

<sup>(10)</sup> Value shown as par value.

<sup>(11)</sup> Security in default; interest payments are being received. 

<sup>(12)</sup> Variable rate security. Rate disclosed is as of September 30, 2025. 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>(13)</sup> Non-income producing.

<sup>(14)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

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

<sup>(15)</sup> Represents security purchased with cash collateral received for securities on loan.

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 79<br> %<br>|
| Canada | 7 |
| Luxembourg | 3 |
| France | 2 |
| Australia | 2 |
| United Kingdom | 1 |
| Cayman Islands | 1 |
| Other | 5 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; $46709 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $46709 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp; 10 <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 7 <br><sup>(1)</sup><br>|
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 1208 | &nbsp;&nbsp;&nbsp;&nbsp; 1208 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $49119 | &nbsp;&nbsp;&nbsp;&nbsp; $1780 | &nbsp;&nbsp;&nbsp;&nbsp; $47322 | &nbsp;&nbsp;&nbsp;&nbsp; $17 |

---

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

<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 September 30, 2025.

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.

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 September 30, 2025.

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—6.9%** | **U.S. Government Securities—6.9%** | **U.S. Government Securities—6.9%** |
| U.S. Treasury Notes |  |  |
| 4.625%, 6/30/26 | $10590 | &nbsp;&nbsp; $10653 |
| 4.375%, 8/15/26 | 11350 | &nbsp;&nbsp; 11409 |
| 4.000%, 7/31/29 | 9735 | &nbsp;&nbsp; 9843 |
| **Total U.S. Government Securities** <br>**(Identified Cost $31,715)** | **Total U.S. Government Securities** <br>**(Identified Cost $31,715)** | &nbsp;&nbsp; **31905** |
| **Foreign Government Securities—0.8%** | **Foreign Government Securities—0.8%** | **Foreign Government Securities—0.8%** |
| Dominican Republic |  |  |
| 144A <br>5.500%, 2/22/29<sup>(1)</sup> <br>| 287 | &nbsp;&nbsp; 293 |
| RegS <br>6.950%, 3/15/37<sup>(2)</sup> <br>| 499 | &nbsp;&nbsp; 533 |
| Federative Republic of Brazil <br>6.625%, 3/15/35<br>| 503 | &nbsp;&nbsp; 523 |
| Republic of Guatemala 144A <br>6.600%, 6/13/36<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 85 |
| Republic of Philippines |  |  |
| <br>4.375%, 3/5/30 | 140 | &nbsp;&nbsp; 142 |
| <br>4.750%, 3/5/35 | 140 | &nbsp;&nbsp; 141 |
| Romania Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(1)</sup> <br>| 1005 | &nbsp;&nbsp; 1033 |
| 144A <br>7.125%, 1/17/33<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 517 |
| 144A <br>6.625%, 5/16/36<sup>(1)</sup> <br>| 232 | &nbsp;&nbsp; 235 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $3,405)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $3,405)** | &nbsp;&nbsp; **3502** |
| **Mortgage-Backed Securities—27.0%** | **Mortgage-Backed Securities—27.0%** | **Mortgage-Backed Securities—27.0%** |
| **Agency—7.8%** | **Agency—7.8%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #SB8269 <br>6.000%, 10/1/38<br>| 2313 | &nbsp;&nbsp; 2390 |
| Pool #SD3238 <br>5.500%, 12/1/52<br>| 1030 | &nbsp;&nbsp; 1042 |
| Pool #SD8309 <br>6.000%, 3/1/53<br>| 2985 | &nbsp;&nbsp; 3062 |
| Pool #SD8350 <br>6.000%, 8/1/53<br>| 1635 | &nbsp;&nbsp; 1674 |
| Pool #SD8494 <br>5.500%, 1/1/55<br>| 4737 | &nbsp;&nbsp; 4778 |
| Pool #SL1127 <br>6.000%, 12/1/54<br>| 4181 | &nbsp;&nbsp; 4273 |
| Federal National Mortgage <br> Association<br>|  |  |
| Pool #AC3654 <br>5.000%, 10/1/39<br>| 47 | &nbsp;&nbsp; 48 |
| Pool #AD3841 <br>4.500%, 4/1/40<br>| 14 | &nbsp;&nbsp; 14 |
| Pool #AL7532 <br>3.000%, 11/1/27<br>| 36 | &nbsp;&nbsp; 36 |
| Pool #AO5149 <br>3.000%, 6/1/27<br>| 12 | &nbsp;&nbsp; 11 |
| Pool #AS5730 <br>3.000%, 9/1/30<br>| 172 | &nbsp;&nbsp; 168 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #FA0685 <br>6.000%, 1/1/55<br>| $2563 | &nbsp;&nbsp; $2622 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 4512 | &nbsp;&nbsp; 4619 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 1868 | &nbsp;&nbsp; 1861 |
| Pool #FS8791 <br>6.000%, 8/1/54<br>| 1808 | &nbsp;&nbsp; 1857 |
| Pool #MA0908 <br>4.000%, 11/1/31<br>| 54 | &nbsp;&nbsp; 54 |
| Pool #MA3663 <br>3.500%, 5/1/49<br>| 140 | &nbsp;&nbsp; 130 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 1934 | &nbsp;&nbsp; 1885 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 1779 | &nbsp;&nbsp; 1796 |
| Pool #MA5139 <br>6.000%, 9/1/53<br>| 3348 | &nbsp;&nbsp; 3430 |
|  |  | &nbsp;&nbsp; 35750 |
| **Non-Agency—19.2%** | **Non-Agency—19.2%** |  |
| Ajax Mortgage Loan Trust <br> 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(1)(3)</sup> <br>| 300 | &nbsp;&nbsp; 290 |
| ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.894%, 6/15/40<sup>(1)(3)</sup> <br>| 1525 | &nbsp;&nbsp; 1533 |
| AMSR Trust 2021-SFR2, C <br> 144A <br>1.877%, 8/17/38<sup>(1)</sup> <br>| 1010 | &nbsp;&nbsp; 983 |
| Angel Oak Mortgage Trust |  |  |
| 2020-4, A1 144A <br>1.469%, 6/25/65<sup>(1)(3)</sup> <br>| 404 | &nbsp;&nbsp; 389 |
| 2020-R1, A2 144A <br>1.247%, 4/25/53<sup>(1)(3)</sup> <br>| 306 | &nbsp;&nbsp; 291 |
| 2021-8, A1 144A <br>1.820%, 11/25/66<sup>(1)(3)</sup> <br>| 1699 | &nbsp;&nbsp; 1522 |
| Arroyo Mortgage Trust |  |  |
| 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(1)(3)</sup> <br>| 515 | &nbsp;&nbsp; 503 |
| 2020-1, A1B 144A <br>2.100%, 3/25/55<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 467 |
| BBCMS Mortgage Trust <br> 2018-TALL, A (1 month <br> Term SOFR + 0.919%, <br> Cap N/A, Floor 0.872%) <br> 144A <br>5.070%, 3/15/37<sup>(1)(3)</sup> <br>| 920 | &nbsp;&nbsp; 872 |
| BBCMS Trust 2018-CBM, A <br> (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor <br> 1.250%) 144A <br>5.448%, 7/15/37<sup>(1)(3)</sup> <br>| 1350 | &nbsp;&nbsp; 1318 |
| Bunker Hill Loan Depositary <br> Trust 2019-2, A1 144A <br>2.879%, 7/25/49<sup>(1)(3)</sup> <br>| 155 | &nbsp;&nbsp; 152 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| BX Commercial Mortgage <br> Trust 2024-XL5, A (1 <br> month Term SOFR + <br> 1.392%, Cap N/A, Floor <br> 1.392%) 144A <br>5.542%, 3/15/41<sup>(1)(3)</sup> <br>| $881 | &nbsp;&nbsp; $881 |
| BX Trust |  |  |
| 2019-OC11, A 144A <br>3.202%, 12/9/41<sup>(1)</sup> <br>| 460 | &nbsp;&nbsp; 435 |
| 2019-OC11, B 144A <br>3.605%, 12/9/41<sup>(1)</sup> <br>| 951 | &nbsp;&nbsp; 906 |
| 2019-OC11, D 144A <br>4.075%, 12/9/41<sup>(1)(3)</sup> <br>| 710 | &nbsp;&nbsp; 671 |
| 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(1)</sup> <br>| 1721 | &nbsp;&nbsp; 1734 |
| 2025-ROIC, C (1 month <br> Term SOFR + 1.543%, <br> Cap N/A, Floor 1.543%) <br> 144A <br>5.693%, 3/15/30<sup>(1)(3)</sup> <br>| 892 | &nbsp;&nbsp; 889 |
| CENT 2025-CITY, A 144A <br>5.091%, 7/10/40<sup>(1)(3)</sup> <br>| 1130 | &nbsp;&nbsp; 1143 |
| Chase Mortgage Finance <br> Corp. 2016-SH2, M2 <br> 144A <br>3.750%, 12/25/45<sup>(1)(3)</sup> <br>| 278 | &nbsp;&nbsp; 261 |
| Citigroup Mortgage Loan <br> Trust, Inc.<br>|  |  |
| 2019-RP1, A1 144A <br>3.500%, 1/25/66<sup>(1)(3)</sup> <br>| 704 | &nbsp;&nbsp; 691 |
| 2025-INV1, A2 144A <br>6.000%, 1/25/55<sup>(1)(3)</sup> <br>| 733 | &nbsp;&nbsp; 743 |
| COLT Mortgage Loan Trust |  |  |
| 2022-3, A1 144A <br>3.901%, 2/25/67<sup>(1)(3)</sup> <br>| 1165 | &nbsp;&nbsp; 1147 |
| 2022-4, A1 144A <br>4.301%, 3/25/67<sup>(1)(3)</sup> <br>| 469 | &nbsp;&nbsp; 467 |
| 2023-3, A1 144A <br>7.180%, 9/25/68<sup>(1)(3)</sup> <br>| 755 | &nbsp;&nbsp; 766 |
| 2023-4, A1 144A <br>7.163%, 10/25/68<sup>(1)(3)</sup> <br>| 687 | &nbsp;&nbsp; 699 |
| 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(1)(3)</sup> <br>| 915 | &nbsp;&nbsp; 916 |
| Credit Suisse Mortgage <br> Capital Trust<br>|  |  |
| 2017-RPL1, A1 144A <br>2.750%, 7/25/57<sup>(1)(3)</sup> <br>| 1319 | &nbsp;&nbsp; 1291 |
| 2020-RPL4, A1 144A <br>2.000%, 1/25/60<sup>(1)(3)</sup> <br>| 3171 | &nbsp;&nbsp; 2873 |
| Deephaven Residential <br> Mortgage Trust 2022-1, <br> A1 144A <br>2.205%, 1/25/67<sup>(1)(3)</sup> <br>| 72 | &nbsp;&nbsp; 66 |
| Ellington Financial Mortgage <br> Trust<br>|  |  |
| 2019-2, A3 144A <br>3.046%, 11/25/59<sup>(1)(3)</sup> <br>| 106 | &nbsp;&nbsp; 102 |
| 2020-2, A1 144A <br>1.178%, 10/25/65<sup>(1)(3)</sup> <br>| 927 | &nbsp;&nbsp; 876 |
| 2021-1, A2 144A <br>1.003%, 2/25/66<sup>(1)(3)</sup> <br>| 353 | &nbsp;&nbsp; 310 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| ELM Trust 2024-ELM, A10 <br> 144A <br>5.994%, 6/10/39<sup>(1)(3)</sup> <br>| $907 | &nbsp;&nbsp; $916 |
| Fashion Show Mall LLC <br> 2024-SHOW, A 144A <br>5.274%, 10/10/41<sup>(1)(3)</sup> <br>| 895 | &nbsp;&nbsp; 908 |
| FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(1)</sup> <br>| 540 | &nbsp;&nbsp; 527 |
| Galton Funding Mortgage <br> Trust<br>|  |  |
| 2018-1, A23 144A <br>3.500%, 11/25/57<sup>(1)(3)</sup> <br>| 30 | &nbsp;&nbsp; 27 |
| 2019-2, A52 144A <br>3.500%, 6/25/59<sup>(1)(3)</sup> <br>| 251 | &nbsp;&nbsp; 228 |
| GCAT Trust |  |  |
| 2020-NQM1, A1 144A <br>3.247%, 1/25/60<sup>(1)(3)</sup> <br>| 1063 | &nbsp;&nbsp; 1043 |
| 2023-NQM2, A1 144A <br>5.837%, 11/25/67<sup>(1)(3)</sup> <br>| 843 | &nbsp;&nbsp; 841 |
| Goldman Sachs Mortgage <br> Securities Trust <br> 2020-GC45, AS <br>3.173%, 2/13/53<sup>(3)</sup> <br>| 1426 | &nbsp;&nbsp; 1318 |
| Homes Trust 2023-NQM2, <br> A1 144A <br>6.456%, 2/25/68<sup>(1)(3)</sup> <br>| 1314 | &nbsp;&nbsp; 1321 |
| Hudson Yards Mortgage <br> Trust 2025-SPRL, A 144A <br>5.649%, 1/13/40<sup>(1)(3)</sup> <br>| 1720 | &nbsp;&nbsp; 1777 |
| JP Morgan Seasoned <br> Mortgage Trust Series <br> 2024-1, A4 144A <br>4.415%, 1/25/63<sup>(1)(3)</sup> <br>| 693 | &nbsp;&nbsp; 679 |
| JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| 2014-1, 2A12 144A <br>3.500%, 1/25/44<sup>(1)(3)</sup> <br>| 88 | &nbsp;&nbsp; 83 |
| 2015-1, AM1 144A <br>5.666%, 12/25/44<sup>(1)(3)</sup> <br>| 23 | &nbsp;&nbsp; 22 |
| 2015-5, A2 144A <br>5.925%, 5/25/45<sup>(1)(3)</sup> <br>| 112 | &nbsp;&nbsp; 112 |
| 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(1)(3)</sup> <br>| 130 | &nbsp;&nbsp; 114 |
| 2017-5, A1 144A <br>4.967%, 10/26/48<sup>(1)(3)</sup> <br>| 68 | &nbsp;&nbsp; 69 |
| 2024-CES1, A1A 144A <br>5.919%, 6/25/54<sup>(1)(3)</sup> <br>| 579 | &nbsp;&nbsp; 583 |
| 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(1)(3)</sup> <br>| 736 | &nbsp;&nbsp; 742 |
| 2025-CES2, A1 144A <br>5.592%, 6/25/55<sup>(1)(3)</sup> <br>| 926 | &nbsp;&nbsp; 934 |
| 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(1)(3)</sup> <br>| 867 | &nbsp;&nbsp; 875 |
| LHOME Mortgage Trust <br> 2024-RTL1, A1 144A <br>7.017%, 1/25/29<sup>(1)(3)</sup> <br>| 650 | &nbsp;&nbsp; 657 |
| MetLife Securitization Trust <br> 2019-1A, A1A 144A <br>3.750%, 4/25/58<sup>(1)(3)</sup> <br>| 1120 | &nbsp;&nbsp; 1107 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| MFA Trust |  |  |
| 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(1)(3)</sup> <br>| $945 | &nbsp;&nbsp; $946 |
| 2020-NQM3, A1 144A <br>1.014%, 1/26/65<sup>(1)(3)</sup> <br>| 354 | &nbsp;&nbsp; 337 |
| 2021-INV1, A1 144A <br>0.852%, 1/25/56<sup>(1)(3)</sup> <br>| 228 | &nbsp;&nbsp; 222 |
| Mill City Mortgage Loan <br> Trust<br>|  |  |
| 2017-1, M2 144A <br>3.250%, 11/25/58<sup>(1)(3)</sup> <br>| 679 | &nbsp;&nbsp; 672 |
| 2019-GS2, A1 144A <br>2.750%, 8/25/59<sup>(1)(3)</sup> <br>| 1011 | &nbsp;&nbsp; 983 |
| 2021-NMR1, A1 144A <br>1.125%, 11/25/60<sup>(1)(3)</sup> <br>| 309 | &nbsp;&nbsp; 296 |
| MIRA Trust 2023-MILE, A <br> 144A <br>6.755%, 6/10/38<sup>(1)</sup> <br>| 775 | &nbsp;&nbsp; 807 |
| Morgan Stanley Residential <br> Mortgage Loan Trust<br>|  |  |
| 2014-1A, B2 144A <br>5.884%, 6/25/44<sup>(1)(3)</sup> <br>| 81 | &nbsp;&nbsp; 81 |
| 2024-INV4, A1 144A <br>6.000%, 9/25/54<sup>(1)(3)</sup> <br>| 459 | &nbsp;&nbsp; 466 |
| MSSG Trust 2017-237P, A <br> 144A <br>3.397%, 9/13/39<sup>(1)</sup> <br>| 1200 | &nbsp;&nbsp; 1146 |
| New Residential Mortgage <br> Loan Trust<br>|  |  |
| 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(1)(3)</sup> <br>| 326 | &nbsp;&nbsp; 317 |
| 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(1)(3)</sup> <br>| 341 | &nbsp;&nbsp; 331 |
| 2016-4A, A1 144A <br>3.750%, 11/25/56<sup>(1)(3)</sup> <br>| 860 | &nbsp;&nbsp; 827 |
| 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(1)(3)</sup> <br>| 558 | &nbsp;&nbsp; 542 |
| 2016-2A, A1 144A <br>3.750%, 11/26/35<sup>(1)(3)</sup> <br>| 440 | &nbsp;&nbsp; 427 |
| 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(1)(3)</sup> <br>| 1358 | &nbsp;&nbsp; 1328 |
| NYC Commercial Mortgage <br> Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(1)(3)</sup> <br>| 1600 | &nbsp;&nbsp; 1608 |
| NYMT Loan Trust 2022-CP1, <br> A1 144A <br>2.042%, 7/25/61<sup>(1)</sup> <br>| 1506 | &nbsp;&nbsp; 1421 |
| OBX Trust |  |  |
| 2023-NQM10, A1 144A <br>6.465%, 10/25/63<sup>(1)(3)</sup> <br>| 304 | &nbsp;&nbsp; 308 |
| 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(1)(3)</sup> <br>| 483 | &nbsp;&nbsp; 486 |
| 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(1)(3)</sup> <br>| 1651 | &nbsp;&nbsp; 1678 |
| 2024-HYB1, A1 144A <br>3.631%, 3/25/53<sup>(1)(3)</sup> <br>| 814 | &nbsp;&nbsp; 800 |
| 2024-HYB2, A1 144A <br>3.688%, 4/25/53<sup>(1)(3)</sup> <br>| 792 | &nbsp;&nbsp; 779 |
| 2024-NQM1, A1 144A <br>5.928%, 11/25/63<sup>(1)(3)</sup> <br>| 316 | &nbsp;&nbsp; 319 |
| 2024-NQM3, A1 144A <br>6.129%, 12/25/63<sup>(1)(3)</sup> <br>| 704 | &nbsp;&nbsp; 712 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2025-NQM4, A1 144A <br>5.400%, 2/25/55<sup>(1)(3)</sup> <br>| $1343 | &nbsp;&nbsp; $1352 |
| 2018-1, A2 (1 month <br> Term SOFR + 0.764%) <br> 144A <br>4.922%, 6/25/57<sup>(1)(3)</sup> <br>| 61 | &nbsp;&nbsp; 59 |
| PMT Loan Trust 2024-INV2, <br> A1 144A <br>6.000%, 12/25/59<sup>(1)(3)</sup> <br>| 705 | &nbsp;&nbsp; 715 |
| PRET Trust 2025-NPL1, A1 <br> 144A <br>6.063%, 2/25/55<sup>(1)(3)</sup> <br>| 579 | &nbsp;&nbsp; 581 |
| PRKCM Trust 2022-AFC1, <br> A1A 144A <br>4.100%, 4/25/57<sup>(1)(3)</sup> <br>| 2134 | &nbsp;&nbsp; 2122 |
| Progress Residential Trust |  |  |
| 2021-SFR3, C 144A <br>2.088%, 5/17/26<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 495 |
| 2021-SFR3, D 144A <br>2.288%, 5/17/26<sup>(1)</sup> <br>| 1010 | &nbsp;&nbsp; 999 |
| Provident Funding Mortgage <br> Trust 2025-1, A3 144A <br>5.500%, 2/25/55<sup>(1)(3)</sup> <br>| 573 | &nbsp;&nbsp; 576 |
| RCKT Mortgage Trust |  |  |
| 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(1)(3)</sup> <br>| 385 | &nbsp;&nbsp; 390 |
| 2024-CES8, A1A 144A <br>5.490%, 11/25/44<sup>(1)(3)</sup> <br>| 597 | &nbsp;&nbsp; 602 |
| 2024-CES9, A1A 144A <br>5.582%, 12/25/44<sup>(1)(3)</sup> <br>| 839 | &nbsp;&nbsp; 848 |
| Residential Mortgage Loan <br> Trust 2020-1, A1 144A <br>2.376%, 1/26/60<sup>(1)(3)</sup> <br>| 287 | &nbsp;&nbsp; 285 |
| RFR Trust 2025-SGRM, A <br> 144A <br>5.562%, 3/11/41<sup>(1)(3)</sup> <br>| 1150 | &nbsp;&nbsp; 1176 |
| RIDE 2025-SHRE, B 144A <br>6.020%, 2/14/47<sup>(1)(3)</sup> <br>| 900 | &nbsp;&nbsp; 925 |
| ROCK Trust |  |  |
| 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(1)</sup> <br>| 1155 | &nbsp;&nbsp; 1190 |
| 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 483 |
| Starwood Mortgage <br> Residential Trust<br>|  |  |
| 2020-1, A1 144A <br>2.275%, 2/25/50<sup>(1)(3)</sup> <br>| 50 | &nbsp;&nbsp; 48 |
| 2021-3, A1 144A <br>1.127%, 6/25/56<sup>(1)(3)</sup> <br>| 768 | &nbsp;&nbsp; 680 |
| THPT Mortgage Trust <br> 2023-THL, A 144A <br>7.227%, 12/10/34<sup>(1)(3)</sup> <br>| 1405 | &nbsp;&nbsp; 1427 |
| Towd Point Mortgage Trust |  |  |
| 2016-2, M2 144A <br>3.000%, 8/25/55<sup>(1)(3)</sup> <br>| 3370 | &nbsp;&nbsp; 3249 |
| 2017-1, A2 144A <br>3.500%, 10/25/56<sup>(1)(3)</sup> <br>| 549 | &nbsp;&nbsp; 546 |
| 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(1)(3)</sup> <br>| 1565 | &nbsp;&nbsp; 1525 |
| 2018-3, A1 144A <br>3.750%, 5/25/58<sup>(1)(3)</sup> <br>| 1218 | &nbsp;&nbsp; 1198 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2018-6, A1A 144A <br>3.750%, 3/25/58<sup>(1)(3)</sup> <br>| $348 | &nbsp;&nbsp; $346 |
| 2019-1, A1 144A <br>3.750%, 3/25/58<sup>(1)(3)</sup> <br>| 198 | &nbsp;&nbsp; 193 |
| 2019-HY2, M1 (1 month <br> Term SOFR + 1.714%, <br> Cap N/A, Floor 1.600%) <br> 144A <br>5.872%, 5/25/58<sup>(1)(3)</sup> <br>| 1450 | &nbsp;&nbsp; 1456 |
| 2024-1, A1 144A <br>4.876%, 3/25/64<sup>(1)(3)</sup> <br>| 722 | &nbsp;&nbsp; 733 |
| 2017-6, A2 144A <br>3.000%, 10/25/57<sup>(1)(3)</sup> <br>| 1170 | &nbsp;&nbsp; 1123 |
| Verus Securitization Trust |  |  |
| 2023-1, A1 144A <br>5.850%, 12/25/67<sup>(1)(3)</sup> <br>| 736 | &nbsp;&nbsp; 736 |
| 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(1)(3)</sup> <br>| 534 | &nbsp;&nbsp; 540 |
| 2024-3, A1 144A <br>6.338%, 4/25/69<sup>(1)(3)</sup> <br>| 1020 | &nbsp;&nbsp; 1035 |
| 2021-R1, A1 144A <br>0.820%, 10/25/63<sup>(1)(3)</sup> <br>| 348 | &nbsp;&nbsp; 335 |
| Visio Trust |  |  |
| 2019-2, A1 144A <br>2.722%, 11/25/54<sup>(1)(3)</sup> <br>| 307 | &nbsp;&nbsp; 305 |
| 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(1)</sup> <br>| 835 | &nbsp;&nbsp; 779 |
| Wells Fargo Mortgage <br> Backed Securities Trust <br> 2020-4, A1 144A <br>3.000%, 7/25/50<sup>(1)(3)</sup> <br>| 227 | &nbsp;&nbsp; 196 |
|  |  | &nbsp;&nbsp; 88157 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $124,540)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $124,540)** | &nbsp;&nbsp; **123907** |
| **Asset-Backed Securities—32.3%** | **Asset-Backed Securities—32.3%** | **Asset-Backed Securities—32.3%** |
| **Automobiles—16.1%** | **Automobiles—16.1%** |  |
| ACM Auto Trust |  |  |
| 2024-2A, A 144A <br>6.060%, 2/20/29<sup>(1)</sup> <br>| 285 | &nbsp;&nbsp; 285 |
| 2025-3A, A 144A <br>5.010%, 1/22/30<sup>(1)</sup> <br>| 1228 | &nbsp;&nbsp; 1223 |
| American Credit Acceptance <br> Receivables Trust<br>|  |  |
| 2024-4, C 144A <br>4.910%, 8/12/31<sup>(1)</sup> <br>| 1080 | &nbsp;&nbsp; 1085 |
| 2025-1, C 144A <br>5.090%, 8/12/31<sup>(1)</sup> <br>| 1320 | &nbsp;&nbsp; 1331 |
| American Heritage Auto <br> Receivables Trust <br> 2024-1A, A3 144A <br>4.900%, 9/17/29<sup>(1)</sup> <br>| 1060 | &nbsp;&nbsp; 1070 |
| Arivo Acceptance Auto Loan <br> Receivables Trust<br>|  |  |
| 2022-2A, A 144A <br>6.900%, 1/16/29<sup>(1)</sup> <br>| 164 | &nbsp;&nbsp; 166 |
| 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(1)</sup> <br>| 1169 | &nbsp;&nbsp; 1200 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2025-1A, A2 144A <br>4.920%, 5/15/29<sup>(1)</sup> <br>| $1130 | &nbsp;&nbsp; $1131 |
| Avis Budget Rental Car <br> Funding LLC<br>|  |  |
| (AESOP) 2020-2A, A <br> 144A <br>2.020%, 2/20/27<sup>(1)</sup> <br>| 333 | &nbsp;&nbsp; 332 |
| (AESOP) 2021-1A, A <br> 144A <br>1.380%, 8/20/27<sup>(1)</sup> <br>| 1750 | &nbsp;&nbsp; 1716 |
| (AESOP) 2021-1A, D <br> 144A <br>4.080%, 2/20/28<sup>(1)</sup> <br>| 1185 | &nbsp;&nbsp; 1159 |
| (AESOP) 2023-3A, A <br> 144A <br>5.440%, 2/22/28<sup>(1)</sup> <br>| 1181 | &nbsp;&nbsp; 1198 |
| Bridgecrest Lending Auto <br> Securitization Trust<br>|  |  |
| 2025-1, C <br>5.150%, 12/17/29<br>| 955 | &nbsp;&nbsp; 960 |
| 2025-2, D <br>5.620%, 3/17/31<br>| 1150 | &nbsp;&nbsp; 1165 |
| Carmax Select Receivables <br> Trust 2025-B, C <br>4.830%, 6/16/31<br>| 1300 | &nbsp;&nbsp; 1297 |
| Carvana Auto Receivables <br> Trust<br>|  |  |
| 2021-N1, C <br>1.300%, 1/10/28<br>| 145 | &nbsp;&nbsp; 142 |
| 2021-N2, C <br>1.070%, 3/10/28<br>| 196 | &nbsp;&nbsp; 191 |
| 2021-N3, D <br>1.580%, 6/12/28<br>| 219 | &nbsp;&nbsp; 213 |
| 2021-P3, B <br>1.420%, 8/10/27<br>| 700 | &nbsp;&nbsp; 681 |
| 2022-N1, C 144A <br>3.320%, 12/11/28<sup>(1)</sup> <br>| 198 | &nbsp;&nbsp; 196 |
| 2022-N1, D 144A <br>4.130%, 12/11/28<sup>(1)</sup> <br>| 216 | &nbsp;&nbsp; 215 |
| 2023-N1, C 144A <br>5.920%, 7/10/29<sup>(1)</sup> <br>| 1109 | &nbsp;&nbsp; 1117 |
| 2023-N4, C 144A <br>6.590%, 2/11/30<sup>(1)</sup> <br>| 1005 | &nbsp;&nbsp; 1033 |
| 2024-N1, B 144A <br>5.630%, 5/10/30<sup>(1)</sup> <br>| 1330 | &nbsp;&nbsp; 1346 |
| 2024-N2, A3 144A <br>5.710%, 7/10/28<sup>(1)</sup> <br>| 1060 | &nbsp;&nbsp; 1066 |
| Consumer Portfolio Services <br> Auto Trust 2025-A, C <br> 144A <br>5.250%, 4/15/31<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1010 |
| CPS Auto Receivables Trust |  |  |
| 2023-D, C 144A <br>7.170%, 1/15/30<sup>(1)</sup> <br>| 972 | &nbsp;&nbsp; 987 |
| 2024-A, C 144A <br>5.740%, 4/15/30<sup>(1)</sup> <br>| 990 | &nbsp;&nbsp; 1001 |
| 2024-C, C 144A <br>5.760%, 10/15/30<sup>(1)</sup> <br>| 1045 | &nbsp;&nbsp; 1060 |
| Credit Acceptance Auto Loan <br> Trust<br>|  |  |
| 2023-2A, A 144A <br>5.920%, 5/16/33<sup>(1)</sup> <br>| 510 | &nbsp;&nbsp; 512 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2024-1A, A 144A <br>5.680%, 3/15/34<sup>(1)</sup> <br>| $800 | &nbsp;&nbsp; $809 |
| Drive Auto Receivables Trust <br> 2024-1, C <br>5.430%, 11/17/31<br>| 1035 | &nbsp;&nbsp; 1049 |
| DT Auto Owner Trust <br> 2023-3A, C 144A <br>6.400%, 5/15/29<sup>(1)</sup> <br>| 1095 | &nbsp;&nbsp; 1109 |
| Exeter Automobile <br> Receivables Trust<br>|  |  |
| 2022-3A, C <br>5.300%, 9/15/27<br>| 51 | &nbsp;&nbsp; 51 |
| 2023-5A, B <br>6.580%, 4/17/28<br>| 481 | &nbsp;&nbsp; 483 |
| 2024-5A, B <br>4.480%, 4/16/29<br>| 1085 | &nbsp;&nbsp; 1086 |
| 2025-4A, B <br>4.400%, 5/15/30<br>| 1130 | &nbsp;&nbsp; 1134 |
| Exeter Select Automobile <br> Receivables Trust 2025-2, <br> C <br>4.910%, 12/15/31<br>| 1135 | &nbsp;&nbsp; 1142 |
| FHF Issuer Trust |  |  |
| 2024-1A, A2 144A <br>5.690%, 2/15/30<sup>(1)</sup> <br>| 676 | &nbsp;&nbsp; 682 |
| 2024-1A, B 144A <br>6.260%, 3/15/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1010 |
| FHF Trust 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(1)</sup> <br>| 268 | &nbsp;&nbsp; 270 |
| FinBe USA Trust 2025-1A, A <br> 144A <br>5.700%, 12/15/28<sup>(1)</sup> <br>| 1050 | &nbsp;&nbsp; 1050 |
| First Investors Auto Owner <br> Trust 2021-2A, C 144A <br>1.470%, 11/15/27<sup>(1)</sup> <br>| 1029 | &nbsp;&nbsp; 1021 |
| Flagship Credit Auto Trust <br> 2024-3, B 144A <br>5.350%, 7/16/29<sup>(1)</sup> <br>| 1070 | &nbsp;&nbsp; 1062 |
| Foursight Capital <br> Automobile Receivables <br> Trust 2023-2, A2 144A <br>5.990%, 5/15/28<sup>(1)</sup> <br>| 169 | &nbsp;&nbsp; 170 |
| GLS Auto Receivables Issuer <br> Trust<br>|  |  |
| 2021-3A, E 144A <br>3.200%, 10/16/28<sup>(1)</sup> <br>| 1180 | &nbsp;&nbsp; 1163 |
| 2022-2A, D 144A <br>6.150%, 4/17/28<sup>(1)</sup> <br>| 1731 | &nbsp;&nbsp; 1744 |
| 2025-1A, D 144A <br>5.610%, 11/15/30<sup>(1)</sup> <br>| 1150 | &nbsp;&nbsp; 1174 |
| GLS Auto Select Receivables <br> Trust<br>|  |  |
| 2023-1A, B 144A <br>6.090%, 3/15/29<sup>(1)</sup> <br>| 1315 | &nbsp;&nbsp; 1346 |
| 2023-2A, A3 144A <br>6.380%, 2/15/29<sup>(1)</sup> <br>| 805 | &nbsp;&nbsp; 822 |
| 2024-3A, B 144A <br>5.640%, 8/15/30<sup>(1)</sup> <br>| 840 | &nbsp;&nbsp; 860 |
| 2025-1A, B 144A <br>5.040%, 2/15/31<sup>(1)</sup> <br>| 1825 | &nbsp;&nbsp; 1857 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Huntington Bank Auto <br> Credit-Linked Notes <br> 2024-1, B1 144A <br>6.153%, 5/20/32<sup>(1)</sup> <br>| $427 | &nbsp;&nbsp; $434 |
| LAD Auto Receivables Trust |  |  |
| 2021-1A, D 144A <br>3.990%, 11/15/29<sup>(1)</sup> <br>| 1698 | &nbsp;&nbsp; 1696 |
| 2022-1A, A 144A <br>5.210%, 6/15/27<sup>(1)</sup> <br>| 34 | &nbsp;&nbsp; 34 |
| 2023-2A, D 144A <br>6.300%, 2/15/31<sup>(1)</sup> <br>| 825 | &nbsp;&nbsp; 843 |
| 2023-3A, D 144A <br>6.920%, 12/16/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1036 |
| 2023-4A, C 144A <br>6.760%, 3/15/29<sup>(1)</sup> <br>| 1023 | &nbsp;&nbsp; 1056 |
| 2024-3A, C 144A <br>4.930%, 3/15/30<sup>(1)</sup> <br>| 1295 | &nbsp;&nbsp; 1308 |
| 2025-1A, D 144A <br>5.520%, 5/17/32<sup>(1)</sup> <br>| 1225 | &nbsp;&nbsp; 1253 |
| Lendbuzz Auto Receivables <br> Trust <br>0.000%, 11/15/27<br>| 976 | &nbsp;&nbsp; 979 |
| Lendbuzz Securitization <br> Trust<br>|  |  |
| 2024-1A, A2 144A <br>6.190%, 8/15/29<sup>(1)</sup> <br>| 439 | &nbsp;&nbsp; 442 |
| 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(1)</sup> <br>| 712 | &nbsp;&nbsp; 716 |
| 2024-3A, A2 144A <br>4.970%, 10/15/29<sup>(1)</sup> <br>| 777 | &nbsp;&nbsp; 777 |
| 2025-1A, A2 144A <br>5.100%, 10/15/30<sup>(1)</sup> <br>| 909 | &nbsp;&nbsp; 910 |
| 2025-1A, B 144A <br>5.470%, 11/15/30<sup>(1)</sup> <br>| 1110 | &nbsp;&nbsp; 1121 |
| Merchants Fleet <br> Funding LLC 2023-1A, A <br> 144A <br>7.210%, 5/20/36<sup>(1)</sup> <br>| 384 | &nbsp;&nbsp; 386 |
| OneMain Direct Auto <br> Receivables Trust <br> 2022-1A, C 144A <br>5.310%, 6/14/29<sup>(1)</sup> <br>| 1210 | &nbsp;&nbsp; 1213 |
| Oscar U.S. Funding XV LLC <br> 2023-1A, A3 144A <br>5.810%, 12/10/27<sup>(1)</sup> <br>| 930 | &nbsp;&nbsp; 937 |
| Prestige Auto Receivables <br> Trust 2023-2A, B 144A <br>6.640%, 12/15/27<sup>(1)</sup> <br>| 759 | &nbsp;&nbsp; 762 |
| SAFCO Auto Receivables <br> Trust<br>|  |  |
| 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(1)</sup> <br>| 995 | &nbsp;&nbsp; 999 |
| 2025-1A, A 144A <br>5.460%, 9/10/29<sup>(1)</sup> <br>| 1080 | &nbsp;&nbsp; 1077 |
| Santander Drive Auto <br> Receivables Trust 2022-5, <br> C <br>4.740%, 10/16/28<br>| 552 | &nbsp;&nbsp; 552 |
| SBNA Auto Receivables <br> Trust 2024-A, C 144A <br>5.590%, 1/15/30<sup>(1)</sup> <br>| 722 | &nbsp;&nbsp; 736 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| United Auto Credit <br> Securitization Trust <br> 2022-2, D 144A <br>6.840%, 1/10/28<sup>(1)</sup> <br>| $731 | &nbsp;&nbsp; $733 |
| Veros Auto Receivables <br> Trust 2025-1, B 144A <br>5.540%, 7/16/29<sup>(1)</sup> <br>| 1140 | &nbsp;&nbsp; 1148 |
| Westlake Automobile <br> Receivables Trust<br>|  |  |
| 2021-3A, D 144A <br>2.120%, 1/15/27<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 513 |
| 2023-1A, C 144A <br>5.740%, 8/15/28<sup>(1)</sup> <br>| 1100 | &nbsp;&nbsp; 1107 |
| 2024-1A, B 144A <br>5.550%, 11/15/27<sup>(1)</sup> <br>| 1182 | &nbsp;&nbsp; 1190 |
| 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1013 |
| 2025-2A, C 144A <br>4.850%, 1/15/31<sup>(1)</sup> <br>| 1400 | &nbsp;&nbsp; 1407 |
|  |  | &nbsp;&nbsp; 73560 |
| **Collateralized Loan Obligation—0.3%** | **Collateralized Loan Obligation—0.3%** |  |
| GoldenTree Loan <br> Management U.S. CLO 9 <br> Ltd. 2021-9A, AR (3 <br> month Term SOFR + <br> 1.500%, Cap N/A, Floor <br> 1.500%) 144A <br>5.825%, 4/20/37<sup>(1)(3)</sup> <br>| 1300 | &nbsp;&nbsp; 1305 |
| **Consumer Loans—1.6%** | **Consumer Loans—1.6%** |  |
| ACHV ABS Trust |  |  |
| 2024-1PL, A 144A <br>5.900%, 4/25/31<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 202 |
| 2025-1PL, B 144A <br>5.040%, 4/26/32<sup>(1)</sup> <br>| 398 | &nbsp;&nbsp; 399 |
| Marlette Funding Trust |  |  |
| 2023-2A, B 144A <br>6.540%, 6/15/33<sup>(1)</sup> <br>| 53 | &nbsp;&nbsp; 54 |
| 2024-1A, B 144A <br>6.070%, 7/17/34<sup>(1)</sup> <br>| 1036 | &nbsp;&nbsp; 1043 |
| OneMain Financial Issuance <br> Trust<br>|  |  |
| 2022-3A, A 144A <br>5.940%, 5/15/34<sup>(1)</sup> <br>| 429 | &nbsp;&nbsp; 432 |
| 2025-1A, B 144A <br>5.050%, 7/14/38<sup>(1)</sup> <br>| 1130 | &nbsp;&nbsp; 1143 |
| Oportun Issuance Trust |  |  |
| 2021-C, A 144A <br>2.180%, 10/8/31<sup>(1)</sup> <br>| 881 | &nbsp;&nbsp; 865 |
| 2025-A, A 144A <br>5.010%, 2/8/33<sup>(1)</sup> <br>| 1100 | &nbsp;&nbsp; 1102 |
| Reach ABS Trust |  |  |
| 2023-1A, B 144A <br>7.330%, 2/18/31<sup>(1)</sup> <br>| 237 | &nbsp;&nbsp; 237 |
| 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(1)</sup> <br>| 1205 | &nbsp;&nbsp; 1216 |
| 2025-1A, A 144A <br>4.960%, 8/16/32<sup>(1)</sup> <br>| 720 | &nbsp;&nbsp; 722 |
|  |  | &nbsp;&nbsp; 7415 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Credit Card—0.7%** | **Credit Card—0.7%** |  |
| American Express Credit <br> Account Master Trust <br> 2025-5, A <br>4.510%, 7/15/32<br>| $1300 | &nbsp;&nbsp; $1328 |
| Discover Card Execution <br> Note Trust 2023-A2, A <br>4.930%, 6/15/28<br>| 1890 | &nbsp;&nbsp; 1902 |
|  |  | &nbsp;&nbsp; 3230 |
| **Equipment—0.1%** | **Equipment—0.1%** |  |
| Post Road Equipment <br> Finance LLC 2024-1A, A2 <br> 144A <br>5.590%, 11/15/29<sup>(1)</sup> <br>| 554 | &nbsp;&nbsp; 557 |
| **Other—13.5%** | **Other—13.5%** |  |
| Affirm Asset Securitization <br> Trust<br>|  |  |
| 2024-X2, A 144A <br>5.220%, 12/17/29<sup>(1)</sup> <br>| 252 | &nbsp;&nbsp; 253 |
| 2025-X1, A 144A <br>5.080%, 4/15/30<sup>(1)</sup> <br>| 740 | &nbsp;&nbsp; 742 |
| Affirm Master Trust Series <br> 2025-3A, A 144A <br>4.450%, 10/16/34<sup>(1)</sup> <br>| 1140 | &nbsp;&nbsp; 1138 |
| Amur Equipment Finance <br> Receivables XII LLC <br> 2023-1A, A2 144A <br>6.090%, 12/20/29<sup>(1)</sup> <br>| 464 | &nbsp;&nbsp; 468 |
| Aqua Finance Trust |  |  |
| 2019-A, A 144A <br>3.140%, 7/16/40<sup>(1)</sup> <br>| 163 | &nbsp;&nbsp; 159 |
| 2019-A, C 144A <br>4.010%, 7/16/40<sup>(1)</sup> <br>| 956 | &nbsp;&nbsp; 938 |
| 2024-A, B 144A <br>5.060%, 4/18/50<sup>(1)</sup> <br>| 1080 | &nbsp;&nbsp; 1092 |
| Auxilior Term Funding LLC <br> 2023-1A, C 144A <br>6.500%, 11/15/30<sup>(1)</sup> <br>| 1435 | &nbsp;&nbsp; 1488 |
| BHG Securitization Trust <br> 2021-B, B 144A <br>1.670%, 10/17/34<sup>(1)</sup> <br>| 878 | &nbsp;&nbsp; 865 |
| Business Jet Securities LLC <br> 2024-2A, A 144A <br>5.364%, 9/15/39<sup>(1)</sup> <br>| 900 | &nbsp;&nbsp; 904 |
| BXG Receivables Note Trust <br> 2020-A, B 144A <br>2.490%, 2/28/36<sup>(1)</sup> <br>| 265 | &nbsp;&nbsp; 258 |
| Castlelake Aircraft <br> Structured Trust 2025-1A, <br> A 144A <br>5.783%, 2/15/50<sup>(1)</sup> <br>| 1274 | &nbsp;&nbsp; 1294 |
| CCG Receivables Trust |  |  |
| 2023-1, A2 144A <br>5.820%, 9/16/30<sup>(1)</sup> <br>| 97 | &nbsp;&nbsp; 97 |
| 2024-1, B 144A <br>5.080%, 3/15/32<sup>(1)</sup> <br>| 1250 | &nbsp;&nbsp; 1271 |
| 2025-1, C 144A <br>4.890%, 10/14/32<sup>(1)</sup> <br>| 1165 | &nbsp;&nbsp; 1178 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| COOPR Residential <br> Mortgage Trust <br> 2025-CES3, A1A 144A <br>4.840%, 9/25/60<sup>(1)(3)</sup> <br>| $910 | &nbsp;&nbsp; $908 |
| CoreVest American Finance <br> Trust 2018-1, D 144A <br>4.920%, 6/15/51<sup>(1)</sup> <br>| 973 | &nbsp;&nbsp; 974 |
| Dext ABS LLC |  |  |
| 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(1)</sup> <br>| 179 | &nbsp;&nbsp; 180 |
| 2023-2, B 144A <br>6.410%, 5/15/34<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1017 |
| 2025-1, B 144A <br>4.980%, 8/15/35<sup>(1)</sup> <br>| 1170 | &nbsp;&nbsp; 1183 |
| Elara HGV Timeshare <br> Issuer LLC 2023-A, A <br> 144A <br>6.160%, 2/25/38<sup>(1)</sup> <br>| 495 | &nbsp;&nbsp; 512 |
| Five Guys Holdings, Inc. <br> 2023-1A, A2 144A <br>7.549%, 1/26/54<sup>(1)</sup> <br>| 1300 | &nbsp;&nbsp; 1352 |
| Foundation Finance Trust |  |  |
| 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(1)</sup> <br>| 537 | &nbsp;&nbsp; 560 |
| 2024-2A, A 144A <br>4.600%, 3/15/50<sup>(1)</sup> <br>| 727 | &nbsp;&nbsp; 729 |
| GCI Funding I LLC 2021-1, A <br> 144A <br>2.380%, 6/18/46<sup>(1)</sup> <br>| 872 | &nbsp;&nbsp; 808 |
| GreenSky Home <br> Improvement Issuer Trust <br> 2024-2, A2 144A <br>5.250%, 10/27/59<sup>(1)</sup> <br>| 266 | &nbsp;&nbsp; 267 |
| Hardee's Funding LLC <br> 2020-1A, A2 144A <br>3.981%, 12/20/50<sup>(1)</sup> <br>| 1867 | &nbsp;&nbsp; 1800 |
| Hilton Grand Vacations Trust <br> 2024-2A, A 144A <br>5.500%, 3/25/38<sup>(1)</sup> <br>| 503 | &nbsp;&nbsp; 513 |
| HIN Timeshare Trust <br> 2020-A, C 144A <br>3.420%, 10/9/39<sup>(1)</sup> <br>| 424 | &nbsp;&nbsp; 416 |
| HINNT LLC |  |  |
| 2024-A, A 144A <br>5.490%, 3/15/43<sup>(1)</sup> <br>| 940 | &nbsp;&nbsp; 957 |
| 2025-A, B 144A <br>5.450%, 3/15/44<sup>(1)</sup> <br>| 915 | &nbsp;&nbsp; 923 |
| Jersey Mike's Funding LLC <br> 2019-1A, A2 144A <br>4.433%, 2/15/50<sup>(1)</sup> <br>| 995 | &nbsp;&nbsp; 993 |
| Mariner Finance Issuance <br> Trust 2025-AA, A 144A <br>4.980%, 5/20/38<sup>(1)</sup> <br>| 1120 | &nbsp;&nbsp; 1132 |
| MMP Capital LLC 2025-A, B <br> 144A <br>5.720%, 12/15/31<sup>(1)</sup> <br>| 1365 | &nbsp;&nbsp; 1389 |
| MVW LLC |  |  |
| 2020-1A, A 144A <br>1.740%, 10/20/37<sup>(1)</sup> <br>| 532 | &nbsp;&nbsp; 520 |
| 2021-1WA, B 144A <br>1.440%, 1/22/41<sup>(1)</sup> <br>| 256 | &nbsp;&nbsp; 247 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| 2024-1A, A 144A <br>5.320%, 2/20/43<sup>(1)</sup> <br>| $748 | &nbsp;&nbsp; $764 |
| NMEF Funding LLC |  |  |
| 2023-A, B 144A <br>6.830%, 6/17/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1023 |
| 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(1)</sup> <br>| 678 | &nbsp;&nbsp; 683 |
| 2025-A, B 144A <br>5.180%, 7/15/32<sup>(1)</sup> <br>| 1160 | &nbsp;&nbsp; 1172 |
| Octane Receivables Trust |  |  |
| 2023-1A, C 144A <br>6.370%, 9/20/29<sup>(1)</sup> <br>| 1450 | &nbsp;&nbsp; 1474 |
| 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(1)</sup> <br>| 1179 | &nbsp;&nbsp; 1199 |
| 2024-1A, B 144A <br>5.660%, 5/20/30<sup>(1)</sup> <br>| 1045 | &nbsp;&nbsp; 1061 |
| OWN Equipment Fund I LLC <br> 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(1)</sup> <br>| 1124 | &nbsp;&nbsp; 1140 |
| PEAC Solutions <br> Receivables LLC<br>|  |  |
| 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(1)</sup> <br>| 1050 | &nbsp;&nbsp; 1078 |
| 2025-1A, C 144A <br>5.490%, 7/20/32<sup>(1)</sup> <br>| 800 | &nbsp;&nbsp; 810 |
| Planet Fitness Master <br> Issuer LLC 2024-1A, A2I <br> 144A <br>5.765%, 6/5/54<sup>(1)</sup> <br>| 1040 | &nbsp;&nbsp; 1060 |
| PowerPay Issuance Trust <br> 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 532 |
| Purchasing Power <br> Funding LLC 2024-A, B <br> 144A <br>6.430%, 8/15/28<sup>(1)</sup> <br>| 1290 | &nbsp;&nbsp; 1301 |
| RCKT Mortgage Trust |  |  |
| 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(1)(3)</sup> <br>| 1273 | &nbsp;&nbsp; 1295 |
| 2024-CES3, A1A 144A <br>6.591%, 5/25/44<sup>(1)(3)</sup> <br>| 1020 | &nbsp;&nbsp; 1036 |
| 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(1)(3)</sup> <br>| 1093 | &nbsp;&nbsp; 1108 |
| RCKT Trust 2025-1A, B <br> 144A <br>4.990%, 7/25/34<sup>(1)</sup> <br>| 1365 | &nbsp;&nbsp; 1371 |
| Reach ABS Trust 2025-2A, B <br> 144A <br>5.120%, 8/18/32<sup>(1)</sup> <br>| 1135 | &nbsp;&nbsp; 1144 |
| Regional Management <br> Issuance Trust 2024-2, A <br> 144A <br>5.110%, 12/15/33<sup>(1)</sup> <br>| 1065 | &nbsp;&nbsp; 1074 |
| Sierra Timeshare <br> Receivables Funding LLC<br>|  |  |
| 2023-2A, B 144A <br>6.280%, 4/20/40<sup>(1)</sup> <br>| 302 | &nbsp;&nbsp; 310 |
| 2024-2A, A 144A <br>5.140%, 6/20/41<sup>(1)</sup> <br>| 448 | &nbsp;&nbsp; 453 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| SoFi Consumer Loan <br> Program Trust 2025-1, A <br> 144A <br>4.800%, 2/27/34<sup>(1)</sup> <br>| $687 | &nbsp;&nbsp; $690 |
| STAR Trust 2025-SFR5, A (1 <br> month Term SOFR + <br> 1.450%, Cap N/A, Floor <br> 1.450%) 144A <br>5.601%, 2/17/42<sup>(1)(3)</sup> <br>| 659 | &nbsp;&nbsp; 661 |
| Subway Funding LLC <br> 2024-1A, A2II 144A <br>6.268%, 7/30/54<sup>(1)</sup> <br>| 1042 | &nbsp;&nbsp; 1069 |
| Switch ABS Issuer LLC <br> 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(1)</sup> <br>| 1355 | &nbsp;&nbsp; 1362 |
| Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(1)</sup> <br>| 1145 | &nbsp;&nbsp; 1142 |
| TIC Home Improvement <br> Trust 2024-A, A 144A <br>6.670%, 10/15/46<sup>(1)</sup> <br>| 573 | &nbsp;&nbsp; 588 |
| Towd Point Mortgage Trust <br> 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(1)(3)</sup> <br>| 282 | &nbsp;&nbsp; 284 |
| Upgrade Receivables Trust <br> 2024-1A, B 144A <br>5.770%, 2/18/31<sup>(1)</sup> <br>| 880 | &nbsp;&nbsp; 883 |
| Upstart Securitization Trust <br> 2025-2, A2 144A <br>5.220%, 6/20/35<sup>(1)</sup> <br>| 1130 | &nbsp;&nbsp; 1136 |
| UPX HIL Issuer Trust <br> 2025-1, A 144A <br>5.160%, 1/25/47<sup>(1)</sup> <br>| 654 | &nbsp;&nbsp; 657 |
| VFI ABS LLC 2025-1A, A <br> 144A <br>4.780%, 6/24/30<sup>(1)</sup> <br>| 433 | &nbsp;&nbsp; 435 |
| Westgate Resorts LLC <br> 2022-1A, B 144A <br>2.288%, 8/20/36<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 213 |
| Wingspire Equipment <br> Finance LLC 2025-1A, A2 <br> 144A <br>4.330%, 9/20/33<sup>(1)</sup> <br>| 1140 | &nbsp;&nbsp; 1140 |
| Zaxby's Funding LLC <br> 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(1)</sup> <br>| 1272 | &nbsp;&nbsp; 1200 |
|  |  | &nbsp;&nbsp; 62073 |
| **Student Loan—0.0%** | **Student Loan—0.0%** |  |
| Commonbond Student Loan <br> Trust 2017-AGS, A1 144A <br>2.550%, 5/25/41<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 47 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $147,313)** | **Total Asset-Backed Securities** <br>**(Identified Cost $147,313)** | &nbsp;&nbsp; **148187** |
| **Corporate Bonds and Notes—24.4%** | **Corporate Bonds and Notes—24.4%** | **Corporate Bonds and Notes—24.4%** |
| **Communication Services—0.9%** | **Communication Services—0.9%** |  |
| CCO Holdings LLC 144A <br>6.375%, 9/1/29<sup>(1)</sup> <br>| 616 | &nbsp;&nbsp; 625 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| DIRECTV Financing LLC |  |  |
| <br>144A 5.875%, 8/15/27<sup>(1)</sup> <br>| $207 | &nbsp;&nbsp; $207 |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 54 |
| Gray Media, Inc. 144A <br>7.250%, 8/15/33<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 396 |
| Nexstar Media, Inc. 144A <br>5.625%, 7/15/27<sup>(1)</sup> <br>| 940 | &nbsp;&nbsp; 939 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 435 | &nbsp;&nbsp; 447 |
| T-Mobile USA, Inc. <br> 3.875%, 4/15/30<br>| 1220 | &nbsp;&nbsp; 1196 |
| Univision Communications, <br> Inc. 144A <br>8.000%, 8/15/28<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 492 |
|  |  | &nbsp;&nbsp; 4356 |
| **Consumer Discretionary—1.3%** | **Consumer Discretionary—1.3%** |  |
| Aptiv Swiss Holdings Ltd. <br> 6.875%, 12/15/54<br>| 800 | &nbsp;&nbsp; 817 |
| Ashtead Capital, Inc. 144A <br>4.375%, 8/15/27<sup>(1)</sup> <br>| 1100 | &nbsp;&nbsp; 1100 |
| Clarios Global LP 144A <br>6.750%, 2/15/30<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| Ford Motor Credit Co. LLC <br> 7.350%, 11/4/27<br>| 525 | &nbsp;&nbsp; 548 |
| Meritage Homes Corp. 144A <br>3.875%, 4/15/29<sup>(1)</sup> <br>| 1155 | &nbsp;&nbsp; 1124 |
| Newell Brands, Inc. <br> 6.375%, 9/15/27<br>| 515 | &nbsp;&nbsp; 522 |
| Sodexo, Inc. 144A <br>5.150%, 8/15/30<sup>(1)</sup> <br>| 825 | &nbsp;&nbsp; 843 |
| Tractor Supply Co. <br> 1.750%, 11/1/30<br>| 1100 | &nbsp;&nbsp; 967 |
|  |  | &nbsp;&nbsp; 5947 |
| **Consumer Staples—0.5%** | **Consumer Staples—0.5%** |  |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(1)</sup> <br>| 395 | &nbsp;&nbsp; 404 |
| Mars, Inc. 144A <br>4.800%, 3/1/30<sup>(1)</sup> <br>| 640 | &nbsp;&nbsp; 652 |
| Post Holdings, Inc. |  |  |
| <br>144A 6.250%, 2/15/32<sup>(1)</sup> <br>| 345 | &nbsp;&nbsp; 355 |
| <br>144A 6.375%, 3/1/33<sup>(1)</sup> <br>| 365 | &nbsp;&nbsp; 368 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 499 |
|  |  | &nbsp;&nbsp; 2278 |
| **Energy—2.4%** | **Energy—2.4%** |  |
| Adnoc Murban Rsc Ltd. <br> 144A <br>4.250%, 9/11/29<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 90 |
| BP Capital Markets plc <br> 4.875% <sup>(4)</sup> <br>| 1115 | &nbsp;&nbsp; 1107 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 301 |
| Civitas Resources, Inc. 144A <br>8.375%, 7/1/28<sup>(1)</sup> <br>| 325 | &nbsp;&nbsp; 337 |
| Enbridge, Inc. <br> 7.375%, 1/15/83<br>| 785 | &nbsp;&nbsp; 816 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Energy Transfer LP |  |  |
| 8.000%, 5/15/54 | $115 | &nbsp;&nbsp; $123 |
| Series G 7.125%<sup>(4)</sup> <br>| 325 | &nbsp;&nbsp; 336 |
| EQT Corp. 7.500%, 6/1/27 | 5 | &nbsp;&nbsp; 5 |
| HF Sinclair Corp. <br> 5.750%, 1/15/31<br>| 895 | &nbsp;&nbsp; 926 |
| Korea National Oil Corp. <br> 144A <br>4.875%, 4/3/28<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 204 |
| Nabors Industries, Inc. 144A <br>7.375%, 5/15/27<sup>(1)</sup> <br>| 676 | &nbsp;&nbsp; 686 |
| NGPL PipeCo LLC 144A <br>4.875%, 8/15/27<sup>(1)</sup> <br>| 954 | &nbsp;&nbsp; 957 |
| Occidental Petroleum Corp. <br> 5.200%, 8/1/29<br>| 1055 | &nbsp;&nbsp; 1071 |
| Petroleos Mexicanos |  |  |
| 6.500%, 3/13/27 | 1031 | &nbsp;&nbsp; 1043 |
| 7.690%, 1/23/50 | 178 | &nbsp;&nbsp; 162 |
| Sabine Pass <br> Liquefaction LLC <br> 4.500%, 5/15/30<br>| 955 | &nbsp;&nbsp; 958 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. 7.625%, 3/1/55<br>| 830 | &nbsp;&nbsp; 867 |
| Venture Global Calcasieu <br> Pass LLC 144A <br>4.125%, 8/15/31<sup>(1)</sup> <br>| 960 | &nbsp;&nbsp; 906 |
|  |  | &nbsp;&nbsp; 10895 |
| **Financials—11.2%** | **Financials—11.2%** |  |
| AerCap Ireland Capital DAC |  |  |
| 6.450%, 4/15/27 | 243 | &nbsp;&nbsp; 251 |
| 6.950%, 3/10/55 | 411 | &nbsp;&nbsp; 430 |
| 6.500%, 1/31/56 | 475 | &nbsp;&nbsp; 490 |
| Allstate Corp. (The) Series B <br> (3 month Term SOFR + <br> 3.200%)7.411%, 8/15/53<sup>(3)</sup> <br>| 435 | &nbsp;&nbsp; 436 |
| Ally Financial, Inc. <br> 5.543%, 1/17/31<br>| 830 | &nbsp;&nbsp; 846 |
| American Express Co. |  |  |
| 5.085%, 1/30/31 | 360 | &nbsp;&nbsp; 371 |
| (SOFR + 0.750%) <br> 5.053%, 4/23/27<sup>(3)</sup> <br>| 415 | &nbsp;&nbsp; 416 |
| (SOFR + 0.930%) <br> 5.230%, 7/26/28<sup>(3)</sup> <br>| 86 | &nbsp;&nbsp; 86 |
| American National Group, <br> Inc. 7.000%, 12/1/55<br>| 171 | &nbsp;&nbsp; 176 |
| Avolon Holdings Funding <br> Ltd.<br>|  |  |
| <br>144A 2.528%, 11/18/27<sup>(1)</sup> <br>| 69 | &nbsp;&nbsp; 66 |
| <br>144A 5.750%, 11/15/29<sup>(1)</sup> <br>| 775 | &nbsp;&nbsp; 805 |
| <br>144A 5.375%, 5/30/30<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 241 |
| Bank of America Corp. |  |  |
| 6.125%<sup>(4)</sup> <br>| 445 | &nbsp;&nbsp; 450 |
| 1.734%, 7/22/27 | 1175 | &nbsp;&nbsp; 1152 |
| 2.551%, 2/4/28 | 444 | &nbsp;&nbsp; 435 |
| Barclays plc |  |  |
| 7.325%, 11/2/26 | 370 | &nbsp;&nbsp; 371 |
| 7.385%, 11/2/28 | 360 | &nbsp;&nbsp; 382 |
| Blackstone Private Credit <br> Fund 5.950%, 7/16/29<br>| 520 | &nbsp;&nbsp; 535 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | $730 | &nbsp;&nbsp; $756 |
| <br>144A 5.625%, 8/15/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Blue Owl Finance LLC <br> 3.125%, 6/10/31<br>| 1080 | &nbsp;&nbsp; 983 |
| BPCE S.A. 144A <br>5.975%, 1/18/27<sup>(1)</sup> <br>| 610 | &nbsp;&nbsp; 612 |
| Capital One Financial Corp. <br> 4.493%, 9/11/31<br>| 895 | &nbsp;&nbsp; 888 |
| Charles Schwab Corp. (The) <br> Series H4.000% <sup>(4)</sup> <br>| 947 | &nbsp;&nbsp; 889 |
| Citigroup, Inc. |  |  |
| 4.503%, 9/11/31 | 790 | &nbsp;&nbsp; 790 |
| (SOFR + 1.280%) <br> 5.513%, 2/24/28<sup>(3)</sup> <br>| 962 | &nbsp;&nbsp; 972 |
| Series X 3.875%<sup>(4)</sup> <br>| 1110 | &nbsp;&nbsp; 1100 |
| Citizens Financial Group, <br> Inc. 5.841%, 1/23/30<br>| 427 | &nbsp;&nbsp; 445 |
| Corebridge Financial, Inc. <br> 6.875%, 12/15/52<br>| 939 | &nbsp;&nbsp; 963 |
| Deutsche Bank AG |  |  |
| 2.311%, 11/16/27 | 165 | &nbsp;&nbsp; 161 |
| 6.819%, 11/20/29 | 150 | &nbsp;&nbsp; 160 |
| 4.999%, 9/11/30 | 665 | &nbsp;&nbsp; 675 |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(1)</sup> <br>| 675 | &nbsp;&nbsp; 659 |
| F&G Annuities & Life, Inc. <br> 6.500%, 6/4/29<br>| 835 | &nbsp;&nbsp; 871 |
| Fifth Third Bancorp |  |  |
| 4.055%, 4/25/28 | 255 | &nbsp;&nbsp; 254 |
| 4.895%, 9/6/30 | 638 | &nbsp;&nbsp; 648 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(1)</sup> <br>| 535 | &nbsp;&nbsp; 543 |
| Foundry JV Holdco LLC <br> 144A <br>5.900%, 1/25/30<sup>(1)</sup> <br>| 415 | &nbsp;&nbsp; 438 |
| Global Atlantic Fin Co. 144A <br>7.950%, 10/15/54<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 206 |
| Goldman Sachs Group, Inc. <br> (The) (3 month Term <br> SOFR + <br> 2.012%)6.325%, 10/28/27<sup>(3)</sup> <br>| 1750 | &nbsp;&nbsp; 1777 |
| HA Sustainable <br> Infrastructure Capital, Inc. <br> 6.150%, 1/15/31<br>| 420 | &nbsp;&nbsp; 431 |
| HAT Holdings I LLC 144A <br>8.000%, 6/15/27<sup>(1)</sup> <br>| 295 | &nbsp;&nbsp; 307 |
| Huntington Bancshares, Inc. |  |  |
| 6.208%, 8/21/29 | 370 | &nbsp;&nbsp; 389 |
| 5.272%, 1/15/31 | 505 | &nbsp;&nbsp; 520 |
| Imperial Brands Finance plc <br> 144A <br>5.500%, 2/1/30<sup>(1)</sup> <br>| 830 | &nbsp;&nbsp; 861 |
| JH North America Holdings, <br> Inc. 144A <br>5.875%, 1/31/31<sup>(1)</sup> <br>| 915 | &nbsp;&nbsp; 929 |
| JPMorgan Chase & Co. |  |  |
| 1.578%, 4/22/27 | 520 | &nbsp;&nbsp; 513 |
| 2.956%, 5/13/31 | 775 | &nbsp;&nbsp; 727 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| (SOFR + 1.180%) <br> 5.413%, 2/24/28<sup>(3)</sup> <br>| $1500 | &nbsp;&nbsp; $1514 |
| KeyCorp 5.121%, 4/4/31<sup>(5)</sup> <br>| 905 | &nbsp;&nbsp; 929 |
| Ladder Capital Finance <br> Holdings LLLP 144A <br>4.250%, 2/1/27<sup>(1)</sup> <br>| 1110 | &nbsp;&nbsp; 1100 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 1385 | &nbsp;&nbsp; 1360 |
| Morgan Stanley |  |  |
| 2.475%, 1/21/28 | 1016 | &nbsp;&nbsp; 994 |
| 5.123%, 2/1/29 | 1185 | &nbsp;&nbsp; 1211 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(1)</sup> <br>| 992 | &nbsp;&nbsp; 947 |
| NextEra Energy Capital <br> Holdings, Inc. <br> 6.375%, 8/15/55<br>| 1150 | &nbsp;&nbsp; 1194 |
| Northern Trust Corp. <br> 3.375%, 5/8/32<br>| 695 | &nbsp;&nbsp; 681 |
| OneMain Finance Corp. |  |  |
| 6.625%, 1/15/28 | 185 | &nbsp;&nbsp; 189 |
| 6.750%, 3/15/32 | 340 | &nbsp;&nbsp; 346 |
| PNC Financial Services <br> Group, Inc. (The) <br> 5.222%, 1/29/31<br>| 1105 | &nbsp;&nbsp; 1142 |
| Repsol E&P Capital Markets <br> U.S. LLC 144A <br>5.204%, 9/16/30<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 262 |
| RGA Global Funding |  |  |
| <br>144A 5.448%, 5/24/29<sup>(1)</sup> <br>| 422 | &nbsp;&nbsp; 438 |
| <br>144A 5.250%, 1/9/30<sup>(1)</sup> <br>| 660 | &nbsp;&nbsp; 682 |
| Rocket Cos., Inc. 144A <br>6.125%, 8/1/30<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 164 |
| Societe Generale S.A. 144A <br>5.634%, 1/19/30<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 577 |
| South Bow USA <br> Infrastructure <br> Holdings LLC <br> 5.026%, 10/1/29<br>| 780 | &nbsp;&nbsp; 789 |
| State Street Corp. |  |  |
| 5.684%, 11/21/29 | 435 | &nbsp;&nbsp; 456 |
| Series I 6.700%<sup>(4)</sup> <br>| 390 | &nbsp;&nbsp; 406 |
| Stellantis Finance U.S., Inc. <br> 144A <br>5.750%, 3/18/30<sup>(1)</sup> <br>| 710 | &nbsp;&nbsp; 722 |
| Synchrony Financial <br> 3.700%, 8/4/26<br>| 304 | &nbsp;&nbsp; 302 |
| Texas Capital Bancshares, <br> Inc. 4.000%, 5/6/31<br>| 1020 | &nbsp;&nbsp; 1005 |
| Toronto-Dominion Bank <br> (The) 8.125%, 10/31/82<br>| 870 | &nbsp;&nbsp; 920 |
| Truist Bank 4.632%, 9/17/29 | 720 | &nbsp;&nbsp; 725 |
| Truist Financial Corp. <br> 7.161%, 10/30/29<br>| 610 | &nbsp;&nbsp; 661 |
| U.S. Bancorp |  |  |
| 5.046%, 2/12/31 | 675 | &nbsp;&nbsp; 692 |
| 4.967%, 7/22/33 | 490 | &nbsp;&nbsp; 492 |
| UBS AG 5.650%, 9/11/28 | 600 | &nbsp;&nbsp; 627 |
| UBS Group AG 144A <br>9.250% <sup>(1)(4)</sup> <br>| 395 | &nbsp;&nbsp; 435 |
| Wells Fargo & Co. |  |  |
| 3.526%, 3/24/28 | 385 | &nbsp;&nbsp; 382 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| 6.303%, 10/23/29 | $730 | &nbsp;&nbsp; $773 |
| 5.150%, 4/23/31 | 450 | &nbsp;&nbsp; 464 |
| Wrangler Holdco Corp. 144A <br>6.625%, 4/1/32<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 287 |
|  |  | &nbsp;&nbsp; 51325 |
| **Health Care—1.8%** | **Health Care—1.8%** |  |
| Community Health Systems, <br> Inc. 144A <br>5.250%, 5/15/30<sup>(1)</sup> <br>| 905 | &nbsp;&nbsp; 819 |
| CVS Health Corp. <br> 7.000%, 3/10/55<br>| 555 | &nbsp;&nbsp; 583 |
| DENTSPLY SIRONA, Inc. <br> 3.250%, 6/1/30<br>| 1060 | &nbsp;&nbsp; 975 |
| HCA, Inc. 5.450%, 4/1/31 | 1035 | &nbsp;&nbsp; 1076 |
| IQVIA, Inc. |  |  |
| 5.700%, 5/15/28 | 750 | &nbsp;&nbsp; 774 |
| 6.250%, 2/1/29 | 435 | &nbsp;&nbsp; 458 |
| <br>144A 6.250%, 6/1/32<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 144 |
| Royalty Pharma plc <br> 5.150%, 9/2/29<br>| 1030 | &nbsp;&nbsp; 1057 |
| Smith & Nephew plc <br> 2.032%, 10/14/30<br>| 1265 | &nbsp;&nbsp; 1131 |
| Solstice Advanced Materials, <br> Inc. 144A <br>5.625%, 9/30/33<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Universal Health Services, <br> Inc. 1.650%, 9/1/26<br>| 1205 | &nbsp;&nbsp; 1176 |
| Viatris, Inc. 144A <br>2.300%, 6/22/27<sup>(1)</sup> <br>| — <br><sup>(6)</sup><br>| &nbsp;&nbsp; — <br><sup>(6)</sup><br>|
|  |  | &nbsp;&nbsp; 8218 |
| **Industrials—2.0%** | **Industrials—2.0%** |  |
| Air Canada 144A <br>3.875%, 8/15/26<sup>(1)</sup> <br>| 895 | &nbsp;&nbsp; 887 |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(1)</sup> <br>| 1012 | &nbsp;&nbsp; 1014 |
| Aviation Capital Group LLC |  |  |
| <br>144A 5.375%, 7/15/29<sup>(1)</sup> <br>| 605 | &nbsp;&nbsp; 620 |
| <br>144A 6.375%, 7/15/30<sup>(1)</sup> <br>| 205 | &nbsp;&nbsp; 219 |
| Boeing Co. (The) |  |  |
| 6.259%, 5/1/27 | 320 | &nbsp;&nbsp; 329 |
| 6.388%, 5/1/31 | 330 | &nbsp;&nbsp; 359 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(1)</sup> <br>| 815 | &nbsp;&nbsp; 740 |
| Builders FirstSource, Inc. <br> 144A <br>4.250%, 2/1/32<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 339 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(1)</sup> <br>| 1083 | &nbsp;&nbsp; 992 |
| Herc Holdings, Inc. 144A <br>7.000%, 6/15/30<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 109 |
| Hexcel Corp. <br> 4.200%, 2/15/27<br>| 1203 | &nbsp;&nbsp; 1198 |
| Hilton Domestic Operating <br> Co., Inc. 144A <br>5.750%, 9/15/33<sup>(1)</sup> <br>| 480 | &nbsp;&nbsp; 486 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Huntington Ingalls <br> Industries, Inc. <br> 2.043%, 8/16/28<br>| $473 | &nbsp;&nbsp; $444 |
| Quikrete Holdings, Inc. 144A <br>6.375%, 3/1/32<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 98 |
| Regal Rexnord Corp. |  |  |
| 6.050%, 2/15/26 | 256 | &nbsp;&nbsp; 257 |
| 6.050%, 4/15/28 | 391 | &nbsp;&nbsp; 405 |
| 6.300%, 2/15/30 | 235 | &nbsp;&nbsp; 249 |
| TransDigm, Inc. 144A <br>6.750%, 8/15/28<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 408 |
|  |  | &nbsp;&nbsp; 9153 |
| **Information Technology—1.1%** | **Information Technology—1.1%** |  |
| Booz Allen Hamilton, Inc. <br> 144A <br>4.000%, 7/1/29<sup>(1)(5)</sup> <br>| 1081 | &nbsp;&nbsp; 1055 |
| Broadcom, Inc. <br> 4.350%, 2/15/30<br>| 855 | &nbsp;&nbsp; 859 |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 534 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(1)</sup> <br>| 710 | &nbsp;&nbsp; 670 |
| Kyndryl Holdings, Inc. <br> 2.700%, 10/15/28<br>| 692 | &nbsp;&nbsp; 659 |
| Oracle Corp. <br> 6.250%, 11/9/32<br>| 450 | &nbsp;&nbsp; 489 |
| Vontier Corp. <br> 2.400%, 4/1/28<br>| 825 | &nbsp;&nbsp; 785 |
|  |  | &nbsp;&nbsp; 5051 |
| **Materials—1.4%** | **Materials—1.4%** |  |
| Bayport Polymers LLC 144A <br>4.743%, 4/14/27<sup>(1)</sup> <br>| 1185 | &nbsp;&nbsp; 1189 |
| Berry Global, Inc. <br> 5.800%, 6/15/31<br>| 915 | &nbsp;&nbsp; 967 |
| Fortescue Treasury Pty Ltd. <br> 144A <br>5.875%, 4/15/30<sup>(1)</sup> <br>| 615 | &nbsp;&nbsp; 630 |
| INEOS Quattro Finance 2 plc <br> 144A <br>9.625%, 3/15/29<sup>(1)(5)</sup> <br>| 560 | &nbsp;&nbsp; 554 |
| Silgan Holdings, Inc. 144A <br>1.400%, 4/1/26<sup>(1)</sup> <br>| 1038 | &nbsp;&nbsp; 1022 |
| Smurfit Kappa Treasury ULC <br> 5.200%, 1/15/30<br>| 789 | &nbsp;&nbsp; 811 |
| Sonoco Products Co. <br> 4.600%, 9/1/29<br>| 1145 | &nbsp;&nbsp; 1152 |
|  |  | &nbsp;&nbsp; 6325 |
| **Real Estate—0.2%** | **Real Estate—0.2%** |  |
| EPR Properties <br> 4.950%, 4/15/28<br>| 735 | &nbsp;&nbsp; 741 |
| Office Properties Income <br> Trust 144A <br>9.000%, 9/30/29<sup>(1)(7)</sup> <br>| 268 | &nbsp;&nbsp; 171 |
|  |  | &nbsp;&nbsp; 912 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—1.6%** | **Utilities—1.6%** |  |
| AES Corp. (The) <br> 7.600%, 1/15/55<br>| $395 | &nbsp;&nbsp; $409 |
| Algonquin Power & Utilities <br> Corp. 5.365%, 6/15/26<sup>(8)</sup> <br>| 425 | &nbsp;&nbsp; 428 |
| Electricite de France S.A. <br> 144A <br>5.700%, 5/23/28<sup>(1)</sup> <br>| 690 | &nbsp;&nbsp; 714 |
| Entergy Corp. <br> 7.125%, 12/1/54<br>| 835 | &nbsp;&nbsp; 872 |
| National Grid plc <br> 5.602%, 6/12/28<br>| 617 | &nbsp;&nbsp; 639 |
| NiSource, Inc. <br> 6.950%, 11/30/54<br>| 510 | &nbsp;&nbsp; 531 |
| Puget Energy, Inc. <br> 2.379%, 6/15/28<br>| 823 | &nbsp;&nbsp; 781 |
| Southern California Edison <br> Co. 5.450%, 6/1/31<br>| 670 | &nbsp;&nbsp; 690 |
| Southern Co. (The) Series <br> 21-A3.750%, 9/15/51<br>| 1640 | &nbsp;&nbsp; 1618 |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| <br>144A 7.500%, 5/1/33<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 39 |
| <br>144A 6.500%, 1/15/34<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 89 |
| Vistra Operations Co. LLC <br> 144A <br>6.875%, 4/15/32<sup>(1)</sup> <br>| 705 | &nbsp;&nbsp; 737 |
|  |  | &nbsp;&nbsp; 7547 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $110,111)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $110,111)** | &nbsp;&nbsp; **112007** |
| **Leveraged Loans—3.2%** | **Leveraged Loans—3.2%** | **Leveraged Loans—3.2%** |
| **Aerospace—0.2%** | **Aerospace—0.2%** |  |
| American Airlines, Inc. (3 <br> month Term SOFR + <br> 2.250%) <br>6.575%, 4/20/28<sup>(3)</sup> <br>| 324 | &nbsp;&nbsp; 324 |
| Dynasty Acquisition Co., Inc. |  |  |
| Tranche B-1 (1 month <br> Term SOFR + 2.000%) <br>6.163%, 10/31/31<sup>(3)</sup> <br>| 301 | &nbsp;&nbsp; 301 |
| Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>6.163%, 10/31/31<sup>(3)</sup> <br>| 114 | &nbsp;&nbsp; 114 |
| TransDigm, Inc. Tranche J (3 <br> month Term SOFR + <br> 2.500%) <br>6.502%, 2/28/31<sup>(3)</sup> <br>| 351 | &nbsp;&nbsp; 351 |
|  |  | &nbsp;&nbsp; 1090 |
| **Chemicals—0.0%** | **Chemicals—0.0%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>7.413%, 2/18/30<sup>(3)</sup> <br>| 239 | &nbsp;&nbsp; 215 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| Resideo Funding, Inc. (3 <br> month Term SOFR + <br> 2.000%) <br>6.038%, 8/13/32<sup>(3)</sup> <br>| 275 | &nbsp;&nbsp; 275 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Epic Crude Services LP <br> Tranche B (3 month Term <br> SOFR + 2.500%) <br>6.828%, 10/15/31<sup>(3)</sup> <br>| $368 | &nbsp;&nbsp; $368 |
| Freeport LNG <br> Investments LLP 2025, <br> Tranche B (3 month Term <br> SOFR + 3.250%) <br>7.575%, 12/21/28<sup>(3)</sup> <br>| 123 | &nbsp;&nbsp; 123 |
| GIP Pilot Acquisition <br> Partners LP (3 month <br> Term SOFR + 2.000%) <br>6.286%, 10/4/30<sup>(3)</sup> <br>| 450 | &nbsp;&nbsp; 449 |
| Hilcorp Energy I LP Tranche <br> B (1 month Term SOFR + <br> 2.000%) <br>6.150%, 2/11/30<sup>(3)</sup> <br>| 159 | &nbsp;&nbsp; 159 |
| Oryx Midstream Services <br> Permian Basin LLC <br> Tranche B (1 month Term <br> SOFR + 2.250%) <br>6.416%, 10/5/28<sup>(3)</sup> <br>| 227 | &nbsp;&nbsp; 227 |
| Paragon Offshore Finance <br> Co. Escrow <br>0.000%, <sup>(7)(9)</sup> <br>| 1 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 1326 |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Citadel Securities LP 2024 (1 <br> month Term SOFR + <br> 2.000%) <br>6.163%, 10/31/31<sup>(3)</sup> <br>| 381 | &nbsp;&nbsp; 382 |
| **Food / Tobacco—0.2%** | **Food / Tobacco—0.2%** |  |
| Froneri International Ltd. <br> Tranche B-4 (6 month <br> Term SOFR + 2.000%) <br>6.197%, 9/30/31<sup>(3)</sup> <br>| 418 | &nbsp;&nbsp; 415 |
| Red SPV LLC (1 month Term <br> SOFR + 2.250%) <br>6.386%, 3/15/32<sup>(3)</sup> <br>| 359 | &nbsp;&nbsp; 358 |
|  |  | &nbsp;&nbsp; 773 |
| **Gaming / Leisure—0.5%** | **Gaming / Leisure—0.5%** |  |
| Caesars Entertainment, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.250%) <br>6.413%, 2/6/30<sup>(3)</sup> <br>| 212 | &nbsp;&nbsp; 211 |
| Flutter Entertainment plc |  |  |
| 2024, Tranche B (3 month <br> Term SOFR + 1.750%) <br>5.752%, 11/30/30<sup>(3)</sup> <br>| 465 | &nbsp;&nbsp; 463 |
| Tranche B (3 month Term <br> SOFR + 2.000%) <br>6.002%, 6/4/32<sup>(3)</sup> <br>| 100 | &nbsp;&nbsp; 99 |
| Life Time, Inc. 2025, Tranche <br> B, First Lien (1 month <br> Term SOFR + 2.000%) <br>6.250%, 11/5/31<sup>(3)</sup> <br>| 423 | &nbsp;&nbsp; 422 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Playtika Holding Corp. <br> Tranche B-1 (1 month <br> Term SOFR + 2.864%) <br>7.028%, 3/13/28<sup>(3)</sup> <br>| $597 | &nbsp;&nbsp; $588 |
| UFC Holdings LLC Tranche <br> B-5 (2 month Term SOFR <br> + 2.000%) <br>6.038%, 11/21/31<sup>(3)</sup> <br>| 411 | &nbsp;&nbsp; 412 |
|  |  | &nbsp;&nbsp; 2195 |
| **Health Care—0.3%** | **Health Care—0.3%** |  |
| Grifols Worldwide <br> Operations USA, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.100%) <br>6.263%, 11/15/27<sup>(3)</sup> <br>| 455 | &nbsp;&nbsp; 453 |
| Medline Borrower LP 2030 <br> (1 month Term SOFR + <br> 2.000%) <br>6.163%, 10/23/30<sup>(3)</sup> <br>| 349 | &nbsp;&nbsp; 349 |
| Phoenix Guarantor, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.663%, 2/21/31<sup>(3)</sup> <br>| 419 | &nbsp;&nbsp; 419 |
|  |  | &nbsp;&nbsp; 1221 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| Quikrete Holdings, Inc. <br> 2029, Tranche B (1 month <br> Term SOFR + 2.250%) <br>6.413%, 3/19/29<sup>(3)</sup> <br>| 364 | &nbsp;&nbsp; 364 |
| **Information Technology—0.1%** | **Information Technology—0.1%** |  |
| Iron Mountain Information <br> Management LLC Tranche <br> B (1 month Term SOFR + <br> 2.000%) <br>6.163%, 1/31/31<sup>(3)</sup> <br>| 418 | &nbsp;&nbsp; 418 |
| UKG, Inc. Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>7.320%, 2/10/31<sup>(3)</sup> <br>| 301 | &nbsp;&nbsp; 300 |
|  |  | &nbsp;&nbsp; 718 |
| **Manufacturing—0.1%** | **Manufacturing—0.1%** |  |
| Construction Partners, Inc. <br> (1 month Term SOFR + <br> 2.500%) <br>6.663%, 11/3/31<sup>(3)</sup> <br>| 247 | &nbsp;&nbsp; 248 |
| Gates Corp. Tranche B-5 (1 <br> month Term SOFR + <br> 1.750%) <br>5.913%, 6/4/31<sup>(3)</sup> <br>| 431 | &nbsp;&nbsp; 430 |
|  |  | &nbsp;&nbsp; 678 |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| Univision Communications, <br> Inc. 2024, First Lien (1 <br> month Term SOFR + <br> 3.614%) <br>7.778%, 1/31/29<sup>(3)</sup> <br>| 449 | &nbsp;&nbsp; 447 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless** <br> **Video—0.3%** | **Media / Telecom - Cable/Wireless** <br> **Video—0.3%** |  |
| Charter Communications <br> Operating LLC Tranche <br> B-5 (3 month Term SOFR <br> + 2.250%) <br>6.541%, 12/15/31<sup>(3)</sup> <br>| $431 | &nbsp;&nbsp; $431 |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term SOFR <br> + 3.250%) <br>7.413%, 9/18/30<sup>(3)</sup> <br>| 354 | &nbsp;&nbsp; 353 |
| DIRECTV Financing LLC <br> 2024, Tranche B (3 month <br> Term SOFR + 5.512%) <br>9.820%, 8/2/29<sup>(3)</sup> <br>| 243 | &nbsp;&nbsp; 243 |
| Virgin Media Bristol LLC <br> Tranche N (1 month Term <br> SOFR + 2.614%) <br>6.765%, 1/31/28<sup>(3)</sup> <br>| 194 | &nbsp;&nbsp; 193 |
|  |  | &nbsp;&nbsp; 1220 |
| **Media / Telecom - Diversified** <br> **Media—0.1%** | **Media / Telecom - Diversified** <br> **Media—0.1%** |  |
| Formula One Management <br> Ltd. Tranche B-1 (3 month <br> Term SOFR + 2.000%) <br>6.002%, 9/30/31<sup>(3)</sup> <br>| 440 | &nbsp;&nbsp; 440 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| Harbor Freight Tools USA, <br> Inc. (1 month Term SOFR <br> + 2.250%) <br>6.413%, 6/11/31<sup>(3)</sup> <br>| 246 | &nbsp;&nbsp; 241 |
| Skechers U.S.A., Inc. <br> Tranche B-1 (3 month <br> Term SOFR + 3.250%) <br>7.308%, 9/12/32<sup>(3)</sup> <br>| 125 | &nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp; 367 |
| **Service—0.3%** | **Service—0.3%** |  |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.250%) <br>6.413%, 9/29/31<sup>(3)</sup> <br>| 328 | &nbsp;&nbsp; 327 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.502%, 11/24/28<sup>(3)</sup> <br>| 431 | &nbsp;&nbsp; 416 |
| Prime Security Services <br> Borrower LLC Tranche <br> B-1 (6 month Term SOFR <br> + 2.000%) <br>6.129%, 10/13/30<sup>(3)</sup> <br>| 435 | &nbsp;&nbsp; 434 |
|  |  | &nbsp;&nbsp; 1177 |
| **Transportation - Automotive—0.0%** | **Transportation - Automotive—0.0%** |  |
| Belron Finance 2019 LLC <br> 2031 (3 month Term <br> SOFR + 2.500%) <br>6.742%, 10/16/31<sup>(3)</sup> <br>| 226 | &nbsp;&nbsp; 227 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| Astoria Energy LLC Tranche <br> B (1 month Term SOFR + <br> 2.750%) <br>6.913%, 6/23/32<sup>(3)</sup> <br>| $256 | &nbsp;&nbsp; $257 |
| Calpine Corp. Tranche B-10 <br> (1 month Term SOFR + <br> 1.750%) <br>5.913%, 1/31/31<sup>(3)</sup> <br>| 460 | &nbsp;&nbsp; 459 |
| Cornerstone Generation LLC <br> Tranche B (3 month Term <br> SOFR + 3.250%) <br>7.476%, 8/11/32<sup>(3)</sup> <br>| 420 | &nbsp;&nbsp; 423 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.250%) <br>6.530%, 1/27/31<sup>(3)</sup> <br>| 428 | &nbsp;&nbsp; 428 |
|  |  | &nbsp;&nbsp; 1567 |
| **Total Leveraged Loans** <br>**(Identified Cost $14,714)** | **Total Leveraged Loans** <br>**(Identified Cost $14,714)** | &nbsp;&nbsp; **14682** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** |
| **Financials—1.5%** | **Financials—1.5%** |  |
| Virtus Newfleet ABS/MBS <br> ETF<sup>(10)(11)</sup> <br>| 185453 | &nbsp;&nbsp; 4512 |
| Virtus Newfleet Short <br> Duration High Yield Bond <br> ETF<sup>(5)(10)(11)</sup> <br>| 103000 | &nbsp;&nbsp; 2264 |
|  |  | &nbsp;&nbsp; 6776 |
| **Total Affiliated Exchange-Traded** <br> **Funds** <br>**(Identified Cost $6,792)** | **Total Affiliated Exchange-Traded** <br> **Funds** <br>**(Identified Cost $6,792)** | &nbsp;&nbsp; **6776** |
| **Total Long-Term** <br> **Investments—96.1%** <br>**(Identified Cost $438,590)** | **Total Long-Term** <br> **Investments—96.1%** <br>**(Identified Cost $438,590)** | &nbsp;&nbsp; **440966** |
| **Short-Term Investment—2.0%** | **Short-Term Investment—2.0%** | **Short-Term Investment—2.0%** |
| **Money Market Mutual Fund—2.0%** | **Money Market Mutual Fund—2.0%** | **Money Market Mutual Fund—2.0%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(11)</sup> <br>| 9061001 | &nbsp;&nbsp; 9061 |
| **Total Short-Term Investment** <br>**(Identified Cost $9,061)** | **Total Short-Term Investment** <br>**(Identified Cost $9,061)** | &nbsp;&nbsp; **9061** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** | **Securities Lending Collateral—0.4%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(11)(12)</sup> <br>| 1798887 | &nbsp;&nbsp; $1799 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $1,799)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $1,799)** | &nbsp;&nbsp; **1799** |
| **TOTAL INVESTMENTS—98.5%** <br>**(Identified Cost $449,450)** | **TOTAL INVESTMENTS—98.5%** <br>**(Identified Cost $449,450)** | &nbsp;&nbsp; **$451826** |
| Other assets and liabilities, net—1.5% | Other assets and liabilities, net—1.5% | &nbsp;&nbsp; 6907 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$458733** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under <br> Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt <br> from registration, normally to qualified <br> institutional buyers. At September 30, 2025, these <br> securities amounted to a value of $261,842 or <br> 57.1% of net assets.<br>|
| <sup>(2)</sup> <br>| Regulation S security. Security is offered and sold <br> outside of the United States; therefore, it is exempt <br> from registration with the SEC under Rules 903 <br> and 904 of the Securities Act of 1933.<br>|
| <sup>(3)</sup> <br>| Variable rate security. Rate disclosed is as of <br> September 30, 2025. Information in parenthesis <br> represents benchmark and reference rate for each <br> security. Certain variable rate securities are not <br> based on a published reference rate and spread <br> but are determined by the issuer or agent and are <br> based on current market conditions, or, for <br> mortgage-backed securities, are impacted by the <br> individual mortgages which are paying off over <br> time. These securities do not indicate a reference <br> rate and spread in their descriptions.<br>|
| <sup>(4)</sup> <br>| No contractual maturity date. |
| <sup>(5)</sup> <br>| All or a portion of security is on loan. |
| <sup>(6)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(7)</sup> <br>| Security in default; no interest payments are being <br> received.<br>|
| <sup>(8)</sup> <br>| Represents step coupon bond. Rate shown <br> reflects the rate in effect as of September 30, 2025.<br>|

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

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

<sup>(9)</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>(10)</sup> Affiliated investment. See Note 3G 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> Represents security purchased with cash collateral received for securities on loan. 

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 94<br> %<br>|
| United Kingdom | 1 |
| Canada | 1 |
| Ireland | 1 |
| Cayman Islands | 1 |
| France | 1 |
| Romania | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $31905 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $31905 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 3502 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3502 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 123907 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123907 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 148187 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 148187 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 112007 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 112007 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 14682 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14682 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 6776 | &nbsp;&nbsp;&nbsp;&nbsp; 6776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9061 | &nbsp;&nbsp;&nbsp;&nbsp; 9061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 1799 | &nbsp;&nbsp;&nbsp;&nbsp; 1799 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $451826 | &nbsp;&nbsp;&nbsp;&nbsp; $17636 | &nbsp;&nbsp;&nbsp;&nbsp; $434190 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

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

<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 September 30, 2025.

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.

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 September 30, 2025.

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—4.5%** | **U.S. Government Securities—4.5%** | **U.S. Government Securities—4.5%** |
| U.S. Treasury Bonds |  |  |
| 4.000%, 11/15/52 | $2140 | &nbsp;&nbsp; $1894 |
| 3.625%, 5/15/53 | 1070 | &nbsp;&nbsp; 884 |
| 4.250%, 2/15/54 | 4515 | &nbsp;&nbsp; 4168 |
| 4.250%, 8/15/54 | 1010 | &nbsp;&nbsp; 932 |
| 4.500%, 11/15/54 | 3100 | &nbsp;&nbsp; 2985 |
| 4.625%, 2/15/55 | 10155 | &nbsp;&nbsp; 9982 |
| U.S. Treasury Notes |  |  |
| 4.250%, 1/31/30 | 5595 | &nbsp;&nbsp; 5713 |
| 3.875%, 7/31/30 | 2080 | &nbsp;&nbsp; 2092 |
| 4.000%, 2/15/34 | 855 | &nbsp;&nbsp; 853 |
| 4.625%, 2/15/35 | 8015 | &nbsp;&nbsp; 8329 |
| **Total U.S. Government Securities** <br>**(Identified Cost $37,976)** | **Total U.S. Government Securities** <br>**(Identified Cost $37,976)** | &nbsp;&nbsp; **37832** |
| **Foreign Government Securities—14.4%** | **Foreign Government Securities—14.4%** | **Foreign Government Securities—14.4%** |
| Abu Dhabi Government <br> International Bond 144A <br>5.000%, 4/30/34<sup>(2)</sup> <br>| 607 | &nbsp;&nbsp; 643 |
| Arab Republic of Egypt |  |  |
| 144A <br>8.625%, 2/4/30<sup>(2)</sup> <br>| 243 | &nbsp;&nbsp; 258 |
| 144A <br>5.875%, 2/16/31<sup>(2)</sup> <br>| 1204 | &nbsp;&nbsp; 1119 |
| 144A <br>8.500%, 1/31/47<sup>(2)</sup> <br>| 1365 | &nbsp;&nbsp; 1199 |
| 144A <br>8.750%, 9/30/51<sup>(2)</sup> <br>| 758 | &nbsp;&nbsp; 676 |
| Benin Government <br> International Bond<br>|  |  |
| 144A <br>7.960%, 2/13/38<sup>(2)</sup> <br>| 247 | &nbsp;&nbsp; 252 |
| 144A <br>8.375%, 1/23/41<sup>(2)</sup> <br>| 637 | &nbsp;&nbsp; 666 |
| Bolivarian Republic of <br> Venezuela <br>9.375%, 1/13/34<sup>(3)</sup> <br>| 2011 | &nbsp;&nbsp; 538 |
| Brazil Notas do Tesouro <br> Nacional Series F <br>10.000%, 1/1/31<br>| 20810 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 3422 |
| Costa Rica Government <br> 144A <br>7.300%, 11/13/54<sup>(2)</sup> <br>| 603 | &nbsp;&nbsp; 660 |
| Czech Republic Government <br> Bond <br>1.750%, 6/23/32<br>| 80170 <br><sup>CZK</sup><br>| &nbsp;&nbsp; 3299 |
| Dominican Republic |  |  |
| 144A <br>6.600%, 6/1/36<sup>(2)</sup> <br>| 627 | &nbsp;&nbsp; 657 |
| 144A <br>6.950%, 3/15/37<sup>(2)</sup> <br>| 892 | &nbsp;&nbsp; 954 |
| RegS <br>6.950%, 3/15/37<sup>(4)</sup> <br>| 1075 | &nbsp;&nbsp; 1149 |
| Dubai Government <br> International Bonds RegS <br>3.900%, 9/9/50<sup>(4)</sup> <br>| 480 | &nbsp;&nbsp; 363 |
| Eagle Funding Luxco S.a.r.l. <br> 144A <br>5.500%, 8/17/30<sup>(2)</sup> <br>| 1064 | &nbsp;&nbsp; 1080 |
| Federal Republic of Ethiopia <br> 144A <br>6.625%, 12/11/25<sup>(2)(3)</sup> <br>| 1185 | &nbsp;&nbsp; 1135 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Federative Republic of Brazil |  |  |
| <br>6.000%, 10/20/33 | $1458 | &nbsp;&nbsp; $1491 |
| <br>6.625%, 3/15/35 | 1832 | &nbsp;&nbsp; 1904 |
| <br>7.250%, 1/12/56 | 1075 | &nbsp;&nbsp; 1088 |
| Honduras Government 144A <br>8.625%, 11/27/34<sup>(2)</sup> <br>| 297 | &nbsp;&nbsp; 327 |
| Hungary Government <br> International Bond<br>|  |  |
| 144A <br>6.250%, 9/22/32<sup>(2)</sup> <br>| 2134 | &nbsp;&nbsp; 2285 |
| 144A <br>5.500%, 6/16/34<sup>(2)</sup> <br>| 457 | &nbsp;&nbsp; 465 |
| 144A <br>6.000%, 9/26/35<sup>(2)</sup> <br>| 878 | &nbsp;&nbsp; 919 |
| 144A <br>5.500%, 3/26/36<sup>(2)</sup> <br>| 1784 | &nbsp;&nbsp; 1797 |
| RegS <br>2.125%, 9/22/31<sup>(4)</sup> <br>| 315 | &nbsp;&nbsp; 270 |
| Kingdom of Jordan 144A <br>5.850%, 7/7/30<sup>(2)</sup> <br>| 1399 | &nbsp;&nbsp; 1392 |
| KSA Ijarah Sukuk Ltd. 144A <br>4.875%, 9/9/35<sup>(2)</sup> <br>| 1164 | &nbsp;&nbsp; 1174 |
| Kyrgyz Republic <br> International Bond 144A <br>7.750%, 6/3/30<sup>(2)</sup> <br>| 971 | &nbsp;&nbsp; 977 |
| Lebanon Government <br> International Bond RegS <br>7.000%, 3/23/32<sup>(3)(4)</sup> <br>| 1029 | &nbsp;&nbsp; 227 |
| Malaysia Government Bond <br>2.632%, 4/15/31<br>| 14460 <br><sup>MYR</sup><br>| &nbsp;&nbsp; 3313 |
| Mex Bonos Desarr |  |  |
| <br>8.500%, 5/31/29 | 30450 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 1684 |
| <br>7.750%, 11/13/42 | 36100 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 1710 |
| Republic of Angola |  |  |
| 144A <br>8.000%, 11/26/29<sup>(2)</sup> <br>| 569 | &nbsp;&nbsp; 553 |
| 144A <br>8.750%, 4/14/32<sup>(2)</sup> <br>| 1695 | &nbsp;&nbsp; 1618 |
| Republic of Argentina |  |  |
| <br>0.750%, 7/9/30<sup>(5)</sup> <br>| 4952 | &nbsp;&nbsp; 3345 |
| <br>4.125%, 7/9/35<sup>(5)</sup> <br>| 1971 | &nbsp;&nbsp; 1033 |
| Republic of Armenia 144A <br>3.600%, 2/2/31<sup>(2)</sup> <br>| 450 | &nbsp;&nbsp; 405 |
| Republic of Cameroon RegS <br>9.500%, 7/31/31<sup>(4)</sup> <br>| 959 | &nbsp;&nbsp; 922 |
| Republic of Chile |  |  |
| <br>3.500%, 1/31/34 | 365 | &nbsp;&nbsp; 335 |
| <br>3.250%, 9/21/71 | 709 | &nbsp;&nbsp; 443 |
| Republic of Colombia |  |  |
| <br>7.375%, 4/25/30 | 531 | &nbsp;&nbsp; 568 |
| <br>8.000%, 11/14/35 | 2513 | &nbsp;&nbsp; 2700 |
| <br>7.750%, 11/7/36 | 455 | &nbsp;&nbsp; 477 |
| <br>8.750%, 11/14/53 | 421 | &nbsp;&nbsp; 462 |
| Republic of Ecuador RegS <br>6.900%, 7/31/30<sup>(4)(5)</sup> <br>| 2307 | &nbsp;&nbsp; 2045 |
| Republic of El Salvador |  |  |
| 144A <br>8.250%, 4/10/32<sup>(2)</sup> <br>| 644 | &nbsp;&nbsp; 683 |
| RegS <br>9.250%, 4/17/30<sup>(4)</sup> <br>| 441 | &nbsp;&nbsp; 480 |
| RegS <br>7.650%, 6/15/35<sup>(4)</sup> <br>| 903 | &nbsp;&nbsp; 917 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| RegS <br>7.625%, 2/1/41<sup>(4)</sup> <br>| $300 | &nbsp;&nbsp; $287 |
| Republic of Gabon |  |  |
| 144A <br>6.625%, 2/6/31<sup>(2)</sup> <br>| 326 | &nbsp;&nbsp; 263 |
| 144A <br>7.000%, 11/24/31<sup>(2)</sup> <br>| 333 | &nbsp;&nbsp; 266 |
| RegS <br>9.500%, 2/18/29<sup>(4)</sup> <br>| 820 | &nbsp;&nbsp; 759 |
| Republic of Ghana |  |  |
| 144A <br>0.000%, 7/3/26<sup>(2)(6)</sup> <br>| 9 | &nbsp;&nbsp; 9 |
| 144A <br>0.000%, 1/3/30<sup>(2)(6)</sup> <br>| 25 | &nbsp;&nbsp; 22 |
| RegS <br>0.000%, 7/3/26<sup>(4)(6)</sup> <br>| 4 | &nbsp;&nbsp; 4 |
| RegS <br>0.000%, 1/3/30<sup>(4)(6)</sup> <br>| 11 | &nbsp;&nbsp; 9 |
| RegS <br>5.000%, 7/3/35<sup>(4)(5)</sup> <br>| 1448 | &nbsp;&nbsp; 1212 |
| Republic of Guatemala 144A <br>6.875%, 8/15/55<sup>(2)</sup> <br>| 1121 | &nbsp;&nbsp; 1174 |
| Republic of Indonesia |  |  |
| <br>4.550%, 1/11/28 | 325 | &nbsp;&nbsp; 328 |
| <br>2.850%, 2/14/30 | 1050 | &nbsp;&nbsp; 992 |
| <br>4.750%, 9/10/34 | 720 | &nbsp;&nbsp; 719 |
| <br>5.600%, 1/15/35<sup>(7)</sup> <br>| 2199 | &nbsp;&nbsp; 2329 |
| <br>4.200%, 10/15/50 | 673 | &nbsp;&nbsp; 556 |
| <br>5.100%, 2/10/54<sup>(7)</sup> <br>| 182 | &nbsp;&nbsp; 174 |
| Republic of Ivory Coast |  |  |
| 144A <br>7.625%, 1/30/33<sup>(2)</sup> <br>| 744 | &nbsp;&nbsp; 774 |
| 144A <br>6.125%, 6/15/33<sup>(2)</sup> <br>| 1092 | &nbsp;&nbsp; 1046 |
| 144A <br>8.075%, 4/1/36<sup>(2)</sup> <br>| 409 | &nbsp;&nbsp; 423 |
| Republic of Kenya 144A <br>9.500%, 3/5/36<sup>(2)</sup> <br>| 1206 | &nbsp;&nbsp; 1234 |
| Republic of Nigeria |  |  |
| 144A <br>7.375%, 9/28/33<sup>(2)</sup> <br>| 1012 | &nbsp;&nbsp; 957 |
| 144A <br>10.375%, 12/9/34<sup>(2)</sup> <br>| 1636 | &nbsp;&nbsp; 1821 |
| Republic of Panama |  |  |
| <br>3.875%, 3/17/28 | 655 | &nbsp;&nbsp; 644 |
| <br>8.000%, 3/1/38 | 294 | &nbsp;&nbsp; 335 |
| <br>3.870%, 7/23/60 | 1884 | &nbsp;&nbsp; 1221 |
| Republic of Peru |  |  |
| <br>2.783%, 1/23/31 | 271 | &nbsp;&nbsp; 250 |
| <br>5.375%, 2/8/35 | 628 | &nbsp;&nbsp; 641 |
| <br>3.600%, 1/15/72 | 831 | &nbsp;&nbsp; 529 |
| Republic of Philippines |  |  |
| <br>5.500%, 2/4/35 | 623 | &nbsp;&nbsp; 663 |
| <br>4.750%, 3/5/35 | 2238 | &nbsp;&nbsp; 2258 |
| <br>3.700%, 3/1/41 | 781 | &nbsp;&nbsp; 665 |
| Republic of Poland |  |  |
| <br>4.875%, 10/4/33 | 464 | &nbsp;&nbsp; 469 |
| <br>5.125%, 9/18/34 | 1386 | &nbsp;&nbsp; 1417 |
| <br>5.375%, 2/12/35 | 3490 | &nbsp;&nbsp; 3616 |
| <br>5.500%, 4/4/53 | 207 | &nbsp;&nbsp; 200 |
| Republic of Senegal |  |  |
| 144A <br>6.250%, 5/23/33<sup>(2)</sup> <br>| 463 | &nbsp;&nbsp; 334 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| RegS <br>7.750%, 6/10/31<sup>(4)</sup> <br>| $534 | &nbsp;&nbsp; $431 |
| Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(2)</sup> <br>| 851 | &nbsp;&nbsp; 922 |
| Republic of South Africa |  |  |
| <br>5.875%, 6/22/30 | 658 | &nbsp;&nbsp; 674 |
| <br>5.650%, 9/27/47 | 2109 | &nbsp;&nbsp; 1692 |
| <br>8.750%, 2/28/48 | 67900 <br><sup>ZAR</sup><br>| &nbsp;&nbsp; 3398 |
| Republic of Sri Lanka |  |  |
| 144A <br>4.000%, 4/15/28<sup>(2)</sup> <br>| 86 | &nbsp;&nbsp; 82 |
| 144A <br>3.100%, 1/15/30<sup>(2)(5)</sup> <br>| 177 | &nbsp;&nbsp; 166 |
| 144A <br>3.350%, 3/15/33<sup>(2)(5)</sup> <br>| 180 | &nbsp;&nbsp; 154 |
| 144A <br>3.600%, 6/15/35<sup>(2)(5)</sup> <br>| 1024 | &nbsp;&nbsp; 747 |
| 144A <br>3.600%, 2/15/38<sup>(2)(5)</sup> <br>| 169 | &nbsp;&nbsp; 150 |
| Republic of Turkiye |  |  |
| <br>9.125%, 7/13/30 | 1463 | &nbsp;&nbsp; 1654 |
| <br>7.250%, 5/29/32 | 601 | &nbsp;&nbsp; 626 |
| <br>7.625%, 5/15/34 | 2359 | &nbsp;&nbsp; 2500 |
| <br>6.950%, 9/16/35 | 669 | &nbsp;&nbsp; 673 |
| <br>6.625%, 2/17/45 | 953 | &nbsp;&nbsp; 854 |
| Republic of Zambia 144A <br>5.750%, 6/30/33<sup>(2)(5)</sup> <br>| 441 | &nbsp;&nbsp; 421 |
| Republica Orient Uruguay |  |  |
| <br>5.100%, 6/18/50 | 2227 | &nbsp;&nbsp; 2110 |
| <br>4.975%, 4/20/55 | 463 | &nbsp;&nbsp; 423 |
| Romania Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(2)</sup> <br>| 1632 | &nbsp;&nbsp; 1677 |
| 144A <br>7.125%, 1/17/33<sup>(2)</sup> <br>| 1007 | &nbsp;&nbsp; 1074 |
| 144A <br>6.375%, 1/30/34<sup>(2)</sup> <br>| 355 | &nbsp;&nbsp; 360 |
| 144A <br>5.750%, 3/24/35<sup>(2)</sup> <br>| 370 | &nbsp;&nbsp; 356 |
| 144A <br>6.625%, 5/16/36<sup>(2)</sup> <br>| 1882 | &nbsp;&nbsp; 1909 |
| Saudi International Bond |  |  |
| 144A <br>5.625%, 1/13/35<sup>(2)</sup> <br>| 2100 | &nbsp;&nbsp; 2239 |
| 144A <br>4.500%, 10/26/46<sup>(2)</sup> <br>| 2181 | &nbsp;&nbsp; 1892 |
| RegS <br>5.625%, 1/13/35<sup>(4)</sup> <br>| 770 | &nbsp;&nbsp; 821 |
| Trinidad & Tobago <br> Government International <br> Bond<br>|  |  |
| 144A <br>5.950%, 1/14/31<sup>(2)</sup> <br>| 315 | &nbsp;&nbsp; 321 |
| 144A <br>6.400%, 6/26/34<sup>(2)</sup> <br>| 187 | &nbsp;&nbsp; 190 |
| UAE International <br> Government Bond<br>|  |  |
| 144A <br>4.050%, 7/7/32<sup>(2)</sup> <br>| 344 | &nbsp;&nbsp; 345 |
| 144A <br>4.951%, 7/7/52<sup>(2)</sup> <br>| 344 | &nbsp;&nbsp; 332 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Ukraine Government Bond |  |  |
| 144A <br>4.500%, 2/1/29<sup>(2)(5)</sup> <br>| $24 | &nbsp;&nbsp; $17 |
| 144A <br>0.010%, 2/1/30<sup>(2)(5)</sup> <br>| 4 | &nbsp;&nbsp; 2 |
| 144A <br>4.500%, 2/1/35<sup>(2)(5)</sup> <br>| 96 | &nbsp;&nbsp; 52 |
| 144A <br>0.010%, 2/1/36<sup>(2)(5)</sup> <br>| 12 | &nbsp;&nbsp; 6 |
| 144A <br>4.500%, 2/1/36<sup>(2)(5)</sup> <br>| 8 | &nbsp;&nbsp; 4 |
| RegS <br>4.500%, 2/1/29<sup>(4)(5)</sup> <br>| 98 | &nbsp;&nbsp; 67 |
| RegS <br>0.010%, 2/1/30<sup>(4)(5)</sup> <br>| 30 | &nbsp;&nbsp; 16 |
| RegS <br>0.010%, 2/1/34<sup>(4)(5)</sup> <br>| 113 | &nbsp;&nbsp; 47 |
| RegS <br>0.010%, 2/1/35<sup>(4)(5)</sup> <br>| 1269 | &nbsp;&nbsp; 612 |
| RegS <br>4.500%, 2/1/35<sup>(4)(5)</sup> <br>| 1378 | &nbsp;&nbsp; 756 |
| RegS <br>0.010%, 2/1/36<sup>(4)(5)</sup> <br>| 178 | &nbsp;&nbsp; 86 |
| RegS <br>4.500%, 2/1/36<sup>(4)(5)</sup> <br>| 62 | &nbsp;&nbsp; 34 |
| United Mexican States |  |  |
| <br>5.375%, 3/22/33 | 1097 | &nbsp;&nbsp; 1096 |
| <br>3.500%, 2/12/34 | 384 | &nbsp;&nbsp; 334 |
| <br>6.350%, 2/9/35 | 159 | &nbsp;&nbsp; 168 |
| <br>6.875%, 5/13/37 | 1027 | &nbsp;&nbsp; 1109 |
| <br>6.625%, 1/29/38 | 496 | &nbsp;&nbsp; 521 |
| <br>6.338%, 5/4/53 | 1210 | &nbsp;&nbsp; 1177 |
| <br>3.771%, 5/24/61 | 398 | &nbsp;&nbsp; 252 |
| Uzbekistan International <br> Bond<br>|  |  |
| 144A <br>3.700%, 11/25/30<sup>(2)</sup> <br>| 304 | &nbsp;&nbsp; 280 |
| 144A <br>6.900%, 2/28/32<sup>(2)</sup> <br>| 709 | &nbsp;&nbsp; 762 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $116,363)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $116,363)** | &nbsp;&nbsp; **121270** |
| **Mortgage-Backed Securities—23.3%** | **Mortgage-Backed Securities—23.3%** | **Mortgage-Backed Securities—23.3%** |
| **Agency—9.9%** | **Agency—9.9%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #SD3238 <br>5.500%, 12/1/52<br>| 249 | &nbsp;&nbsp; 253 |
| Pool #SD5594 <br>5.500%, 7/1/53<br>| 4936 | &nbsp;&nbsp; 4995 |
| Pool #SD6322 <br>4.500%, 8/1/53<br>| 5206 | &nbsp;&nbsp; 5091 |
| Pool #SD8289 <br>5.500%, 1/1/53<br>| 1939 | &nbsp;&nbsp; 1965 |
| Pool #SD8309 <br>6.000%, 3/1/53<br>| 3041 | &nbsp;&nbsp; 3119 |
| Pool #SD8317 <br>6.000%, 4/1/53<br>| 979 | &nbsp;&nbsp; 1006 |
| Pool #SD8382 <br>5.000%, 12/1/53<br>| 5996 | &nbsp;&nbsp; 5962 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #SD8494 <br>5.500%, 1/1/55<br>| $8099 | &nbsp;&nbsp; $8169 |
| Pool #SL0019 <br>5.500%, 1/1/55<br>| 8881 | &nbsp;&nbsp; 8957 |
| Pool #SL0627 <br>6.000%, 10/1/54<br>| 7605 | &nbsp;&nbsp; 7792 |
| Pool #SL1127 <br>6.000%, 12/1/54<br>| 8006 | &nbsp;&nbsp; 8182 |
| Federal National Mortgage <br> Association<br>|  |  |
| Pool #CB6857 <br>4.500%, 8/1/53<br>| 2085 | &nbsp;&nbsp; 2034 |
| Pool #FA1378 <br>4.000%, 3/1/55<br>| 1323 | &nbsp;&nbsp; 1250 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 6956 | &nbsp;&nbsp; 7121 |
| Pool #FA1731 <br>6.000%, 1/1/55<br>| 3895 | &nbsp;&nbsp; 3984 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 853 | &nbsp;&nbsp; 850 |
| Pool #FS7751 <br>4.000%, 3/1/53<br>| 5129 | &nbsp;&nbsp; 4836 |
| Pool #FS8479 <br>5.500%, 8/1/53<br>| 3565 | &nbsp;&nbsp; 3607 |
| Pool #MA4785 <br>5.000%, 10/1/52<br>| 1551 | &nbsp;&nbsp; 1545 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 1317 | &nbsp;&nbsp; 1283 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 1194 | &nbsp;&nbsp; 1206 |
|  |  | &nbsp;&nbsp; 83207 |
| **Non-Agency—13.4%** | **Non-Agency—13.4%** |  |
| A&D Mortgage Trust |  |  |
| 2023-NQM3, A1 144A <br>6.733%, 7/25/68<sup>(2)(8)</sup> <br>| 1552 | &nbsp;&nbsp; 1567 |
| 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(2)(8)</sup> <br>| 1031 | &nbsp;&nbsp; 1040 |
| ADMT 2024-NQM6, A1 144A <br>5.666%, 1/25/70<sup>(2)(8)</sup> <br>| 1216 | &nbsp;&nbsp; 1226 |
| Ajax Mortgage Loan Trust <br> 2022-B, A1 144A <br>3.500%, 3/27/62<sup>(2)(8)</sup> <br>| 1152 | &nbsp;&nbsp; 1118 |
| ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.894%, 6/15/40<sup>(2)(8)</sup> <br>| 2200 | &nbsp;&nbsp; 2211 |
| AMSR Trust |  |  |
| 2021-SFR2, C 144A <br>1.877%, 8/17/38<sup>(2)</sup> <br>| 510 | &nbsp;&nbsp; 496 |
| 2021-SFR3, D 144A <br>2.177%, 10/17/38<sup>(2)</sup> <br>| 540 | &nbsp;&nbsp; 524 |
| Angel Oak Mortgage Trust |  |  |
| 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(2)(8)</sup> <br>| 2848 | &nbsp;&nbsp; 2832 |
| 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(2)(8)</sup> <br>| 3183 | &nbsp;&nbsp; 3169 |
| Arroyo Mortgage Trust |  |  |
| 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(2)(8)</sup> <br>| 60 | &nbsp;&nbsp; 59 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2019-2, A1 144A <br>3.347%, 4/25/49<sup>(2)(8)</sup> <br>| $147 | &nbsp;&nbsp; $143 |
| 2020-1, A3 144A <br>3.328%, 3/25/55<sup>(2)</sup> <br>| 2163 | &nbsp;&nbsp; 1972 |
| BBCMS Mortgage Trust <br> 2018-TALL, A (1 month <br> Term SOFR + 0.919%, <br> Cap N/A, Floor 0.872%) <br> 144A <br>5.070%, 3/15/37<sup>(2)(8)</sup> <br>| 1625 | &nbsp;&nbsp; 1540 |
| BBCMS Trust 2018-CBM, A <br> (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor <br> 1.250%) 144A <br>5.448%, 7/15/37<sup>(2)(8)</sup> <br>| 2296 | &nbsp;&nbsp; 2241 |
| Bunker Hill Loan Depositary <br> Trust 2019-2, A1 144A <br>2.879%, 7/25/49<sup>(2)(8)</sup> <br>| 101 | &nbsp;&nbsp; 99 |
| BX Commercial Mortgage <br> Trust 2024-XL5, A (1 <br> month Term SOFR + <br> 1.392%, Cap N/A, Floor <br> 1.392%) 144A <br>5.542%, 3/15/41<sup>(2)(8)</sup> <br>| 1409 | &nbsp;&nbsp; 1410 |
| BX Trust |  |  |
| 2019-OC11, B 144A <br>3.605%, 12/9/41<sup>(2)</sup> <br>| 1130 | &nbsp;&nbsp; 1077 |
| 2019-OC11, D 144A <br>4.075%, 12/9/41<sup>(2)(8)</sup> <br>| 847 | &nbsp;&nbsp; 801 |
| 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(2)</sup> <br>| 1773 | &nbsp;&nbsp; 1786 |
| CENT 2025-CITY, A 144A <br>5.091%, 7/10/40<sup>(2)(8)</sup> <br>| 2010 | &nbsp;&nbsp; 2033 |
| Chase Home Lending <br> Mortgage Trust <br> 2024-RPL4, A1A 144A <br>3.375%, 12/25/64<sup>(2)(8)</sup> <br>| 2053 | &nbsp;&nbsp; 1858 |
| Chase Mortgage Finance <br> Corp.<br>|  |  |
| 2016-SH2, M2 144A <br>3.750%, 12/25/45<sup>(2)(8)</sup> <br>| 314 | &nbsp;&nbsp; 294 |
| 2016-SH2, M4 144A <br>3.750%, 12/25/45<sup>(2)(8)</sup> <br>| 1395 | &nbsp;&nbsp; 1291 |
| CIM Trust 2022-R2, A1 144A <br>3.750%, 12/25/61<sup>(2)(8)</sup> <br>| 767 | &nbsp;&nbsp; 732 |
| Citigroup Mortgage Loan <br> Trust, Inc. 2018-RP1, A1 <br> 144A <br>3.000%, 9/25/64<sup>(2)(8)</sup> <br>| 335 | &nbsp;&nbsp; 330 |
| COLT Mortgage Loan Trust |  |  |
| 2022-4, A1 144A <br>4.301%, 3/25/67<sup>(2)(8)</sup> <br>| 921 | &nbsp;&nbsp; 918 |
| 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(2)(8)</sup> <br>| 1331 | &nbsp;&nbsp; 1333 |
| COOPR Residential <br> Mortgage Trust <br> 2025-CES2, A1A 144A <br>5.502%, 6/25/60<sup>(2)(8)</sup> <br>| 1547 | &nbsp;&nbsp; 1561 |
| CoreVest American Finance <br> Trust 2019-3, C 144A <br>3.265%, 10/15/52<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp; 236 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Credit Suisse Mortgage <br> Capital Trust 2020-RPL4, <br> A1 144A <br>2.000%, 1/25/60<sup>(2)(8)</sup> <br>| $1223 | &nbsp;&nbsp; $1108 |
| Deephaven Residential <br> Mortgage Trust 2022-1, <br> A1 144A <br>2.205%, 1/25/67<sup>(2)(8)</sup> <br>| 240 | &nbsp;&nbsp; 220 |
| EFMT 2025-NQM2, A1 144A <br>5.596%, 6/25/70<sup>(2)(8)</sup> <br>| 1451 | &nbsp;&nbsp; 1464 |
| Ellington Financial Mortgage <br> Trust 2019-2, A3 144A <br>3.046%, 11/25/59<sup>(2)(8)</sup> <br>| 17 | &nbsp;&nbsp; 16 |
| ELM Trust 2024-ELM, A10 <br> 144A <br>5.994%, 6/10/39<sup>(2)(8)</sup> <br>| 1719 | &nbsp;&nbsp; 1737 |
| Fashion Show Mall LLC <br> 2024-SHOW, A 144A <br>5.274%, 10/10/41<sup>(2)(8)</sup> <br>| 2870 | &nbsp;&nbsp; 2911 |
| FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(2)</sup> <br>| 460 | &nbsp;&nbsp; 449 |
| Fontainebleau Miami Beach <br> Mortgage Trust <br> 2024-FBLU, A (1 month <br> Term SOFR + 1.450%, <br> Cap N/A, Floor 1.450%) <br> 144A <br>5.600%, 12/15/39<sup>(2)(8)</sup> <br>| 1100 | &nbsp;&nbsp; 1100 |
| Galton Funding Mortgage <br> Trust 2018-1, A23 144A <br>3.500%, 11/25/57<sup>(2)(8)</sup> <br>| 26 | &nbsp;&nbsp; 23 |
| Homes Trust 2023-NQM2, <br> A1 144A <br>6.456%, 2/25/68<sup>(2)(8)</sup> <br>| 306 | &nbsp;&nbsp; 308 |
| Houston Galleria Mall Trust <br> 2025-HGLR, A 144A <br>5.644%, 2/5/45<sup>(2)(8)</sup> <br>| 1450 | &nbsp;&nbsp; 1499 |
| Hudson Yards Mortgage <br> Trust 2025-SPRL, A 144A <br>5.649%, 1/13/40<sup>(2)(8)</sup> <br>| 1500 | &nbsp;&nbsp; 1550 |
| Imperial Fund Mortgage <br> Trust 2022-NQM3, A1 <br> 144A <br>4.380%, 5/25/67<sup>(2)(8)</sup> <br>| 981 | &nbsp;&nbsp; 978 |
| JP Morgan Seasoned <br> Mortgage Trust Series <br> 2024-1, A4 144A <br>4.415%, 1/25/63<sup>(2)(8)</sup> <br>| 1215 | &nbsp;&nbsp; 1190 |
| JPMorgan Chase <br> Commercial Mortgage <br> Securities Trust <br> 2024-OMNI, A 144A <br>5.990%, 10/5/39<sup>(2)(8)</sup> <br>| 1285 | &nbsp;&nbsp; 1311 |
| JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| 2014-5, B2 144A <br>2.597%, 10/25/29<sup>(2)(8)</sup> <br>| 238 | &nbsp;&nbsp; 227 |
| 2024-NQM1, A3 144A <br>5.947%, 2/25/64<sup>(2)(8)</sup> <br>| 871 | &nbsp;&nbsp; 877 |
| 2025-CES2, A1 144A <br>5.592%, 6/25/55<sup>(2)(8)</sup> <br>| 1684 | &nbsp;&nbsp; 1699 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(2)(8)</sup> <br>| $1446 | &nbsp;&nbsp; $1458 |
| LHOME Mortgage Trust <br> 2024-RTL1, A1 144A <br>7.017%, 1/25/29<sup>(2)(8)</sup> <br>| 1200 | &nbsp;&nbsp; 1213 |
| MetLife Securitization Trust <br> 2017-1A, M1 144A <br>3.411%, 4/25/55<sup>(2)(8)</sup> <br>| 425 | &nbsp;&nbsp; 388 |
| MFA Trust |  |  |
| 2022-INV1, A1 144A <br>3.907%, 4/25/66<sup>(2)(8)</sup> <br>| 400 | &nbsp;&nbsp; 398 |
| 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(2)(8)</sup> <br>| 2170 | &nbsp;&nbsp; 2165 |
| 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(2)(8)</sup> <br>| 1265 | &nbsp;&nbsp; 1247 |
| 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(2)(8)</sup> <br>| 1927 | &nbsp;&nbsp; 1930 |
| 2021-INV1, A1 144A <br>0.852%, 1/25/56<sup>(2)(8)</sup> <br>| 42 | &nbsp;&nbsp; 41 |
| Mill City Mortgage Loan <br> Trust<br>|  |  |
| 2017-1, M2 144A <br>3.250%, 11/25/58<sup>(2)(8)</sup> <br>| 197 | &nbsp;&nbsp; 195 |
| 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(2)(8)</sup> <br>| 779 | &nbsp;&nbsp; 723 |
| MIRA Trust 2023-MILE, A <br> 144A <br>6.755%, 6/10/38<sup>(2)</sup> <br>| 1290 | &nbsp;&nbsp; 1343 |
| Morgan Stanley Residential <br> Mortgage Loan Trust <br> 2024-INV4, A1 144A <br>6.000%, 9/25/54<sup>(2)(8)</sup> <br>| 776 | &nbsp;&nbsp; 787 |
| MSSG Trust 2017-237P, A <br> 144A <br>3.397%, 9/13/39<sup>(2)</sup> <br>| 2411 | &nbsp;&nbsp; 2302 |
| New Residential Mortgage <br> Loan Trust<br>|  |  |
| 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(2)(8)</sup> <br>| 1058 | &nbsp;&nbsp; 1028 |
| 2018-2A, A1 144A <br>4.500%, 2/25/58<sup>(2)(8)</sup> <br>| 21 | &nbsp;&nbsp; 21 |
| 2021-NQ2R, A1 144A <br>0.941%, 10/25/58<sup>(2)(8)</sup> <br>| 308 | &nbsp;&nbsp; 294 |
| 2022-NQM2, A1 144A <br>3.079%, 3/27/62<sup>(2)(8)</sup> <br>| 1364 | &nbsp;&nbsp; 1295 |
| NY Commercial Mortgage <br> Trust 2025-299P, A 144A <br>5.853%, 2/10/47<sup>(2)(8)</sup> <br>| 1210 | &nbsp;&nbsp; 1270 |
| NYC Commercial Mortgage <br> Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(2)(8)</sup> <br>| 2000 | &nbsp;&nbsp; 2010 |
| NYMT Loan Trust 2024-CP1, <br> A1 144A <br>3.750%, 2/25/68<sup>(2)(8)</sup> <br>| 2177 | &nbsp;&nbsp; 2020 |
| OBX Trust |  |  |
| 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(2)(8)</sup> <br>| 1207 | &nbsp;&nbsp; 1216 |
| 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(2)(8)</sup> <br>| 1864 | &nbsp;&nbsp; 1895 |
| 2024-NQM9, A1 144A <br>6.030%, 1/25/64<sup>(2)(8)</sup> <br>| 721 | &nbsp;&nbsp; 730 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Palisades Mortgage Loan <br> Trust 2021-RTL1, A1 <br> 144A <br>3.487%, 6/25/26<sup>(2)(8)</sup> <br>| $58 | &nbsp;&nbsp; $58 |
| PMT Loan Trust |  |  |
| 2024-INV1, A2 144A <br>6.000%, 10/25/59<sup>(2)(8)</sup> <br>| 1304 | &nbsp;&nbsp; 1327 |
| 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(2)(8)</sup> <br>| 819 | &nbsp;&nbsp; 830 |
| 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(2)(8)</sup> <br>| 1727 | &nbsp;&nbsp; 1756 |
| PRET Trust |  |  |
| 2024-RPL1, A1 144A <br>3.900%, 10/25/63<sup>(2)(8)</sup> <br>| 1365 | &nbsp;&nbsp; 1321 |
| 2025-NPL1, A1 144A <br>6.063%, 2/25/55<sup>(2)(8)</sup> <br>| 1621 | &nbsp;&nbsp; 1627 |
| PRKCM Trust 2022-AFC1, <br> A1A 144A <br>4.100%, 4/25/57<sup>(2)(8)</sup> <br>| 1850 | &nbsp;&nbsp; 1840 |
| RCKT Mortgage Trust |  |  |
| 2023-CES1, A1A 144A <br>6.515%, 6/25/43<sup>(2)(8)</sup> <br>| 554 | &nbsp;&nbsp; 557 |
| 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(2)(8)</sup> <br>| 501 | &nbsp;&nbsp; 507 |
| RFR Trust 2025-SGRM, A <br> 144A <br>5.562%, 3/11/41<sup>(2)(8)</sup> <br>| 1500 | &nbsp;&nbsp; 1534 |
| RIDE 2025-SHRE, B 144A <br>6.020%, 2/14/47<sup>(2)(8)</sup> <br>| 1500 | &nbsp;&nbsp; 1542 |
| ROCK Trust |  |  |
| 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(2)</sup> <br>| 760 | &nbsp;&nbsp; 783 |
| 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(2)</sup> <br>| 1595 | &nbsp;&nbsp; 1657 |
| Sequoia Mortgage Trust <br> 2013-8, B1 <br>3.481%, 6/25/43<sup>(8)</sup> <br>| 104 | &nbsp;&nbsp; 101 |
| SG Residential Mortgage <br> Trust 2021-1, A1 144A <br>1.160%, 7/25/61<sup>(2)(8)</sup> <br>| 2042 | &nbsp;&nbsp; 1703 |
| Starwood Mortgage <br> Residential Trust 2021-5, <br> A2 144A <br>2.178%, 9/25/66<sup>(2)(8)</sup> <br>| 1847 | &nbsp;&nbsp; 1603 |
| THPT Mortgage Trust <br> 2023-THL, A 144A <br>7.227%, 12/10/34<sup>(2)(8)</sup> <br>| 1617 | &nbsp;&nbsp; 1642 |
| Towd Point Mortgage Trust |  |  |
| 2016-4, B1 144A <br>3.967%, 7/25/56<sup>(2)(8)</sup> <br>| 485 | &nbsp;&nbsp; 472 |
| 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(2)(8)</sup> <br>| 1150 | &nbsp;&nbsp; 1133 |
| 2017-4, A2 144A <br>3.000%, 6/25/57<sup>(2)(8)</sup> <br>| 850 | &nbsp;&nbsp; 807 |
| 2018-6, A1A 144A <br>3.750%, 3/25/58<sup>(2)(8)</sup> <br>| 22 | &nbsp;&nbsp; 22 |
| 2018-6, A2 144A <br>3.750%, 3/25/58<sup>(2)(8)</sup> <br>| 1925 | &nbsp;&nbsp; 1779 |
| 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(2)(8)</sup> <br>| 1798 | &nbsp;&nbsp; 1634 |
| 2023-1, A1 144A <br>3.750%, 1/25/63<sup>(2)</sup> <br>| 1379 | &nbsp;&nbsp; 1338 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Tricon American Homes <br> Trust<br>|  |  |
| 2019-SFR1, C 144A <br>3.149%, 3/17/38<sup>(2)</sup> <br>| $610 | &nbsp;&nbsp; $605 |
| 2020-SFR2, D 144A <br>2.281%, 11/17/39<sup>(2)</sup> <br>| 840 | &nbsp;&nbsp; 792 |
| Verus Securitization Trust <br> 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(2)(8)</sup> <br>| 1006 | &nbsp;&nbsp; 1017 |
| Visio Trust |  |  |
| 2020-1R, A2 144A <br>1.567%, 11/25/55<sup>(2)</sup> <br>| 45 | &nbsp;&nbsp; 43 |
| 2022-1, A2 144A <br>5.850%, 8/25/57<sup>(2)(8)</sup> <br>| 740 | &nbsp;&nbsp; 738 |
| WSTN Trust 2023-MAUI, C <br> 144A <br>7.958%, 7/5/37<sup>(2)(8)</sup> <br>| 2150 | &nbsp;&nbsp; 2185 |
|  |  | &nbsp;&nbsp; 113486 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $196,466)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $196,466)** | &nbsp;&nbsp; **196693** |
| **Asset-Backed Securities—12.9%** | **Asset-Backed Securities—12.9%** | **Asset-Backed Securities—12.9%** |
| **Automobiles—4.7%** | **Automobiles—4.7%** |  |
| Arivo Acceptance Auto Loan <br> Receivables Trust<br>|  |  |
| 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(2)</sup> <br>| 1510 | &nbsp;&nbsp; 1549 |
| 2025-1A, A2 144A <br>4.920%, 5/15/29<sup>(2)</sup> <br>| 1790 | &nbsp;&nbsp; 1792 |
| Avis Budget Rental Car <br> Funding LLC<br>|  |  |
| (AESOP) 2023-2A, C <br> 144A <br>6.180%, 10/20/27<sup>(2)</sup> <br>| 2177 | &nbsp;&nbsp; 2201 |
| (AESOP) 2023-3A, A <br> 144A <br>5.440%, 2/22/28<sup>(2)</sup> <br>| 841 | &nbsp;&nbsp; 853 |
| (AESOP) 2024-1A, A <br> 144A <br>5.360%, 6/20/30<sup>(2)</sup> <br>| 1450 | &nbsp;&nbsp; 1500 |
| (AESOP) 2024-2A, D <br> 144A <br>7.430%, 10/20/28<sup>(2)</sup> <br>| 1959 | &nbsp;&nbsp; 2003 |
| Bridgecrest Lending Auto <br> Securitization Trust <br> 2025-1, C <br>5.150%, 12/17/29<br>| 1675 | &nbsp;&nbsp; 1684 |
| CPS Auto Receivables Trust <br> 2023-D, C 144A <br>7.170%, 1/15/30<sup>(2)</sup> <br>| 1000 | &nbsp;&nbsp; 1015 |
| DT Auto Owner Trust |  |  |
| 2023-1A, D 144A <br>6.440%, 11/15/28<sup>(2)</sup> <br>| 777 | &nbsp;&nbsp; 790 |
| 2023-3A, C 144A <br>6.400%, 5/15/29<sup>(2)</sup> <br>| 485 | &nbsp;&nbsp; 491 |
| Exeter Automobile <br> Receivables Trust<br>|  |  |
| 2023-3A, D <br>6.680%, 4/16/29<br>| 920 | &nbsp;&nbsp; 941 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2024-5A, B <br>4.480%, 4/16/29<br>| $1810 | &nbsp;&nbsp; $1812 |
| FHF Issuer Trust |  |  |
| 2024-1A, B 144A <br>6.260%, 3/15/30<sup>(2)</sup> <br>| 1100 | &nbsp;&nbsp; 1111 |
| 2024-3A, C 144A <br>5.430%, 3/17/31<sup>(2)</sup> <br>| 1700 | &nbsp;&nbsp; 1682 |
| FHF Trust 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(2)</sup> <br>| 167 | &nbsp;&nbsp; 168 |
| FinBe USA Trust 2025-1A, B <br> 144A <br>6.600%, 12/16/30<sup>(2)</sup> <br>| 2025 | &nbsp;&nbsp; 2026 |
| Flagship Credit Auto Trust <br> 2023-1, D 144A <br>6.460%, 5/15/29<sup>(2)</sup> <br>| 1780 | &nbsp;&nbsp; 1754 |
| GLS Auto Receivables Issuer <br> Trust<br>|  |  |
| 2021-3A, E 144A <br>3.200%, 10/16/28<sup>(2)</sup> <br>| 1960 | &nbsp;&nbsp; 1932 |
| 2022-2A, D 144A <br>6.150%, 4/17/28<sup>(2)</sup> <br>| 780 | &nbsp;&nbsp; 786 |
| Huntington Bank Auto <br> Credit-Linked Notes <br> 2024-1, B1 144A <br>6.153%, 5/20/32<sup>(2)</sup> <br>| 590 | &nbsp;&nbsp; 600 |
| LAD Auto Receivables Trust |  |  |
| 2022-1A, A 144A <br>5.210%, 6/15/27<sup>(2)</sup> <br>| 18 | &nbsp;&nbsp; 18 |
| 2023-1A, D 144A <br>7.300%, 6/17/30<sup>(2)</sup> <br>| 780 | &nbsp;&nbsp; 795 |
| 2023-2A, D 144A <br>6.300%, 2/15/31<sup>(2)</sup> <br>| 750 | &nbsp;&nbsp; 767 |
| Lendbuzz Securitization <br> Trust 2024-3A, B 144A <br>5.030%, 11/15/30<sup>(2)</sup> <br>| 1865 | &nbsp;&nbsp; 1863 |
| Merchants Fleet <br> Funding LLC 2023-1A, A <br> 144A <br>7.210%, 5/20/36<sup>(2)</sup> <br>| 395 | &nbsp;&nbsp; 398 |
| OneMain Direct Auto <br> Receivables Trust <br> 2022-1A, C 144A <br>5.310%, 6/14/29<sup>(2)</sup> <br>| 1220 | &nbsp;&nbsp; 1223 |
| Prestige Auto Receivables <br> Trust 2025-1A, C 144A <br>5.520%, 2/15/30<sup>(2)</sup> <br>| 1815 | &nbsp;&nbsp; 1842 |
| SAFCO Auto Receivables <br> Trust 2024-1A, C 144A <br>6.960%, 1/18/30<sup>(2)</sup> <br>| 1200 | &nbsp;&nbsp; 1213 |
| U.S. Bank N.A. 2023-1, B <br> 144A <br>6.789%, 8/25/32<sup>(2)</sup> <br>| 326 | &nbsp;&nbsp; 330 |
| United Auto Credit <br> Securitization Trust <br> 2023-1, D 144A <br>8.000%, 7/10/28<sup>(2)</sup> <br>| 882 | &nbsp;&nbsp; 890 |
| Veros Auto Receivables <br> Trust 2024-1, C 144A <br>7.570%, 12/15/28<sup>(2)</sup> <br>| 1600 | &nbsp;&nbsp; 1643 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Westlake Automobile <br> Receivables Trust <br> 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(2)</sup> <br>| $1860 | &nbsp;&nbsp; $1884 |
|  |  | &nbsp;&nbsp; 39556 |
| **Consumer Loans—0.3%** | **Consumer Loans—0.3%** |  |
| ACHV ABS Trust 2024-1PL, <br> A 144A <br>5.900%, 4/25/31<sup>(2)</sup> <br>| 259 | &nbsp;&nbsp; 262 |
| BHG Securitization Trust <br> 2021-B, D 144A <br>3.170%, 10/17/34<sup>(2)</sup> <br>| 875 | &nbsp;&nbsp; 836 |
| Marlette Funding Trust <br> 2023-2A, B 144A <br>6.540%, 6/15/33<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 35 |
| Reach ABS Trust |  |  |
| 2023-1A, B 144A <br>7.330%, 2/18/31<sup>(2)</sup> <br>| 177 | &nbsp;&nbsp; 177 |
| 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(2)</sup> <br>| 1560 | &nbsp;&nbsp; 1575 |
|  |  | &nbsp;&nbsp; 2885 |
| **Credit Card—0.2%** | **Credit Card—0.2%** |  |
| Mercury Financial Credit <br> Card Master Trust <br> 2024-2A, A 144A <br>6.560%, 7/20/29<sup>(2)</sup> <br>| 1430 | &nbsp;&nbsp; 1441 |
| **Equipment—0.2%** | **Equipment—0.2%** |  |
| Auxilior Term Funding LLC <br> 2024-1A, B 144A <br>5.690%, 7/15/31<sup>(2)</sup> <br>| 1520 | &nbsp;&nbsp; 1559 |
| **Other—7.3%** | **Other—7.3%** |  |
| Applebee's Funding LLC <br> 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(2)</sup> <br>| 1926 | &nbsp;&nbsp; 1960 |
| Aqua Finance Issuer Trust <br> 2025-A, A 144A <br>5.250%, 12/19/50<sup>(2)</sup> <br>| 1506 | &nbsp;&nbsp; 1533 |
| Aqua Finance Trust |  |  |
| 2019-A, C 144A <br>4.010%, 7/16/40<sup>(2)</sup> <br>| 404 | &nbsp;&nbsp; 396 |
| 2024-A, B 144A <br>5.060%, 4/18/50<sup>(2)</sup> <br>| 1820 | &nbsp;&nbsp; 1839 |
| BHG Securitization Trust <br> 2024-1CON, A 144A <br>5.810%, 4/17/35<sup>(2)</sup> <br>| 465 | &nbsp;&nbsp; 478 |
| Bojangles Issuer LLC <br> 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(2)</sup> <br>| 1835 | &nbsp;&nbsp; 1861 |
| Business Jet Securities LLC <br> 2024-2A, A 144A <br>5.364%, 9/15/39<sup>(2)</sup> <br>| 1342 | &nbsp;&nbsp; 1348 |
| CCG Receivables Trust <br> 2023-1, A2 144A <br>5.820%, 9/16/30<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp; 161 |
| Commercial Equipment <br> Finance LLC 2024-1A, A <br> 144A <br>5.970%, 7/16/29<sup>(2)</sup> <br>| 760 | &nbsp;&nbsp; 768 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| COOPR Residential <br> Mortgage Trust <br> 2025-CES3, A1A 144A <br>4.840%, 9/25/60<sup>(2)(8)</sup> <br>| $1710 | &nbsp;&nbsp; $1707 |
| Dext ABS LLC 2023-1, A2 <br> 144A <br>5.990%, 3/15/32<sup>(2)</sup> <br>| 217 | &nbsp;&nbsp; 218 |
| EFMT 2025-CES4, A1 144A <br>5.431%, 6/25/60<sup>(2)(8)</sup> <br>| 1606 | &nbsp;&nbsp; 1619 |
| Elara HGV Timeshare <br> Issuer LLC 2023-A, A <br> 144A <br>6.160%, 2/25/38<sup>(2)</sup> <br>| 497 | &nbsp;&nbsp; 513 |
| FAT Brands Royalty LLC <br> 2021-1A, A2 144A <br>5.750%, 4/25/51<sup>(2)</sup> <br>| 797 | &nbsp;&nbsp; 478 |
| Foundation Finance Trust <br> 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(2)</sup> <br>| 541 | &nbsp;&nbsp; 565 |
| HIN Timeshare Trust <br> 2020-A, C 144A <br>3.420%, 10/9/39<sup>(2)</sup> <br>| 356 | &nbsp;&nbsp; 349 |
| Jersey Mike's Funding LLC |  |  |
| 2019-1A, A2 144A <br>4.433%, 2/15/50<sup>(2)</sup> <br>| 609 | &nbsp;&nbsp; 608 |
| 2024-1A, A2 144A <br>5.636%, 2/15/55<sup>(2)</sup> <br>| 1891 | &nbsp;&nbsp; 1927 |
| Libra Solutions LLC <br> 2024-1A, A 144A <br>5.880%, 9/30/38<sup>(2)</sup> <br>| 1720 | &nbsp;&nbsp; 1717 |
| Mariner Finance Issuance <br> Trust 2025-AA, A 144A <br>4.980%, 5/20/38<sup>(2)</sup> <br>| 2070 | &nbsp;&nbsp; 2093 |
| MetroNet Infrastructure <br> Issuer LLC 2025-2A, A2 <br> 144A <br>5.400%, 8/20/55<sup>(2)</sup> <br>| 1635 | &nbsp;&nbsp; 1659 |
| Momnt Technologies Trust <br> 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(2)</sup> <br>| 216 | &nbsp;&nbsp; 216 |
| MVW LLC 2024-1A, A 144A <br>5.320%, 2/20/43<sup>(2)</sup> <br>| 961 | &nbsp;&nbsp; 981 |
| NBC Funding LLC 2025-1A, <br> A2 144A <br>6.209%, 7/30/55<sup>(2)</sup> <br>| 2425 | &nbsp;&nbsp; 2479 |
| Octane Receivables Trust <br> 2023-3A, C 144A <br>6.740%, 8/20/29<sup>(2)</sup> <br>| 780 | &nbsp;&nbsp; 800 |
| Oportun Issuance Trust <br> 2024-2, B 144A <br>5.830%, 2/9/32<sup>(2)</sup> <br>| 1810 | &nbsp;&nbsp; 1817 |
| Pawneee Equipment <br> Receivables LLC 2022-1, <br> B 144A <br>5.400%, 7/17/28<sup>(2)</sup> <br>| 1395 | &nbsp;&nbsp; 1398 |
| Planet Fitness Master <br> Issuer LLC 2024-1A, A2I <br> 144A <br>5.765%, 6/5/54<sup>(2)</sup> <br>| 1723 | &nbsp;&nbsp; 1757 |
| PowerPay Issuance Trust <br> 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(2)</sup> <br>| 676 | &nbsp;&nbsp; 698 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Purchasing Power <br> Funding LLC 2024-A, B <br> 144A <br>6.430%, 8/15/28<sup>(2)</sup> <br>| $1580 | &nbsp;&nbsp; $1594 |
| RCKT Mortgage Trust |  |  |
| 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(2)(8)</sup> <br>| 1131 | &nbsp;&nbsp; 1151 |
| 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(2)(8)</sup> <br>| 811 | &nbsp;&nbsp; 819 |
| 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(2)(8)</sup> <br>| 1824 | &nbsp;&nbsp; 1849 |
| Scalelogix ABS U.S. Issuer <br> LLC 2025-1A, A2 144A <br>5.673%, 7/25/55<sup>(2)</sup> <br>| 2055 | &nbsp;&nbsp; 2055 |
| Sierra Timeshare <br> Receivables Funding LLC <br> 2023-2A, B 144A <br>6.280%, 4/20/40<sup>(2)</sup> <br>| 265 | &nbsp;&nbsp; 272 |
| Subway Funding LLC <br> 2024-1A, A2II 144A <br>6.268%, 7/30/54<sup>(2)</sup> <br>| 1826 | &nbsp;&nbsp; 1873 |
| Switch ABS Issuer LLC |  |  |
| 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(2)</sup> <br>| 1925 | &nbsp;&nbsp; 1935 |
| 2025-1A, A2 144A <br>5.036%, 3/25/55<sup>(2)</sup> <br>| 400 | &nbsp;&nbsp; 396 |
| Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(2)</sup> <br>| 2100 | &nbsp;&nbsp; 2094 |
| TIC Home Improvement <br> Trust 2024-A, A 144A <br>6.670%, 10/15/46<sup>(2)</sup> <br>| 699 | &nbsp;&nbsp; 717 |
| Towd Point Mortgage Trust <br> 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(2)(8)</sup> <br>| 1386 | &nbsp;&nbsp; 1396 |
| Trafigura Securitisation <br> Finance plc 2024-1A, A2 <br> 144A <br>5.980%, 11/15/27<sup>(2)</sup> <br>| 1400 | &nbsp;&nbsp; 1424 |
| TSC SPV Funding LLC <br> 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(2)</sup> <br>| 1538 | &nbsp;&nbsp; 1563 |
| Upgrade Master <br> Pass-Through Trust<br>|  |  |
| 2025-ST3, A 144A <br>5.981%, 6/15/32<sup>(2)</sup> <br>| 1373 | &nbsp;&nbsp; 1388 |
| 2025-ST4, A 144A <br>5.495%, 8/16/32<sup>(2)</sup> <br>| 1856 | &nbsp;&nbsp; 1864 |
| UPX HIL Issuer Trust <br> 2025-1, A 144A <br>5.160%, 1/25/47<sup>(2)</sup> <br>| 1587 | &nbsp;&nbsp; 1593 |
| USQ Rail III LLC 2024-1A, A <br> 144A <br>4.990%, 9/28/54<sup>(2)</sup> <br>| 1712 | &nbsp;&nbsp; 1710 |
| VFI ABS LLC 2023-1A, A <br> 144A <br>7.270%, 3/26/29<sup>(2)</sup> <br>| 102 | &nbsp;&nbsp; 102 |
| Westgate Resorts LLC <br> 2024-1A, A 144A <br>6.060%, 1/20/38<sup>(2)</sup> <br>| 792 | &nbsp;&nbsp; 804 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Zaxby's Funding LLC <br> 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(2)</sup> <br>| $859 | &nbsp;&nbsp; $810 |
|  |  | &nbsp;&nbsp; 61352 |
| **Student Loan—0.2%** | **Student Loan—0.2%** |  |
| MPOWER Education Trust <br> 2025-A, A 144A <br>6.620%, 7/21/42<sup>(2)</sup> <br>| 1439 | &nbsp;&nbsp; 1454 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $107,408)** | **Total Asset-Backed Securities** <br>**(Identified Cost $107,408)** | &nbsp;&nbsp; **108247** |
| **Corporate Bonds and Notes—34.0%** | **Corporate Bonds and Notes—34.0%** | **Corporate Bonds and Notes—34.0%** |
| **Communication Services—2.0%** | **Communication Services—2.0%** |  |
| Altice France Holding S.A. <br> 144A <br>6.000%, 2/15/28<sup>(2)(3)</sup> <br>| 660 | &nbsp;&nbsp; 234 |
| CCO Holdings LLC 144A <br>4.750%, 3/1/30<sup>(2)</sup> <br>| 1985 | &nbsp;&nbsp; 1905 |
| CMG Media Corp. 144A <br>8.875%, 6/18/29<sup>(2)</sup> <br>| 2220 | &nbsp;&nbsp; 2039 |
| CSC Holdings LLC |  |  |
| <br>144A 7.500%, 4/1/28<sup>(2)</sup> <br>| 710 | &nbsp;&nbsp; 514 |
| <br>144A 11.750%, 1/31/29<sup>(2)</sup> <br>| 1380 | &nbsp;&nbsp; 1161 |
| DIRECTV Financing LLC |  |  |
| <br>144A 5.875%, 8/15/27<sup>(2)</sup> <br>| 332 | &nbsp;&nbsp; 332 |
| <br>144A 8.875%, 2/1/30<sup>(2)</sup> <br>| 1040 | &nbsp;&nbsp; 1031 |
| <br>144A 8.875%, 2/1/30<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 124 |
| Gray Media, Inc. 144A <br>9.625%, 7/15/32<sup>(2)</sup> <br>| 1165 | &nbsp;&nbsp; 1190 |
| Hughes Satellite Systems <br> Corp. 6.625%, 8/1/26<sup>(7)</sup> <br>| 1015 | &nbsp;&nbsp; 965 |
| IHS Holding Ltd. 144A <br>8.250%, 11/29/31<sup>(2)</sup> <br>| 377 | &nbsp;&nbsp; 397 |
| Millennium Escrow Corp. <br> 144A <br>6.625%, 8/1/26<sup>(2)</sup> <br>| 1960 | &nbsp;&nbsp; 1878 |
| Rackspace Technology <br> Global, Inc. 144A <br>5.375%, 12/1/28<sup>(2)</sup> <br>| 555 | &nbsp;&nbsp; 144 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(2)</sup> <br>| 965 | &nbsp;&nbsp; 990 |
| Snap, Inc. |  |  |
| <br>144A 6.875%, 3/1/33<sup>(2)</sup> <br>| 975 | &nbsp;&nbsp; 997 |
| <br>144A 6.875%, 3/15/34<sup>(2)</sup> <br>| 490 | &nbsp;&nbsp; 496 |
| Sprint Capital Corp. <br> 8.750%, 3/15/32<br>| 645 | &nbsp;&nbsp; 786 |
| Telesat Canada 144A <br>6.500%, 10/15/27<sup>(2)</sup> <br>| 365 | &nbsp;&nbsp; 180 |
| Turkcell Iletisim Hizmetleri <br> AS 144A <br>7.650%, 1/24/32<sup>(2)</sup> <br>| 450 | &nbsp;&nbsp; 470 |
| Univision Communications, <br> Inc. 144A <br>8.000%, 8/15/28<sup>(2)</sup> <br>| 1060 | &nbsp;&nbsp; 1098 |
|  |  | &nbsp;&nbsp; 16931 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Discretionary—1.9%** | **Consumer Discretionary—1.9%** |  |
| Aptiv Swiss Holdings Ltd. <br> 6.875%, 12/15/54<br>| $1190 | &nbsp;&nbsp; $1216 |
| Ashtead Capital, Inc. |  |  |
| <br>144A 5.500%, 8/11/32<sup>(2)</sup> <br>| 620 | &nbsp;&nbsp; 642 |
| <br>144A 5.800%, 4/15/34<sup>(2)</sup> <br>| 890 | &nbsp;&nbsp; 932 |
| Ashton Woods USA LLC <br> 144A <br>4.625%, 4/1/30<sup>(2)</sup> <br>| 1270 | &nbsp;&nbsp; 1202 |
| Churchill Downs, Inc. 144A <br>6.750%, 5/1/31<sup>(2)</sup> <br>| 515 | &nbsp;&nbsp; 528 |
| Clarios Global LP |  |  |
| <br>144A 6.750%, 2/15/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| <br>144A 6.750%, 9/15/32<sup>(2)</sup> <br>| 280 | &nbsp;&nbsp; 286 |
| Dick's Sporting Goods, Inc. <br> 4.100%, 1/15/52<br>| 1670 | &nbsp;&nbsp; 1243 |
| Ford Motor Co. <br> 4.750%, 1/15/43<br>| 475 | &nbsp;&nbsp; 379 |
| Ford Motor Credit Co. LLC <br> 7.350%, 3/6/30<br>| 450 | &nbsp;&nbsp; 482 |
| Forvia SE 144A <br>6.750%, 9/15/33<sup>(2)</sup> <br>| 970 | &nbsp;&nbsp; 984 |
| Great Canadian Gaming <br> Corp. 144A <br>8.750%, 11/15/29<sup>(2)</sup> <br>| 345 | &nbsp;&nbsp; 341 |
| Meritage Homes Corp. 144A <br>3.875%, 4/15/29<sup>(2)</sup> <br>| 1377 | &nbsp;&nbsp; 1340 |
| New Home Co., Inc. (The) |  |  |
| <br>144A 9.250%, 10/1/29<sup>(2)</sup> <br>| 955 | &nbsp;&nbsp; 1003 |
| <br>144A 8.500%, 11/1/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Newell Brands, Inc. |  |  |
| 6.375%, 9/15/27 | 750 | &nbsp;&nbsp; 760 |
| 6.625%, 9/15/29 | 1332 | &nbsp;&nbsp; 1340 |
| Ontario Gaming GTA LP <br> 144A <br>8.000%, 8/1/30<sup>(2)</sup> <br>| 630 | &nbsp;&nbsp; 626 |
| Prime Security Services <br> Borrower LLC 144A <br>6.250%, 1/15/28<sup>(2)</sup> <br>| 1130 | &nbsp;&nbsp; 1129 |
| Under Armour, Inc. 144A <br>7.250%, 7/15/30<sup>(2)</sup> <br>| 645 | &nbsp;&nbsp; 644 |
| Wayfair LLC 144A <br>7.250%, 10/31/29<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Weekley Homes LLC 144A <br>4.875%, 9/15/28<sup>(2)</sup> <br>| 1105 | &nbsp;&nbsp; 1082 |
|  |  | &nbsp;&nbsp; 16273 |
| **Consumer Staples—0.7%** | **Consumer Staples—0.7%** |  |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(2)</sup> <br>| 720 | &nbsp;&nbsp; 736 |
| Pilgrim's Pride Corp. <br> 6.250%, 7/1/33<br>| 1505 | &nbsp;&nbsp; 1606 |
| Post Holdings, Inc. 144A <br>6.375%, 3/1/33<sup>(2)</sup> <br>| 1630 | &nbsp;&nbsp; 1645 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(2)</sup> <br>| 1580 | &nbsp;&nbsp; 1579 |
|  |  | &nbsp;&nbsp; 5566 |
| **Energy—5.9%** | **Energy—5.9%** |  |
| Alliance Resource Operating <br> Partners LP 144A <br>8.625%, 6/15/29<sup>(2)</sup> <br>| 1125 | &nbsp;&nbsp; 1191 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| BP Capital Markets plc <br> 4.875% <sup>(9)</sup> <br>| $1650 | &nbsp;&nbsp; $1638 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(2)</sup> <br>| 510 | &nbsp;&nbsp; 530 |
| Caturus Energy LLC 144A <br>8.500%, 2/15/30<sup>(2)</sup> <br>| 845 | &nbsp;&nbsp; 880 |
| Columbia Pipelines <br> Operating Co. LLC 144A <br>6.036%, 11/15/33<sup>(2)</sup> <br>| 1270 | &nbsp;&nbsp; 1355 |
| Coronado Finance Pty Ltd. <br> 144A <br>9.250%, 10/1/29<sup>(2)(7)</sup> <br>| 1305 | &nbsp;&nbsp; 1149 |
| Ecopetrol S.A. <br> 4.625%, 11/2/31<br>| 539 | &nbsp;&nbsp; 484 |
| Enbridge, Inc. <br> 8.500%, 1/15/84<br>| 1115 | &nbsp;&nbsp; 1275 |
| Energean Israel Finance Ltd. <br> 144A, RegS <br>5.875%, 3/30/31<sup>(2)(4)</sup> <br>| 248 | &nbsp;&nbsp; 237 |
| Energy Transfer LP |  |  |
| Series G 7.125%<sup>(9)</sup> <br>| 345 | &nbsp;&nbsp; 356 |
| Series H 6.500%<sup>(9)</sup> <br>| 660 | &nbsp;&nbsp; 662 |
| Flex Intermediate <br> Holdco LLC 144A <br>3.363%, 6/30/31<sup>(2)</sup> <br>| 2150 | &nbsp;&nbsp; 1978 |
| Genesis Energy LP <br> 8.875%, 4/15/30<br>| 1545 | &nbsp;&nbsp; 1636 |
| Geopark Ltd. 144A <br>8.750%, 1/31/30<sup>(2)</sup> <br>| 462 | &nbsp;&nbsp; 422 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(2)</sup> <br>| 1555 | &nbsp;&nbsp; 1597 |
| Helix Energy Solutions <br> Group, Inc. 144A <br>9.750%, 3/1/29<sup>(2)</sup> <br>| 700 | &nbsp;&nbsp; 737 |
| HF Sinclair Corp. <br> 6.250%, 1/15/35<br>| 1545 | &nbsp;&nbsp; 1615 |
| Hilcorp Energy I LP |  |  |
| <br>144A 5.750%, 2/1/29<sup>(2)</sup> <br>| 485 | &nbsp;&nbsp; 478 |
| <br>144A 6.000%, 2/1/31<sup>(2)</sup> <br>| 485 | &nbsp;&nbsp; 467 |
| <br>144A 7.250%, 2/15/35<sup>(2)</sup> <br>| 795 | &nbsp;&nbsp; 777 |
| International Petroleum <br> Corp. 144A, RegS <br>7.250%, 2/1/27<sup>(2)(4)</sup> <br>| 1200 | &nbsp;&nbsp; 1217 |
| KazMunayGas National Co. <br> JSC 144A <br>6.375%, 10/24/48<sup>(2)</sup> <br>| 516 | &nbsp;&nbsp; 512 |
| Kodiak Gas Services LLC <br> 144A <br>6.750%, 10/1/35<sup>(2)</sup> <br>| 520 | &nbsp;&nbsp; 534 |
| Kraken Oil & Gas <br> Partners LLC 144A <br>7.625%, 8/15/29<sup>(2)</sup> <br>| 1205 | &nbsp;&nbsp; 1194 |
| Leviathan Bond Ltd. 144A, <br> RegS <br>6.750%, 6/30/30<sup>(2)(4)</sup> <br>| 310 | &nbsp;&nbsp; 311 |
| Magnolia Oil & Gas <br> Operating LLC 144A <br>6.875%, 12/1/32<sup>(2)</sup> <br>| 1550 | &nbsp;&nbsp; 1591 |
| Mesquite Energy, Inc. 144A <br>7.250%, 7/15/26<sup>(2)(10)</sup> <br>| 375 | &nbsp;&nbsp; — <br><sup>(11)</sup><br>|
| Nabors Industries Ltd. 144A <br>7.500%, 1/15/28<sup>(2)</sup> <br>| 630 | &nbsp;&nbsp; 630 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Nabors Industries, Inc. 144A <br>7.375%, 5/15/27<sup>(2)</sup> <br>| $1355 | &nbsp;&nbsp; $1375 |
| Occidental Petroleum Corp. |  |  |
| 5.550%, 10/1/34 | 890 | &nbsp;&nbsp; 903 |
| 6.200%, 3/15/40 | 865 | &nbsp;&nbsp; 879 |
| Pertamina Persero PT |  |  |
| <br>144A 2.300%, 2/9/31<sup>(2)(7)</sup> <br>| 591 | &nbsp;&nbsp; 524 |
| <br>144A 6.450%, 5/30/44<sup>(2)</sup> <br>| 378 | &nbsp;&nbsp; 406 |
| Petroleos de Venezuela S.A. <br> RegS <br>6.000%, 5/16/24<sup>(3)(4)</sup> <br>| 7054 | &nbsp;&nbsp; 1130 |
| Petroleos del Peru S.A. RegS <br>4.750%, 6/19/32<sup>(4)</sup> <br>| 1098 | &nbsp;&nbsp; 953 |
| Petroleos Mexicanos |  |  |
| 6.500%, 3/13/27 | 486 | &nbsp;&nbsp; 492 |
| 5.350%, 2/12/28 | 762 | &nbsp;&nbsp; 757 |
| 5.950%, 1/28/31 | 207 | &nbsp;&nbsp; 201 |
| 6.700%, 2/16/32 | 378 | &nbsp;&nbsp; 375 |
| 7.690%, 1/23/50 | 1279 | &nbsp;&nbsp; 1163 |
| 6.950%, 1/28/60 | 1012 | &nbsp;&nbsp; 834 |
| 6.350%, 2/12/48 | 429 | &nbsp;&nbsp; 341 |
| Petronas Capital Ltd. |  |  |
| <br>144A 3.500%, 4/21/30<sup>(2)</sup> <br>| 466 | &nbsp;&nbsp; 453 |
| <br>144A 5.848%, 4/3/55<sup>(2)</sup> <br>| 1443 | &nbsp;&nbsp; 1527 |
| Sempra Infrastructure <br> Partners LP 144A <br>3.250%, 1/15/32<sup>(2)</sup> <br>| 814 | &nbsp;&nbsp; 722 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. 7.500%, 3/1/55<br>| 1755 | &nbsp;&nbsp; 1864 |
| Teine Energy Ltd. 144A <br>6.875%, 4/15/29<sup>(2)</sup> <br>| 415 | &nbsp;&nbsp; 408 |
| Tidewater, Inc. 144A <br>9.125%, 7/15/30<sup>(2)</sup> <br>| 660 | &nbsp;&nbsp; 708 |
| Transocean International <br> Ltd.<br>|  |  |
| <br>144A 8.250%, 5/15/29<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp; 172 |
| <br>144A 8.750%, 2/15/30<sup>(2)</sup> <br>| 300 | &nbsp;&nbsp; 316 |
| <br>144A 8.500%, 5/15/31<sup>(2)</sup> <br>| 615 | &nbsp;&nbsp; 603 |
| <br>144A 7.875%, 10/15/32<sup>(2)</sup> <br>| 55 | &nbsp;&nbsp; 55 |
| Uzbekneftegaz JSC 144A <br>8.750%, 5/7/30<sup>(2)</sup> <br>| 611 | &nbsp;&nbsp; 653 |
| Venture Global Calcasieu <br> Pass LLC 144A <br>4.125%, 8/15/31<sup>(2)</sup> <br>| 485 | &nbsp;&nbsp; 458 |
| Venture Global LNG, Inc. |  |  |
| <br>144A 9.000%<sup>(2)(9)</sup> <br>| 1325 | &nbsp;&nbsp; 1313 |
| <br>144A 9.875%, 2/1/32<sup>(2)</sup> <br>| 1150 | &nbsp;&nbsp; 1252 |
| Western Midstream <br> Operating LP <br> 5.250%, 2/1/50<br>| 1990 | &nbsp;&nbsp; 1732 |
| Williams Cos., Inc. (The) <br> 5.150%, 3/15/34<br>| 1430 | &nbsp;&nbsp; 1452 |
| YPF S.A. 144A <br>9.500%, 1/17/31<sup>(2)</sup> <br>| 353 | &nbsp;&nbsp; 361 |
|  |  | &nbsp;&nbsp; 49835 |
| **Financials—13.1%** | **Financials—13.1%** |  |
| Acrisure LLC |  |  |
| <br>144A 8.250%, 2/1/29<sup>(2)</sup> <br>| 380 | &nbsp;&nbsp; 397 |
| <br>144A 6.000%, 8/1/29<sup>(2)</sup> <br>| 1585 | &nbsp;&nbsp; 1562 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| AerCap Ireland Capital DAC |  |  |
| 6.950%, 3/10/55 | $577 | &nbsp;&nbsp; $604 |
| 6.500%, 1/31/56 | 775 | &nbsp;&nbsp; 800 |
| Albion Financing 1 S.a.r.l. <br> 144A <br>7.000%, 5/21/30<sup>(2)</sup> <br>| 1015 | &nbsp;&nbsp; 1050 |
| Allianz SE |  |  |
| <br>144A 6.350%, 9/6/53<sup>(2)</sup> <br>| 1000 | &nbsp;&nbsp; 1072 |
| <br>144A 5.600%, 9/3/54<sup>(2)</sup> <br>| 450 | &nbsp;&nbsp; 462 |
| Ally Financial, Inc. <br> 5.543%, 1/17/31<br>| 1055 | &nbsp;&nbsp; 1075 |
| Altice Financing S.A. 144A <br>5.000%, 1/15/28<sup>(2)</sup> <br>| 2575 | &nbsp;&nbsp; 2002 |
| American Express Co. <br> 5.625%, 7/28/34<br>| 1725 | &nbsp;&nbsp; 1802 |
| American National Group, <br> Inc. 7.000%, 12/1/55<br>| 309 | &nbsp;&nbsp; 318 |
| Apollo Debt Solutions BDC <br> 6.900%, 4/13/29<br>| 1560 | &nbsp;&nbsp; 1640 |
| Apollo Global Management, <br> Inc. 6.000%, 12/15/54<br>| 1550 | &nbsp;&nbsp; 1540 |
| Ascent Resources Utica <br> Holdings LLC 144A <br>6.625%, 7/15/33<sup>(2)</sup> <br>| 840 | &nbsp;&nbsp; 854 |
| Ascot Group Ltd. 144A <br>4.250%, 12/15/30<sup>(2)</sup> <br>| 1020 | &nbsp;&nbsp; 928 |
| Avolon Holdings Funding <br> Ltd. 144A <br>5.750%, 11/15/29<sup>(2)</sup> <br>| 905 | &nbsp;&nbsp; 940 |
| Azorra Finance Ltd. 144A <br>7.250%, 1/15/31<sup>(2)</sup> <br>| 830 | &nbsp;&nbsp; 864 |
| Azule Energy Finance plc <br> 144A <br>8.125%, 1/23/30<sup>(2)</sup> <br>| 400 | &nbsp;&nbsp; 405 |
| Banco de Credito del Peru <br> S.A. 144A <br>6.450%, 7/30/35<sup>(2)</sup> <br>| 227 | &nbsp;&nbsp; 236 |
| Banco de Credito e <br> Inversiones S.A. 144A <br>8.750% <sup>(2)(9)</sup> <br>| 496 | &nbsp;&nbsp; 537 |
| Banco Mercantil del Norte <br> S.A. 144A <br>8.375% <sup>(2)(9)</sup> <br>| 395 | &nbsp;&nbsp; 417 |
| Bank of America Corp. <br> 5.518%, 10/25/35<br>| 2460 | &nbsp;&nbsp; 2520 |
| Barclays plc <br> 7.437%, 11/2/33<br>| 1245 | &nbsp;&nbsp; 1429 |
| BBVA Mexico S.A. <br> Institucion De Banca <br> Multiple Grupo Financiero <br> BBVA Mexico 144A <br>5.125%, 1/18/33<sup>(2)</sup> <br>| 404 | &nbsp;&nbsp; 397 |
| Blackstone Private Credit <br> Fund 6.000%, 11/22/34<sup>(7)</sup> <br>| 935 | &nbsp;&nbsp; 958 |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | 1105 | &nbsp;&nbsp; 1144 |
| <br>144A 6.000%, 8/15/33<sup>(2)</sup> <br>| 260 | &nbsp;&nbsp; 266 |
| Blue Owl Credit Income <br> Corp. 6.650%, 3/15/31<br>| 350 | &nbsp;&nbsp; 368 |
| Blue Owl Finance LLC <br> 3.125%, 6/10/31<br>| 1760 | &nbsp;&nbsp; 1601 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| BNSF Funding Trust I <br> 6.613%, 12/15/55<br>| $1090 | &nbsp;&nbsp; $1089 |
| BPCE S.A. |  |  |
| <br>144A 7.003%, 10/19/34<sup>(2)</sup> <br>| 1100 | &nbsp;&nbsp; 1227 |
| <br>144A 6.915%, 1/14/46<sup>(2)</sup> <br>| 235 | &nbsp;&nbsp; 252 |
| Broadstreet Partners <br> Group LLC 144A <br>5.875%, 4/15/29<sup>(2)</sup> <br>| 665 | &nbsp;&nbsp; 663 |
| Capital One Financial Corp. |  |  |
| 2.359%, 7/29/32 | 720 | &nbsp;&nbsp; 621 |
| 6.377%, 6/8/34 | 960 | &nbsp;&nbsp; 1038 |
| Capital Power U.S. Holdings, <br> Inc. 144A <br>6.189%, 6/1/35<sup>(2)</sup> <br>| 1285 | &nbsp;&nbsp; 1348 |
| Charles Schwab Corp. (The) |  |  |
| 6.136%, 8/24/34 | 1020 | &nbsp;&nbsp; 1111 |
| Series H 4.000%<sup>(9)</sup> <br>| 849 | &nbsp;&nbsp; 797 |
| Chobani Holdco II LLC <br> (8.750% Cash or 9.500% <br> PIK) 144A <br>8.750%, 10/1/29<sup>(2)(12)</sup> <br>| 1 | &nbsp;&nbsp; 1 |
| Citigroup, Inc. |  |  |
| 6.270%, 11/17/33 | 615 | &nbsp;&nbsp; 671 |
| 6.174%, 5/25/34 | 719 | &nbsp;&nbsp; 765 |
| Series X 3.875%<sup>(9)</sup> <br>| 1805 | &nbsp;&nbsp; 1788 |
| Constellation Oil Services <br> Holding S.A. 144A <br>9.375%, 11/7/29<sup>(2)</sup> <br>| 334 | &nbsp;&nbsp; 343 |
| Corebridge Financial, Inc. <br> 6.375%, 9/15/54<br>| 1504 | &nbsp;&nbsp; 1544 |
| DAE Funding LLC 144A <br>3.375%, 3/20/28<sup>(2)</sup> <br>| 1072 | &nbsp;&nbsp; 1034 |
| Deutsche Bank AG <br> 5.403%, 9/11/35<sup>(7)</sup> <br>| 1260 | &nbsp;&nbsp; 1285 |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(2)</sup> <br>| 1235 | &nbsp;&nbsp; 1205 |
| Endo Finance Holdings, Inc. <br> 144A <br>8.500%, 4/15/31<sup>(2)</sup> <br>| 1505 | &nbsp;&nbsp; 1615 |
| F&G Annuities & Life, Inc. <br> 6.500%, 6/4/29<br>| 1525 | &nbsp;&nbsp; 1590 |
| Fifth Third Bancorp <br> 4.337%, 4/25/33<br>| 965 | &nbsp;&nbsp; 941 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(2)</sup> <br>| 1190 | &nbsp;&nbsp; 1208 |
| Foundry JV Holdco LLC <br> 144A <br>5.875%, 1/25/34<sup>(2)</sup> <br>| 1130 | &nbsp;&nbsp; 1177 |
| Froneri Lux FinCo S.a.r.l. <br> 144A <br>6.000%, 8/1/32<sup>(2)</sup> <br>| 405 | &nbsp;&nbsp; 406 |
| FS Luxembourg S.a.r.l. |  |  |
| <br>144A 8.875%, 2/12/31<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 209 |
| <br>144A 8.625%, 6/25/33<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp; 155 |
| Global Atlantic Fin Co. |  |  |
| <br>144A 7.950%, 6/15/33<sup>(2)</sup> <br>| 907 | &nbsp;&nbsp; 1051 |
| <br>144A 7.950%, 10/15/54<sup>(2)</sup> <br>| 330 | &nbsp;&nbsp; 349 |
| Goldman Sachs Group, Inc. <br> (The)<br>|  |  |
| 5.330%, 7/23/35 | 980 | &nbsp;&nbsp; 1009 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| 6.450%, 5/1/36 | $355 | &nbsp;&nbsp; $391 |
| Grifols S.A. 144A <br>4.750%, 10/15/28<sup>(2)</sup> <br>| 1380 | &nbsp;&nbsp; 1340 |
| Gulfport Energy Operating <br> Corp. 144A <br>6.750%, 9/1/29<sup>(2)</sup> <br>| 490 | &nbsp;&nbsp; 503 |
| HA Sustainable <br> Infrastructure Capital, Inc. <br> 6.375%, 7/1/34<br>| 1696 | &nbsp;&nbsp; 1726 |
| Huntington Bancshares, Inc. |  |  |
| 5.709%, 2/2/35 | 575 | &nbsp;&nbsp; 599 |
| 6.141%, 11/18/39 | 995 | &nbsp;&nbsp; 1035 |
| Icon Investments Six DAC <br> 6.000%, 5/8/34<br>| 1695 | &nbsp;&nbsp; 1779 |
| Imperial Brands Finance plc <br> 144A <br>5.625%, 7/1/35<sup>(2)</sup> <br>| 1615 | &nbsp;&nbsp; 1647 |
| ION Trading Technologies <br> S.a.r.l. 144A <br>9.500%, 5/30/29<sup>(2)</sup> <br>| 1745 | &nbsp;&nbsp; 1843 |
| JH North America Holdings, <br> Inc. 144A <br>6.125%, 7/31/32<sup>(2)</sup> <br>| 1580 | &nbsp;&nbsp; 1618 |
| JPMorgan Chase & Co. |  |  |
| 5.717%, 9/14/33 | 570 | &nbsp;&nbsp; 603 |
| 5.350%, 6/1/34 | 600 | &nbsp;&nbsp; 625 |
| 6.254%, 10/23/34 | 820 | &nbsp;&nbsp; 904 |
| 5.576%, 7/23/36 | 1210 | &nbsp;&nbsp; 1254 |
| KeyCorp |  |  |
| 4.789%, 6/1/33 | 680 | &nbsp;&nbsp; 678 |
| 6.401%, 3/6/35 | 415 | &nbsp;&nbsp; 450 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(2)</sup> <br>| 2040 | &nbsp;&nbsp; 2004 |
| Maxam Prill S.a.r.l. 144A <br>7.750%, 7/15/30<sup>(2)</sup> <br>| 720 | &nbsp;&nbsp; 725 |
| Melco Resorts Finance Ltd. <br> 144A <br>5.375%, 12/4/29<sup>(2)</sup> <br>| 680 | &nbsp;&nbsp; 664 |
| Merlin Entertainments <br> Group U.S. Holdings, Inc. <br> 144A <br>7.375%, 2/15/31<sup>(2)</sup> <br>| 780 | &nbsp;&nbsp; 672 |
| Midcap Financial Issuer <br> Trust 144A <br>6.500%, 5/1/28<sup>(2)</sup> <br>| 1080 | &nbsp;&nbsp; 1073 |
| Morgan Stanley |  |  |
| 6.342%, 10/18/33 | 710 | &nbsp;&nbsp; 780 |
| 5.250%, 4/21/34 | 570 | &nbsp;&nbsp; 588 |
| 5.424%, 7/21/34 | 345 | &nbsp;&nbsp; 359 |
| 5.948%, 1/19/38 | 352 | &nbsp;&nbsp; 369 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(2)</sup> <br>| 1431 | &nbsp;&nbsp; 1366 |
| National Rural Utilities <br> Cooperative Finance Corp. <br> (3 month Term SOFR + <br> 3.172%)7.482%, 4/30/43<sup>(8)</sup> <br>| 450 | &nbsp;&nbsp; 448 |
| Nationstar Mortgage <br> Holdings, Inc. 144A <br>5.750%, 11/15/31<sup>(2)</sup> <br>| 970 | &nbsp;&nbsp; 980 |
| NatWest Group plc <br> 6.475%, 6/1/34<br>| 1185 | &nbsp;&nbsp; 1246 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| NCR Atleos Corp. 144A <br>9.500%, 4/1/29<sup>(2)</sup> <br>| $510 | &nbsp;&nbsp; $552 |
| NextEra Energy Capital <br> Holdings, Inc. <br> 6.500%, 8/15/55<br>| 1125 | &nbsp;&nbsp; 1192 |
| Nippon Life Insurance Co. |  |  |
| <br>144A 6.250%, 9/13/53<sup>(2)</sup> <br>| 1335 | &nbsp;&nbsp; 1416 |
| <br>144A 6.500%, 4/30/55<sup>(2)</sup> <br>| 140 | &nbsp;&nbsp; 151 |
| Northern Trust Corp. <br> 3.375%, 5/8/32<br>| 600 | &nbsp;&nbsp; 588 |
| OneMain Finance Corp. |  |  |
| 6.125%, 5/15/30 | 190 | &nbsp;&nbsp; 192 |
| 7.125%, 11/15/31 | 1575 | &nbsp;&nbsp; 1633 |
| Opal Bidco SAS 144A <br>6.500%, 3/31/32<sup>(2)</sup> <br>| 120 | &nbsp;&nbsp; 123 |
| Park River Holdings, Inc. <br> 144A <br>8.000%, 3/15/31<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp; 167 |
| Phoenix Aviation Capital Ltd. <br> 144A <br>9.250%, 7/15/30<sup>(2)</sup> <br>| 690 | &nbsp;&nbsp; 734 |
| PNC Financial Services <br> Group, Inc. (The) <br> 5.575%, 1/29/36<br>| 1945 | &nbsp;&nbsp; 2029 |
| Prudential Financial, Inc. |  |  |
| 5.125%, 3/1/52 | 344 | &nbsp;&nbsp; 345 |
| 6.750%, 3/1/53 | 560 | &nbsp;&nbsp; 604 |
| 6.500%, 3/15/54 | 610 | &nbsp;&nbsp; 653 |
| Reinsurance Group of <br> America, Inc. <br> 6.650%, 9/15/55<br>| 1260 | &nbsp;&nbsp; 1323 |
| Repsol E&P Capital Markets <br> U.S. LLC 144A <br>5.976%, 9/16/35<sup>(2)</sup> <br>| 555 | &nbsp;&nbsp; 565 |
| Rivers Enterprise <br> Lender LLC 144A <br>6.250%, 10/15/30<sup>(2)</sup> <br>| 205 | &nbsp;&nbsp; 207 |
| Rocket Cos., Inc. 144A <br>6.375%, 8/1/33<sup>(2)</sup> <br>| 785 | &nbsp;&nbsp; 810 |
| Saks Global Enterprises LLC |  |  |
| <br>144A <br> 11.000%, 12/15/29<sup>(2)</sup> <br>| 330 | &nbsp;&nbsp; 117 |
| <br>144A <br> 11.000%, 12/15/29<sup>(2)</sup> <br>| 660 | &nbsp;&nbsp; 337 |
| SGUS LLC 144A <br>11.000%, 12/15/29<sup>(2)</sup> <br>| 426 | &nbsp;&nbsp; 402 |
| Societe Generale S.A. 144A <br>6.066%, 1/19/35<sup>(2)</sup> <br>| 1275 | &nbsp;&nbsp; 1340 |
| South Bow USA <br> Infrastructure <br> Holdings LLC <br> 5.584%, 10/1/34<br>| 525 | &nbsp;&nbsp; 528 |
| State Street Corp. |  |  |
| 6.123%, 11/21/34 | 700 | &nbsp;&nbsp; 758 |
| Series I 6.700%<sup>(9)</sup> <br>| 550 | &nbsp;&nbsp; 572 |
| Stellantis Finance U.S., Inc. <br> 144A <br>6.450%, 3/18/35<sup>(2)</sup> <br>| 1475 | &nbsp;&nbsp; 1512 |
| Sumitomo Life Insurance <br> Co. 144A <br>5.875%, 9/10/55<sup>(2)</sup> <br>| 1655 | &nbsp;&nbsp; 1685 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Texas Capital Bancshares, <br> Inc. 4.000%, 5/6/31<br>| $945 | &nbsp;&nbsp; $931 |
| Toll Brothers Finance Corp. <br> 5.600%, 6/15/35<br>| 770 | &nbsp;&nbsp; 789 |
| Toronto-Dominion Bank <br> (The) 8.125%, 10/31/82<br>| 995 | &nbsp;&nbsp; 1052 |
| Truist Financial Corp. |  |  |
| 5.122%, 1/26/34 | 770 | &nbsp;&nbsp; 782 |
| 5.867%, 6/8/34 | 390 | &nbsp;&nbsp; 413 |
| UBS Group AG |  |  |
| <br>144A 9.250%<sup>(2)(9)</sup> <br>| 290 | &nbsp;&nbsp; 345 |
| <br>144A 4.988%, 8/5/33<sup>(2)</sup> <br>| 1090 | &nbsp;&nbsp; 1102 |
| Wells Fargo & Co. |  |  |
| 5.389%, 4/24/34 | 425 | &nbsp;&nbsp; 442 |
| 6.491%, 10/23/34 | 310 | &nbsp;&nbsp; 344 |
| Series BB 3.900%<sup>(9)</sup> <br>| 545 | &nbsp;&nbsp; 540 |
| Wrangler Holdco Corp. 144A <br>6.625%, 4/1/32<sup>(2)</sup> <br>| 495 | &nbsp;&nbsp; 516 |
|  |  | &nbsp;&nbsp; 110740 |
| **Health Care—1.7%** | **Health Care—1.7%** |  |
| AMN Healthcare, Inc. 144A <br>6.500%, 1/15/31<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Amneal <br> Pharmaceuticals LLC <br> 144A <br>6.875%, 8/1/32<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 52 |
| Cheplapharm Arzneimittel <br> GmbH 144A <br>5.500%, 1/15/28<sup>(2)</sup> <br>| 1448 | &nbsp;&nbsp; 1411 |
| Community Health Systems, <br> Inc.<br>|  |  |
| <br>144A 5.250%, 5/15/30<sup>(2)</sup> <br>| 680 | &nbsp;&nbsp; 615 |
| <br>144A 4.750%, 2/15/31<sup>(2)</sup> <br>| 1510 | &nbsp;&nbsp; 1306 |
| CVS Health Corp. <br> 6.750%, 12/10/54<br>| 1025 | &nbsp;&nbsp; 1058 |
| DENTSPLY SIRONA, Inc. <br> 3.250%, 6/1/30<br>| 1630 | &nbsp;&nbsp; 1500 |
| HCA, Inc. |  |  |
| 5.500%, 6/1/33 | 740 | &nbsp;&nbsp; 769 |
| 5.600%, 4/1/34 | 530 | &nbsp;&nbsp; 550 |
| 5.450%, 9/15/34 | 305 | &nbsp;&nbsp; 313 |
| LifePoint Health, Inc. |  |  |
| <br>144A 9.875%, 8/15/30<sup>(2)</sup> <br>| 1115 | &nbsp;&nbsp; 1207 |
| <br>144A 10.000%, 6/1/32<sup>(2)</sup> <br>| 425 | &nbsp;&nbsp; 446 |
| Molina Healthcare, Inc. 144A <br>6.250%, 1/15/33<sup>(2)</sup> <br>| 405 | &nbsp;&nbsp; 410 |
| Par Pharmaceutical, Inc. <br> Escrow 144A <br>0.000% <sup>(2)(10)</sup> <br>| 345 | &nbsp;&nbsp; — |
| Prime Healthcare Services, <br> Inc. 144A <br>9.375%, 9/1/29<sup>(2)</sup> <br>| 825 | &nbsp;&nbsp; 858 |
| Smith & Nephew plc <br> 5.400%, 3/20/34<br>| 1530 | &nbsp;&nbsp; 1580 |
| Solstice Advanced Materials, <br> Inc. 144A <br>5.625%, 9/30/33<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 60 |
| Universal Health Services, <br> Inc.<br>|  |  |
| 2.650%, 1/15/32 | 631 | &nbsp;&nbsp; 549 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| 5.050%, 10/15/34 | $1315 | &nbsp;&nbsp; $1283 |
|  |  | &nbsp;&nbsp; 13977 |
| **Industrials—3.3%** | **Industrials—3.3%** |  |
| Adani Ports & Special <br> Economic Zone Ltd. 144A <br>4.375%, 7/3/29<sup>(2)</sup> <br>| 700 | &nbsp;&nbsp; 683 |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(2)</sup> <br>| 698 | &nbsp;&nbsp; 699 |
| Altice France S.A. 144A <br>5.125%, 7/15/29<sup>(2)(13)</sup> <br>| 730 | &nbsp;&nbsp; 623 |
| Aviation Capital Group LLC |  |  |
| <br>144A 3.500%, 11/1/27<sup>(2)</sup> <br>| 705 | &nbsp;&nbsp; 692 |
| <br>144A 6.750%, 10/25/28<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp; 160 |
| <br>144A 5.125%, 4/10/30<sup>(2)</sup> <br>| 620 | &nbsp;&nbsp; 629 |
| Boeing Co. (The) |  |  |
| 5.805%, 5/1/50 | 325 | &nbsp;&nbsp; 325 |
| 5.930%, 5/1/60 | 1355 | &nbsp;&nbsp; 1354 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(2)</sup> <br>| 1084 | &nbsp;&nbsp; 984 |
| Builders FirstSource, Inc. <br> 144A <br>6.375%, 3/1/34<sup>(2)</sup> <br>| 1290 | &nbsp;&nbsp; 1329 |
| Chart Industries, Inc. 144A <br>7.500%, 1/1/30<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Cimpress plc 144A <br>7.375%, 9/15/32<sup>(2)</sup> <br>| 1695 | &nbsp;&nbsp; 1689 |
| Cornerstone Building <br> Brands, Inc. 144A <br>9.500%, 8/15/29<sup>(2)</sup> <br>| 1350 | &nbsp;&nbsp; 1312 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(2)</sup> <br>| 1265 | &nbsp;&nbsp; 1158 |
| DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 230 |
| FTAI Aviation Investors LLC <br> 144A <br>7.000%, 6/15/32<sup>(2)</sup> <br>| 1510 | &nbsp;&nbsp; 1580 |
| Garda World Security Corp. <br> 144A <br>8.375%, 11/15/32<sup>(2)</sup> <br>| 945 | &nbsp;&nbsp; 981 |
| Global Infrastructure <br> Solutions, Inc. 144A <br>7.500%, 4/15/32<sup>(2)</sup> <br>| 1400 | &nbsp;&nbsp; 1478 |
| Global Medical Response, <br> Inc. 144A <br>7.375%, 10/1/32<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 103 |
| Herc Holdings, Inc. 144A <br>7.250%, 6/15/33<sup>(2)</sup> <br>| 345 | &nbsp;&nbsp; 360 |
| Icahn Enterprises LP |  |  |
| 6.250%, 5/15/26 | 33 | &nbsp;&nbsp; 33 |
| 5.250%, 5/15/27 | 365 | &nbsp;&nbsp; 359 |
| <br>144A <br> 10.000%, 11/15/29<sup>(2)</sup> <br>| 1130 | &nbsp;&nbsp; 1135 |
| LBM Acquisition LLC 144A <br>6.250%, 1/15/29<sup>(2)</sup> <br>| 1695 | &nbsp;&nbsp; 1569 |
| Neptune Bidco U.S., Inc. <br> 144A <br>9.290%, 4/15/29<sup>(2)</sup> <br>| 1480 | &nbsp;&nbsp; 1453 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Regal Rexnord Corp. <br> 6.400%, 4/15/33<br>| $1333 | &nbsp;&nbsp; $1431 |
| Science Applications <br> International Corp. 144A <br>4.875%, 4/1/28<sup>(2)</sup> <br>| 650 | &nbsp;&nbsp; 643 |
| TransDigm, Inc. |  |  |
| <br>144A 6.875%, 12/15/30<sup>(2)</sup> <br>| 885 | &nbsp;&nbsp; 917 |
| <br>144A 6.625%, 3/1/32<sup>(2)</sup> <br>| 630 | &nbsp;&nbsp; 649 |
| United Airlines <br> Pass-Through Trust <br> 2023-1, <br> A5.800%, 7/15/37<br>| 550 | &nbsp;&nbsp; 568 |
| United Airlines <br> Pass-Through-Trust <br> 2024-1, <br> AA5.450%, 8/15/38<br>| 874 | &nbsp;&nbsp; 899 |
| VistaJet Malta Finance plc <br> 144A <br>9.500%, 6/1/28<sup>(2)(7)</sup> <br>| 1645 | &nbsp;&nbsp; 1712 |
| WESCO Distribution, Inc. <br> 144A <br>6.625%, 3/15/32<sup>(2)</sup> <br>| 435 | &nbsp;&nbsp; 452 |
|  |  | &nbsp;&nbsp; 28199 |
| **Information Technology—0.8%** | **Information Technology—0.8%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| 5.950%, 8/4/33 | 1195 | &nbsp;&nbsp; 1255 |
| <br>144A 4.000%, 7/1/29<sup>(2)(7)</sup> <br>| 600 | &nbsp;&nbsp; 585 |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(2)</sup> <br>| 1160 | &nbsp;&nbsp; 1203 |
| Consensus Cloud Solutions, <br> Inc.<br>|  |  |
| <br>144A 6.000%, 10/15/26<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 110 |
| <br>144A 6.500%, 10/15/28<sup>(2)</sup> <br>| 635 | &nbsp;&nbsp; 638 |
| Helios Software Holdings, <br> Inc. 144A <br>8.750%, 5/1/29<sup>(2)</sup> <br>| 430 | &nbsp;&nbsp; 445 |
| Oracle Corp. 5.500%, 8/3/35 | 760 | &nbsp;&nbsp; 782 |
| Rocket Software, Inc. 144A <br>9.000%, 11/28/28<sup>(2)</sup> <br>| 1750 | &nbsp;&nbsp; 1804 |
|  |  | &nbsp;&nbsp; 6822 |
| **Materials—2.1%** | **Materials—2.1%** |  |
| ASP Unifrax Holdings, Inc. <br> 144A <br>5.250%, 9/30/28<sup>(2)</sup> <br>| 1235 | &nbsp;&nbsp; 406 |
| Bayport Polymers LLC 144A <br>5.140%, 4/14/32<sup>(2)</sup> <br>| 1460 | &nbsp;&nbsp; 1441 |
| Capstone Copper Corp. <br> 144A <br>6.750%, 3/31/33<sup>(2)</sup> <br>| 925 | &nbsp;&nbsp; 953 |
| Cleveland-Cliffs, Inc. 144A <br>7.625%, 1/15/34<sup>(2)</sup> <br>| 580 | &nbsp;&nbsp; 598 |
| Corp. Nacional del Cobre de <br> Chile RegS <br>6.440%, 1/26/36<sup>(4)</sup> <br>| 1087 | &nbsp;&nbsp; 1175 |
| Graham Packaging Co., Inc. <br> 144A <br>7.125%, 8/15/28<sup>(2)</sup> <br>| 1493 | &nbsp;&nbsp; 1496 |
| Illuminate Buyer LLC 144A <br>9.000%, 7/1/28<sup>(2)</sup> <br>| 2120 | &nbsp;&nbsp; 2127 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| INEOS Quattro Finance 2 plc <br> 144A <br>9.625%, 3/15/29<sup>(2)(7)</sup> <br>| $1280 | &nbsp;&nbsp; $1266 |
| LSB Industries, Inc. 144A <br>6.250%, 10/15/28<sup>(2)</sup> <br>| 1980 | &nbsp;&nbsp; 1953 |
| Mauser Packaging Solutions <br> Holding Co. 144A <br>9.250%, 4/15/27<sup>(2)</sup> <br>| 1085 | &nbsp;&nbsp; 1087 |
| New Enterprise Stone & <br> Lime Co., Inc. 144A <br>9.750%, 7/15/28<sup>(2)</sup> <br>| 591 | &nbsp;&nbsp; 592 |
| OCP S.A. |  |  |
| <br>144A 6.875%, 4/25/44<sup>(2)</sup> <br>| 605 | &nbsp;&nbsp; 632 |
| <br>144A 5.125%, 6/23/51<sup>(2)</sup> <br>| 270 | &nbsp;&nbsp; 225 |
| Samarco Mineracao S.A. <br> (9.500% PIK) 144A <br>9.500%, 6/30/31<sup>(2)(12)</sup> <br>| 378 | &nbsp;&nbsp; 380 |
| Sealed Air Corp. 144A <br>6.500%, 7/15/32<sup>(2)(7)</sup> <br>| 345 | &nbsp;&nbsp; 357 |
| Sonoco Products Co. <br> 5.000%, 9/1/34<br>| 980 | &nbsp;&nbsp; 969 |
| Taseko Mines Ltd. 144A <br>8.250%, 5/1/30<sup>(2)</sup> <br>| 515 | &nbsp;&nbsp; 545 |
| Trivium Packaging Finance <br> B.V.<br>|  |  |
| <br>144A 8.250%, 7/15/30<sup>(2)</sup> <br>| 115 | &nbsp;&nbsp; 123 |
| <br>144A 12.250%, 1/15/31<sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 574 |
| WR Grace Holdings LLC <br> 144A <br>5.625%, 8/15/29<sup>(2)</sup> <br>| 1037 | &nbsp;&nbsp; 964 |
|  |  | &nbsp;&nbsp; 17863 |
| **Real Estate—0.2%** | **Real Estate—0.2%** |  |
| Office Properties Income <br> Trust 144A <br>9.000%, 9/30/29<sup>(2)(3)</sup> <br>| 844 | &nbsp;&nbsp; 540 |
| Port of Spain Waterfront <br> Development RegS <br>7.875%, 2/19/40<sup>(4)</sup> <br>| 309 | &nbsp;&nbsp; 313 |
| Service Properties Trust <br> 4.950%, 2/15/27<br>| 455 | &nbsp;&nbsp; 453 |
|  |  | &nbsp;&nbsp; 1306 |
| **Utilities—2.3%** | **Utilities—2.3%** |  |
| AES Corp. (The) <br> 7.600%, 1/15/55<br>| 660 | &nbsp;&nbsp; 684 |
| CMS Energy Corp. <br> 4.750%, 6/1/50<br>| 1485 | &nbsp;&nbsp; 1448 |
| Comision Ejecutiva <br> Hidroelectrica del Rio <br> Lempa 144A <br>8.650%, 1/24/33<sup>(2)</sup> <br>| 324 | &nbsp;&nbsp; 339 |
| Dominion Energy, Inc. |  |  |
| 6.200%, 2/15/56 | 820 | &nbsp;&nbsp; 825 |
| Series B 7.000%, 6/1/54 | 630 | &nbsp;&nbsp; 683 |
| Electricite de France S.A. <br> 144A <br>6.900%, 5/23/53<sup>(2)</sup> <br>| 1015 | &nbsp;&nbsp; 1132 |
| Enel Finance International <br> N.V.<br>|  |  |
| <br>144A 7.500%, 10/14/32<sup>(2)</sup> <br>| 585 | &nbsp;&nbsp; 674 |
| <br>144A 5.500%, 6/26/34<sup>(2)</sup> <br>| 585 | &nbsp;&nbsp; 606 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Entergy Corp. <br> 7.125%, 12/1/54<br>| $1420 | &nbsp;&nbsp; $1484 |
| Eskom Holdings 144A <br>8.450%, 8/10/28<sup>(2)</sup> <br>| 595 | &nbsp;&nbsp; 637 |
| Ferrellgas LP |  |  |
| <br>144A 5.375%, 4/1/26<sup>(2)</sup> <br>| 770 | &nbsp;&nbsp; 762 |
| <br>144A 5.875%, 4/1/29<sup>(2)</sup> <br>| 1040 | &nbsp;&nbsp; 968 |
| KeySpan Gas East Corp. <br> 144A <br>5.994%, 3/6/33<sup>(2)</sup> <br>| 1460 | &nbsp;&nbsp; 1546 |
| Limak Yenilenebilir Enerji AS <br> 144A <br>9.625%, 8/12/30<sup>(2)</sup> <br>| 300 | &nbsp;&nbsp; 299 |
| NGL Energy Operating LLC |  |  |
| <br>144A 8.125%, 2/15/29<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp; 169 |
| <br>144A 8.375%, 2/15/32<sup>(2)</sup> <br>| 1330 | &nbsp;&nbsp; 1363 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(2)</sup> <br>| 1007 | &nbsp;&nbsp; 1113 |
| PacifiCorp 5.800%, 1/15/55 | 1120 | &nbsp;&nbsp; 1098 |
| Southern California Edison <br> Co. 6.000%, 1/15/34<br>| 1165 | &nbsp;&nbsp; 1220 |
| Vistra Corp. 144A <br>8.000% <sup>(2)(9)</sup> <br>| 902 | &nbsp;&nbsp; 923 |
| Vistra Operations Co. LLC <br> 144A <br>6.875%, 4/15/32<sup>(2)</sup> <br>| 1130 | &nbsp;&nbsp; 1182 |
|  |  | &nbsp;&nbsp; 19155 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $280,044)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $280,044)** | &nbsp;&nbsp; **286667** |
| **Leveraged Loans—8.3%** | **Leveraged Loans—8.3%** | **Leveraged Loans—8.3%** |
| **Aerospace—0.1%** | **Aerospace—0.1%** |  |
| Goat Holdco LLC Tranche B <br> (1 month Term SOFR + <br> 2.750%) <br>6.913%, 1/27/32<sup>(8)</sup> <br>| 791 | &nbsp;&nbsp; 791 |
| Rand Parent LLC 2025, <br> Tranche B (3 month Term <br> SOFR + 3.000%) <br>7.001%, 3/18/30<sup>(8)</sup> <br>| 444 | &nbsp;&nbsp; 442 |
|  |  | &nbsp;&nbsp; 1233 |
| **Chemicals—0.2%** | **Chemicals—0.2%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>7.413%, 2/18/30<sup>(8)</sup> <br>| 844 | &nbsp;&nbsp; 762 |
| Nouryon Finance B.V. 2024, <br> Tranche B-1 (6 month <br> Term SOFR + 3.250%) <br>7.500%, 4/3/28<sup>(8)</sup> <br>| 557 | &nbsp;&nbsp; 557 |
| USALCO LLC 2025 (1 month <br> Term SOFR + 3.500%) <br>7.663%, 9/30/31<sup>(8)</sup> <br>| 746 | &nbsp;&nbsp; 745 |
|  |  | &nbsp;&nbsp; 2064 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Durables—0.2%** | **Consumer Durables—0.2%** |  |
| Gloves Buyer, Inc. (1 month <br> Term SOFR + 4.000%) <br>8.163%, 5/21/32<sup>(8)</sup> <br>| $505 | &nbsp;&nbsp; $489 |
| White Cap Supply <br> Holdings LLC Tranche C <br> (1 month Term SOFR + <br> 3.250%) <br>7.416%, 10/19/29<sup>(8)</sup> <br>| 759 | &nbsp;&nbsp; 759 |
|  |  | &nbsp;&nbsp; 1248 |
| **Consumer Non-Durables—0.2%** | **Consumer Non-Durables—0.2%** |  |
| AI Aqua Merger Sub, Inc. <br> 2025, Tranche B (1 month <br> Term SOFR + 3.000%) <br>7.280%, 7/31/28<sup>(8)</sup> <br>| 668 | &nbsp;&nbsp; 669 |
| Albion Financing 3 S.a.r.l. <br> 2025, Tranche A (3 month <br> Term SOFR + 3.000%) <br>7.215%, 5/21/31<sup>(8)</sup> <br>| 1018 | &nbsp;&nbsp; 1020 |
|  |  | &nbsp;&nbsp; 1689 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| CVR CHC LP Tranche B (3 <br> month Term SOFR + <br> 4.000%) <br>8.002%, 12/30/27<sup>(8)</sup> <br>| 358 | &nbsp;&nbsp; 358 |
| Epic Crude Services LP <br> Tranche B (3 month Term <br> SOFR + 2.500%) <br>6.828%, 10/15/31<sup>(8)</sup> <br>| 633 | &nbsp;&nbsp; 633 |
| Freeport LNG <br> Investments LLP 2025, <br> Tranche B (3 month Term <br> SOFR + 3.250%) <br>7.575%, 12/21/28<sup>(8)</sup> <br>| 746 | &nbsp;&nbsp; 746 |
| M6 ETX Holdings II <br> Midco LLC (3 month <br> PRIME + 2.000%) <br>9.250%, 4/1/32<br>| 593 | &nbsp;&nbsp; 593 |
| Traverse Midstream <br> Partners LLC Tranche B (3 <br> month Term SOFR + <br> 2.500%) <br>6.808%, 2/16/28<sup>(8)</sup> <br>| 489 | &nbsp;&nbsp; 489 |
|  |  | &nbsp;&nbsp; 2819 |
| **Financials—0.4%** | **Financials—0.4%** |  |
| Acrisure LLC 2024, Tranche <br> B-6 (1 month Term SOFR <br> + 3.000%) <br>7.163%, 11/6/30<sup>(8)</sup> <br>| 598 | &nbsp;&nbsp; 597 |
| Ardonagh Group FinCo Pty <br> Ltd. 2025, Tranche B (3-6 <br> month Term SOFR + <br> 2.750%) <br>6.752% - 6.950%, <br> 2/15/31<sup>(8)</sup> <br>| 691 | &nbsp;&nbsp; 688 |
| BroadStreet Partners, Inc. <br> 2024, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.913%, 6/13/31<sup>(8)</sup> <br>| 832 | &nbsp;&nbsp; 832 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Focus Financial <br> Partners LLC Tranche B (1 <br> month Term SOFR + <br> 2.750%) <br>6.913%, 9/15/31<sup>(8)</sup> <br>| $818 | &nbsp;&nbsp; $818 |
| PEX Holdings LLC (3 month <br> Term SOFR + 2.750%) <br>6.752%, 11/20/31<sup>(8)</sup> <br>| 647 | &nbsp;&nbsp; 646 |
|  |  | &nbsp;&nbsp; 3581 |
| **Food / Tobacco—0.3%** | **Food / Tobacco—0.3%** |  |
| Aspire Bakeries <br> Holdings LLC (1 month <br> Term SOFR + 3.500%) <br>7.663%, 12/23/30<sup>(8)</sup> <br>| 779 | &nbsp;&nbsp; 781 |
| Del Monte Foods Corp. II, <br> Inc. (1 month Term SOFR <br> + 9.600%) <br>13.774%, 4/2/26<sup>(8)</sup> <br>| 105 | &nbsp;&nbsp; 100 |
| Del Monte Foods, Inc. |  |  |
| (1 month Term SOFR + <br> 9.600%) <br>13.750% - 13.774%, <br> 4/2/26<sup>(8)</sup> <br>| 153 | &nbsp;&nbsp; 123 |
| (3 month Term SOFR + <br> 4.400%) <br>8.423% - 8.571%, <br> 8/2/28<sup>(10)(13)</sup> <br>| 202 | &nbsp;&nbsp; 8 |
| (3 month Term SOFR + <br> 4.900%) <br>8.923%, 8/2/28<sup>(13)</sup> <br>| 464 | &nbsp;&nbsp; 5 |
| (3 month Term SOFR + <br> 8.150%) <br>12.321%, 8/2/28<sup>(13)</sup> <br>| 89 | &nbsp;&nbsp; 42 |
| Red SPV LLC (1 month Term <br> SOFR + 2.250%) <br>6.386%, 3/15/32<sup>(8)</sup> <br>| 753 | &nbsp;&nbsp; 751 |
| Sigma Holdco B.V. Tranche <br> B-12 (3 month Term <br> SOFR + 3.910%) <br>8.070%, 1/3/28<sup>(8)</sup> <br>| 614 | &nbsp;&nbsp; 590 |
|  |  | &nbsp;&nbsp; 2400 |
| **Food and Drug—0.1%** | **Food and Drug—0.1%** |  |
| Dechra Pharmaceuticals <br> Holdings Ltd. Tranche B-1 <br> (6 month Term SOFR + <br> 3.250%) <br>7.447%, 1/27/32<sup>(8)</sup> <br>| 677 | &nbsp;&nbsp; 678 |
| **Forest Prod / Containers—0.1%** | **Forest Prod / Containers—0.1%** |  |
| Clydesdale Acquisition <br> Holdings, Inc. Tranche B <br> (1 month Term SOFR + <br> 3.175%) <br>7.338%, 4/13/29<sup>(8)</sup> <br>| 555 | &nbsp;&nbsp; 554 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Forest Prod / Containers—continued** | **Forest Prod / Containers—continued** |  |
| Klockner Pentaplast of <br> America, Inc. Tranche B (5 <br> month Term SOFR + <br> 4.975%) <br>9.019%, 2/12/26<sup>(8)</sup> <br>| $812 | &nbsp;&nbsp; $390 |
|  |  | &nbsp;&nbsp; 944 |
| **Gaming / Leisure—0.2%** | **Gaming / Leisure—0.2%** |  |
| Catawba Nation Gaming <br> Authority Tranche B (1 <br> month Term SOFR + <br> 4.750%) <br>8.913%, 3/28/32<sup>(8)</sup> <br>| 575 | &nbsp;&nbsp; 587 |
| Motion Finco LLC Tranche <br> B-3 (3 month Term SOFR <br> + 3.500%) <br>7.502%, 11/12/29<sup>(8)</sup> <br>| 655 | &nbsp;&nbsp; 586 |
| Peninsula Pacific <br> Entertainment LLC<br>|  |  |
| Tranche B <br>0.000%, 10/1/32<sup>(8)(14)</sup> <br>| 162 | &nbsp;&nbsp; 162 |
| Tranche B <br>0.000%, 10/1/32<sup>(8)(14)</sup> <br>| 38 | &nbsp;&nbsp; 38 |
|  |  | &nbsp;&nbsp; 1373 |
| **Health Care—1.1%** | **Health Care—1.1%** |  |
| Agiliti Health, Inc. 2023, <br> Tranche B (3-6 month <br> Term SOFR + 3.000%) <br>7.216% - 7.291%, <br> 5/1/30<sup>(8)</sup> <br>| 688 | &nbsp;&nbsp; 658 |
| Amneal <br> Pharmaceuticals LLC (1 <br> month Term SOFR + <br> 3.500%) <br>7.663%, 8/2/32<sup>(8)</sup> <br>| 295 | &nbsp;&nbsp; 295 |
| Bausch & Lomb Corp. (1 <br> month Term SOFR + <br> 4.000%) <br>8.613%, 9/29/28<sup>(8)</sup> <br>| 274 | &nbsp;&nbsp; 274 |
| Cotiviti, Inc. (1 month Term <br> SOFR + 2.750%) <br>7.030%, 5/1/31<sup>(8)</sup> <br>| 492 | &nbsp;&nbsp; 483 |
| Endo Finance Holdings, Inc. <br> Tranche B (1 month Term <br> SOFR + 4.000%) <br>8.163%, 4/23/31<sup>(8)</sup> <br>| 198 | &nbsp;&nbsp; 198 |
| Financiere Mendel (3 month <br> Term SOFR + 2.750%) <br>6.976%, 11/8/30<sup>(8)</sup> <br>| 179 | &nbsp;&nbsp; 179 |
| Gainwell Acquisition Corp. <br> Tranche B (3 month Term <br> SOFR + 4.100%) <br>8.101%, 10/1/27<sup>(8)</sup> <br>| 840 | &nbsp;&nbsp; 825 |
| Global Medical Response, <br> Inc. (1 month Term SOFR <br> + 3.500%) <br>7.634%, 10/1/32<sup>(8)</sup> <br>| 899 | &nbsp;&nbsp; 899 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Grifols Worldwide <br> Operations USA, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.100%) <br>6.263%, 11/15/27<sup>(8)</sup> <br>| $865 | &nbsp;&nbsp; $862 |
| Hanger, Inc. |  |  |
| (1 month Term SOFR + <br> 3.500%) <br>7.663%, 10/23/31<sup>(8)</sup> <br>| 14 | &nbsp;&nbsp; 14 |
| (1 month Term SOFR + <br> 3.500%) <br>7.663%, 10/23/31<sup>(8)</sup> <br>| 730 | &nbsp;&nbsp; 731 |
| IVC Acquisition Ltd. Tranche <br> B-12 (3 month Term <br> SOFR + 3.750%) <br>7.752%, 12/12/28<sup>(8)</sup> <br>| 342 | &nbsp;&nbsp; 344 |
| Lannett Co., Inc. First Lien (3 <br> month Term SOFR + <br> 0.000%) <br>2.000%, 6/16/30<sup>(8)(10)</sup> <br>| 21 | &nbsp;&nbsp; 16 |
| LifePoint Health, Inc. |  |  |
| Tranche B (3 month Term <br> SOFR + 3.750%) <br>8.068%, 5/16/31<sup>(8)</sup> <br>| 768 | &nbsp;&nbsp; 766 |
| Tranche B-2 (3 month <br> Term SOFR + 3.500%) <br>7.660%, 5/16/31<sup>(8)</sup> <br>| 109 | &nbsp;&nbsp; 108 |
| Modivcare, Inc. (3 month <br> Term SOFR + 4.750%) <br>9.046%, 7/1/31<sup>(3)</sup> <br>| 153 | &nbsp;&nbsp; 69 |
| Radiology Partners, Inc. <br> Tranche B (3 month Term <br> SOFR + 4.500%) <br>8.502%, 6/30/32<sup>(8)</sup> <br>| 775 | &nbsp;&nbsp; 772 |
| Southern Veterinary <br> Partners LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.819%, 12/4/31<sup>(8)</sup> <br>| 905 | &nbsp;&nbsp; 902 |
| Star Parent, Inc. Tranche B <br> (3 month Term SOFR + <br> 4.000%) <br>8.002%, 9/27/30<sup>(8)</sup> <br>| 828 | &nbsp;&nbsp; 828 |
| Upstream Newco, Inc. 2021 <br> (3 month Term SOFR + <br> 4.512%) <br>8.820%, 11/20/26<sup>(8)</sup> <br>| 340 | &nbsp;&nbsp; 291 |
|  |  | &nbsp;&nbsp; 9514 |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Chamberlain Group 2025, <br> Tranche B (1 month Term <br> SOFR + 3.000%) <br>7.163%, 9/8/32<sup>(8)</sup> <br>| 840 | &nbsp;&nbsp; 841 |
| Cornerstone Building <br> Brands, Inc. Tranche B (1 <br> month Term SOFR + <br> 3.350%) <br>7.500%, 4/12/28<sup>(8)</sup> <br>| 581 | &nbsp;&nbsp; 551 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| Hunter Douglas Holding B.V. <br> Tranche B-1 (3 month <br> Term SOFR + 3.250%) <br>7.252%, 1/17/32<sup>(8)</sup> <br>| $433 | &nbsp;&nbsp; $433 |
|  |  | &nbsp;&nbsp; 1825 |
| **Information Technology—1.2%** | **Information Technology—1.2%** |  |
| Applied Systems, Inc. |  |  |
| 2024, Second Lien (3 <br> month Term SOFR + <br> 4.500%) <br>8.502%, 2/23/32<sup>(8)</sup> <br>| 80 | &nbsp;&nbsp; 82 |
| Tranche B-1 (3 month <br> Term SOFR + 2.250%) <br>6.252%, 2/24/31<sup>(8)</sup> <br>| 1087 | &nbsp;&nbsp; 1088 |
| CE Intermediate I LLC (3 <br> month Term SOFR + <br> 3.150%) <br>7.376%, 3/25/32<sup>(8)</sup> <br>| 804 | &nbsp;&nbsp; 804 |
| Central Parent LLC 2024 (3 <br> month Term SOFR + <br> 3.250%) <br>7.252%, 7/6/29<sup>(8)</sup> <br>| 757 | &nbsp;&nbsp; 653 |
| Cloud Software Group, Inc. <br> Tranche B-2 (3 month <br> Term SOFR + 3.250%) <br>7.252%, 3/21/31<sup>(8)</sup> <br>| 746 | &nbsp;&nbsp; 749 |
| ConnectWise LLC (3 month <br> Term SOFR + 3.762%) <br>7.763%, 9/29/28<sup>(8)</sup> <br>| 439 | &nbsp;&nbsp; 440 |
| Delivery Hero SE Tranche B <br> (3 month Term SOFR + <br> 5.000%) <br>9.226%, 12/12/29<sup>(8)</sup> <br>| 852 | &nbsp;&nbsp; 860 |
| ECL Entertainment LLC <br> 2025, Tranche B (1 month <br> Term SOFR + 3.000%) <br>7.163%, 8/30/30<sup>(8)</sup> <br>| 513 | &nbsp;&nbsp; 512 |
| Genesys Cloud Services <br> Holdings II LLC 2025 (1 <br> month Term SOFR + <br> 2.500%) <br>6.663%, 1/30/32<sup>(8)</sup> <br>| 295 | &nbsp;&nbsp; 293 |
| Indicor LLC Tranche D (3 <br> month Term SOFR + <br> 2.750%) <br>6.752%, 11/22/29<sup>(8)</sup> <br>| 694 | &nbsp;&nbsp; 694 |
| Ion Platform Finance U.S., <br> Inc. <br>0.000%, 9/30/32<sup>(8)(14)</sup> <br>| 600 | &nbsp;&nbsp; 595 |
| ION Trading Finance Ltd. <br> 2024, Tranche B (3 month <br> Term SOFR + 3.500%) <br>7.502%, 4/1/28<sup>(8)</sup> <br>| 599 | &nbsp;&nbsp; 599 |
| Project Ruby Ultimate <br> Parent Corp. Tranche B-5 <br> (1 month Term SOFR + <br> 2.864%) <br>7.028%, 3/10/28<sup>(8)</sup> <br>| 856 | &nbsp;&nbsp; 856 |
| Proofpoint 2025, Tranche B, <br> First Lien <br>0.000%, 8/31/28<sup>(8)(14)</sup> <br>| 145 | &nbsp;&nbsp; 145 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Proofpoint, Inc. 2024 (1 <br> month Term SOFR + <br> 3.000%) <br>7.163%, 8/31/28<sup>(8)</sup> <br>| $842 | &nbsp;&nbsp; $844 |
| Rocket Software, Inc. (1 <br> month Term SOFR + <br> 3.750%) <br>7.913%, 11/28/28<sup>(8)</sup> <br>| 603 | &nbsp;&nbsp; 604 |
| UKG, Inc. Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>7.320%, 2/10/31<sup>(8)</sup> <br>| 639 | &nbsp;&nbsp; 638 |
|  |  | &nbsp;&nbsp; 10456 |
| **Manufacturing—0.5%** | **Manufacturing—0.5%** |  |
| Arcline FM Holdings LLC <br> 2025 (3 month Term <br> SOFR + 3.500%) <br>7.578%, 6/24/30<sup>(8)</sup> <br>| 594 | &nbsp;&nbsp; 593 |
| CPM Holdings, Inc. (1 <br> month Term SOFR + <br> 4.500%) <br>8.780%, 9/28/28<sup>(8)</sup> <br>| 769 | &nbsp;&nbsp; 766 |
| Dynamo U.S. Bidco, Inc. <br> Tranche B (1 month Term <br> SOFR + 3.500%) <br>7.780%, 10/1/31<sup>(8)</sup> <br>| 158 | &nbsp;&nbsp; 159 |
| Glatfelter Corp. Tranche B (3 <br> month Term SOFR + <br> 4.250%) <br>8.449%, 11/4/31<sup>(8)</sup> <br>| 647 | &nbsp;&nbsp; 641 |
| LSF12 Crown <br> U.S. Commercial <br> Bidco LLC 2025 (1 month <br> Term SOFR + 3.500%) <br>7.663%, 12/2/31<sup>(8)</sup> <br>| 828 | &nbsp;&nbsp; 828 |
| Titan Acquisition Ltd. (1-6 <br> month Term SOFR + <br> 3.750%) <br>7.916%, 2/15/29<sup>(8)</sup> <br>| 619 | &nbsp;&nbsp; 621 |
| TK Elevator Midco GmbH <br> Tranche B (6 month Term <br> SOFR + 3.000%) <br>7.197%, 4/30/30<sup>(8)</sup> <br>| 671 | &nbsp;&nbsp; 673 |
|  |  | &nbsp;&nbsp; 4281 |
| **Media / Telecom - Broadcasting—0.3%** | **Media / Telecom - Broadcasting—0.3%** |  |
| CMG Media Corp. (3 month <br> Term SOFR + 3.600%) <br>7.601%, 6/18/29<sup>(8)</sup> <br>| 811 | &nbsp;&nbsp; 774 |
| EOC Borrower LLC Tranche <br> B (1 month Term SOFR + <br> 3.000%) <br>7.163%, 3/24/32<sup>(8)</sup> <br>| 509 | &nbsp;&nbsp; 508 |
| Gray Television, Inc. Tranche <br> D (1 month Term SOFR + <br> 3.000%) <br>7.395%, 12/1/28<sup>(8)</sup> <br>| 369 | &nbsp;&nbsp; 369 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Media / Telecom -** <br> **Broadcasting—continued** | **Media / Telecom -** <br> **Broadcasting—continued** |  |
| Univision Communications, <br> Inc. 2024, First Lien (1 <br> month Term SOFR + <br> 3.614%) <br>7.778%, 1/31/29<sup>(8)</sup> <br>| $743 | &nbsp;&nbsp; $740 |
|  |  | &nbsp;&nbsp; 2391 |
| **Media / Telecom - Cable/Wireless** <br> **Video—0.5%** | **Media / Telecom - Cable/Wireless** <br> **Video—0.5%** |  |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term SOFR <br> + 3.250%) <br>7.413%, 9/18/30<sup>(8)</sup> <br>| 566 | &nbsp;&nbsp; 565 |
| CSC Holdings LLC 2022 (1 <br> month Term SOFR + <br> 4.500%) <br>8.650%, 1/18/28<sup>(8)</sup> <br>| 711 | &nbsp;&nbsp; 705 |
| DIRECTV Financing LLC <br> 2024, Tranche B (3 month <br> Term SOFR + 5.512%) <br>9.820%, 8/2/29<sup>(8)</sup> <br>| 838 | &nbsp;&nbsp; 839 |
| Eagle Broadband <br> Investments LLC (3 <br> month Term SOFR + <br> 3.262%) <br>7.263%, 11/12/27<sup>(8)</sup> <br>| 1503 | &nbsp;&nbsp; 1489 |
| Virgin Media Bristol LLC <br> Tranche N (1 month Term <br> SOFR + 2.614%) <br>6.765%, 1/31/28<sup>(8)</sup> <br>| 486 | &nbsp;&nbsp; 485 |
|  |  | &nbsp;&nbsp; 4083 |
| **Media / Telecom - Diversified** <br> **Media—0.2%** | **Media / Telecom - Diversified** <br> **Media—0.2%** |  |
| Century DE Buyer LLC 2025 <br> (1 month Term SOFR + <br> 3.000%) <br>7.301%, 10/30/30<sup>(8)</sup> <br>| 918 | &nbsp;&nbsp; 918 |
| Neptune Bidco U.S., Inc. <br> Tranche B (3 month Term <br> SOFR + 5.100%) <br>9.429%, 4/11/29<sup>(8)</sup> <br>| 591 | &nbsp;&nbsp; 562 |
|  |  | &nbsp;&nbsp; 1480 |
| **Media / Telecom -** <br> **Telecommunications—0.2%** | **Media / Telecom -** <br> **Telecommunications—0.2%** |  |
| Level 3 Financing, Inc. <br> Tranche B-4 (1 month <br> Term SOFR + 3.250%) <br>7.416%, 3/29/32<sup>(8)</sup> <br>| 675 | &nbsp;&nbsp; 675 |
| Numericable U.S. LLC |  |  |
| Tranche B-11 (3 month <br> PRIME + 1.750%) <br>9.000%, 9/30/25<sup>(13)</sup> <br>| 1031 | &nbsp;&nbsp; 941 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Media / Telecom -** <br> **Telecommunications—continued** | **Media / Telecom -** <br> **Telecommunications—continued** |  |
| Tranche B-12 (3 month <br> PRIME + 2.688%) <br>9.938%, 1/31/26<sup>(13)</sup> <br>| $163 | &nbsp;&nbsp; $150 |
|  |  | &nbsp;&nbsp; 1766 |
| **Media / Telecom - Wireless** <br> **Communications—0.1%** | **Media / Telecom - Wireless** <br> **Communications—0.1%** |  |
| Viasat, Inc. (1 month Term <br> SOFR + 4.614%) <br>8.778%, 3/2/29<sup>(8)</sup> <br>| 677 | &nbsp;&nbsp; 667 |
| **Retail—0.3%** | **Retail—0.3%** |  |
| CNT Holdings I Corp. 2025 <br> (3 month Term SOFR + <br> 2.250%) <br>6.558%, 11/8/32<sup>(8)</sup> <br>| 766 | &nbsp;&nbsp; 765 |
| Harbor Freight Tools USA, <br> Inc. (1 month Term SOFR <br> + 2.250%) <br>6.413%, 6/11/31<sup>(8)</sup> <br>| 772 | &nbsp;&nbsp; 758 |
| Petco Health & Wellness <br> Co., Inc. First Lien (3 <br> month Term SOFR + <br> 3.512%) <br>7.513%, 3/3/28<sup>(8)</sup> <br>| 675 | &nbsp;&nbsp; 657 |
| Skechers U.S.A., Inc. <br> Tranche B-1 (3 month <br> Term SOFR + 3.250%) <br>7.308%, 9/12/32<sup>(8)</sup> <br>| 725 | &nbsp;&nbsp; 728 |
|  |  | &nbsp;&nbsp; 2908 |
| **Service—1.2%** | **Service—1.2%** |  |
| AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>6.163%, 8/12/32<sup>(8)</sup> <br>| 760 | &nbsp;&nbsp; 755 |
| Allied Universal Holdco LLC <br> (1 month Term SOFR + <br> 3.350%) <br>7.513%, 8/20/32<sup>(8)</sup> <br>| 785 | &nbsp;&nbsp; 787 |
| Ascend Learning LLC (1 <br> month Term SOFR + <br> 3.000%) <br>7.163%, 12/11/28<sup>(8)</sup> <br>| 631 | &nbsp;&nbsp; 630 |
| BIFM U.S. Finance LLC <br> 2024, Tranche B (1 month <br> Term SOFR + 3.750%) <br>7.913%, 5/31/28<sup>(8)</sup> <br>| 664 | &nbsp;&nbsp; 666 |
| DG Investment Intermediate <br> Holdings 2, Inc. (1 month <br> Term SOFR + 3.750%) <br>7.913%, 7/9/32<sup>(8)</sup> <br>| 752 | &nbsp;&nbsp; 753 |
| Ensemble RCM LLC Tranche <br> B (3 month Term SOFR + <br> 3.000%) <br>7.308%, 8/1/29<sup>(8)</sup> <br>| 247 | &nbsp;&nbsp; 247 |
| Fugue Finance B.V. (3 month <br> Term SOFR + 2.750%) <br>6.949%, 1/9/32<sup>(8)</sup> <br>| 443 | &nbsp;&nbsp; 444 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Service—continued** | **Service—continued** |  |
| Garda World Security Corp. <br> (1 month Term SOFR + <br> 3.000%) <br>7.174%, 2/1/29<sup>(8)</sup> <br>| $759 | &nbsp;&nbsp; $758 |
| Green Infrastructure <br> Partners, Inc. (3 month <br> Term SOFR + 2.750%) <br>6.753%, 9/24/32<sup>(8)</sup> <br>| 400 | &nbsp;&nbsp; 400 |
| Kuehg Corp. (3 month Term <br> SOFR + 2.750%) <br>6.752%, 6/12/30<sup>(8)</sup> <br>| 393 | &nbsp;&nbsp; 393 |
| Lernen Bidco Ltd. Tranche <br> B-3 (3 month Term SOFR <br> + 3.500%) <br>7.830%, 10/27/31<sup>(8)</sup> <br>| 606 | &nbsp;&nbsp; 607 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.502%, 11/24/28<sup>(8)</sup> <br>| 1217 | &nbsp;&nbsp; 1174 |
| Omnia Partners LLC (3 <br> month Term SOFR + <br> 2.500%) <br>6.814%, 7/25/30<sup>(8)</sup> <br>| 731 | &nbsp;&nbsp; 731 |
| Spin Holdco, Inc. (2 month <br> Term SOFR + 4.262%) <br>8.393%, 3/4/28<sup>(8)</sup> <br>| 941 | &nbsp;&nbsp; 784 |
| Trugreen Ltd. Partnership <br> First Lien (1 month Term <br> SOFR + 4.100%) <br>8.263%, 11/2/27<sup>(8)</sup> <br>| 730 | &nbsp;&nbsp; 716 |
| WCG Intermediate Corp. <br> Tranche B (1 month Term <br> SOFR + 3.000%) <br>7.163%, 2/25/32<sup>(8)</sup> <br>| 394 | &nbsp;&nbsp; 391 |
|  |  | &nbsp;&nbsp; 10236 |
| **Transportation - Automotive—0.1%** | **Transportation - Automotive—0.1%** |  |
| Wand NewCo 3, Inc. Tranche <br> B-2 (1 month Term SOFR <br> + 2.500%) <br>6.663%, 1/30/31<sup>(8)</sup> <br>| 501 | &nbsp;&nbsp; 499 |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| Hamilton Projects <br> Acquiror LLC (1 month <br> Term SOFR + 2.500%) <br>6.663%, 5/30/31<sup>(8)</sup> <br>| 511 | &nbsp;&nbsp; 512 |
| Hunterstown <br> Generation LLC (3 month <br> Term SOFR + 3.500%) <br>7.502% - 9.750%, <br> 11/6/31<sup>(8)</sup> <br>| 29 | &nbsp;&nbsp; 29 |
| Potomac Energy Center LLC <br> (3 month Term SOFR + <br> 3.000%) <br>7.321%, 8/5/32<sup>(8)</sup> <br>| 780 | &nbsp;&nbsp; 783 |
| South Field Energy LLC |  |  |
| Tranche B (3 month Term <br> SOFR + 3.000%) <br>7.001%, 8/29/31<sup>(8)</sup> <br>| 202 | &nbsp;&nbsp; 202 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Tranche C (3 month Term <br> SOFR + 3.000%) <br>7.002%, 8/29/31<sup>(8)</sup> <br>| $13 | &nbsp;&nbsp; $13 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.250%) <br>6.530%, 1/27/31<sup>(8)</sup> <br>| 576 | &nbsp;&nbsp; 576 |
|  |  | &nbsp;&nbsp; 2115 |
| **Total Leveraged Loans** <br>**(Identified Cost $71,521)** | **Total Leveraged Loans** <br>**(Identified Cost $71,521)** | &nbsp;&nbsp; **70250** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.1%** | **Preferred Stock—0.1%** | **Preferred Stock—0.1%** |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Capital Farm Credit ACA <br> Series 1 144A, 5.000%<sup>(2)</sup> <br>| 525 <br><sup>(15)</sup><br>| &nbsp;&nbsp; 514 |
| **Total Preferred Stock** <br>**(Identified Cost $525)** | **Total Preferred Stock** <br>**(Identified Cost $525)** | &nbsp;&nbsp; **514** |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| MYT Holding LLC <br> Class B<sup>(10)(16)</sup> <br>| 42729 | &nbsp;&nbsp; 9 |
| NMG Parent LLC <br> Escrow<sup>(10)(16)</sup> <br>| 836 | &nbsp;&nbsp; — |
| West Marine<sup>(10)(16)</sup> <br>| 650 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 9 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Lannett Co., Inc.<sup>(10)(16)</sup> <br>| 4574 | &nbsp;&nbsp; — |
| **Total Common Stocks** <br>**(Identified Cost $229)** | **Total Common Stocks** <br>**(Identified Cost $229)** | &nbsp;&nbsp; **9** |
| **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** |
| **Financials—0.9%** | **Financials—0.9%** |  |
| Virtus Newfleet ABS/MBS <br> ETF<sup>(17)(18)</sup> <br>| 325842 | &nbsp;&nbsp; 7928 |
| **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $7,965)** | **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $7,965)** | &nbsp;&nbsp; **7928** |
| **Total Long-Term** <br> **Investments—98.4%** <br>**(Identified Cost $818,497)** | **Total Long-Term** <br> **Investments—98.4%** <br>**(Identified Cost $818,497)** | &nbsp;&nbsp; **829410** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—1.0%** | **Securities Lending Collateral—1.0%** | **Securities Lending Collateral—1.0%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(18)(19)</sup> <br>| 8012300 | &nbsp;&nbsp; $8012 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $8,012)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $8,012)** | &nbsp;&nbsp; **8012** |
| **TOTAL INVESTMENTS—99.4%** <br>**(Identified Cost $826,509)** | **TOTAL INVESTMENTS—99.4%** <br>**(Identified Cost $826,509)** | &nbsp;&nbsp; **$837422** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp; 5199 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$842621** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ACA | American Capital Access Financial Guarantee <br> Corp.<br>|
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MSCI | Morgan Stanley Capital International |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported <br> in thousands.<br>|
| <sup>(2)</sup> <br>| Security exempt from registration under <br> Rule 144A of the Securities Act of 1933. These <br> securities may be resold in transactions exempt <br> from registration, normally to qualified <br> institutional buyers. At September 30, 2025, these <br> securities amounted to a value of $434,982 or <br> 51.6% of net assets.<br>|
| <sup>(3)</sup> <br>| Security in default; no interest payments are being <br> received.<br>|
| <sup>(4)</sup> <br>| Regulation S security. Security is offered and sold <br> outside of the United States; therefore, it is exempt <br> from registration with the SEC under Rules 903 <br> and 904 of the Securities Act of 1933.<br>|
| <sup>(5)</sup> <br>| Represents step coupon bond. Rate shown <br> reflects the rate in effect as of September 30, 2025.<br>|
| <sup>(6)</sup> <br>| Issued with a zero coupon. Income is recognized <br> through the accretion of discount.<br>|
| <sup>(7)</sup> <br>| All or a portion of security is on loan. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

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

<sup>(8)</sup> Variable rate security. Rate disclosed is as of September 30, 2025. 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>(9)</sup> No contractual maturity date.

<sup>(10)</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>(11)</sup> Amount is less than $500 (not in thousands).

<sup>(12)</sup> Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. 

<sup>(13)</sup> Security in default; interest payments are being received. 

<sup>(14)</sup> This loan will settle after September 30, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. 

<sup>(15)</sup> Value shown as par value.

<sup>(16)</sup> Non-income producing.

<sup>(17)</sup> Affiliated investment. See Note 3G in Notes to Financial Statements. 

<sup>(18)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

<sup>(19)</sup> Represents security purchased with cash collateral received for securities on loan. 

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 75<br> %<br>|
| Mexico | 2 |
| Canada | 2 |
| United Kingdom | 1 |
| Luxembourg | 1 |
| Brazil | 1 |
| Ireland | 1 |
| Other | 17 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

As of September 30, 2025, the Fund had the following unfunded loan commitments:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** |
| Hanger, Inc., 10/23/31 | &nbsp;&nbsp; $80 | &nbsp;&nbsp; $80 | &nbsp;&nbsp; $81<br>&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| USALCO LLC, 9/30/31 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 77<br>&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Total  | &nbsp;&nbsp; $158 | &nbsp;&nbsp; $158 | &nbsp;&nbsp; $158<br>&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|

---

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $37832 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $37832 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 121270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121270 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 196693 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196693 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 108247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 108247 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 286667 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 286667 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)(2)</sup><br>|
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 70250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 70226 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| Equity Securities: |  |  |  |  |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9 <br><sup>(2)</sup><br>|
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7928 | &nbsp;&nbsp;&nbsp;&nbsp; 7928 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 8012 | &nbsp;&nbsp;&nbsp;&nbsp; 8012 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| Unfunded Loan Commitments<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $837422 | &nbsp;&nbsp;&nbsp;&nbsp; $15940 | &nbsp;&nbsp;&nbsp;&nbsp; $821449 | &nbsp;&nbsp;&nbsp;&nbsp; $33 |

---

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

<sup>(2)</sup> Includes internally fair valued securities currently priced at zero ($0).

<sup>\*</sup> Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).

Security held by the Fund with an end of period value of $8 was transferred from Level 2 to Level 3 due to a decrease 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.

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 September 30, 2025.

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—6.9%** | **U.S. Government Securities—6.9%** | **U.S. Government Securities—6.9%** |
| U.S. Treasury Notes |  |  |
| 1.625%, 2/15/26 | $103670 | &nbsp;&nbsp; $102783 |
| 4.625%, 6/30/26 | 65535 | &nbsp;&nbsp; 65927 |
| 4.375%, 8/15/26 | 61245 | &nbsp;&nbsp; 61563 |
| 3.875%, 5/31/27 | 75435 | &nbsp;&nbsp; 75697 |
| 2.750%, 5/31/29 | 20715 | &nbsp;&nbsp; 20064 |
| **Total U.S. Government Securities** <br>**(Identified Cost $324,522)** | **Total U.S. Government Securities** <br>**(Identified Cost $324,522)** | &nbsp;&nbsp; **326034** |
| **Foreign Government Securities—6.0%** | **Foreign Government Securities—6.0%** | **Foreign Government Securities—6.0%** |
| Arab Republic of Egypt |  |  |
| 144A <br>7.600%, 3/1/29<sup>(2)</sup> <br>| 5032 | &nbsp;&nbsp; 5198 |
| 144A <br>5.875%, 2/16/31<sup>(2)</sup> <br>| 1515 | &nbsp;&nbsp; 1408 |
| Bolivarian Republic of <br> Venezuela<br>|  |  |
| RegS <br>7.000%, 12/1/18<sup>(3)(4)</sup> <br>| 1584 | &nbsp;&nbsp; 291 |
| RegS <br>7.750%, 10/13/19<sup>(3)(4)</sup> <br>| 4851 | &nbsp;&nbsp; 880 |
| Brazil Notas do Tesouro <br> Nacional Series F <br>10.000%, 1/1/31<br>| 58780 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 9665 |
| Czech Republic <br> Government Bond <br>1.750%, 6/23/32<br>| 227610 <br><sup>CZK</sup><br>| &nbsp;&nbsp; 9367 |
| Dominican Republic |  |  |
| 144A <br>5.500%, 2/22/29<sup>(2)</sup> <br>| 2312 | &nbsp;&nbsp; 2361 |
| 144A <br>4.500%, 1/30/30<sup>(2)</sup> <br>| 1898 | &nbsp;&nbsp; 1858 |
| 144A <br>4.875%, 9/23/32<sup>(2)</sup> <br>| 1469 | &nbsp;&nbsp; 1407 |
| 144A <br>6.950%, 3/15/37<sup>(2)</sup> <br>| 1361 | &nbsp;&nbsp; 1455 |
| Eagle Funding Luxco S.a.r.l. <br> 144A <br>5.500%, 8/17/30<sup>(2)</sup> <br>| 3948 | &nbsp;&nbsp; 4009 |
| Federal Republic of <br> Ethiopia<br>|  |  |
| 144A <br>6.625%, 12/11/25<sup>(2)(3)</sup> <br>| 3753 | &nbsp;&nbsp; 3594 |
| RegS <br>6.625%, 12/11/25<sup>(3)(4)</sup> <br>| 1003 | &nbsp;&nbsp; 960 |
| Federative Republic of <br> Brazil<br>|  |  |
| <br>3.875%, 6/12/30 | 2264 | &nbsp;&nbsp; 2169 |
| <br>6.000%, 10/20/33<sup>(5)</sup> <br>| 7797 | &nbsp;&nbsp; 7972 |
| Honduras Government <br> 144A <br>8.625%, 11/27/34<sup>(2)(5)</sup> <br>| 2700 | &nbsp;&nbsp; 2971 |
| Hungary Government <br> International Bond<br>|  |  |
| 144A <br>6.125%, 5/22/28<sup>(2)</sup> <br>| 6522 | &nbsp;&nbsp; 6802 |
| 144A <br>6.250%, 9/22/32<sup>(2)</sup> <br>| 2815 | &nbsp;&nbsp; 3015 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| RegS <br>2.125%, 9/22/31<sup>(4)</sup> <br>| $3009 | &nbsp;&nbsp; $2583 |
| Kingdom of Bahrain 144A <br>6.750%, 9/20/29<sup>(2)</sup> <br>| 4350 | &nbsp;&nbsp; 4551 |
| Kingdom of Jordan |  |  |
| 144A <br>7.500%, 1/13/29<sup>(2)</sup> <br>| 1025 | &nbsp;&nbsp; 1067 |
| 144A <br>5.850%, 7/7/30<sup>(2)</sup> <br>| 2104 | &nbsp;&nbsp; 2093 |
| KSA Ijarah Sukuk Ltd. 144A <br>4.875%, 9/9/35<sup>(2)(5)</sup> <br>| 3517 | &nbsp;&nbsp; 3548 |
| Kyrgyz Republic <br> International Bond 144A <br>7.750%, 6/3/30<sup>(2)</sup> <br>| 3290 | &nbsp;&nbsp; 3311 |
| Malaysia Government Bond <br>2.632%, 4/15/31<br>| 40400 <br><sup>MYR</sup><br>| &nbsp;&nbsp; 9256 |
| Mex Bonos Desarr <br>8.500%, 5/31/29<br>| 172540 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 9545 |
| Republic of Angola |  |  |
| 144A <br>8.250%, 5/9/28<sup>(2)</sup> <br>| 2812 | &nbsp;&nbsp; 2817 |
| 144A <br>8.000%, 11/26/29<sup>(2)</sup> <br>| 2264 | &nbsp;&nbsp; 2200 |
| 144A <br>8.750%, 4/14/32<sup>(2)</sup> <br>| 1425 | &nbsp;&nbsp; 1360 |
| Republic of Argentina <br>0.750%, 7/9/30<sup>(6)</sup> <br>| 16872 | &nbsp;&nbsp; 11397 |
| Republic of Armenia 144A <br>3.950%, 9/26/29<sup>(2)</sup> <br>| 1226 | &nbsp;&nbsp; 1152 |
| Republic of Cameroon <br> RegS <br>9.500%, 7/31/31<sup>(4)</sup> <br>| 3040 | &nbsp;&nbsp; 2922 |
| Republic of Colombia |  |  |
| <br>7.375%, 4/25/30 | 7343 | &nbsp;&nbsp; 7850 |
| <br>8.000%, 11/14/35 | 604 | &nbsp;&nbsp; 649 |
| <br>7.750%, 11/7/36 | 1106 | &nbsp;&nbsp; 1159 |
| Republic of Ecuador RegS <br>6.900%, 7/31/30<sup>(4)(6)</sup> <br>| 5733 | &nbsp;&nbsp; 5083 |
| Republic of El Salvador |  |  |
| 144A <br>8.625%, 2/28/29<sup>(2)</sup> <br>| 3145 | &nbsp;&nbsp; 3354 |
| RegS <br>9.250%, 4/17/30<sup>(4)</sup> <br>| 2158 | &nbsp;&nbsp; 2350 |
| Republic of Gabon |  |  |
| 144A <br>6.625%, 2/6/31<sup>(2)</sup> <br>| 2318 | &nbsp;&nbsp; 1869 |
| RegS <br>9.500%, 2/18/29<sup>(4)</sup> <br>| 4000 | &nbsp;&nbsp; 3701 |
| Republic of Ghana 144A <br>5.000%, 7/3/29<sup>(2)(6)</sup> <br>| 2991 | &nbsp;&nbsp; 2909 |
| Republic of Guatemala <br> 144A <br>5.250%, 8/10/29<sup>(2)(5)</sup> <br>| 1127 | &nbsp;&nbsp; 1137 |
| Republic of Indonesia <br>4.750%, 9/10/34<br>| 3012 | &nbsp;&nbsp; 3006 |
| Republic of Ivory Coast |  |  |
| 144A <br>7.625%, 1/30/33<sup>(2)</sup> <br>| 2079 | &nbsp;&nbsp; 2162 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| 144A <br>8.075%, 4/1/36<sup>(2)</sup> <br>| $4502 | &nbsp;&nbsp; $4655 |
| Republic of Kenya 144A <br>9.750%, 2/16/31<sup>(2)</sup> <br>| 2310 | &nbsp;&nbsp; 2465 |
| Republic of Nigeria 144A <br>9.625%, 6/9/31<sup>(2)</sup> <br>| 6038 | &nbsp;&nbsp; 6508 |
| Republic of Panama <br>3.875%, 3/17/28<br>| 2874 | &nbsp;&nbsp; 2828 |
| Republic of Peru |  |  |
| <br>2.783%, 1/23/31 | 5226 | &nbsp;&nbsp; 4820 |
| <br>5.375%, 2/8/35 | 1359 | &nbsp;&nbsp; 1387 |
| Republic of Philippines <br>4.375%, 3/5/30<sup>(5)</sup> <br>| 8038 | &nbsp;&nbsp; 8128 |
| Republic of Poland |  |  |
| <br>4.625%, 3/18/29 | 3242 | &nbsp;&nbsp; 3302 |
| <br>4.875%, 2/12/30 | 4266 | &nbsp;&nbsp; 4391 |
| <br>5.375%, 2/12/35 | 1888 | &nbsp;&nbsp; 1956 |
| Republic of Senegal RegS <br>7.750%, 6/10/31<sup>(4)</sup> <br>| 2745 | &nbsp;&nbsp; 2214 |
| Republic of Serbia 144A <br>6.250%, 5/26/28<sup>(2)</sup> <br>| 2468 | &nbsp;&nbsp; 2568 |
| Republic of South Africa |  |  |
| <br>5.875%, 6/22/30 | 3582 | &nbsp;&nbsp; 3668 |
| <br>5.875%, 4/20/32 | 3161 | &nbsp;&nbsp; 3193 |
| <br>8.750%, 2/28/48 | 192000 <br><sup>ZAR</sup><br>| &nbsp;&nbsp; 9608 |
| Republic of Sri Lanka |  |  |
| 144A <br>4.000%, 4/15/28<sup>(2)</sup> <br>| 292 | &nbsp;&nbsp; 280 |
| 144A <br>3.100%, 1/15/30<sup>(2)(6)</sup> <br>| 599 | &nbsp;&nbsp; 562 |
| 144A <br>3.350%, 3/15/33<sup>(2)(6)</sup> <br>| 614 | &nbsp;&nbsp; 527 |
| 144A <br>3.600%, 6/15/35<sup>(2)(6)</sup> <br>| 414 | &nbsp;&nbsp; 302 |
| 144A <br>3.600%, 2/15/38<sup>(2)(6)</sup> <br>| 576 | &nbsp;&nbsp; 511 |
| Republic of Turkiye |  |  |
| <br>9.125%, 7/13/30 | 4691 | &nbsp;&nbsp; 5303 |
| <br>7.125%, 2/12/32 | 2003 | &nbsp;&nbsp; 2071 |
| <br>7.250%, 5/29/32 | 3426 | &nbsp;&nbsp; 3566 |
| <br>6.950%, 9/16/35 | 1864 | &nbsp;&nbsp; 1876 |
| Republica Orient Uruguay <br>4.375%, 1/23/31<br>| 3882 | &nbsp;&nbsp; 3931 |
| Romania Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(2)</sup> <br>| 7363 | &nbsp;&nbsp; 7565 |
| 144A <br>7.125%, 1/17/33<sup>(2)</sup> <br>| 3458 | &nbsp;&nbsp; 3688 |
| 144A <br>6.625%, 5/16/36<sup>(2)</sup> <br>| 1863 | &nbsp;&nbsp; 1890 |
| Saudi International Bond |  |  |
| 144A <br>4.750%, 1/18/28<sup>(2)</sup> <br>| 2008 | &nbsp;&nbsp; 2036 |
| 144A <br>5.375%, 1/13/31<sup>(2)</sup> <br>| 3616 | &nbsp;&nbsp; 3801 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Trinidad & Tobago <br> Government <br> International Bond<br>|  |  |
| 144A <br>4.500%, 8/4/26<sup>(2)</sup> <br>| $1107 | &nbsp;&nbsp; $1103 |
| 144A <br>5.950%, 1/14/31<sup>(2)</sup> <br>| 655 | &nbsp;&nbsp; 668 |
| Ukraine Government Bond |  |  |
| 144A <br>4.500%, 2/1/35<sup>(2)(6)</sup> <br>| 1890 | &nbsp;&nbsp; 1037 |
| 144A <br>4.500%, 2/1/36<sup>(2)(6)</sup> <br>| 1266 | &nbsp;&nbsp; 685 |
| RegS <br>4.500%, 2/1/35<sup>(4)(6)</sup> <br>| 1992 | &nbsp;&nbsp; 1093 |
| RegS <br>0.010%, 2/1/36<sup>(4)(6)</sup> <br>| 2420 | &nbsp;&nbsp; 1165 |
| United Mexican States |  |  |
| <br>5.850%, 7/2/32 | 4386 | &nbsp;&nbsp; 4544 |
| <br>5.375%, 3/22/33 | 6744 | &nbsp;&nbsp; 6737 |
| Uzbekistan International <br> Bond 144A <br>7.850%, 10/12/28<sup>(2)</sup> <br>| 6350 | &nbsp;&nbsp; 6814 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $275,970)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $275,970)** | &nbsp;&nbsp; **281859** |
| **Mortgage-Backed Securities—24.5%** | **Mortgage-Backed Securities—24.5%** | **Mortgage-Backed Securities—24.5%** |
| **Agency—6.9%** | **Agency—6.9%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #SB8269 <br>6.000%, 10/1/38<br>| 27364 | &nbsp;&nbsp; 28274 |
| Pool #SD3238 <br>5.500%, 12/1/52<br>| 2383 | &nbsp;&nbsp; 2412 |
| Pool #SD8350 <br>6.000%, 8/1/53<br>| 8632 | &nbsp;&nbsp; 8840 |
| Pool #SD8494 <br>5.500%, 1/1/55<br>| 49924 | &nbsp;&nbsp; 50354 |
| Pool #SL1127 <br>6.000%, 12/1/54<br>| 44942 | &nbsp;&nbsp; 45932 |
| Federal National Mortgage <br> Association<br>|  |  |
| Pool #254549 <br>6.000%, 12/1/32<br>| 5 | &nbsp;&nbsp; 5 |
| Pool #725762 <br>6.000%, 8/1/34<br>| 32 | &nbsp;&nbsp; 33 |
| Pool #773385 <br>5.500%, 5/1/34<br>| 41 | &nbsp;&nbsp; 41 |
| Pool #800267 <br>5.500%, 12/1/34<br>| 10 | &nbsp;&nbsp; 10 |
| Pool #806318 <br>5.500%, 11/1/34<br>| 93 | &nbsp;&nbsp; 96 |
| Pool #808018 <br>5.500%, 1/1/35<br>| 56 | &nbsp;&nbsp; 58 |
| Pool #889578 <br>6.000%, 4/1/38<br>| 22 | &nbsp;&nbsp; 23 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #890710 <br>3.000%, 2/1/31<br>| $1446 | &nbsp;&nbsp; $1416 |
| Pool #941322 <br>6.000%, 7/1/37<br>| 4 | &nbsp;&nbsp; 4 |
| Pool #AC6992 <br>5.000%, 12/1/39<br>| 714 | &nbsp;&nbsp; 732 |
| Pool #AD3841 <br>4.500%, 4/1/40<br>| 748 | &nbsp;&nbsp; 750 |
| Pool #AD4224 <br>5.000%, 8/1/40<br>| 935 | &nbsp;&nbsp; 958 |
| Pool #AE4799 <br>4.000%, 10/1/40<br>| 10 | &nbsp;&nbsp; 10 |
| Pool #AH4009 <br>4.000%, 3/1/41<br>| 1093 | &nbsp;&nbsp; 1065 |
| Pool #AI2472 <br>4.500%, 5/1/41<br>| 669 | &nbsp;&nbsp; 669 |
| Pool #AO5149 <br>3.000%, 6/1/27<br>| 37 | &nbsp;&nbsp; 37 |
| Pool #AS6515 <br>4.000%, 1/1/46<br>| 1465 | &nbsp;&nbsp; 1409 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 45598 | &nbsp;&nbsp; 46682 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 10531 | &nbsp;&nbsp; 10494 |
| Pool #FS8479 <br>5.500%, 8/1/53<br>| 21565 | &nbsp;&nbsp; 21819 |
| Pool #FS8791 <br>6.000%, 8/1/54<br>| 9162 | &nbsp;&nbsp; 9411 |
| Pool #MA4785 <br>5.000%, 10/1/52<br>| 9379 | &nbsp;&nbsp; 9347 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 20124 | &nbsp;&nbsp; 19606 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 25178 | &nbsp;&nbsp; 25426 |
| Pool #MA5139 <br>6.000%, 9/1/53<br>| 36290 | &nbsp;&nbsp; 37180 |
| Government National <br> Mortgage Association <br> Pool #563381 <br>6.500%, 11/15/31<br>| 2 | &nbsp;&nbsp; 2 |
|  |  | &nbsp;&nbsp; 323095 |
| **Non-Agency—17.6%** | **Non-Agency—17.6%** |  |
| A&D Mortgage Trust |  |  |
| 2023-NQM3, A1 144A <br>6.733%, 7/25/68<sup>(2)(7)</sup> <br>| 11497 | &nbsp;&nbsp; 11607 |
| 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(2)(7)</sup> <br>| 7687 | &nbsp;&nbsp; 7757 |
| ADMT 2024-NQM6, A1 <br> 144A <br>5.666%, 1/25/70<sup>(2)(7)</sup> <br>| 7096 | &nbsp;&nbsp; 7150 |
| Ajax Mortgage Loan Trust |  |  |
| 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(2)(7)</sup> <br>| 11049 | &nbsp;&nbsp; 10676 |
| 2022-B, A1 144A <br>3.500%, 3/27/62<sup>(2)(7)</sup> <br>| 11865 | &nbsp;&nbsp; 11518 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.894%, 6/15/40<sup>(2)(7)</sup> <br>| $13775 | &nbsp;&nbsp; $13844 |
| AMSR Trust |  |  |
| 2021-SFR2, C 144A <br>1.877%, 8/17/38<sup>(2)</sup> <br>| 4535 | &nbsp;&nbsp; 4412 |
| 2021-SFR3, D 144A <br>2.177%, 10/17/38<sup>(2)</sup> <br>| 6675 | &nbsp;&nbsp; 6483 |
| Angel Oak Mortgage Trust |  |  |
| 2020-4, A1 144A <br>1.469%, 6/25/65<sup>(2)(7)</sup> <br>| 1693 | &nbsp;&nbsp; 1629 |
| 2021-3, A2 144A <br>1.305%, 5/25/66<sup>(2)(7)</sup> <br>| 1385 | &nbsp;&nbsp; 1209 |
| 2021-5, A1 144A <br>0.951%, 7/25/66<sup>(2)(7)</sup> <br>| 4929 | &nbsp;&nbsp; 4307 |
| 2021-8, A1 144A <br>1.820%, 11/25/66<sup>(2)(7)</sup> <br>| 7609 | &nbsp;&nbsp; 6818 |
| 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(2)(7)</sup> <br>| 5276 | &nbsp;&nbsp; 5246 |
| 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(2)(7)</sup> <br>| 3306 | &nbsp;&nbsp; 3291 |
| Arroyo Mortgage Trust |  |  |
| 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(2)(7)</sup> <br>| 2960 | &nbsp;&nbsp; 2890 |
| 2019-2, A1 144A <br>3.347%, 4/25/49<sup>(2)(7)</sup> <br>| 1810 | &nbsp;&nbsp; 1761 |
| 2022-1, A1B 144A <br>3.269%, 12/25/56<sup>(2)(7)</sup> <br>| 4252 | &nbsp;&nbsp; 3980 |
| Banc of America Funding <br> Trust 2004-D, 5A1 <br>4.954%, 1/25/35<sup>(7)</sup> <br>| 573 | &nbsp;&nbsp; 562 |
| BBCMS Mortgage Trust <br> 2018-TALL, A (1 month <br> Term SOFR + 0.919%, <br> Cap N/A, Floor 0.872%) <br> 144A <br>5.070%, 3/15/37<sup>(2)(7)</sup> <br>| 9330 | &nbsp;&nbsp; 8841 |
| Benchmark Mortgage Trust <br> 2023-B38, A2 <br>5.626%, 4/15/56<br>| 4235 | &nbsp;&nbsp; 4337 |
| Bunker Hill Loan <br> Depositary Trust 2019-2, <br> A1 144A <br>2.879%, 7/25/49<sup>(2)(7)</sup> <br>| 666 | &nbsp;&nbsp; 652 |
| BX Commercial Mortgage <br> Trust<br>|  |  |
| 2022-LP2, D (1 month <br> Term SOFR + 1.961%, <br> Cap N/A, Floor 1.961%) <br> 144A <br>6.111%, 2/15/39<sup>(2)(7)</sup> <br>| 7987 | &nbsp;&nbsp; 7977 |
| 2024-XL5, A (1 month <br> Term SOFR + 1.392%, <br> Cap N/A, Floor 1.392%) <br> 144A <br>5.542%, 3/15/41<sup>(2)(7)</sup> <br>| 6016 | &nbsp;&nbsp; 6020 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| BX Trust |  |  |
| 2019-OC11, A 144A <br>3.202%, 12/9/41<sup>(2)</sup> <br>| $1665 | &nbsp;&nbsp; $1573 |
| 2019-OC11, B 144A <br>3.605%, 12/9/41<sup>(2)</sup> <br>| 5354 | &nbsp;&nbsp; 5103 |
| 2019-OC11, D 144A <br>4.075%, 12/9/41<sup>(2)(7)</sup> <br>| 7089 | &nbsp;&nbsp; 6704 |
| 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(2)</sup> <br>| 17112 | &nbsp;&nbsp; 17238 |
| 2025-ROIC, C (1 month <br> Term SOFR + 1.543%, <br> Cap N/A, Floor 1.543%) <br> 144A <br>5.693%, 3/15/30<sup>(2)(7)</sup> <br>| 996 | &nbsp;&nbsp; 994 |
| CENT 2025-CITY, A 144A <br>5.091%, 7/10/40<sup>(2)(7)</sup> <br>| 2345 | &nbsp;&nbsp; 2372 |
| Chase Mortgage Finance <br> Corp. 2016-SH2, M2 <br> 144A <br>3.750%, 12/25/45<sup>(2)(7)</sup> <br>| 3349 | &nbsp;&nbsp; 3140 |
| CIM Trust 2022-R2, A1 <br> 144A <br>3.750%, 12/25/61<sup>(2)(7)</sup> <br>| 3926 | &nbsp;&nbsp; 3746 |
| Citigroup Mortgage Loan <br> Trust, Inc.<br>|  |  |
| 2013-A, A 144A <br>3.000%, 5/25/42<sup>(2)(7)</sup> <br>| 1863 | &nbsp;&nbsp; 1712 |
| 2018-RP1, A1 144A <br>3.000%, 9/25/64<sup>(2)(7)</sup> <br>| 1367 | &nbsp;&nbsp; 1346 |
| 2019-RP1, A1 144A <br>3.500%, 1/25/66<sup>(2)(7)</sup> <br>| 2493 | &nbsp;&nbsp; 2448 |
| 2025-INV1, A2 144A <br>6.000%, 1/25/55<sup>(2)(7)</sup> <br>| 7155 | &nbsp;&nbsp; 7253 |
| COLT Mortgage Loan Trust |  |  |
| 2022-3, A1 144A <br>3.901%, 2/25/67<sup>(2)(7)</sup> <br>| 10340 | &nbsp;&nbsp; 10180 |
| 2022-4, A1 144A <br>4.301%, 3/25/67<sup>(2)(7)</sup> <br>| 5679 | &nbsp;&nbsp; 5659 |
| 2022-5, A1 144A <br>4.550%, 4/25/67<sup>(2)(7)</sup> <br>| 12106 | &nbsp;&nbsp; 12063 |
| 2023-3, A1 144A <br>7.180%, 9/25/68<sup>(2)(7)</sup> <br>| 6169 | &nbsp;&nbsp; 6259 |
| 2023-4, A1 144A <br>7.163%, 10/25/68<sup>(2)(7)</sup> <br>| 1261 | &nbsp;&nbsp; 1282 |
| 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(2)(7)</sup> <br>| 9023 | &nbsp;&nbsp; 9037 |
| COOPR Residential <br> Mortgage Trust<br>|  |  |
| 2025-CES1, A1A 144A <br>5.654%, 5/25/60<sup>(2)(7)</sup> <br>| 5636 | &nbsp;&nbsp; 5702 |
| 2025-CES2, A1A 144A <br>5.502%, 6/25/60<sup>(2)(7)</sup> <br>| 6225 | &nbsp;&nbsp; 6284 |
| CoreVest American Finance <br> Trust<br>|  |  |
| 2020-3, A 144A <br>1.358%, 8/15/53<sup>(2)</sup> <br>| 375 | &nbsp;&nbsp; 369 |
| 2022-1, A 144A <br>4.744%, 6/17/55<sup>(2)(7)</sup> <br>| 5120 | &nbsp;&nbsp; 5147 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Credit Suisse Mortgage <br> Capital Trust<br>|  |  |
| 2017-RPL1, A1 144A <br>2.750%, 7/25/57<sup>(2)(7)</sup> <br>| $9557 | &nbsp;&nbsp; $9353 |
| 2020-NQM1, A1 144A <br>2.208%, 5/25/65<sup>(2)(7)</sup> <br>| 1436 | &nbsp;&nbsp; 1373 |
| 2020-RPL4, A1 144A <br>2.000%, 1/25/60<sup>(2)(7)</sup> <br>| 8618 | &nbsp;&nbsp; 7807 |
| Deephaven Residential <br> Mortgage Trust<br>|  |  |
| 2021-4, A1 144A <br>1.931%, 11/25/66<sup>(2)(7)</sup> <br>| 4826 | &nbsp;&nbsp; 4286 |
| 2022-1, A1 144A <br>2.205%, 1/25/67<sup>(2)(7)</sup> <br>| 4590 | &nbsp;&nbsp; 4212 |
| EFMT 2025-NQM2, A1 <br> 144A <br>5.596%, 6/25/70<sup>(2)(7)</sup> <br>| 8411 | &nbsp;&nbsp; 8482 |
| Ellington Financial <br> Mortgage Trust<br>|  |  |
| 2019-2, A3 144A <br>3.046%, 11/25/59<sup>(2)(7)</sup> <br>| 644 | &nbsp;&nbsp; 615 |
| 2020-2, A1 144A <br>1.178%, 10/25/65<sup>(2)(7)</sup> <br>| 3023 | &nbsp;&nbsp; 2857 |
| 2021-1, A2 144A <br>1.003%, 2/25/66<sup>(2)(7)</sup> <br>| 745 | &nbsp;&nbsp; 654 |
| 2022-1, A1 144A <br>2.206%, 1/25/67<sup>(2)(7)</sup> <br>| 1612 | &nbsp;&nbsp; 1425 |
| Fashion Show Mall LLC <br> 2024-SHOW, A 144A <br>5.274%, 10/10/41<sup>(2)(7)</sup> <br>| 10220 | &nbsp;&nbsp; 10366 |
| FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(2)</sup> <br>| 7260 | &nbsp;&nbsp; 7082 |
| Galton Funding Mortgage <br> Trust<br>|  |  |
| 2018-1, A23 144A <br>3.500%, 11/25/57<sup>(2)(7)</sup> <br>| 490 | &nbsp;&nbsp; 447 |
| 2019-2, A52 144A <br>3.500%, 6/25/59<sup>(2)(7)</sup> <br>| 2564 | &nbsp;&nbsp; 2328 |
| GCAT Trust 2023-NQM2, <br> A1 144A <br>5.837%, 11/25/67<sup>(2)(7)</sup> <br>| 8880 | &nbsp;&nbsp; 8868 |
| Goldman Sachs Mortgage <br> Securities Trust <br> 2020-GC45, AS <br>3.173%, 2/13/53<sup>(7)</sup> <br>| 2630 | &nbsp;&nbsp; 2430 |
| Homes Trust 2023-NQM2, <br> A1 144A <br>6.456%, 2/25/68<sup>(2)(7)</sup> <br>| 6698 | &nbsp;&nbsp; 6734 |
| Hudson Yards Mortgage <br> Trust 2025-SPRL, A <br> 144A <br>5.649%, 1/13/40<sup>(2)(7)</sup> <br>| 4620 | &nbsp;&nbsp; 4774 |
| Imperial Fund Mortgage <br> Trust 2022-NQM3, A1 <br> 144A <br>4.380%, 5/25/67<sup>(2)(7)</sup> <br>| 8176 | &nbsp;&nbsp; 8147 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| JP Morgan Seasoned <br> Mortgage Trust Series <br> 2024-1, A4 144A <br>4.415%, 1/25/63<sup>(2)(7)</sup> <br>| $7202 | &nbsp;&nbsp; $7054 |
| JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| 2014-1, 2A12 144A <br>3.500%, 1/25/44<sup>(2)(7)</sup> <br>| 536 | &nbsp;&nbsp; 505 |
| 2014-5, B1 144A <br>2.597%, 10/25/29<sup>(2)(7)</sup> <br>| 1882 | &nbsp;&nbsp; 1803 |
| 2014-5, B2 144A <br>2.597%, 10/25/29<sup>(2)(7)</sup> <br>| 886 | &nbsp;&nbsp; 845 |
| 2015-1, AM1 144A <br>5.666%, 12/25/44<sup>(2)(7)</sup> <br>| 462 | &nbsp;&nbsp; 456 |
| 2015-5, A2 144A <br>5.925%, 5/25/45<sup>(2)(7)</sup> <br>| 526 | &nbsp;&nbsp; 525 |
| 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(2)(7)</sup> <br>| 1234 | &nbsp;&nbsp; 1082 |
| 2017-5, A1 144A <br>4.967%, 10/26/48<sup>(2)(7)</sup> <br>| 704 | &nbsp;&nbsp; 712 |
| 2018-7FRB, A2 (1 month <br> Term SOFR + 0.864%) <br> 144A <br>5.022%, 4/25/46<sup>(2)(7)</sup> <br>| 3792 | &nbsp;&nbsp; 3726 |
| 2024-CES1, A1A 144A <br>5.919%, 6/25/54<sup>(2)(7)</sup> <br>| 6530 | &nbsp;&nbsp; 6582 |
| 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(2)(7)</sup> <br>| 8679 | &nbsp;&nbsp; 8747 |
| 2025-CES2, A1 144A <br>5.592%, 6/25/55<sup>(2)(7)</sup> <br>| 10693 | &nbsp;&nbsp; 10786 |
| 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(2)(7)</sup> <br>| 8548 | &nbsp;&nbsp; 8620 |
| LHOME Mortgage Trust <br> 2024-RTL1, A1 144A <br>7.017%, 1/25/29<sup>(2)(7)</sup> <br>| 8545 | &nbsp;&nbsp; 8639 |
| MetLife Securitization Trust |  |  |
| 2017-1A, M1 144A <br>3.411%, 4/25/55<sup>(2)(7)</sup> <br>| 7930 | &nbsp;&nbsp; 7244 |
| 2019-1A, A1A 144A <br>3.750%, 4/25/58<sup>(2)(7)</sup> <br>| 2527 | &nbsp;&nbsp; 2497 |
| MFA Trust |  |  |
| 2022-INV1, A1 144A <br>3.907%, 4/25/66<sup>(2)(7)</sup> <br>| 6670 | &nbsp;&nbsp; 6628 |
| 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(2)(7)</sup> <br>| 2340 | &nbsp;&nbsp; 2335 |
| 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(2)(7)</sup> <br>| 3000 | &nbsp;&nbsp; 2958 |
| 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(2)(7)</sup> <br>| 8058 | &nbsp;&nbsp; 8072 |
| 2020-NQM3, A1 144A <br>1.014%, 1/26/65<sup>(2)(7)</sup> <br>| 905 | &nbsp;&nbsp; 860 |
| 2021-INV1, A1 144A <br>0.852%, 1/25/56<sup>(2)(7)</sup> <br>| 383 | &nbsp;&nbsp; 372 |
| Mill City Mortgage Loan <br> Trust<br>|  |  |
| 2017-1, M2 144A <br>3.250%, 11/25/58<sup>(2)(7)</sup> <br>| 1898 | &nbsp;&nbsp; 1879 |
| 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(2)(7)</sup> <br>| 12131 | &nbsp;&nbsp; 11259 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2019-GS2, A1 144A <br>2.750%, 8/25/59<sup>(2)(7)</sup> <br>| $1155 | &nbsp;&nbsp; $1124 |
| 2021-NMR1, A1 144A <br>1.125%, 11/25/60<sup>(2)(7)</sup> <br>| 2121 | &nbsp;&nbsp; 2037 |
| MIRA Trust 2023-MILE, A <br> 144A <br>6.755%, 6/10/38<sup>(2)</sup> <br>| 12180 | &nbsp;&nbsp; 12683 |
| Morgan Stanley Residential <br> Mortgage Loan Trust<br>|  |  |
| 2014-1A, B2 144A <br>5.884%, 6/25/44<sup>(2)(7)</sup> <br>| 943 | &nbsp;&nbsp; 944 |
| 2024-INV4, A1 144A <br>6.000%, 9/25/54<sup>(2)(7)</sup> <br>| 4701 | &nbsp;&nbsp; 4771 |
| New Residential Mortgage <br> Loan Trust<br>|  |  |
| 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(2)(7)</sup> <br>| 2472 | &nbsp;&nbsp; 2405 |
| 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(2)(7)</sup> <br>| 2087 | &nbsp;&nbsp; 2031 |
| 2016-4A, A1 144A <br>3.750%, 11/25/56<sup>(2)(7)</sup> <br>| 1724 | &nbsp;&nbsp; 1657 |
| 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(2)(7)</sup> <br>| 6939 | &nbsp;&nbsp; 6743 |
| 2018-2A, A1 144A <br>4.500%, 2/25/58<sup>(2)(7)</sup> <br>| 3714 | &nbsp;&nbsp; 3677 |
| 2018-3A, A1 144A <br>4.500%, 5/25/58<sup>(2)(7)</sup> <br>| 1757 | &nbsp;&nbsp; 1719 |
| 2021-NQ2R, A1 144A <br>0.941%, 10/25/58<sup>(2)(7)</sup> <br>| 1819 | &nbsp;&nbsp; 1740 |
| 2024-NQM3, A1 144A <br>5.466%, 11/25/64<sup>(2)(7)</sup> <br>| 4978 | &nbsp;&nbsp; 5028 |
| 2016-2A, A1 144A <br>3.750%, 11/26/35<sup>(2)(7)</sup> <br>| 2548 | &nbsp;&nbsp; 2475 |
| 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(2)(7)</sup> <br>| 4885 | &nbsp;&nbsp; 4776 |
| NLT Trust 2021-INV2, A1 <br> 144A <br>1.162%, 8/25/56<sup>(2)(7)</sup> <br>| 8059 | &nbsp;&nbsp; 7063 |
| NYC Commercial Mortgage <br> Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(2)(7)</sup> <br>| 10550 | &nbsp;&nbsp; 10601 |
| NYMT Loan Trust |  |  |
| 2022-CP1, A1 144A <br>2.042%, 7/25/61<sup>(2)</sup> <br>| 2971 | &nbsp;&nbsp; 2803 |
| 2024-CP1, A1 144A <br>3.750%, 2/25/68<sup>(2)(7)</sup> <br>| 3297 | &nbsp;&nbsp; 3060 |
| OBX Trust |  |  |
| 2022-NQM1, A1 144A <br>2.305%, 11/25/61<sup>(2)(7)</sup> <br>| 3169 | &nbsp;&nbsp; 2871 |
| 2023-NQM10, A1 144A <br>6.465%, 10/25/63<sup>(2)(7)</sup> <br>| 6284 | &nbsp;&nbsp; 6357 |
| 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(2)(7)</sup> <br>| 2807 | &nbsp;&nbsp; 2827 |
| 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(2)(7)</sup> <br>| 2832 | &nbsp;&nbsp; 2879 |
| 2024-HYB1, A1 144A <br>3.631%, 3/25/53<sup>(2)(7)</sup> <br>| 7285 | &nbsp;&nbsp; 7168 |
| 2024-HYB2, A1 144A <br>3.688%, 4/25/53<sup>(2)(7)</sup> <br>| 7789 | &nbsp;&nbsp; 7669 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2024-NQM1, A1 144A <br>5.928%, 11/25/63<sup>(2)(7)</sup> <br>| $3586 | &nbsp;&nbsp; $3616 |
| 2024-NQM3, A1 144A <br>6.129%, 12/25/63<sup>(2)(7)</sup> <br>| 6590 | &nbsp;&nbsp; 6668 |
| 2024-NQM9, A1 144A <br>6.030%, 1/25/64<sup>(2)(7)</sup> <br>| 8806 | &nbsp;&nbsp; 8913 |
| 2025-NQM4, A1 144A <br>5.400%, 2/25/55<sup>(2)(7)</sup> <br>| 9065 | &nbsp;&nbsp; 9125 |
| 2025-NQM6, A1 144A <br>5.603%, 3/25/65<sup>(2)(7)</sup> <br>| 8079 | &nbsp;&nbsp; 8171 |
| 2018-1, A2 (1 month <br> Term SOFR + 0.764%) <br> 144A <br>4.922%, 6/25/57<sup>(2)(7)</sup> <br>| 1275 | &nbsp;&nbsp; 1250 |
| Palisades Mortgage Loan <br> Trust 2021-RTL1, A1 <br> 144A <br>3.487%, 6/25/26<sup>(2)(7)</sup> <br>| 1195 | &nbsp;&nbsp; 1195 |
| PMT Loan Trust |  |  |
| 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(2)(7)</sup> <br>| 4332 | &nbsp;&nbsp; 4391 |
| 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(2)(7)</sup> <br>| 3346 | &nbsp;&nbsp; 3403 |
| PRET Trust 2025-NPL1, A1 <br> 144A <br>6.063%, 2/25/55<sup>(2)(7)</sup> <br>| 10212 | &nbsp;&nbsp; 10250 |
| PRKCM Trust 2022-AFC1, <br> A1A 144A <br>4.100%, 4/25/57<sup>(2)(7)</sup> <br>| 9374 | &nbsp;&nbsp; 9325 |
| Progress Residential Trust |  |  |
| 2021-SFR3, D 144A <br>2.288%, 5/17/26<sup>(2)</sup> <br>| 11130 | &nbsp;&nbsp; 11014 |
| 2021-SFR5, D 144A <br>2.109%, 7/17/38<sup>(2)</sup> <br>| 2500 | &nbsp;&nbsp; 2456 |
| Provident Funding <br> Mortgage Trust 2025-1, <br> A3 144A <br>5.500%, 2/25/55<sup>(2)(7)</sup> <br>| 5480 | &nbsp;&nbsp; 5509 |
| RCKT Mortgage Trust |  |  |
| 2020-1, A1 144A <br>3.000%, 2/25/50<sup>(2)(7)</sup> <br>| 2967 | &nbsp;&nbsp; 2573 |
| 2023-CES1, A1A 144A <br>6.515%, 6/25/43<sup>(2)(7)</sup> <br>| 9023 | &nbsp;&nbsp; 9081 |
| 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(2)(7)</sup> <br>| 4416 | &nbsp;&nbsp; 4471 |
| 2024-CES8, A1A 144A <br>5.490%, 11/25/44<sup>(2)(7)</sup> <br>| 3109 | &nbsp;&nbsp; 3135 |
| 2024-CES9, A1A 144A <br>5.582%, 12/25/44<sup>(2)(7)</sup> <br>| 6523 | &nbsp;&nbsp; 6592 |
| Residential Mortgage Loan <br> Trust 2020-1, A1 144A <br>2.376%, 1/26/60<sup>(2)(7)</sup> <br>| 186 | &nbsp;&nbsp; 185 |
| RFR Trust 2025-SGRM, A <br> 144A <br>5.562%, 3/11/41<sup>(2)(7)</sup> <br>| 2130 | &nbsp;&nbsp; 2178 |
| ROCK Trust |  |  |
| 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(2)</sup> <br>| 2735 | &nbsp;&nbsp; 2818 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(2)</sup> <br>| $7605 | &nbsp;&nbsp; $7899 |
| Sequoia Mortgage Trust <br> 2013-8, B1 <br>3.481%, 6/25/43<sup>(7)</sup> <br>| 938 | &nbsp;&nbsp; 912 |
| SG Residential Mortgage <br> Trust 2021-1, A1 144A <br>1.160%, 7/25/61<sup>(2)(7)</sup> <br>| 14187 | &nbsp;&nbsp; 11834 |
| Starwood Mortgage <br> Residential Trust<br>|  |  |
| 2020-1, A1 144A <br>2.275%, 2/25/50<sup>(2)(7)</sup> <br>| 345 | &nbsp;&nbsp; 330 |
| 2021-3, A1 144A <br>1.127%, 6/25/56<sup>(2)(7)</sup> <br>| 6664 | &nbsp;&nbsp; 5902 |
| THPT Mortgage Trust <br> 2023-THL, A 144A <br>7.227%, 12/10/34<sup>(2)(7)</sup> <br>| 11329 | &nbsp;&nbsp; 11502 |
| Towd Point Mortgage Trust |  |  |
| 2015-6, B2 144A <br>3.789%, 4/25/55<sup>(2)(7)</sup> <br>| 9529 | &nbsp;&nbsp; 9002 |
| 2016-4, B1 144A <br>3.967%, 7/25/56<sup>(2)(7)</sup> <br>| 8095 | &nbsp;&nbsp; 7885 |
| 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(2)(7)</sup> <br>| 9647 | &nbsp;&nbsp; 9506 |
| 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(2)(7)</sup> <br>| 12525 | &nbsp;&nbsp; 12204 |
| 2018-6, A1A 144A <br>3.750%, 3/25/58<sup>(2)(7)</sup> <br>| 928 | &nbsp;&nbsp; 921 |
| 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(2)(7)</sup> <br>| 925 | &nbsp;&nbsp; 841 |
| 2019-HY2, M1 (1 month <br> Term SOFR + 1.714%, <br> Cap N/A, Floor 1.600%) <br> 144A <br>5.872%, 5/25/58<sup>(2)(7)</sup> <br>| 4045 | &nbsp;&nbsp; 4061 |
| 2020-MH1, A2 144A <br>2.500%, 2/25/60<sup>(2)(7)</sup> <br>| 12111 | &nbsp;&nbsp; 11637 |
| 2021-1, A2 144A <br>2.750%, 11/25/61<sup>(2)(7)</sup> <br>| 12970 | &nbsp;&nbsp; 11148 |
| 2024-1, A1 144A <br>4.876%, 3/25/64<sup>(2)(7)</sup> <br>| 12392 | &nbsp;&nbsp; 12590 |
| 2017-6, A2 144A <br>3.000%, 10/25/57<sup>(2)(7)</sup> <br>| 11151 | &nbsp;&nbsp; 10700 |
| Tricon American Homes <br> Trust 2020-SFR2, D <br> 144A <br>2.281%, 11/17/39<sup>(2)</sup> <br>| 5243 | &nbsp;&nbsp; 4944 |
| Tricon Residential Trust <br> 2021-SFR1, B 144A <br>2.244%, 7/17/38<sup>(2)</sup> <br>| 6490 | &nbsp;&nbsp; 6366 |
| Verus Securitization Trust |  |  |
| 2021-2, A1 144A <br>1.031%, 2/25/66<sup>(2)(7)</sup> <br>| 3241 | &nbsp;&nbsp; 2897 |
| 2023-1, A1 144A <br>5.850%, 12/25/67<sup>(2)(7)</sup> <br>| 3567 | &nbsp;&nbsp; 3564 |
| 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(2)(7)</sup> <br>| 5971 | &nbsp;&nbsp; 6036 |
| 2024-3, A1 144A <br>6.338%, 4/25/69<sup>(2)(7)</sup> <br>| 1001 | &nbsp;&nbsp; 1015 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2021-R1, A1 144A <br>0.820%, 10/25/63<sup>(2)(7)</sup> <br>| $1521 | &nbsp;&nbsp; $1463 |
| Visio Trust |  |  |
| 2019-2, A1 144A <br>2.722%, 11/25/54<sup>(2)(7)</sup> <br>| 402 | &nbsp;&nbsp; 399 |
| 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(2)</sup> <br>| 3995 | &nbsp;&nbsp; 3724 |
| Wells Fargo Mortgage <br> Backed Securities Trust <br> 2020-4, A1 144A <br>3.000%, 7/25/50<sup>(2)(7)</sup> <br>| 2043 | &nbsp;&nbsp; 1766 |
|  |  | &nbsp;&nbsp; 829479 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $1,163,021)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $1,163,021)** | &nbsp;&nbsp; **1152574** |
| **Asset-Backed Securities—27.3%** | **Asset-Backed Securities—27.3%** | **Asset-Backed Securities—27.3%** |
| **Automobiles—11.8%** | **Automobiles—11.8%** |  |
| ACM Auto Trust |  |  |
| 2024-2A, A 144A <br>6.060%, 2/20/29<sup>(2)</sup> <br>| 1465 | &nbsp;&nbsp; 1464 |
| 2025-1A, A 144A <br>5.380%, 6/20/29<sup>(2)</sup> <br>| 1564 | &nbsp;&nbsp; 1559 |
| 2025-2A, A 144A <br>5.550%, 6/20/28<sup>(2)</sup> <br>| 5547 | &nbsp;&nbsp; 5527 |
| 2025-3A, A 144A <br>5.010%, 1/22/30<sup>(2)</sup> <br>| 5127 | &nbsp;&nbsp; 5108 |
| American Credit <br> Acceptance Receivables <br> Trust<br>|  |  |
| 2024-1, C 144A <br>5.630%, 1/14/30<sup>(2)</sup> <br>| 7714 | &nbsp;&nbsp; 7747 |
| 2024-4, C 144A <br>4.910%, 8/12/31<sup>(2)</sup> <br>| 8335 | &nbsp;&nbsp; 8375 |
| 2025-1, C 144A <br>5.090%, 8/12/31<sup>(2)</sup> <br>| 13835 | &nbsp;&nbsp; 13948 |
| American Heritage Auto <br> Receivables Trust <br> 2024-1A, A3 144A <br>4.900%, 9/17/29<sup>(2)</sup> <br>| 4360 | &nbsp;&nbsp; 4400 |
| Arivo Acceptance Auto <br> Loan Receivables Trust<br>|  |  |
| 2022-1A, B 144A <br>4.770%, 6/15/28<sup>(2)</sup> <br>| 6200 | &nbsp;&nbsp; 6203 |
| 2022-2A, A 144A <br>6.900%, 1/16/29<sup>(2)</sup> <br>| 1962 | &nbsp;&nbsp; 1982 |
| Avis Budget Rental Car <br> Funding LLC<br>|  |  |
| (AESOP) 2020-2A, A <br> 144A <br>2.020%, 2/20/27<sup>(2)</sup> <br>| 7671 | &nbsp;&nbsp; 7630 |
| (AESOP) 2021-1A, A <br> 144A <br>1.380%, 8/20/27<sup>(2)</sup> <br>| 1870 | &nbsp;&nbsp; 1834 |
| (AESOP) 2021-1A, D <br> 144A <br>3.710%, 8/20/27<sup>(2)</sup> <br>| 11500 | &nbsp;&nbsp; 11335 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| (AESOP) 2021-1A, D <br> 144A <br>4.080%, 2/20/28<sup>(2)</sup> <br>| $3815 | &nbsp;&nbsp; $3733 |
| (AESOP) 2022-5A, A <br> 144A <br>6.120%, 4/20/27<sup>(2)</sup> <br>| 6383 | &nbsp;&nbsp; 6422 |
| (AESOP) 2022-5A, C <br> 144A <br>6.240%, 4/20/27<sup>(2)</sup> <br>| 4650 | &nbsp;&nbsp; 4669 |
| (AESOP) 2023-2A, C <br> 144A <br>6.180%, 10/20/27<sup>(2)</sup> <br>| 3500 | &nbsp;&nbsp; 3538 |
| (AESOP) 2023-3A, D <br> 144A <br>7.320%, 2/20/28<sup>(2)</sup> <br>| 4000 | &nbsp;&nbsp; 4062 |
| (AESOP) 2024-1A, A <br> 144A <br>5.360%, 6/20/30<sup>(2)</sup> <br>| 8050 | &nbsp;&nbsp; 8326 |
| BOF URSA VI Funding Trust <br> I 2023-CAR2, A2 144A <br>5.542%, 10/27/31<sup>(2)</sup> <br>| 577 | &nbsp;&nbsp; 580 |
| Bridgecrest Lending Auto <br> Securitization Trust<br>|  |  |
| 2025-1, C <br>5.150%, 12/17/29<br>| 9650 | &nbsp;&nbsp; 9703 |
| 2025-2, D <br>5.620%, 3/17/31<br>| 8170 | &nbsp;&nbsp; 8279 |
| Carmax Select Receivables <br> Trust 2025-B, C <br>4.830%, 6/16/31<br>| 6000 | &nbsp;&nbsp; 5987 |
| Carvana Auto Receivables <br> Trust<br>|  |  |
| 2020-P1, C <br>1.320%, 11/9/26<br>| 1542 | &nbsp;&nbsp; 1535 |
| 2021-N2, C <br>1.070%, 3/10/28<br>| 679 | &nbsp;&nbsp; 662 |
| 2021-N3, D <br>1.580%, 6/12/28<br>| 1764 | &nbsp;&nbsp; 1714 |
| 2021-P3, B <br>1.420%, 8/10/27<br>| 7355 | &nbsp;&nbsp; 7153 |
| 2022-N1, C 144A <br>3.320%, 12/11/28<sup>(2)</sup> <br>| 482 | &nbsp;&nbsp; 476 |
| 2022-N1, D 144A <br>4.130%, 12/11/28<sup>(2)</sup> <br>| 3443 | &nbsp;&nbsp; 3415 |
| 2023-N1, C 144A <br>5.920%, 7/10/29<sup>(2)</sup> <br>| 3044 | &nbsp;&nbsp; 3065 |
| 2023-N4, C 144A <br>6.590%, 2/11/30<sup>(2)</sup> <br>| 4970 | &nbsp;&nbsp; 5108 |
| Consumer Portfolio <br> Services Auto Trust<br>|  |  |
| 2025-A, C 144A <br>5.250%, 4/15/31<sup>(2)</sup> <br>| 7074 | &nbsp;&nbsp; 7144 |
| 2025-B, C 144A <br>5.120%, 7/15/31<sup>(2)</sup> <br>| 5305 | &nbsp;&nbsp; 5351 |
| CPS Auto Receivables Trust |  |  |
| 2023-D, C 144A <br>7.170%, 1/15/30<sup>(2)</sup> <br>| 3549 | &nbsp;&nbsp; 3602 |
| 2024-A, C 144A <br>5.740%, 4/15/30<sup>(2)</sup> <br>| 2455 | &nbsp;&nbsp; 2481 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2024-C, C 144A <br>5.760%, 10/15/30<sup>(2)</sup> <br>| $6810 | &nbsp;&nbsp; $6904 |
| Credit Acceptance Auto <br> Loan Trust<br>|  |  |
| 2023-2A, A 144A <br>5.920%, 5/16/33<sup>(2)</sup> <br>| 1153 | &nbsp;&nbsp; 1157 |
| 2024-1A, A 144A <br>5.680%, 3/15/34<sup>(2)</sup> <br>| 8404 | &nbsp;&nbsp; 8500 |
| Drive Auto Receivables <br> Trust 2024-1, C <br>5.430%, 11/17/31<br>| 5680 | &nbsp;&nbsp; 5755 |
| DT Auto Owner Trust |  |  |
| 2022-2A, D 144A <br>5.460%, 3/15/28<sup>(2)</sup> <br>| 7163 | &nbsp;&nbsp; 7185 |
| 2023-1A, D 144A <br>6.440%, 11/15/28<sup>(2)</sup> <br>| 1741 | &nbsp;&nbsp; 1770 |
| Exeter Automobile <br> Receivables Trust<br>|  |  |
| 2022-3A, C <br>5.300%, 9/15/27<br>| 481 | &nbsp;&nbsp; 481 |
| 2023-3A, D <br>6.680%, 4/16/29<br>| 3723 | &nbsp;&nbsp; 3809 |
| 2023-5A, B <br>6.580%, 4/17/28<br>| 2759 | &nbsp;&nbsp; 2771 |
| 2024-2A, C <br>5.740%, 5/15/29<br>| 10237 | &nbsp;&nbsp; 10357 |
| 2024-5A, B <br>4.480%, 4/16/29<br>| 3505 | &nbsp;&nbsp; 3510 |
| 2025-3A, D <br>5.570%, 10/15/31<br>| 9260 | &nbsp;&nbsp; 9410 |
| 2025-4A, B <br>4.400%, 5/15/30<br>| 3730 | &nbsp;&nbsp; 3744 |
| Exeter Select Automobile <br> Receivables Trust <br> 2025-2, C <br>4.910%, 12/15/31<br>| 8365 | &nbsp;&nbsp; 8418 |
| FHF Issuer Trust 2024-1A, <br> A2 144A <br>5.690%, 2/15/30<sup>(2)</sup> <br>| 2581 | &nbsp;&nbsp; 2603 |
| FHF Trust |  |  |
| 2022-1A, B 144A <br>5.390%, 5/15/28<sup>(2)</sup> <br>| 5260 | &nbsp;&nbsp; 5260 |
| 2022-2A, B 144A <br>6.570%, 1/16/29<sup>(2)</sup> <br>| 8847 | &nbsp;&nbsp; 8907 |
| 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(2)</sup> <br>| 652 | &nbsp;&nbsp; 657 |
| FinBe USA Trust 2025-1A, <br> B 144A <br>6.600%, 12/16/30<sup>(2)</sup> <br>| 3250 | &nbsp;&nbsp; 3251 |
| First Investors Auto Owner <br> Trust<br>|  |  |
| 2021-2A, C 144A <br>1.470%, 11/15/27<sup>(2)</sup> <br>| 3568 | &nbsp;&nbsp; 3540 |
| 2022-1A, C 144A <br>3.130%, 5/15/28<sup>(2)</sup> <br>| 4067 | &nbsp;&nbsp; 4050 |
| Flagship Credit Auto Trust |  |  |
| 2023-1, D 144A <br>6.460%, 5/15/29<sup>(2)</sup> <br>| 3460 | &nbsp;&nbsp; 3410 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2024-1, B 144A <br>5.630%, 4/16/29<sup>(2)</sup> <br>| $6139 | &nbsp;&nbsp; $6145 |
| 2024-1, C 144A <br>5.790%, 2/15/30<sup>(2)</sup> <br>| 5600 | &nbsp;&nbsp; 5522 |
| 2024-3, B 144A <br>5.350%, 7/16/29<sup>(2)</sup> <br>| 1900 | &nbsp;&nbsp; 1886 |
| 2024-3, C 144A <br>5.410%, 9/16/30<sup>(2)</sup> <br>| 5690 | &nbsp;&nbsp; 5527 |
| Foursight Capital <br> Automobile Receivables <br> Trust<br>|  |  |
| 2023-2, A2 144A <br>5.990%, 5/15/28<sup>(2)</sup> <br>| 1193 | &nbsp;&nbsp; 1199 |
| 2024-1, C 144A <br>5.770%, 11/15/29<sup>(2)</sup> <br>| 5000 | &nbsp;&nbsp; 5086 |
| GLS Auto Receivables <br> Issuer Trust<br>|  |  |
| 2020-3A, E 144A <br>4.310%, 7/15/27<sup>(2)</sup> <br>| 1305 | &nbsp;&nbsp; 1305 |
| 2021-3A, E 144A <br>3.200%, 10/16/28<sup>(2)</sup> <br>| 13050 | &nbsp;&nbsp; 12866 |
| 2022-2A, D 144A <br>6.150%, 4/17/28<sup>(2)</sup> <br>| 4877 | &nbsp;&nbsp; 4913 |
| 2024-2A, C 144A <br>6.030%, 2/15/30<sup>(2)</sup> <br>| 5445 | &nbsp;&nbsp; 5563 |
| 2024-3A, C 144A <br>5.210%, 2/18/31<sup>(2)</sup> <br>| 5700 | &nbsp;&nbsp; 5769 |
| 2025-1A, D 144A <br>5.610%, 11/15/30<sup>(2)</sup> <br>| 4614 | &nbsp;&nbsp; 4710 |
| 2025-2A, D 144A <br>5.590%, 1/15/31<sup>(2)</sup> <br>| 4000 | &nbsp;&nbsp; 4072 |
| GLS Auto Select <br> Receivables Trust<br>|  |  |
| 2023-1A, B 144A <br>6.090%, 3/15/29<sup>(2)</sup> <br>| 4400 | &nbsp;&nbsp; 4502 |
| 2023-2A, A3 144A <br>6.380%, 2/15/29<sup>(2)</sup> <br>| 1725 | &nbsp;&nbsp; 1761 |
| 2024-2A, A2 144A <br>5.580%, 6/17/30<sup>(2)</sup> <br>| 3541 | &nbsp;&nbsp; 3585 |
| 2024-3A, B 144A <br>5.640%, 8/15/30<sup>(2)</sup> <br>| 1660 | &nbsp;&nbsp; 1700 |
| 2024-3A, C 144A <br>5.920%, 8/15/30<sup>(2)</sup> <br>| 3483 | &nbsp;&nbsp; 3595 |
| 2025-1A, A2 144A <br>4.710%, 4/15/30<sup>(2)</sup> <br>| 5244 | &nbsp;&nbsp; 5275 |
| 2025-1A, B 144A <br>5.040%, 2/15/31<sup>(2)</sup> <br>| 1425 | &nbsp;&nbsp; 1450 |
| Huntington Bank Auto <br> Credit-Linked Notes <br> 2024-1, B1 144A <br>6.153%, 5/20/32<sup>(2)</sup> <br>| 3025 | &nbsp;&nbsp; 3075 |
| LAD Auto Receivables Trust |  |  |
| 2021-1A, D 144A <br>3.990%, 11/15/29<sup>(2)</sup> <br>| 2297 | &nbsp;&nbsp; 2293 |
| 2022-1A, A 144A <br>5.210%, 6/15/27<sup>(2)</sup> <br>| 243 | &nbsp;&nbsp; 243 |
| 2023-1A, D 144A <br>7.300%, 6/17/30<sup>(2)</sup> <br>| 2570 | &nbsp;&nbsp; 2620 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2023-3A, D 144A <br>6.920%, 12/16/30<sup>(2)</sup> <br>| $3000 | &nbsp;&nbsp; $3109 |
| 2024-3A, C 144A <br>4.930%, 3/15/30<sup>(2)</sup> <br>| 6065 | &nbsp;&nbsp; 6127 |
| 2025-1A, C 144A <br>5.110%, 7/15/30<sup>(2)</sup> <br>| 3130 | &nbsp;&nbsp; 3190 |
| 2025-1A, D 144A <br>5.520%, 5/17/32<sup>(2)</sup> <br>| 3000 | &nbsp;&nbsp; 3067 |
| Lendbuzz Auto Receivables <br> Trust <br>0.000%, 11/15/27<br>| 5558 | &nbsp;&nbsp; 5575 |
| Lendbuzz Securitization <br> Trust<br>|  |  |
| 2023-2A, A2 144A <br>7.090%, 10/16/28<sup>(2)</sup> <br>| 2457 | &nbsp;&nbsp; 2497 |
| 2024-1A, A2 144A <br>6.190%, 8/15/29<sup>(2)</sup> <br>| 2000 | &nbsp;&nbsp; 2013 |
| 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(2)</sup> <br>| 3749 | &nbsp;&nbsp; 3772 |
| 2024-3A, A2 144A <br>4.970%, 10/15/29<sup>(2)</sup> <br>| 3179 | &nbsp;&nbsp; 3182 |
| 2025-1A, A2 144A <br>5.100%, 10/15/30<sup>(2)</sup> <br>| 6089 | &nbsp;&nbsp; 6096 |
| 2025-1A, B 144A <br>5.470%, 11/15/30<sup>(2)</sup> <br>| 7940 | &nbsp;&nbsp; 8020 |
| Merchants Fleet <br> Funding LLC 2023-1A, A <br> 144A <br>7.210%, 5/20/36<sup>(2)</sup> <br>| 5295 | &nbsp;&nbsp; 5327 |
| OneMain Direct Auto <br> Receivables Trust<br>|  |  |
| 2021-1A, B 144A <br>1.260%, 7/14/28<sup>(2)</sup> <br>| 17610 | &nbsp;&nbsp; 17485 |
| 2022-1A, C 144A <br>5.310%, 6/14/29<sup>(2)</sup> <br>| 7485 | &nbsp;&nbsp; 7506 |
| Oscar U.S. Funding <br> XIII LLC 2021-2A, A4 <br> 144A <br>1.270%, 9/11/28<sup>(2)</sup> <br>| 1853 | &nbsp;&nbsp; 1838 |
| Oscar U.S. Funding XV LLC <br> 2023-1A, A3 144A <br>5.810%, 12/10/27<sup>(2)</sup> <br>| 4879 | &nbsp;&nbsp; 4914 |
| Prestige Auto Receivables <br> Trust 2023-2A, B 144A <br>6.640%, 12/15/27<sup>(2)</sup> <br>| 4833 | &nbsp;&nbsp; 4854 |
| SAFCO Auto Receivables <br> Trust<br>|  |  |
| 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(2)</sup> <br>| 3225 | &nbsp;&nbsp; 3237 |
| 2024-1A, C 144A <br>6.960%, 1/18/30<sup>(2)</sup> <br>| 3770 | &nbsp;&nbsp; 3811 |
| 2025-1A, A 144A <br>5.460%, 9/10/29<sup>(2)</sup> <br>| 2179 | &nbsp;&nbsp; 2173 |
| 2025-1A, C 144A <br>5.750%, 11/11/30<sup>(2)</sup> <br>| 6710 | &nbsp;&nbsp; 6638 |
| Santander Drive Auto <br> Receivables Trust <br> 2023-1, B <br>4.980%, 2/15/28<br>| 214 | &nbsp;&nbsp; 214 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Tesla Lease Electric Vehicle <br> Securitization LLC <br> 2025-A, A2 144A <br>4.140%, 6/20/28<sup>(2)</sup> <br>| $4950 | &nbsp;&nbsp; $4953 |
| Tricolor Auto Securitization <br> Trust 2024-2A, C 144A <br>6.930%, 4/17/28<sup>(2)</sup> <br>| 3355 | &nbsp;&nbsp; 2009 |
| United Auto Credit <br> Securitization Trust<br>|  |  |
| 2023-1, D 144A <br>8.000%, 7/10/28<sup>(2)</sup> <br>| 6621 | &nbsp;&nbsp; 6682 |
| 2024-1, C 144A <br>7.060%, 10/10/29<sup>(2)</sup> <br>| 8905 | &nbsp;&nbsp; 8958 |
| Veridian Auto Receivables <br> Trust 2023-1A, A4 144A <br>5.590%, 12/15/28<sup>(2)</sup> <br>| 9585 | &nbsp;&nbsp; 9711 |
| Veros Auto Receivables <br> Trust<br>|  |  |
| 2023-1, B 144A <br>7.170%, 11/15/28<sup>(2)</sup> <br>| 8403 | &nbsp;&nbsp; 8450 |
| 2025-1, B 144A <br>5.540%, 7/16/29<sup>(2)</sup> <br>| 4270 | &nbsp;&nbsp; 4300 |
| 2025-1, C 144A <br>6.170%, 12/17/29<sup>(2)</sup> <br>| 3505 | &nbsp;&nbsp; 3558 |
| Westlake Automobile <br> Receivables Trust<br>|  |  |
| 2021-3A, D 144A <br>2.120%, 1/15/27<sup>(2)</sup> <br>| 1205 | &nbsp;&nbsp; 1202 |
| 2023-1A, C 144A <br>5.740%, 8/15/28<sup>(2)</sup> <br>| 1415 | &nbsp;&nbsp; 1424 |
| 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(2)</sup> <br>| 11590 | &nbsp;&nbsp; 11737 |
| 2025-2A, C 144A <br>4.850%, 1/15/31<sup>(2)</sup> <br>| 12870 | &nbsp;&nbsp; 12937 |
|  |  | &nbsp;&nbsp; 554794 |
| **Collateralized Loan Obligation—0.3%** | **Collateralized Loan Obligation—0.3%** |  |
| GoldenTree Loan <br> Management U.S. CLO 9 <br> Ltd. 2021-9A, AR (3 <br> month Term SOFR + <br> 1.500%, Cap N/A, Floor <br> 1.500%) 144A <br>5.825%, 4/20/37<sup>(2)(7)</sup> <br>| 13670 | &nbsp;&nbsp; 13727 |
| **Consumer Loans—0.9%** | **Consumer Loans—0.9%** |  |
| ACHV ABS Trust 2025-1PL, <br> B 144A <br>5.040%, 4/26/32<sup>(2)</sup> <br>| 1729 | &nbsp;&nbsp; 1736 |
| Marlette Funding Trust |  |  |
| 2023-2A, B 144A <br>6.540%, 6/15/33<sup>(2)</sup> <br>| 81 | &nbsp;&nbsp; 82 |
| 2024-1A, B 144A <br>6.070%, 7/17/34<sup>(2)</sup> <br>| 6622 | &nbsp;&nbsp; 6665 |
| OneMain Financial <br> Issuance Trust<br>|  |  |
| 2022-3A, A 144A <br>5.940%, 5/15/34<sup>(2)</sup> <br>| 4422 | &nbsp;&nbsp; 4449 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Loans—continued** | **Consumer Loans—continued** |  |
| 2025-1A, B 144A <br>5.050%, 7/14/38<sup>(2)</sup> <br>| $2710 | &nbsp;&nbsp; $2742 |
| Oportun Issuance Trust |  |  |
| 2021-C, A 144A <br>2.180%, 10/8/31<sup>(2)</sup> <br>| 6605 | &nbsp;&nbsp; 6480 |
| 2025-A, A 144A <br>5.010%, 2/8/33<sup>(2)</sup> <br>| 8580 | &nbsp;&nbsp; 8592 |
| Reach ABS Trust |  |  |
| 2023-1A, B 144A <br>7.330%, 2/18/31<sup>(2)</sup> <br>| 1611 | &nbsp;&nbsp; 1615 |
| 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(2)</sup> <br>| 4250 | &nbsp;&nbsp; 4291 |
| 2025-1A, A 144A <br>4.960%, 8/16/32<sup>(2)</sup> <br>| 2641 | &nbsp;&nbsp; 2648 |
|  |  | &nbsp;&nbsp; 39300 |
| **Credit Card—0.5%** | **Credit Card—0.5%** |  |
| American Express Credit <br> Account Master Trust <br> 2025-5, A <br>4.510%, 7/15/32<br>| 13575 | &nbsp;&nbsp; 13863 |
| Mercury Financial Credit <br> Card Master Trust <br> 2024-2A, A 144A <br>6.560%, 7/20/29<sup>(2)</sup> <br>| 9530 | &nbsp;&nbsp; 9605 |
|  |  | &nbsp;&nbsp; 23468 |
| **Equipment—0.1%** | **Equipment—0.1%** |  |
| CCG Receivables Trust <br> 2022-1, C 144A <br>4.670%, 7/16/29<sup>(2)</sup> <br>| 3750 | &nbsp;&nbsp; 3750 |
| Post Road Equipment <br> Finance LLC 2024-1A, <br> A2 144A <br>5.590%, 11/15/29<sup>(2)</sup> <br>| 1832 | &nbsp;&nbsp; 1841 |
|  |  | &nbsp;&nbsp; 5591 |
| **Other—13.6%** | **Other—13.6%** |  |
| Affirm Asset Securitization <br> Trust<br>|  |  |
| 2024-X2, A 144A <br>5.220%, 12/17/29<sup>(2)</sup> <br>| 309 | &nbsp;&nbsp; 309 |
| 2025-X1, A 144A <br>5.080%, 4/15/30<sup>(2)</sup> <br>| 1367 | &nbsp;&nbsp; 1369 |
| ALLO Issuer LLC 2025-1A, <br> A2 144A <br>5.528%, 4/20/55<sup>(2)</sup> <br>| 8050 | &nbsp;&nbsp; 8168 |
| Amur Equipment Finance <br> Receivables XII LLC <br> 2023-1A, A2 144A <br>6.090%, 12/20/29<sup>(2)</sup> <br>| 880 | &nbsp;&nbsp; 888 |
| Applebee's Funding LLC <br> 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(2)</sup> <br>| 11135 | &nbsp;&nbsp; 11329 |
| Aqua Finance Issuer Trust <br> 2025-A, A 144A <br>5.250%, 12/19/50<sup>(2)</sup> <br>| 3944 | &nbsp;&nbsp; 4014 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Aqua Finance Trust |  |  |
| 2019-A, A 144A <br>3.140%, 7/16/40<sup>(2)</sup> <br>| $1005 | &nbsp;&nbsp; $980 |
| 2019-A, C 144A <br>4.010%, 7/16/40<sup>(2)</sup> <br>| 9135 | &nbsp;&nbsp; 8959 |
| 2020-AA, B 144A <br>2.790%, 7/17/46<sup>(2)</sup> <br>| 1595 | &nbsp;&nbsp; 1530 |
| 2024-A, B 144A <br>5.060%, 4/18/50<sup>(2)</sup> <br>| 8320 | &nbsp;&nbsp; 8409 |
| BHG Securitization Trust <br> 2021-B, B 144A <br>1.670%, 10/17/34<sup>(2)</sup> <br>| 4407 | &nbsp;&nbsp; 4342 |
| Blue Owl Asset Leasing <br> Trust LLC 2024-1A, A2 <br> 144A <br>5.050%, 3/15/29<sup>(2)</sup> <br>| 4267 | &nbsp;&nbsp; 4284 |
| Bojangles Issuer LLC <br> 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(2)</sup> <br>| 9365 | &nbsp;&nbsp; 9496 |
| Business Jet <br> Securities LLC 2024-2A, <br> A 144A <br>5.364%, 9/15/39<sup>(2)</sup> <br>| 2442 | &nbsp;&nbsp; 2453 |
| BXG Receivables <br> Note Trust<br>|  |  |
| 2020-A, B 144A <br>2.490%, 2/28/36<sup>(2)</sup> <br>| 1472 | &nbsp;&nbsp; 1433 |
| 2022-A, B 144A <br>4.610%, 9/28/37<sup>(2)</sup> <br>| 1151 | &nbsp;&nbsp; 1144 |
| 2023-A, A 144A <br>5.770%, 11/15/38<sup>(2)</sup> <br>| 3436 | &nbsp;&nbsp; 3502 |
| Castlelake Aircraft <br> Structured Trust <br> 2025-1A, A 144A <br>5.783%, 2/15/50<sup>(2)</sup> <br>| 10401 | &nbsp;&nbsp; 10561 |
| CCG Receivables Trust |  |  |
| 2023-1, A2 144A <br>5.820%, 9/16/30<sup>(2)</sup> <br>| 957 | &nbsp;&nbsp; 962 |
| 2024-1, B 144A <br>5.080%, 3/15/32<sup>(2)</sup> <br>| 3085 | &nbsp;&nbsp; 3136 |
| 2025-1, C 144A <br>4.890%, 10/14/32<sup>(2)</sup> <br>| 2390 | &nbsp;&nbsp; 2418 |
| CF Hippolyta Issuer LLC <br> 2020-1, A1 144A <br>1.690%, 7/15/60<sup>(2)</sup> <br>| 8058 | &nbsp;&nbsp; 6921 |
| Commercial Equipment <br> Finance LLC 2024-1A, A <br> 144A <br>5.970%, 7/16/29<sup>(2)</sup> <br>| 3148 | &nbsp;&nbsp; 3183 |
| COOPR Residential <br> Mortgage Trust <br> 2025-CES3, A1A 144A <br>4.840%, 9/25/60<sup>(2)(7)</sup> <br>| 11710 | &nbsp;&nbsp; 11688 |
| CoreVest American Finance <br> Trust 2018-1, D 144A <br>4.920%, 6/15/51<sup>(2)</sup> <br>| 9689 | &nbsp;&nbsp; 9704 |
| Dext ABS LLC |  |  |
| 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(2)</sup> <br>| 3097 | &nbsp;&nbsp; 3112 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| 2023-2, B 144A <br>6.410%, 5/15/34<sup>(2)</sup> <br>| $2800 | &nbsp;&nbsp; $2848 |
| 2025-1, B 144A <br>4.980%, 8/15/35<sup>(2)</sup> <br>| 11370 | &nbsp;&nbsp; 11499 |
| EFMT 2025-CES4, A1 144A <br>5.431%, 6/25/60<sup>(2)(7)</sup> <br>| 9336 | &nbsp;&nbsp; 9407 |
| Elara HGV Timeshare <br> Issuer LLC 2023-A, A <br> 144A <br>6.160%, 2/25/38<sup>(2)</sup> <br>| 5669 | &nbsp;&nbsp; 5855 |
| FAT Brands Royalty LLC <br> 2021-1A, A2 144A <br>5.750%, 4/25/51<sup>(2)</sup> <br>| 11395 | &nbsp;&nbsp; 6838 |
| Five Guys Holdings, Inc. <br> 2023-1A, A2 144A <br>7.549%, 1/26/54<sup>(2)</sup> <br>| 10535 | &nbsp;&nbsp; 10958 |
| Foundation Finance Trust |  |  |
| 2021-1A, A 144A <br>1.270%, 5/15/41<sup>(2)</sup> <br>| 4494 | &nbsp;&nbsp; 4268 |
| 2023-1A, A 144A <br>5.670%, 12/15/43<sup>(2)</sup> <br>| 2097 | &nbsp;&nbsp; 2149 |
| 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(2)</sup> <br>| 5781 | &nbsp;&nbsp; 6035 |
| 2024-2A, A 144A <br>4.600%, 3/15/50<sup>(2)</sup> <br>| 2778 | &nbsp;&nbsp; 2783 |
| GCI Funding I LLC 2021-1, <br> A 144A <br>2.380%, 6/18/46<sup>(2)</sup> <br>| 3332 | &nbsp;&nbsp; 3090 |
| Global SC Finance VII Srl <br> 2020-1A, A 144A <br>2.170%, 10/17/40<sup>(2)</sup> <br>| 4351 | &nbsp;&nbsp; 4170 |
| GreenSky Home <br> Improvement Issuer <br> Trust 2024-2, A2 144A <br>5.250%, 10/27/59<sup>(2)</sup> <br>| 878 | &nbsp;&nbsp; 881 |
| Hardee's Funding LLC |  |  |
| 2020-1A, A2 144A <br>3.981%, 12/20/50<sup>(2)</sup> <br>| 13373 | &nbsp;&nbsp; 12896 |
| 2024-1A, A2 144A <br>7.253%, 3/20/54<sup>(2)</sup> <br>| 813 | &nbsp;&nbsp; 842 |
| Hilton Grand Vacations <br> Trust<br>|  |  |
| 2022-1D, B 144A <br>4.100%, 6/20/34<sup>(2)</sup> <br>| 1253 | &nbsp;&nbsp; 1246 |
| 2022-2A, C 144A <br>5.570%, 1/25/37<sup>(2)</sup> <br>| 381 | &nbsp;&nbsp; 384 |
| 2024-2A, A 144A <br>5.500%, 3/25/38<sup>(2)</sup> <br>| 4555 | &nbsp;&nbsp; 4645 |
| HIN Timeshare Trust <br> 2020-A, C 144A <br>3.420%, 10/9/39<sup>(2)</sup> <br>| 712 | &nbsp;&nbsp; 697 |
| HINNT LLC |  |  |
| 2024-A, A 144A <br>5.490%, 3/15/43<sup>(2)</sup> <br>| 8148 | &nbsp;&nbsp; 8293 |
| 2025-A, B 144A <br>5.450%, 3/15/44<sup>(2)</sup> <br>| 996 | &nbsp;&nbsp; 1005 |
| Hotwire Funding LLC <br> 2023-1A, A2 144A <br>5.687%, 5/20/53<sup>(2)</sup> <br>| 5500 | &nbsp;&nbsp; 5558 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Jersey Mike's Funding LLC |  |  |
| 2019-1A, A2 144A <br>4.433%, 2/15/50<sup>(2)</sup> <br>| $10792 | &nbsp;&nbsp; $10777 |
| 2024-1A, A2 144A <br>5.636%, 2/15/55<sup>(2)</sup> <br>| 4189 | &nbsp;&nbsp; 4269 |
| Lendmark Funding Trust |  |  |
| 2021-1A, A 144A <br>1.900%, 11/20/31<sup>(2)</sup> <br>| 10385 | &nbsp;&nbsp; 10053 |
| 2024-1A, A 144A <br>5.530%, 6/21/32<sup>(2)</sup> <br>| 6000 | &nbsp;&nbsp; 6089 |
| Libra Solutions LLC <br> 2025-1A, A 144A <br>6.355%, 8/15/39<sup>(2)</sup> <br>| 5600 | &nbsp;&nbsp; 5631 |
| Mariner Finance Issuance <br> Trust 2025-AA, A 144A <br>4.980%, 5/20/38<sup>(2)</sup> <br>| 11590 | &nbsp;&nbsp; 11717 |
| MetroNet Infrastructure <br> Issuer LLC 2025-2A, A2 <br> 144A <br>5.400%, 8/20/55<sup>(2)</sup> <br>| 11565 | &nbsp;&nbsp; 11738 |
| Momnt Technologies Trust <br> 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(2)</sup> <br>| 1555 | &nbsp;&nbsp; 1557 |
| MVW LLC |  |  |
| 2021-1WA, B 144A <br>1.440%, 1/22/41<sup>(2)</sup> <br>| 701 | &nbsp;&nbsp; 675 |
| 2023-1A, B 144A <br>5.420%, 10/20/40<sup>(2)</sup> <br>| 3118 | &nbsp;&nbsp; 3155 |
| Navient Private Education <br> Refi Loan Trust 2021-EA, <br> A 144A <br>0.970%, 12/16/69<sup>(2)</sup> <br>| 2749 | &nbsp;&nbsp; 2478 |
| NBC Funding LLC 2025-1A, <br> A2 144A <br>6.209%, 7/30/55<sup>(2)</sup> <br>| 1635 | &nbsp;&nbsp; 1671 |
| NMEF Funding LLC |  |  |
| 2023-A, B 144A <br>6.830%, 6/17/30<sup>(2)</sup> <br>| 10120 | &nbsp;&nbsp; 10354 |
| 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(2)</sup> <br>| 3985 | &nbsp;&nbsp; 4015 |
| 2025-A, B 144A <br>5.180%, 7/15/32<sup>(2)</sup> <br>| 2500 | &nbsp;&nbsp; 2525 |
| Octane Receivables Trust |  |  |
| 2023-1A, C 144A <br>6.370%, 9/20/29<sup>(2)</sup> <br>| 2000 | &nbsp;&nbsp; 2034 |
| 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(2)</sup> <br>| 4444 | &nbsp;&nbsp; 4521 |
| 2023-3A, C 144A <br>6.740%, 8/20/29<sup>(2)</sup> <br>| 4818 | &nbsp;&nbsp; 4941 |
| 2024-1A, B 144A <br>5.660%, 5/20/30<sup>(2)</sup> <br>| 3845 | &nbsp;&nbsp; 3902 |
| 2024-3A, B 144A <br>5.310%, 9/20/30<sup>(2)</sup> <br>| 6131 | &nbsp;&nbsp; 6232 |
| 2024-3A, C 144A <br>5.510%, 10/20/31<sup>(2)</sup> <br>| 5000 | &nbsp;&nbsp; 5094 |
| OWN Equipment Fund I <br> LLC 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(2)</sup> <br>| 5998 | &nbsp;&nbsp; 6084 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Pawneee Equipment <br> Receivables LLC 2022-1, <br> B 144A <br>5.400%, 7/17/28<sup>(2)</sup> <br>| $10570 | &nbsp;&nbsp; $10593 |
| PEAC Solutions <br> Receivables LLC<br>|  |  |
| 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(2)</sup> <br>| 5490 | &nbsp;&nbsp; 5635 |
| 2025-1A, C 144A <br>5.490%, 7/20/32<sup>(2)</sup> <br>| 1150 | &nbsp;&nbsp; 1165 |
| Planet Fitness Master <br> Issuer LLC 2024-1A, A2I <br> 144A <br>5.765%, 6/5/54<sup>(2)</sup> <br>| 9973 | &nbsp;&nbsp; 10170 |
| PowerPay Issuance Trust <br> 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(2)</sup> <br>| 3537 | &nbsp;&nbsp; 3650 |
| Progress Residential Trust <br> 2021-SFR6, D 144A <br>2.225%, 7/17/38<sup>(2)</sup> <br>| 3750 | &nbsp;&nbsp; 3686 |
| RCKT Mortgage Trust |  |  |
| 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(2)(7)</sup> <br>| 10141 | &nbsp;&nbsp; 10321 |
| 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(2)(7)</sup> <br>| 4962 | &nbsp;&nbsp; 5013 |
| 2024-CES3, A1A 144A <br>6.591%, 5/25/44<sup>(2)(7)</sup> <br>| 10991 | &nbsp;&nbsp; 11169 |
| 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(2)(7)</sup> <br>| 5340 | &nbsp;&nbsp; 5413 |
| RCKT Trust |  |  |
| 2025-1A, B 144A <br>4.990%, 7/25/34<sup>(2)</sup> <br>| 3445 | &nbsp;&nbsp; 3460 |
| 2025-1A, C 144A <br>5.160%, 7/25/34<sup>(2)</sup> <br>| 5607 | &nbsp;&nbsp; 5640 |
| Reach ABS Trust |  |  |
| 2024-2A, B 144A <br>5.840%, 7/15/31<sup>(2)</sup> <br>| 7030 | &nbsp;&nbsp; 7146 |
| 2025-2A, B 144A <br>5.120%, 8/18/32<sup>(2)</sup> <br>| 4090 | &nbsp;&nbsp; 4122 |
| Regional Management <br> Issuance Trust<br>|  |  |
| 2022-1, A 144A <br>3.070%, 3/15/32<sup>(2)</sup> <br>| 2012 | &nbsp;&nbsp; 2004 |
| 2024-2, A 144A <br>5.110%, 12/15/33<sup>(2)</sup> <br>| 7290 | &nbsp;&nbsp; 7353 |
| Scalelogix ABS U.S. Issuer <br> LLC 2025-1A, A2 144A <br>5.673%, 7/25/55<sup>(2)</sup> <br>| 9105 | &nbsp;&nbsp; 9107 |
| Sierra Timeshare <br> Receivables <br> Funding LLC 2024-2A, A <br> 144A <br>5.140%, 6/20/41<sup>(2)</sup> <br>| 4705 | &nbsp;&nbsp; 4751 |
| SoFi Consumer Loan <br> Program Trust 2025-1, A <br> 144A <br>4.800%, 2/27/34<sup>(2)</sup> <br>| 6098 | &nbsp;&nbsp; 6129 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| STAR Trust 2025-SFR5, A <br> (1 month Term SOFR + <br> 1.450%, Cap N/A, Floor <br> 1.450%) 144A <br>5.601%, 2/17/42<sup>(2)(7)</sup> <br>| $7026 | &nbsp;&nbsp; $7046 |
| Subway Funding LLC <br> 2024-1A, A2II 144A <br>6.268%, 7/30/54<sup>(2)</sup> <br>| 10332 | &nbsp;&nbsp; 10598 |
| Switch ABS Issuer LLC |  |  |
| 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(2)</sup> <br>| 9920 | &nbsp;&nbsp; 9970 |
| 2025-1A, A2 144A <br>5.036%, 3/25/55<sup>(2)</sup> <br>| 2950 | &nbsp;&nbsp; 2923 |
| Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(2)</sup> <br>| 13235 | &nbsp;&nbsp; 13199 |
| TIC Home Improvement <br> Trust 2024-A, A 144A <br>6.670%, 10/15/46<sup>(2)</sup> <br>| 4965 | &nbsp;&nbsp; 5094 |
| Towd Point Mortgage Trust |  |  |
| 2020-MH1, M1 144A <br>2.750%, 2/25/60<sup>(2)(7)</sup> <br>| 3525 | &nbsp;&nbsp; 3365 |
| 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(2)(7)</sup> <br>| 3182 | &nbsp;&nbsp; 3204 |
| Trafigura Securitisation <br> Finance plc 2024-1A, A2 <br> 144A <br>5.980%, 11/15/27<sup>(2)</sup> <br>| 6455 | &nbsp;&nbsp; 6564 |
| Tricon Residential Trust <br> 2024-SFR3, A 144A <br>4.500%, 8/17/41<sup>(2)</sup> <br>| 4631 | &nbsp;&nbsp; 4624 |
| Trinity Rail Leasing LLC <br> 2019-1A, A 144A <br>3.820%, 4/17/49<sup>(2)</sup> <br>| 12333 | &nbsp;&nbsp; 12257 |
| Triton Container Finance <br> IX LLC 2025-1A, A 144A <br>5.430%, 6/20/50<sup>(2)</sup> <br>| 6354 | &nbsp;&nbsp; 6431 |
| TSC SPV Funding LLC <br> 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(2)</sup> <br>| 10590 | &nbsp;&nbsp; 10757 |
| Upgrade Master <br> Pass-Through Trust<br>|  |  |
| 2025-ST3, A 144A <br>5.981%, 6/15/32<sup>(2)</sup> <br>| 4492 | &nbsp;&nbsp; 4542 |
| 2025-ST4, A 144A <br>5.495%, 8/16/32<sup>(2)</sup> <br>| 2785 | &nbsp;&nbsp; 2796 |
| 2025-ST5, A 144A <br>4.794%, 9/15/32<sup>(2)</sup> <br>| 3755 | &nbsp;&nbsp; 3764 |
| Upgrade Receivables Trust <br> 2024-1A, B 144A <br>5.770%, 2/18/31<sup>(2)</sup> <br>| 9120 | &nbsp;&nbsp; 9153 |
| Upstart Securitization Trust |  |  |
| 2025-2, A2 144A <br>5.220%, 6/20/35<sup>(2)</sup> <br>| 8240 | &nbsp;&nbsp; 8287 |
| 2025-3, A2 144A <br>4.600%, 9/20/35<sup>(2)</sup> <br>| 6850 | &nbsp;&nbsp; 6853 |
| UPX HIL Issuer Trust <br> 2025-1, A 144A <br>5.160%, 1/25/47<sup>(2)</sup> <br>| 4275 | &nbsp;&nbsp; 4293 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| VFI ABS LLC |  |  |
| 2023-1A, A 144A <br>7.270%, 3/26/29<sup>(2)</sup> <br>| $751 | &nbsp;&nbsp; $755 |
| 2025-1A, A 144A <br>4.780%, 6/24/30<sup>(2)</sup> <br>| 4330 | &nbsp;&nbsp; 4347 |
| Westgate Resorts LLC |  |  |
| 2022-1A, B 144A <br>2.288%, 8/20/36<sup>(2)</sup> <br>| 692 | &nbsp;&nbsp; 685 |
| 2024-1A, A 144A <br>6.060%, 1/20/38<sup>(2)</sup> <br>| 4142 | &nbsp;&nbsp; 4206 |
| Wingspire Equipment <br> Finance LLC 2025-1A, <br> A2 144A <br>4.330%, 9/20/33<sup>(2)</sup> <br>| 3795 | &nbsp;&nbsp; 3794 |
| Wingstop Funding LLC <br> 2024-1A, A2 144A <br>5.858%, 12/5/54<sup>(2)</sup> <br>| 7750 | &nbsp;&nbsp; 8020 |
| Zaxby's Funding LLC <br> 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(2)</sup> <br>| 14438 | &nbsp;&nbsp; 13618 |
|  |  | &nbsp;&nbsp; 637825 |
| **Student Loan—0.1%** | **Student Loan—0.1%** |  |
| MPOWER Education Trust <br> 2025-A, A 144A <br>6.620%, 7/21/42<sup>(2)</sup> <br>| 6124 | &nbsp;&nbsp; 6186 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $1,281,794)** | **Total Asset-Backed Securities** <br>**(Identified Cost $1,281,794)** | &nbsp;&nbsp; **1280891** |
| **Corporate Bonds and Notes—25.7%** | **Corporate Bonds and Notes—25.7%** | **Corporate Bonds and Notes—25.7%** |
| **Communication Services—1.2%** | **Communication Services—1.2%** |  |
| CCO Holdings LLC |  |  |
| <br>144A 6.375%, 9/1/29<sup>(2)</sup> <br>| 1585 | &nbsp;&nbsp; 1607 |
| <br>144A 4.500%, 8/15/30<sup>(2)</sup> <br>| 3370 | &nbsp;&nbsp; 3183 |
| CSC Holdings LLC 144A <br>11.750%, 1/31/29<sup>(2)</sup> <br>| 4880 | &nbsp;&nbsp; 4104 |
| DIRECTV Financing LLC |  |  |
| <br>144A 5.875%, 8/15/27<sup>(2)</sup> <br>| 3661 | &nbsp;&nbsp; 3657 |
| <br>144A 8.875%, 2/1/30<sup>(2)</sup> <br>| 560 | &nbsp;&nbsp; 553 |
| Gray Media, Inc. 144A <br>7.250%, 8/15/33<sup>(2)</sup> <br>| 3270 | &nbsp;&nbsp; 3241 |
| IHS Holding Ltd. |  |  |
| <br>144A <br> 5.625%, 11/29/26<sup>(2)</sup> <br>| 786 | &nbsp;&nbsp; 776 |
| <br>144A <br> 8.250%, 11/29/31<sup>(2)</sup> <br>| 1100 | &nbsp;&nbsp; 1159 |
| Nexstar Media, Inc. 144A <br>5.625%, 7/15/27<sup>(2)</sup> <br>| 9365 | &nbsp;&nbsp; 9351 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(2)</sup> <br>| 4995 | &nbsp;&nbsp; 5126 |
| Snap, Inc. 144A <br>6.875%, 3/15/34<sup>(2)</sup> <br>| 2220 | &nbsp;&nbsp; 2247 |
| Telesat Canada 144A <br>6.500%, 10/15/27<sup>(2)</sup> <br>| 2485 | &nbsp;&nbsp; 1224 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| T-Mobile USA, Inc. <br> 3.875%, 4/15/30<br>| $13500 | &nbsp;&nbsp; $13238 |
| Univision <br> Communications, Inc. <br> 144A <br>8.000%, 8/15/28<sup>(2)</sup> <br>| 4840 | &nbsp;&nbsp; 5015 |
|  |  | &nbsp;&nbsp; 54481 |
| **Consumer Discretionary—1.5%** | **Consumer Discretionary—1.5%** |  |
| Aptiv Swiss Holdings Ltd. <br> 6.875%, 12/15/54<br>| 8325 | &nbsp;&nbsp; 8505 |
| Ashtead Capital, Inc. 144A <br>4.250%, 11/1/29<sup>(2)</sup> <br>| 8000 | &nbsp;&nbsp; 7890 |
| Clarios Global LP 144A <br>6.750%, 2/15/30<sup>(2)</sup> <br>| 225 | &nbsp;&nbsp; 233 |
| Ford Motor Credit Co. LLC |  |  |
| 7.350%, 11/4/27 | 5165 | &nbsp;&nbsp; 5387 |
| 6.800%, 5/12/28 | 2130 | &nbsp;&nbsp; 2212 |
| Meritage Homes Corp. <br> 144A <br>3.875%, 4/15/29<sup>(2)</sup> <br>| 10087 | &nbsp;&nbsp; 9820 |
| Newell Brands, Inc. <br> 6.375%, 9/15/27<br>| 9261 | &nbsp;&nbsp; 9387 |
| Ontario Gaming GTA LP <br> 144A <br>8.000%, 8/1/30<sup>(2)</sup> <br>| 4765 | &nbsp;&nbsp; 4735 |
| Prosus N.V. 144A <br>3.061%, 7/13/31<sup>(2)</sup> <br>| 1826 | &nbsp;&nbsp; 1654 |
| Sodexo, Inc. 144A <br>5.150%, 8/15/30<sup>(2)</sup> <br>| 6795 | &nbsp;&nbsp; 6947 |
| Tractor Supply Co. <br> 1.750%, 11/1/30<br>| 10720 | &nbsp;&nbsp; 9425 |
| Weekley Homes LLC 144A <br>4.875%, 9/15/28<sup>(2)</sup> <br>| 5225 | &nbsp;&nbsp; 5116 |
|  |  | &nbsp;&nbsp; 71311 |
| **Consumer Staples—0.4%** | **Consumer Staples—0.4%** |  |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(2)</sup> <br>| 4685 | &nbsp;&nbsp; 4787 |
| Mars, Inc. 144A <br>4.800%, 3/1/30<sup>(2)</sup> <br>| 4165 | &nbsp;&nbsp; 4243 |
| Post Holdings, Inc. |  |  |
| <br>144A 6.250%, 2/15/32<sup>(2)</sup> <br>| 3350 | &nbsp;&nbsp; 3444 |
| <br>144A 6.375%, 3/1/33<sup>(2)</sup> <br>| 3940 | &nbsp;&nbsp; 3977 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(2)</sup> <br>| 4820 | &nbsp;&nbsp; 4816 |
|  |  | &nbsp;&nbsp; 21267 |
| **Energy—3.1%** | **Energy—3.1%** |  |
| Adnoc Murban Rsc Ltd. <br> 144A <br>4.250%, 9/11/29<sup>(2)</sup> <br>| 1824 | &nbsp;&nbsp; 1831 |
| BP Capital Markets plc <br> 4.875% <sup>(8)</sup> <br>| 9800 | &nbsp;&nbsp; 9731 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(2)</sup> <br>| 2370 | &nbsp;&nbsp; 2462 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Civitas Resources, Inc. |  |  |
| <br>144A 8.375%, 7/1/28<sup>(2)</sup> <br>| $2340 | &nbsp;&nbsp; $2425 |
| <br>144A 8.750%, 7/1/31<sup>(2)</sup> <br>| 3300 | &nbsp;&nbsp; 3381 |
| Ecopetrol S.A. <br> 8.625%, 1/19/29<br>| 3727 | &nbsp;&nbsp; 4046 |
| Enbridge, Inc. <br> 7.375%, 1/15/83<br>| 9500 | &nbsp;&nbsp; 9872 |
| Energean Israel Finance <br> Ltd.<br>|  |  |
| <br>144A, RegS <br> 5.375%, 3/30/28<sup>(2)(4)</sup> <br>| 1654 | &nbsp;&nbsp; 1623 |
| <br>144A, RegS <br> 5.875%, 3/30/31<sup>(2)(4)</sup> <br>| 769 | &nbsp;&nbsp; 736 |
| Energy Transfer LP |  |  |
| 8.000%, 5/15/54 | 1270 | &nbsp;&nbsp; 1357 |
| Series G 7.125%<sup>(8)</sup> <br>| 3600 | &nbsp;&nbsp; 3720 |
| EQT Corp. |  |  |
| 7.500%, 6/1/27 | 90 | &nbsp;&nbsp; 92 |
| 6.375%, 4/1/29 | 1795 | &nbsp;&nbsp; 1861 |
| Genesis Energy LP <br> 8.875%, 4/15/30<br>| 7095 | &nbsp;&nbsp; 7511 |
| Gran Tierra Energy, Inc. <br> 144A <br>9.500%, 10/15/29<sup>(2)(5)</sup> <br>| 3894 | &nbsp;&nbsp; 3281 |
| HF Sinclair Corp. <br> 5.750%, 1/15/31<br>| 6610 | &nbsp;&nbsp; 6841 |
| Hilcorp Energy I LP 144A <br>6.000%, 4/15/30<sup>(2)</sup> <br>| 4315 | &nbsp;&nbsp; 4241 |
| KazMunayGas National Co. <br> JSC 144A <br>5.375%, 4/24/30<sup>(2)</sup> <br>| 2505 | &nbsp;&nbsp; 2571 |
| Kodiak Gas Services LLC <br> 144A <br>6.500%, 10/1/33<sup>(2)</sup> <br>| 2785 | &nbsp;&nbsp; 2836 |
| Korea National Oil Corp. <br> 144A <br>4.875%, 4/3/28<sup>(2)</sup> <br>| 4384 | &nbsp;&nbsp; 4458 |
| Leviathan Bond Ltd. |  |  |
| <br>144A, RegS <br> 6.500%, 6/30/27<sup>(2)(4)</sup> <br>| 2558 | &nbsp;&nbsp; 2564 |
| <br>144A, RegS <br> 6.750%, 6/30/30<sup>(2)(4)</sup> <br>| 2000 | &nbsp;&nbsp; 2006 |
| Nabors Industries, Inc. <br> 144A <br>7.375%, 5/15/27<sup>(2)</sup> <br>| 7126 | &nbsp;&nbsp; 7234 |
| NGPL PipeCo LLC 144A <br>4.875%, 8/15/27<sup>(2)</sup> <br>| 10665 | &nbsp;&nbsp; 10691 |
| Noble Finance II LLC 144A <br>8.000%, 4/15/30<sup>(2)</sup> <br>| 6190 | &nbsp;&nbsp; 6407 |
| Occidental Petroleum Corp. <br> 5.200%, 8/1/29<br>| 5760 | &nbsp;&nbsp; 5845 |
| Petroleos de Venezuela <br> S.A. RegS <br>9.000%, 11/17/21<sup>(3)(4)</sup> <br>| 14050 | &nbsp;&nbsp; 2255 |
| Petroleos del Peru S.A. <br> RegS <br>4.750%, 6/19/32<sup>(4)</sup> <br>| 3886 | &nbsp;&nbsp; 3373 |
| Petroleos Mexicanos |  |  |
| 6.500%, 3/13/27 | 3559 | &nbsp;&nbsp; 3601 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| 5.350%, 2/12/28 | $1582 | &nbsp;&nbsp; $1572 |
| 6.840%, 1/23/30 | 933 | &nbsp;&nbsp; 949 |
| 5.950%, 1/28/31 | 5461 | &nbsp;&nbsp; 5294 |
| 7.690%, 1/23/50 | 1079 | &nbsp;&nbsp; 981 |
| Petronas Capital Ltd. 144A <br>3.500%, 4/21/30<sup>(2)</sup> <br>| 4532 | &nbsp;&nbsp; 4408 |
| Poinsettia Finance Ltd. <br> RegS <br>6.625%, 6/17/31<sup>(4)</sup> <br>| 3943 | &nbsp;&nbsp; 3882 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. 7.625%, 3/1/55<br>| 1675 | &nbsp;&nbsp; 1750 |
| USA Compression <br> Partners LP 144A <br>7.125%, 3/15/29<sup>(2)</sup> <br>| 2835 | &nbsp;&nbsp; 2924 |
| Uzbekneftegaz JSC 144A <br>8.750%, 5/7/30<sup>(2)</sup> <br>| 1707 | &nbsp;&nbsp; 1824 |
| YPF S.A. 144A <br>6.950%, 7/21/27<sup>(2)</sup> <br>| 2358 | &nbsp;&nbsp; 2336 |
|  |  | &nbsp;&nbsp; 144772 |
| **Financials—10.5%** | **Financials—10.5%** |  |
| Acwa Power Management <br> & Investments One Ltd. <br> 144A <br>5.950%, 12/15/39<sup>(2)</sup> <br>| 1846 | &nbsp;&nbsp; 1871 |
| AerCap Ireland Capital DAC |  |  |
| 6.450%, 4/15/27 | 2365 | &nbsp;&nbsp; 2439 |
| 6.950%, 3/10/55 | 4340 | &nbsp;&nbsp; 4543 |
| 6.500%, 1/31/56 | 3660 | &nbsp;&nbsp; 3776 |
| Alliant Holdings <br> Intermediate LLC 144A <br>6.750%, 4/15/28<sup>(2)</sup> <br>| 4500 | &nbsp;&nbsp; 4580 |
| Allstate Corp. (The) Series <br> B (3 month Term SOFR + <br> 3.200%)7.411%, 8/15/53<sup>(7)</sup> <br>| 5111 | &nbsp;&nbsp; 5119 |
| Ally Financial, Inc. |  |  |
| 5.737%, 5/15/29 | 905 | &nbsp;&nbsp; 926 |
| 5.543%, 1/17/31 | 4815 | &nbsp;&nbsp; 4905 |
| American Express Co. |  |  |
| 5.085%, 1/30/31 | 1910 | &nbsp;&nbsp; 1969 |
| (SOFR + 0.750%) <br> 5.053%, 4/23/27<sup>(7)</sup> <br>| 4370 | &nbsp;&nbsp; 4379 |
| (SOFR + 0.930%) <br> 5.230%, 7/26/28<sup>(7)</sup> <br>| 897 | &nbsp;&nbsp; 902 |
| American National Group, <br> Inc. 7.000%, 12/1/55<br>| 1750 | &nbsp;&nbsp; 1803 |
| Avolon Holdings Funding <br> Ltd.<br>|  |  |
| <br>144A <br> 2.528%, 11/18/27<sup>(2)</sup> <br>| 703 | &nbsp;&nbsp; 676 |
| <br>144A <br> 5.750%, 11/15/29<sup>(2)</sup> <br>| 4805 | &nbsp;&nbsp; 4993 |
| <br>144A 5.375%, 5/30/30<sup>(2)</sup> <br>| 1765 | &nbsp;&nbsp; 1807 |
| Azule Energy Finance plc <br> 144A <br>8.125%, 1/23/30<sup>(2)</sup> <br>| 1000 | &nbsp;&nbsp; 1012 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Banco de Credito del Peru <br> S.A. 144A <br>6.450%, 7/30/35<sup>(2)</sup> <br>| $928 | &nbsp;&nbsp; $965 |
| Banco de Credito e <br> Inversiones S.A. 144A <br>8.750% <sup>(2)(8)</sup> <br>| 3299 | &nbsp;&nbsp; 3571 |
| Banco Mercantil del Norte <br> S.A. 144A <br>5.875% <sup>(2)(5)(8)</sup> <br>| 6492 | &nbsp;&nbsp; 6444 |
| Bangkok Bank PCL 144A <br>3.733%, 9/25/34<sup>(2)</sup> <br>| 3220 | &nbsp;&nbsp; 3052 |
| Bank of America Corp. |  |  |
| 6.125%<sup>(8)</sup> <br>| 4600 | &nbsp;&nbsp; 4652 |
| 1.734%, 7/22/27 | 9930 | &nbsp;&nbsp; 9732 |
| 2.551%, 2/4/28 | 3725 | &nbsp;&nbsp; 3648 |
| Barclays plc |  |  |
| 7.325%, 11/2/26 | 3430 | &nbsp;&nbsp; 3438 |
| 7.385%, 11/2/28 | 3215 | &nbsp;&nbsp; 3410 |
| Blackstone Private Credit <br> Fund 5.950%, 7/16/29<br>| 5345 | &nbsp;&nbsp; 5499 |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | 3495 | &nbsp;&nbsp; 3617 |
| <br>144A 5.625%, 8/15/30<sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 537 |
| Blue Owl Credit Income <br> Corp. 6.650%, 3/15/31<br>| 2435 | &nbsp;&nbsp; 2559 |
| BPCE S.A. 144A <br>5.975%, 1/18/27<sup>(2)</sup> <br>| 6390 | &nbsp;&nbsp; 6414 |
| Capital One Financial Corp. <br> 4.493%, 9/11/31<br>| 9635 | &nbsp;&nbsp; 9557 |
| CBQ Finance Ltd. RegS <br>5.375%, 3/28/29<sup>(4)</sup> <br>| 2646 | &nbsp;&nbsp; 2723 |
| Charles Schwab Corp. <br> (The)<br>|  |  |
| Series H 4.000%<sup>(8)</sup> <br>| 7920 | &nbsp;&nbsp; 7432 |
| Series I 4.000%<sup>(8)</sup> <br>| 1895 | &nbsp;&nbsp; 1874 |
| Citigroup, Inc. |  |  |
| 4.503%, 9/11/31 | 4025 | &nbsp;&nbsp; 4027 |
| (SOFR + 1.280%) <br> 5.513%, 2/24/28<sup>(7)</sup> <br>| 8147 | &nbsp;&nbsp; 8233 |
| Series X 3.875%<sup>(8)</sup> <br>| 9370 | &nbsp;&nbsp; 9283 |
| Citizens Financial Group, <br> Inc. 5.841%, 1/23/30<br>| 4566 | &nbsp;&nbsp; 4759 |
| CK Hutchison International <br> 23 Ltd. 144A <br>4.750%, 4/21/28<sup>(2)</sup> <br>| 1555 | &nbsp;&nbsp; 1575 |
| Constellation Oil Services <br> Holding S.A. 144A <br>9.375%, 11/7/29<sup>(2)</sup> <br>| 2166 | &nbsp;&nbsp; 2223 |
| Corebridge Financial, Inc. <br> 6.875%, 12/15/52<br>| 8938 | &nbsp;&nbsp; 9166 |
| DAE Funding LLC 144A <br>3.375%, 3/20/28<sup>(2)</sup> <br>| 4748 | &nbsp;&nbsp; 4578 |
| Deutsche Bank AG |  |  |
| 2.311%, 11/16/27 | 1775 | &nbsp;&nbsp; 1736 |
| 6.819%, 11/20/29 | 1700 | &nbsp;&nbsp; 1818 |
| 4.999%, 9/11/30 | 6780 | &nbsp;&nbsp; 6877 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(2)</sup> <br>| $5980 | &nbsp;&nbsp; $5837 |
| F&G Annuities & Life, Inc. <br> 6.500%, 6/4/29<br>| 7300 | &nbsp;&nbsp; 7611 |
| Fifth Third Bancorp |  |  |
| 4.055%, 4/25/28 | 2565 | &nbsp;&nbsp; 2556 |
| 4.895%, 9/6/30 | 1963 | &nbsp;&nbsp; 1995 |
| First Abu Dhabi Bank PJSC <br> RegS <br>6.320%, 4/4/34<sup>(4)</sup> <br>| 1267 | &nbsp;&nbsp; 1317 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(2)</sup> <br>| 5390 | &nbsp;&nbsp; 5471 |
| Foundry JV Holdco LLC <br> 144A <br>5.900%, 1/25/30<sup>(2)</sup> <br>| 6515 | &nbsp;&nbsp; 6870 |
| Global Atlantic Fin Co. <br> 144A <br>7.950%, 10/15/54<sup>(2)</sup> <br>| 2000 | &nbsp;&nbsp; 2116 |
| Goldman Sachs Group, Inc. <br> (The) 4.250%, 10/21/25<br>| 13415 | &nbsp;&nbsp; 13406 |
| HA Sustainable <br> Infrastructure Capital, <br> Inc. 6.150%, 1/15/31<br>| 4245 | &nbsp;&nbsp; 4361 |
| HAT Holdings I LLC 144A <br>8.000%, 6/15/27<sup>(2)</sup> <br>| 2273 | &nbsp;&nbsp; 2366 |
| HTA Group Ltd. 144A <br>7.500%, 6/4/29<sup>(2)</sup> <br>| 1529 | &nbsp;&nbsp; 1591 |
| HUB International Ltd. <br> 144A <br>7.250%, 6/15/30<sup>(2)</sup> <br>| 5305 | &nbsp;&nbsp; 5533 |
| Huntington Bancshares, <br> Inc.<br>|  |  |
| 6.208%, 8/21/29 | 3920 | &nbsp;&nbsp; 4126 |
| 5.272%, 1/15/31 | 805 | &nbsp;&nbsp; 830 |
| Imperial Brands Finance <br> plc 144A <br>5.500%, 2/1/30<sup>(2)</sup> <br>| 6685 | &nbsp;&nbsp; 6935 |
| Israel Discount Bank Ltd. <br> 144A, RegS <br>5.375%, 1/26/28<sup>(2)(4)</sup> <br>| 2619 | &nbsp;&nbsp; 2640 |
| JH North America <br> Holdings, Inc. 144A <br>5.875%, 1/31/31<sup>(2)</sup> <br>| 9930 | &nbsp;&nbsp; 10082 |
| JPMorgan Chase & Co. |  |  |
| 1.578%, 4/22/27 | 4820 | &nbsp;&nbsp; 4751 |
| 4.323%, 4/26/28 | 5930 | &nbsp;&nbsp; 5945 |
| (SOFR + 1.180%) <br> 5.413%, 2/24/28<sup>(7)</sup> <br>| 13015 | &nbsp;&nbsp; 13137 |
| KeyCorp 5.121%, 4/4/31<sup>(5)</sup> <br>| 8900 | &nbsp;&nbsp; 9138 |
| Ladder Capital Finance <br> Holdings LLLP 144A <br>4.250%, 2/1/27<sup>(2)</sup> <br>| 7870 | &nbsp;&nbsp; 7800 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(2)</sup> <br>| 9360 | &nbsp;&nbsp; 9193 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Melco Resorts Finance Ltd. <br> 144A <br>5.375%, 12/4/29<sup>(2)</sup> <br>| $1779 | &nbsp;&nbsp; $1738 |
| Merlin Entertainments <br> Group U.S. Holdings, <br> Inc. 144A <br>7.375%, 2/15/31<sup>(2)</sup> <br>| 4710 | &nbsp;&nbsp; 4059 |
| Midcap Financial Issuer <br> Trust 144A <br>6.500%, 5/1/28<sup>(2)</sup> <br>| 6935 | &nbsp;&nbsp; 6887 |
| Minejesa Capital B.V. 144A <br>4.625%, 8/10/30<sup>(2)</sup> <br>| 1731 | &nbsp;&nbsp; 1722 |
| Morgan Stanley |  |  |
| 2.475%, 1/21/28 | 10911 | &nbsp;&nbsp; 10679 |
| 3.591%, 7/22/28<sup>(7)</sup> <br>| 1730 | &nbsp;&nbsp; 1712 |
| 3.772%, 1/24/29 | 6000 | &nbsp;&nbsp; 5948 |
| Movida Europe S.A. 144A <br>7.850%, 4/11/29<sup>(2)(5)</sup> <br>| 2365 | &nbsp;&nbsp; 2279 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(2)</sup> <br>| 10189 | &nbsp;&nbsp; 9725 |
| NextEra Energy Capital <br> Holdings, Inc. <br> 6.375%, 8/15/55<br>| 10100 | &nbsp;&nbsp; 10487 |
| OneMain Finance Corp. |  |  |
| 6.625%, 1/15/28 | 1790 | &nbsp;&nbsp; 1833 |
| 6.125%, 5/15/30 | 855 | &nbsp;&nbsp; 866 |
| 6.750%, 3/15/32 | 3405 | &nbsp;&nbsp; 3468 |
| Organon & Co. 144A <br>4.125%, 4/30/28<sup>(2)</sup> <br>| 4875 | &nbsp;&nbsp; 4710 |
| PNC Financial Services <br> Group, Inc. (The) <br> 5.222%, 1/29/31<br>| 8965 | &nbsp;&nbsp; 9263 |
| Repsol E&P Capital <br> Markets U.S. LLC 144A <br>5.204%, 9/16/30<sup>(2)</sup> <br>| 2620 | &nbsp;&nbsp; 2639 |
| RGA Global Funding |  |  |
| <br>144A 5.448%, 5/24/29<sup>(2)</sup> <br>| 4431 | &nbsp;&nbsp; 4598 |
| <br>144A 5.250%, 1/9/30<sup>(2)</sup> <br>| 2230 | &nbsp;&nbsp; 2306 |
| Rocket Cos., Inc. 144A <br>6.125%, 8/1/30<sup>(2)</sup> <br>| 1585 | &nbsp;&nbsp; 1627 |
| Sasol Financing USA LLC <br> 4.375%, 9/18/26<br>| 1608 | &nbsp;&nbsp; 1599 |
| Societe Generale S.A. 144A <br>5.634%, 1/19/30<sup>(2)</sup> <br>| 6240 | &nbsp;&nbsp; 6428 |
| South Bow USA <br> Infrastructure <br> Holdings LLC <br> 5.026%, 10/1/29<br>| 8560 | &nbsp;&nbsp; 8658 |
| Standard Chartered plc <br> 144A <br>6.301%, 1/9/29<sup>(2)</sup> <br>| 1475 | &nbsp;&nbsp; 1534 |
| State Street Corp. Series <br> I6.700% <sup>(8)</sup> <br>| 5155 | &nbsp;&nbsp; 5362 |
| Stellantis Finance U.S., Inc. <br> 144A <br>5.750%, 3/18/30<sup>(2)</sup> <br>| 6825 | &nbsp;&nbsp; 6942 |
| Texas Capital Bancshares, <br> Inc. 4.000%, 5/6/31<br>| 5470 | &nbsp;&nbsp; 5391 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Toronto-Dominion Bank <br> (The) 8.125%, 10/31/82<br>| $7920 | &nbsp;&nbsp; $8371 |
| Truist Bank <br> 4.632%, 9/17/29<br>| 6950 | &nbsp;&nbsp; 7002 |
| Truist Financial Corp. <br> 7.161%, 10/30/29<br>| 4440 | &nbsp;&nbsp; 4809 |
| U.S. Bancorp <br> 5.046%, 2/12/31<br>| 8900 | &nbsp;&nbsp; 9128 |
| UBS AG 5.650%, 9/11/28 | 6700 | &nbsp;&nbsp; 7005 |
| UBS Group AG 144A <br>9.250% <sup>(2)(8)</sup> <br>| 4345 | &nbsp;&nbsp; 4786 |
| United Overseas Bank Ltd. <br> 144A <br>2.000%, 10/14/31<sup>(2)</sup> <br>| 1645 | &nbsp;&nbsp; 1604 |
| Wells Fargo & Co. |  |  |
| 3.526%, 3/24/28 | 6675 | &nbsp;&nbsp; 6615 |
| 6.303%, 10/23/29 | 900 | &nbsp;&nbsp; 953 |
| 5.150%, 4/23/31 | 4650 | &nbsp;&nbsp; 4796 |
|  |  | &nbsp;&nbsp; 492235 |
| **Health Care—1.6%** | **Health Care—1.6%** |  |
| Community Health <br> Systems, Inc. 144A <br>5.250%, 5/15/30<sup>(2)</sup> <br>| 10130 | &nbsp;&nbsp; 9164 |
| CVS Health Corp. <br> 7.000%, 3/10/55<br>| 5610 | &nbsp;&nbsp; 5889 |
| DENTSPLY SIRONA, Inc. <br> 3.250%, 6/1/30<br>| 13108 | &nbsp;&nbsp; 12061 |
| HCA, Inc. 5.450%, 4/1/31 | 9197 | &nbsp;&nbsp; 9560 |
| IQVIA, Inc. |  |  |
| 5.700%, 5/15/28 | 4267 | &nbsp;&nbsp; 4402 |
| 6.250%, 2/1/29 | 2095 | &nbsp;&nbsp; 2205 |
| <br>144A 6.250%, 6/1/32<sup>(2)</sup> <br>| 1425 | &nbsp;&nbsp; 1465 |
| Medline Borrower LP 144A <br>6.250%, 4/1/29<sup>(2)</sup> <br>| 1590 | &nbsp;&nbsp; 1631 |
| Royalty Pharma plc |  |  |
| 5.150%, 9/2/29 | 4455 | &nbsp;&nbsp; 4571 |
| 4.450%, 3/25/31 | 1500 | &nbsp;&nbsp; 1488 |
| Smith & Nephew plc <br> 2.032%, 10/14/30<br>| 10625 | &nbsp;&nbsp; 9498 |
| Solstice Advanced <br> Materials, Inc. 144A <br>5.625%, 9/30/33<sup>(2)</sup> <br>| 275 | &nbsp;&nbsp; 276 |
| Teva Pharmaceutical <br> Finance Netherlands III <br> B.V.<br>|  |  |
| 3.150%, 10/1/26 | 2132 | &nbsp;&nbsp; 2090 |
| 4.750%, 5/9/27 | 707 | &nbsp;&nbsp; 704 |
| Universal Health Services, <br> Inc. 1.650%, 9/1/26<br>| 10250 | &nbsp;&nbsp; 10008 |
| Viatris, Inc. 144A <br>2.300%, 6/22/27<sup>(2)</sup> <br>| — <br><sup>(9)</sup><br>| &nbsp;&nbsp; — <br><sup>(9)</sup><br>|
|  |  | &nbsp;&nbsp; 75012 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—2.0%** | **Industrials—2.0%** |  |
| Adani Ports & Special <br> Economic Zone Ltd.<br>|  |  |
| <br>144A 4.000%, 7/30/27<sup>(2)</sup> <br>| $1800 | &nbsp;&nbsp; $1766 |
| <br>144A 4.375%, 7/3/29<sup>(2)</sup> <br>| 500 | &nbsp;&nbsp; 488 |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(2)</sup> <br>| 8860 | &nbsp;&nbsp; 8872 |
| Altice France S.A. |  |  |
| <br>144A <br> 5.125%, 7/15/29<sup>(2)(10)</sup> <br>| 4885 | &nbsp;&nbsp; 4172 |
| <br>144A <br> 5.500%, 10/15/29<sup>(2)(10)</sup> <br>| 3970 | &nbsp;&nbsp; 3434 |
| Aviation Capital Group LLC <br> 144A <br>5.375%, 7/15/29<sup>(2)</sup> <br>| 6235 | &nbsp;&nbsp; 6386 |
| BlueLinx Holdings, Inc. <br> 144A <br>6.000%, 11/15/29<sup>(2)</sup> <br>| 6511 | &nbsp;&nbsp; 6410 |
| Boeing Co. (The) |  |  |
| 6.259%, 5/1/27 | 3670 | &nbsp;&nbsp; 3776 |
| 6.388%, 5/1/31 | 1720 | &nbsp;&nbsp; 1873 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(2)</sup> <br>| 8228 | &nbsp;&nbsp; 7467 |
| Builders FirstSource, Inc. <br> 144A <br>4.250%, 2/1/32<sup>(2)</sup> <br>| 6060 | &nbsp;&nbsp; 5699 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(2)</sup> <br>| 10019 | &nbsp;&nbsp; 9172 |
| DP World Salaam RegS <br>6.000% <sup>(4)(8)</sup> <br>| 1347 | &nbsp;&nbsp; 1347 |
| Herc Holdings, Inc. 144A <br>7.000%, 6/15/30<sup>(2)</sup> <br>| 1060 | &nbsp;&nbsp; 1101 |
| Hexcel Corp. <br> 4.200%, 2/15/27<br>| 10770 | &nbsp;&nbsp; 10724 |
| Hilton Domestic Operating <br> Co., Inc. 144A <br>5.750%, 9/15/33<sup>(2)</sup> <br>| 4920 | &nbsp;&nbsp; 4986 |
| Huntington Ingalls <br> Industries, Inc. <br> 2.043%, 8/16/28<br>| 6200 | &nbsp;&nbsp; 5823 |
| Icahn Enterprises LP <br> 6.250%, 5/15/26<br>| 424 | &nbsp;&nbsp; 423 |
| Quikrete Holdings, Inc. <br> 144A <br>6.375%, 3/1/32<sup>(2)</sup> <br>| 965 | &nbsp;&nbsp; 1000 |
| Regal Rexnord Corp. |  |  |
| 6.050%, 2/15/26 | 2680 | &nbsp;&nbsp; 2693 |
| 6.050%, 4/15/28 | 1990 | &nbsp;&nbsp; 2059 |
| 6.300%, 2/15/30 | 3818 | &nbsp;&nbsp; 4048 |
|  |  | &nbsp;&nbsp; 93719 |
| **Information Technology—1.3%** | **Information Technology—1.3%** |  |
| Booz Allen Hamilton, Inc. <br> 144A <br>4.000%, 7/1/29<sup>(2)(5)</sup> <br>| 11502 | &nbsp;&nbsp; 11221 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Broadcom, Inc. <br> 4.350%, 2/15/30<br>| $8220 | &nbsp;&nbsp; $8260 |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(2)</sup> <br>| 5545 | &nbsp;&nbsp; 5751 |
| Consensus Cloud <br> Solutions, Inc.<br>|  |  |
| <br>144A <br> 6.000%, 10/15/26<sup>(2)</sup> <br>| 1440 | &nbsp;&nbsp; 1437 |
| <br>144A <br> 6.500%, 10/15/28<sup>(2)</sup> <br>| 2165 | &nbsp;&nbsp; 2175 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(2)</sup> <br>| 7320 | &nbsp;&nbsp; 6913 |
| Kyndryl Holdings, Inc. <br> 2.700%, 10/15/28<br>| 7285 | &nbsp;&nbsp; 6940 |
| Oracle Corp. <br> 6.250%, 11/9/32<br>| 6360 | &nbsp;&nbsp; 6911 |
| TSMC Global Ltd. 144A <br>1.375%, 9/28/30<sup>(2)(5)</sup> <br>| 1884 | &nbsp;&nbsp; 1650 |
| Vontier Corp. <br> 2.400%, 4/1/28<br>| 8630 | &nbsp;&nbsp; 8209 |
|  |  | &nbsp;&nbsp; 59467 |
| **Materials—1.7%** | **Materials—1.7%** |  |
| Bayport Polymers LLC <br> 144A <br>4.743%, 4/14/27<sup>(2)</sup> <br>| 10485 | &nbsp;&nbsp; 10518 |
| Berry Global, Inc. <br> 5.800%, 6/15/31<br>| 7775 | &nbsp;&nbsp; 8220 |
| Braskem Netherlands <br> Finance B.V. 144A <br>4.500%, 1/10/28<sup>(2)</sup> <br>| 6104 | &nbsp;&nbsp; 2588 |
| Corp. Nacional del Cobre <br> de Chile<br>|  |  |
| <br>144A 3.150%, 1/14/30<sup>(2)</sup> <br>| 5969 | &nbsp;&nbsp; 5665 |
| <br>144A 5.950%, 1/8/34<sup>(2)</sup> <br>| 1355 | &nbsp;&nbsp; 1418 |
| Fortescue Treasury Pty Ltd. <br> 144A <br>5.875%, 4/15/30<sup>(2)</sup> <br>| 6535 | &nbsp;&nbsp; 6697 |
| INEOS Quattro Finance 2 <br> plc 144A <br>9.625%, 3/15/29<sup>(2)(5)</sup> <br>| 5995 | &nbsp;&nbsp; 5932 |
| LSB Industries, Inc. 144A <br>6.250%, 10/15/28<sup>(2)</sup> <br>| 4825 | &nbsp;&nbsp; 4760 |
| Mauser Packaging <br> Solutions Holding Co. <br> 144A <br>9.250%, 4/15/27<sup>(2)</sup> <br>| 3120 | &nbsp;&nbsp; 3127 |
| OCP S.A. 144A <br>3.750%, 6/23/31<sup>(2)</sup> <br>| 1737 | &nbsp;&nbsp; 1631 |
| Silgan Holdings, Inc. 144A <br>1.400%, 4/1/26<sup>(2)</sup> <br>| 9178 | &nbsp;&nbsp; 9034 |
| Smurfit Kappa Treasury <br> ULC 5.200%, 1/15/30<br>| 8006 | &nbsp;&nbsp; 8230 |
| Sonoco Products Co. <br> 4.600%, 9/1/29<br>| 9080 | &nbsp;&nbsp; 9134 |
| Suzano Austria GmbH <br> 6.000%, 1/15/29<br>| 2205 | &nbsp;&nbsp; 2285 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| WE Soda Investments <br> Holding plc 144A <br>9.500%, 10/6/28<sup>(2)</sup> <br>| $804 | &nbsp;&nbsp; $779 |
|  |  | &nbsp;&nbsp; 80018 |
| **Real Estate—0.3%** | **Real Estate—0.3%** |  |
| EPR Properties <br> 4.950%, 4/15/28<br>| 9545 | &nbsp;&nbsp; 9619 |
| Office Properties Income <br> Trust 144A <br>9.000%, 9/30/29<sup>(2)(3)</sup> <br>| 3662 | &nbsp;&nbsp; 2344 |
| Port of Spain Waterfront <br> Development RegS <br>7.875%, 2/19/40<sup>(4)</sup> <br>| 1382 | &nbsp;&nbsp; 1397 |
|  |  | &nbsp;&nbsp; 13360 |
| **Utilities—2.1%** | **Utilities—2.1%** |  |
| Abu Dhabi National Energy <br> Co. PJSC 144A <br>4.375%, 1/24/29<sup>(2)</sup> <br>| 1786 | &nbsp;&nbsp; 1799 |
| Adani Electricity Mumbai <br> Ltd. RegS <br>3.949%, 2/12/30<sup>(4)</sup> <br>| 1000 | &nbsp;&nbsp; 940 |
| AES Corp. (The) <br> 7.600%, 1/15/55<br>| 4075 | &nbsp;&nbsp; 4221 |
| Algonquin Power & Utilities <br> Corp. <br> 5.365%, 6/15/26<sup>(6)</sup> <br>| 4565 | &nbsp;&nbsp; 4598 |
| Comision Ejecutiva <br> Hidroelectrica del Rio <br> Lempa 144A <br>8.650%, 1/24/33<sup>(2)</sup> <br>| 1386 | &nbsp;&nbsp; 1449 |
| Electricite de France S.A. <br> 144A <br>5.700%, 5/23/28<sup>(2)</sup> <br>| 7110 | &nbsp;&nbsp; 7355 |
| Enel Finance International <br> N.V. 144A <br>5.125%, 6/26/29<sup>(2)</sup> <br>| 3560 | &nbsp;&nbsp; 3647 |
| Entergy Corp. <br> 7.125%, 12/1/54<br>| 8775 | &nbsp;&nbsp; 9169 |
| Eskom Holdings 144A <br>8.450%, 8/10/28<sup>(2)</sup> <br>| 1563 | &nbsp;&nbsp; 1673 |
| Ferrellgas LP |  |  |
| <br>144A 5.375%, 4/1/26<sup>(2)</sup> <br>| 7310 | &nbsp;&nbsp; 7236 |
| <br>144A 5.875%, 4/1/29<sup>(2)</sup> <br>| 1500 | &nbsp;&nbsp; 1396 |
| Limak Yenilenebilir Enerji <br> AS 144A <br>9.625%, 8/12/30<sup>(2)</sup> <br>| 900 | &nbsp;&nbsp; 897 |
| NiSource, Inc. <br> 6.950%, 11/30/54<br>| 5370 | &nbsp;&nbsp; 5588 |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara 144A <br>5.450%, 5/21/28<sup>(2)</sup> <br>| 10118 | &nbsp;&nbsp; 10371 |
| Puget Energy, Inc. <br> 2.379%, 6/15/28<br>| 7558 | &nbsp;&nbsp; 7176 |
| Southern California Edison <br> Co. 5.450%, 6/1/31<br>| 6715 | &nbsp;&nbsp; 6911 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Southern Co. (The) Series <br> 21-A3.750%, 9/15/51<br>| $13578 | &nbsp;&nbsp; $13397 |
| Venture Global <br> Plaquemines LNG LLC<br>|  |  |
| <br>144A 7.500%, 5/1/33<sup>(2)</sup> <br>| 450 | &nbsp;&nbsp; 497 |
| <br>144A 6.500%, 1/15/34<sup>(2)</sup> <br>| 4715 | &nbsp;&nbsp; 4963 |
| Vistra Operations Co. LLC <br> 144A <br>6.875%, 4/15/32<sup>(2)</sup> <br>| 7035 | &nbsp;&nbsp; 7358 |
|  |  | &nbsp;&nbsp; 100641 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,192,322)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,192,322)** | &nbsp;&nbsp; **1206283** |
| **Leveraged Loans—6.0%** | **Leveraged Loans—6.0%** | **Leveraged Loans—6.0%** |
| **Aerospace—0.4%** | **Aerospace—0.4%** |  |
| American Airlines, Inc. (3 <br> month Term SOFR + <br> 2.250%) <br>6.575%, 4/20/28<sup>(7)</sup> <br>| 3222 | &nbsp;&nbsp; 3215 |
| Dynasty Acquisition Co., <br> Inc.<br>|  |  |
| Tranche B-1 (1 month <br> Term SOFR + 2.000%) <br>6.163%, 10/31/31<sup>(7)</sup> <br>| 5042 | &nbsp;&nbsp; 5042 |
| Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>6.163%, 10/31/31<sup>(7)</sup> <br>| 1918 | &nbsp;&nbsp; 1918 |
| Rand Parent LLC 2025, <br> Tranche B (3 month <br> Term SOFR + 3.000%) <br>7.001%, 3/18/30<sup>(7)</sup> <br>| 3845 | &nbsp;&nbsp; 3825 |
| TransDigm, Inc. Tranche J <br> (3 month Term SOFR + <br> 2.500%) <br>6.502%, 2/28/31<sup>(7)</sup> <br>| 4344 | &nbsp;&nbsp; 4341 |
|  |  | &nbsp;&nbsp; 18341 |
| **Chemicals—0.2%** | **Chemicals—0.2%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>7.413%, 2/18/30<sup>(7)</sup> <br>| 4931 | &nbsp;&nbsp; 4450 |
| Lummus Technology <br> Holdings V LLC Tranche <br> B (1 month Term SOFR + <br> 2.500%) <br>6.663%, 12/31/29<sup>(7)</sup> <br>| 2669 | &nbsp;&nbsp; 2674 |
|  |  | &nbsp;&nbsp; 7124 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| Resideo Funding, Inc. (3 <br> month Term SOFR + <br> 2.000%) <br>6.038%, 8/13/32<sup>(7)</sup> <br>| 2835 | &nbsp;&nbsp; 2833 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—0.4%** | **Energy—0.4%** |  |
| Epic Crude Services LP <br> Tranche B (3 month <br> Term SOFR + 2.500%) <br>6.828%, 10/15/31<sup>(7)</sup> <br>| $4179 | &nbsp;&nbsp; $4180 |
| Freeport LNG <br> Investments LLP 2025, <br> Tranche B (3 month <br> Term SOFR + 3.250%) <br>7.575%, 12/21/28<sup>(7)</sup> <br>| 2538 | &nbsp;&nbsp; 2535 |
| GIP Pilot Acquisition <br> Partners LP (3 month <br> Term SOFR + 2.000%) <br>6.286%, 10/4/30<sup>(7)</sup> <br>| 3746 | &nbsp;&nbsp; 3738 |
| Hilcorp Energy I LP <br> Tranche B (1 month <br> Term SOFR + 2.000%) <br>6.150%, 2/11/30<sup>(7)</sup> <br>| 1577 | &nbsp;&nbsp; 1577 |
| Oryx Midstream Services <br> Permian Basin LLC <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>6.416%, 10/5/28<sup>(7)</sup> <br>| 4134 | &nbsp;&nbsp; 4132 |
| Paragon Offshore Finance <br> Co. Escrow <br>0.000%, <sup>(3)(11)</sup> <br>| 66 | &nbsp;&nbsp; — |
| Whitewater DBR <br> Holdco LLC Tranche C (3 <br> month Term SOFR + <br> 2.311%) <br>6.312%, 3/3/31<sup>(7)</sup> <br>| 2238 | &nbsp;&nbsp; 2239 |
|  |  | &nbsp;&nbsp; 18401 |
| **Financials—0.2%** | **Financials—0.2%** |  |
| Acrisure LLC 2024, <br> Tranche B-6 (1 month <br> Term SOFR + 3.000%) <br>7.163%, 11/6/30<sup>(7)</sup> <br>| 3575 | &nbsp;&nbsp; 3565 |
| Citadel Securities LP 2024 <br> (1 month Term SOFR + <br> 2.000%) <br>6.163%, 10/31/31<sup>(7)</sup> <br>| 4378 | &nbsp;&nbsp; 4385 |
| Truist Insurance <br> Holdings LLC 2024, <br> Tranche B (3 month <br> Term SOFR + 2.750%) <br>6.752%, 5/6/31<sup>(7)</sup> <br>| 3835 | &nbsp;&nbsp; 3829 |
|  |  | &nbsp;&nbsp; 11779 |
| **Food / Tobacco—0.4%** | **Food / Tobacco—0.4%** |  |
| Del Monte Foods Corp. II, <br> Inc. (1 month Term <br> SOFR + 9.600%) <br>13.774%, 4/2/26<sup>(7)</sup> <br>| 1144 | &nbsp;&nbsp; 1090 |
| Del Monte Foods, Inc. |  |  |
| (1 month Term SOFR + <br> 9.600%) <br>13.750% - 13.774%, <br> 4/2/26<sup>(7)</sup> <br>| 1673 | &nbsp;&nbsp; 1338 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| (3 month Term SOFR + <br> 4.400%) <br>8.423% - 8.571%, <br> 8/2/28<sup>(10)(11)</sup> <br>| $2198 | &nbsp;&nbsp; $88 |
| (3 month Term SOFR + <br> 4.900%) <br>8.923%, 8/2/28<sup>(10)</sup> <br>| 5061 | &nbsp;&nbsp; 51 |
| (3 month Term SOFR + <br> 8.150%) <br>12.321%, 8/2/28<sup>(10)</sup> <br>| 966 | &nbsp;&nbsp; 459 |
| Froneri International Ltd. <br> Tranche B-4 (6 month <br> Term SOFR + 2.000%) <br>6.197%, 9/30/31<sup>(7)</sup> <br>| 4532 | &nbsp;&nbsp; 4495 |
| Red SPV LLC (1 month <br> Term SOFR + 2.250%) <br>6.386%, 3/15/32<sup>(7)</sup> <br>| 4464 | &nbsp;&nbsp; 4453 |
| Sazerac Co., Inc. Tranche <br> B-1 (1 month Term <br> SOFR + 2.500%) <br>6.700%, 7/9/32<sup>(7)</sup> <br>| 2275 | &nbsp;&nbsp; 2288 |
| Triton Water Holdings, Inc. <br> 2025 (3 month Term <br> SOFR + 2.250%) <br>6.252%, 3/31/28<sup>(7)</sup> <br>| 3893 | &nbsp;&nbsp; 3891 |
|  |  | &nbsp;&nbsp; 18153 |
| **Food and Drug—0.1%** | **Food and Drug—0.1%** |  |
| Opal U.S. LLC Tranche B-2 <br> (3 month Term SOFR + <br> 3.250%) <br>7.252%, 4/28/32<sup>(7)</sup> <br>| 2865 | &nbsp;&nbsp; 2871 |
| **Forest Prod / Containers—0.1%** | **Forest Prod / Containers—0.1%** |  |
| Clydesdale Acquisition <br> Holdings, Inc.<br>|  |  |
| (1 month Term SOFR + <br> 3.250%) <br>7.413%, 4/1/32<sup>(7)</sup> <br>| 2 | &nbsp;&nbsp; 2 |
| 2025, Tranche B (1 <br> month Term SOFR + <br> 3.250%) <br>7.413%, 4/1/32<sup>(7)</sup> <br>| 3355 | &nbsp;&nbsp; 3349 |
|  |  | &nbsp;&nbsp; 3351 |
| **Gaming / Leisure—0.5%** | **Gaming / Leisure—0.5%** |  |
| Caesars Entertainment, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>6.413%, 2/6/30<sup>(7)</sup> <br>| 2734 | &nbsp;&nbsp; 2725 |
| Entain plc Tranche B-6 (1 <br> month Term SOFR + <br> 2.250%) <br>6.402%, 10/31/29<sup>(7)</sup> <br>| 3468 | &nbsp;&nbsp; 3464 |
| Flutter Entertainment plc |  |  |
| 2024, Tranche B (3 <br> month Term SOFR + <br> 1.750%) <br>5.752%, 11/30/30<sup>(7)</sup> <br>| 4570 | &nbsp;&nbsp; 4551 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Tranche B (3 month <br> Term SOFR + 2.000%) <br>6.002%, 6/4/32<sup>(7)</sup> <br>| $1037 | &nbsp;&nbsp; $1035 |
| Life Time, Inc. 2025, <br> Tranche B, First Lien (1 <br> month Term SOFR + <br> 2.000%) <br>6.250%, 11/5/31<sup>(7)</sup> <br>| 4925 | &nbsp;&nbsp; 4916 |
| Light & Wonder <br> International, Inc. <br> Tranche B-2 (1 month <br> Term SOFR + 2.250%) <br>6.393%, 4/14/29<sup>(7)</sup> <br>| 3152 | &nbsp;&nbsp; 3154 |
| Playtika Holding Corp. <br> Tranche B-1 (1 month <br> Term SOFR + 2.864%) <br>7.028%, 3/13/28<sup>(7)</sup> <br>| 5851 | &nbsp;&nbsp; 5755 |
|  |  | &nbsp;&nbsp; 25600 |
| **Health Care—0.4%** | **Health Care—0.4%** |  |
| Medline Borrower LP 2030 <br> (1 month Term SOFR + <br> 2.000%) <br>6.163%, 10/23/30<sup>(7)</sup> <br>| 4660 | &nbsp;&nbsp; 4657 |
| Parexel International, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.500%) <br>6.663%, 11/15/28<sup>(7)</sup> <br>| 4077 | &nbsp;&nbsp; 4079 |
| Phoenix Guarantor, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.663%, 2/21/31<sup>(7)</sup> <br>| 4294 | &nbsp;&nbsp; 4294 |
| Select Medical Corp. <br> Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>6.163%, 12/3/31<sup>(7)</sup> <br>| 3816 | &nbsp;&nbsp; 3819 |
|  |  | &nbsp;&nbsp; 16849 |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Frontdoor, Inc. 2024, <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>6.413%, 12/17/31<sup>(7)</sup> <br>| 2481 | &nbsp;&nbsp; 2487 |
| Quikrete Holdings, Inc. <br> 2029, Tranche B (1 <br> month Term SOFR + <br> 2.250%) <br>6.413%, 3/19/29<sup>(7)</sup> <br>| 5391 | &nbsp;&nbsp; 5393 |
|  |  | &nbsp;&nbsp; 7880 |
| **Information Technology—0.3%** | **Information Technology—0.3%** |  |
| Boost Newco <br> Borrower LLC Tranche <br> B-2 (3 month Term <br> SOFR + 2.000%) <br>6.002%, 1/31/31<sup>(7)</sup> <br>| 5083 | &nbsp;&nbsp; 5085 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Iron Mountain Information <br> Management LLC <br> Tranche B (1 month <br> Term SOFR + 2.000%) <br>6.163%, 1/31/31<sup>(7)</sup> <br>| $4227 | &nbsp;&nbsp; $4226 |
| UKG, Inc. Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>7.320%, 2/10/31<sup>(7)</sup> <br>| 5192 | &nbsp;&nbsp; 5185 |
|  |  | &nbsp;&nbsp; 14496 |
| **Manufacturing—0.3%** | **Manufacturing—0.3%** |  |
| Construction Partners, Inc. <br> (1 month Term SOFR + <br> 2.500%) <br>6.663%, 11/3/31<sup>(7)</sup> <br>| 5131 | &nbsp;&nbsp; 5143 |
| Gates Corp. Tranche B-5 (1 <br> month Term SOFR + <br> 1.750%) <br>5.913%, 6/4/31<sup>(7)</sup> <br>| 3945 | &nbsp;&nbsp; 3937 |
| Madison IAQ LLC 2025 (6 <br> month Term SOFR + <br> 3.250%) <br>7.452%, 5/6/32<sup>(7)</sup> <br>| 4459 | &nbsp;&nbsp; 4477 |
| MV Holding GmbH Tranche <br> B (1 month Term SOFR + <br> 2.250%) <br>6.413%, 3/17/32<sup>(7)</sup> <br>| 1162 | &nbsp;&nbsp; 1162 |
|  |  | &nbsp;&nbsp; 14719 |
| **Media / Telecom - Broadcasting—0.2%** | **Media / Telecom - Broadcasting—0.2%** |  |
| EOC Borrower LLC Tranche <br> B (1 month Term SOFR + <br> 3.000%) <br>7.163%, 3/24/32<sup>(7)</sup> <br>| 1975 | &nbsp;&nbsp; 1974 |
| Nexstar Media, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.663%, 6/28/32<sup>(7)</sup> <br>| 4235 | &nbsp;&nbsp; 4228 |
| Univision <br> Communications, Inc. <br> 2024, First Lien (1 <br> month Term SOFR + <br> 3.614%) <br>7.778%, 1/31/29<sup>(7)</sup> <br>| 4561 | &nbsp;&nbsp; 4540 |
|  |  | &nbsp;&nbsp; 10742 |
| **Media / Telecom - Cable/Wireless** <br> **Video—0.5%** | **Media / Telecom - Cable/Wireless** <br> **Video—0.5%** |  |
| Charter Communications <br> Operating LLC Tranche <br> B-5 (3 month Term <br> SOFR + 2.250%) <br>6.541%, 12/15/31<sup>(7)</sup> <br>| 4192 | &nbsp;&nbsp; 4190 |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term <br> SOFR + 3.250%) <br>7.413%, 9/18/30<sup>(7)</sup> <br>| 3503 | &nbsp;&nbsp; 3495 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Media / Telecom - Cable/Wireless** <br> **Video—continued** | **Media / Telecom - Cable/Wireless** <br> **Video—continued** |  |
| CSC Holdings LLC 2022 (1 <br> month Term SOFR + <br> 4.500%) <br>8.650%, 1/18/28<sup>(7)</sup> <br>| $4463 | &nbsp;&nbsp; $4431 |
| DIRECTV Financing LLC <br> 2024, Tranche B (3 <br> month Term SOFR + <br> 5.512%) <br>9.820%, 8/2/29<sup>(7)</sup> <br>| 4914 | &nbsp;&nbsp; 4918 |
| Eagle Broadband <br> Investments LLC (3 <br> month Term SOFR + <br> 3.262%) <br>7.263%, 11/12/27<sup>(7)</sup> <br>| 4312 | &nbsp;&nbsp; 4271 |
| Virgin Media Bristol LLC <br> Tranche N (1 month <br> Term SOFR + 2.614%) <br>6.765%, 1/31/28<sup>(7)</sup> <br>| 1994 | &nbsp;&nbsp; 1991 |
|  |  | &nbsp;&nbsp; 23296 |
| **Media / Telecom - Diversified** <br> **Media—0.2%** | **Media / Telecom - Diversified** <br> **Media—0.2%** |  |
| Century DE Buyer LLC <br> 2025 (1 month Term <br> SOFR + 3.000%) <br>7.301%, 10/30/30<sup>(7)</sup> <br>| 2046 | &nbsp;&nbsp; 2046 |
| Formula One Management <br> Ltd. Tranche B-1 (3 <br> month Term SOFR + <br> 2.000%) <br>6.002%, 9/30/31<sup>(7)</sup> <br>| 4585 | &nbsp;&nbsp; 4584 |
| UFC Holdings LLC Tranche <br> B-5 (2 month Term <br> SOFR + 2.000%) <br>6.038%, 11/21/31<sup>(7)</sup> <br>| 4439 | &nbsp;&nbsp; 4444 |
|  |  | &nbsp;&nbsp; 11074 |
| **Media / Telecom -** <br> **Telecommunications—0.0%** | **Media / Telecom -** <br> **Telecommunications—0.0%** |  |
| Numericable U.S. LLC <br> Tranche B-12 (3 month <br> PRIME + 2.688%) <br>9.938%, 1/31/26<sup>(10)</sup> <br>| 1377 | &nbsp;&nbsp; 1267 |
| **Media / Telecom - Wireless** <br> **Communications—0.1%** | **Media / Telecom - Wireless** <br> **Communications—0.1%** |  |
| Cincinnati Bell, Inc. Tranche <br> B-5 (1 month Term <br> SOFR + 2.250%) <br>6.413%, 11/22/28<sup>(7)</sup> <br>| 4711 | &nbsp;&nbsp; 4716 |
| **Metals / Minerals—0.0%** | **Metals / Minerals—0.0%** |  |
| Arsenal AIC Parent LLC <br> 2025, Tranche B (1 <br> month Term SOFR + <br> 2.750%) <br>6.913%, 8/18/30<sup>(7)</sup> <br>| 706 | &nbsp;&nbsp; 705 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Retail—0.1%** | **Retail—0.1%** |  |
| Harbor Freight Tools USA, <br> Inc. (1 month Term <br> SOFR + 2.250%) <br>6.413%, 6/11/31<sup>(7)</sup> <br>| $2406 | &nbsp;&nbsp; $2361 |
| Peer Holding III B.V. <br> Tranche B (3 month <br> Term SOFR + 2.500%) <br>6.502%, 10/26/30<sup>(7)</sup> <br>| 2916 | &nbsp;&nbsp; 2917 |
| Skechers U.S.A., Inc. <br> Tranche B-1 (3 month <br> Term SOFR + 3.250%) <br>7.308%, 9/12/32<sup>(7)</sup> <br>| 1260 | &nbsp;&nbsp; 1265 |
|  |  | &nbsp;&nbsp; 6543 |
| **Service—0.6%** | **Service—0.6%** |  |
| AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>6.163%, 8/12/32<sup>(7)</sup> <br>| 5190 | &nbsp;&nbsp; 5152 |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.250%) <br>6.413%, 9/29/31<sup>(7)</sup> <br>| 3605 | &nbsp;&nbsp; 3601 |
| BrightView <br> Landscapes LLC Tranche <br> B (3 month Term SOFR + <br> 2.000%) <br>6.308%, 4/20/29<sup>(7)</sup> <br>| 2910 | &nbsp;&nbsp; 2899 |
| Camelot U.S. Acquisition I <br> Co. Tranche B-1 (1 <br> month Term SOFR + <br> 2.750%) <br>6.913%, 1/31/31<sup>(7)</sup> <br>| 1936 | &nbsp;&nbsp; 1923 |
| Green Infrastructure <br> Partners, Inc. (3 month <br> Term SOFR + 2.750%) <br>6.753%, 9/24/32<sup>(7)</sup> <br>| 1485 | &nbsp;&nbsp; 1485 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.502%, 11/24/28<sup>(7)</sup> <br>| 4000 | &nbsp;&nbsp; 3859 |
| Pike Corp. 2028 (1 month <br> Term SOFR + 3.114%) <br>7.278%, 1/21/28<sup>(7)</sup> <br>| 3741 | &nbsp;&nbsp; 3759 |
| Prime Security Services <br> Borrower LLC Tranche <br> B-1 (6 month Term <br> SOFR + 2.000%) <br>6.129%, 10/13/30<sup>(7)</sup> <br>| 4326 | &nbsp;&nbsp; 4313 |
|  |  | &nbsp;&nbsp; 26991 |
| **Transportation - Automotive—0.3%** | **Transportation - Automotive—0.3%** |  |
| American Axle & <br> Manufacturing, Inc. <br> Tranche C <br>0.000%, 2/24/32<sup>(7)(12)</sup> <br>| 2305 | &nbsp;&nbsp; 2291 |
| Belron Finance 2019 LLC <br> 2031 (3 month Term <br> SOFR + 2.500%) <br>6.742%, 10/16/31<sup>(7)</sup> <br>| 5034 | &nbsp;&nbsp; 5056 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Transportation - Automotive—continued** | **Transportation - Automotive—continued** |  |
| Clarios Global LP 2024, <br> Tranche B (1 month <br> Term SOFR + 2.500%) <br>6.663%, 5/6/30<sup>(7)</sup> <br>| $5034 | &nbsp;&nbsp; $5029 |
|  |  | &nbsp;&nbsp; 12376 |
| **Utilities—0.4%** | **Utilities—0.4%** |  |
| Astoria Energy LLC Tranche <br> B (1 month Term SOFR + <br> 2.750%) <br>6.913%, 6/23/32<sup>(7)</sup> <br>| 2600 | &nbsp;&nbsp; 2604 |
| Calpine Corp. Tranche B-10 <br> (1 month Term SOFR + <br> 1.750%) <br>5.913%, 1/31/31<sup>(7)</sup> <br>| 4540 | &nbsp;&nbsp; 4535 |
| Cornerstone <br> Generation LLC Tranche <br> B (3 month Term SOFR + <br> 3.250%) <br>7.476%, 8/11/32<sup>(7)</sup> <br>| 4780 | &nbsp;&nbsp; 4810 |
| Hunterstown <br> Generation LLC (3 <br> month Term SOFR + <br> 3.500%) <br>7.502% - 9.750%, <br> 11/6/31<sup>(7)</sup> <br>| 3637 | &nbsp;&nbsp; 3640 |
| South Field Energy LLC |  |  |
| Tranche B (3 month <br> Term SOFR + 3.000%) <br>7.001%, 8/29/31<sup>(7)</sup> <br>| 1164 | &nbsp;&nbsp; 1165 |
| Tranche C (3 month <br> Term SOFR + 3.000%) <br>7.001%, 8/29/31<sup>(7)</sup> <br>| 74 | &nbsp;&nbsp; 74 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.250%) <br>6.530%, 1/27/31<sup>(7)</sup> <br>| 4307 | &nbsp;&nbsp; 4309 |
|  |  | &nbsp;&nbsp; 21137 |
| **Total Leveraged Loans** <br>**(Identified Cost $287,705)** | **Total Leveraged Loans** <br>**(Identified Cost $287,705)** | &nbsp;&nbsp; **281244** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** |
| **Financials—1.4%** | **Financials—1.4%** |  |
| Virtus Newfleet ABS/MBS <br> ETF<sup>(5)(13)(14)</sup> <br>| 1882229 | &nbsp;&nbsp; 45795 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Virtus Newfleet Short <br> Duration High Yield <br> Bond ETF<sup>(5)(13)(14)</sup> <br>| 1031000 | &nbsp;&nbsp; $22656 |
|  |  | &nbsp;&nbsp; 68451 |
| **Total Affiliated Exchange-Traded** <br> **Funds** <br>**(Identified Cost $68,620)** | **Total Affiliated Exchange-Traded** <br> **Funds** <br>**(Identified Cost $68,620)** | &nbsp;&nbsp; **68451** |
| **Total Long-Term** <br> **Investments—97.8%** <br>**(Identified Cost $4,593,954)** | **Total Long-Term** <br> **Investments—97.8%** <br>**(Identified Cost $4,593,954)** | &nbsp;&nbsp; **4597336** |
| **Securities Lending Collateral—0.6%** | **Securities Lending Collateral—0.6%** | **Securities Lending Collateral—0.6%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 4.041%)<sup>(14)(15)</sup> <br>| 27140236 | &nbsp;&nbsp; 27140 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $27,140)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $27,140)** | &nbsp;&nbsp; **27140** |
| **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $4,621,094)** | **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $4,621,094)** | &nbsp;&nbsp; **$4624476** |
| Other assets and liabilities, net—1.6% | Other assets and liabilities, net—1.6% | &nbsp;&nbsp; 74287 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$4698763** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MBS | Mortgage-Backed Securities |
| MSCI | Morgan Stanley Capital International |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Par Value disclosed in foreign currency is reported <br> in thousands.<br>|

---

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

<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 September 30, 2025, these securities amounted to a value of $2,663,692 or 56.7% of net assets. 

<sup>(3)</sup> Security in default; no interest payments are being received. 

<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> All or a portion of security is on loan.

<sup>(6)</sup> Represents step coupon bond. Rate shown reflects the rate in effect as of September 30, 2025. 

<sup>(7)</sup> Variable rate security. Rate disclosed is as of September 30, 2025. 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>(8)</sup> No contractual maturity date.

<sup>(9)</sup> Amount is less than $500 (not in thousands).

<sup>(10)</sup> Security in default; interest payments are being received. 

<sup>(11)</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>(12)</sup> This loan will settle after September 30, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. 

<sup>(13)</sup> Affiliated investment. See Note 3G in Notes to Financial Statements. 

<sup>(14)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

<sup>(15)</sup> Represents security purchased with cash collateral received for securities on loan. 

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 86<br> %<br>|
| United Kingdom | 1 |
| Mexico | 1 |
| Canada | 1 |
| Ireland | 1 |
| Cayman Islands | 1 |
| France | 1 |
| Other | 8 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

As of September 30, 2025, the Fund had the following unfunded loan commitment:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** |
| Clydesdale Acquisition Holdings, Inc., 4/01/32 | &nbsp;&nbsp; $57 | &nbsp;&nbsp; $57 | &nbsp;&nbsp; $57<br>&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|

---

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $326034 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $326034 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 281859 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 281859 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 1152574 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1152574 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 1280891 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1280891 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1206283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1206283 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 281244 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 281156 | &nbsp;&nbsp;&nbsp;&nbsp; 88 <br><sup>(1)</sup><br>|
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 68451 | &nbsp;&nbsp;&nbsp;&nbsp; 68451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 27140 | &nbsp;&nbsp;&nbsp;&nbsp; 27140 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| Unfunded Loan Commitment<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $4624476 | &nbsp;&nbsp;&nbsp;&nbsp; $95591 | &nbsp;&nbsp;&nbsp;&nbsp; $4528797 | &nbsp;&nbsp;&nbsp;&nbsp; $88 |

---

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

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

<sup>(2)</sup> Amount is less than $500 (not in thousands).

<sup>\*</sup> Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).

Securities held by the Fund with an end of period value of $88 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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.

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 September 30, 2025.

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—3.7%** | **Corporate Bonds and Notes—3.7%** | **Corporate Bonds and Notes—3.7%** |
| **Communication Services—0.4%** | **Communication Services—0.4%** |  |
| CSC Holdings LLC 144A <br>7.500%, 4/1/28<sup>(1)</sup> <br>| $200 | &nbsp;&nbsp; $145 |
| DIRECTV Financing LLC |  |  |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 35 |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Gray Media, Inc. |  |  |
| <br>144A 9.625%, 7/15/32<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 112 |
| <br>144A 7.250%, 8/15/33<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 193 |
| Level 3 Financing, Inc. 144A <br>4.250%, 7/1/28<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 51 |
| McGraw-Hill Education, Inc. <br> 144A <br>7.375%, 9/1/31<sup>(1)</sup> <br>| 100 | &nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp; 665 |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| Clarios Global LP 144A <br>6.750%, 9/15/32<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 61 |
| **Consumer Staples—0.3%** | **Consumer Staples—0.3%** |  |
| Post Holdings, Inc. 144A <br>6.375%, 3/1/33<sup>(1)</sup> <br>| 205 | &nbsp;&nbsp; 207 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 225 |
|  |  | &nbsp;&nbsp; 432 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Hess Midstream <br> Operations LP 144A <br>5.875%, 3/1/28<sup>(1)</sup> <br>| 280 | &nbsp;&nbsp; 285 |
| Kraken Oil & Gas Partners LLC <br> 144A <br>7.625%, 8/15/29<sup>(1)</sup> <br>| 220 | &nbsp;&nbsp; 218 |
|  |  | &nbsp;&nbsp; 503 |
| **Financials—1.4%** | **Financials—1.4%** |  |
| Acrisure LLC 144A <br>6.000%, 8/1/29<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 508 |
| Albion Financing 1 S.a.r.l. <br> 144A <br>7.000%, 5/21/30<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 517 |
| Broadstreet Partners <br> Group LLC 144A <br>5.875%, 4/15/29<sup>(1)</sup> <br>| 300 | &nbsp;&nbsp; 299 |
| Froneri Lux FinCo S.a.r.l. 144A <br>6.000%, 8/1/32<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 110 |
| Grifols S.A. 144A <br>4.750%, 10/15/28<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 194 |
| JH North America Holdings, <br> Inc. 144A <br>5.875%, 1/31/31<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 228 |
| Ladder Capital Finance <br> Holdings LLLP 144A <br>4.250%, 2/1/27<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 223 |
| NCR Atleos Corp. 144A <br>9.500%, 4/1/29<sup>(1)</sup> <br>| 334 | &nbsp;&nbsp; 362 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Opal Bidco SAS 144A <br>6.500%, 3/31/32<sup>(1)</sup> <br>| $30 | &nbsp;&nbsp; $31 |
|  |  | &nbsp;&nbsp; 2472 |
| **Health Care—0.4%** | **Health Care—0.4%** |  |
| Amneal Pharmaceuticals LLC <br> 144A <br>6.875%, 8/1/32<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| LifePoint Health, Inc. 144A <br>9.875%, 8/15/30<sup>(1)</sup> <br>| 550 | &nbsp;&nbsp; 596 |
| Medline Borrower LP 144A <br>3.875%, 4/1/29<sup>(1)</sup> <br>| 150 | &nbsp;&nbsp; 145 |
|  |  | &nbsp;&nbsp; 751 |
| **Industrials—0.2%** | **Industrials—0.2%** |  |
| Garda World Security Corp. <br> 144A <br>8.375%, 11/15/32<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 208 |
| Global Medical Response, Inc. <br> 144A <br>7.375%, 10/1/32<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| Icahn Enterprises LP 144A <br>10.000%, 11/15/29<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 125 |
|  |  | &nbsp;&nbsp; 354 |
| **Information Technology—0.1%** | **Information Technology—0.1%** |  |
| Rocket Software, Inc. 144A <br>9.000%, 11/28/28<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 77 |
| **Materials—0.6%** | **Materials—0.6%** |  |
| Graham Packaging Co., Inc. <br> 144A <br>7.125%, 8/15/28<sup>(1)</sup> <br>| 615 | &nbsp;&nbsp; 616 |
| Mauser Packaging Solutions <br> Holding Co. 144A <br>9.250%, 4/15/27<sup>(1)</sup> <br>| 190 | &nbsp;&nbsp; 191 |
| Trivium Packaging Finance <br> B.V. 144A <br>8.250%, 7/15/30<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 240 |
|  |  | &nbsp;&nbsp; 1047 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,147)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,147)** | &nbsp;&nbsp; **6362** |
| **Leveraged Loans—91.5%** | **Leveraged Loans—91.5%** | **Leveraged Loans—91.5%** |
| **Aerospace—3.2%** | **Aerospace—3.2%** |  |
| American Airlines, Inc. (3 <br> month Term SOFR + <br> 2.250%) <br>6.575%, 4/20/28<sup>(2)</sup> <br>| 866 | &nbsp;&nbsp; 864 |
| Brown Group Holding LLC (1 <br> month Term SOFR + <br> 2.500%) <br>6.663%, 7/1/31<sup>(2)</sup> <br>| 903 | &nbsp;&nbsp; 903 |
| Goat Holdco LLC Tranche B (1 <br> month Term SOFR + <br> 2.750%) <br>6.913%, 1/27/32<sup>(2)</sup> <br>| 761 | &nbsp;&nbsp; 762 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| Kaman Corp. |  |  |
| (3 month Term SOFR + <br> 2.500%) <br>6.828%, 2/26/32<sup>(2)</sup> <br>| $7 | &nbsp;&nbsp; $7 |
| (3-6 month Term SOFR + <br> 2.500%) <br>6.544% - 6.699%, <br> 2/26/32<sup>(2)</sup> <br>| 767 | &nbsp;&nbsp; 764 |
| Rand Parent LLC 2025, <br> Tranche B (3 month Term <br> SOFR + 3.000%) <br>7.001%, 3/18/30<sup>(2)</sup> <br>| 569 | &nbsp;&nbsp; 566 |
| TransDigm, Inc. |  |  |
| Tranche J (3 month Term <br> SOFR + 2.500%) <br>6.502%, 2/28/31<sup>(2)</sup> <br>| 1425 | &nbsp;&nbsp; 1424 |
| Tranche K (3 month Term <br> SOFR + 2.250%) <br>6.252%, 3/22/30<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 125 |
|  |  | &nbsp;&nbsp; 5415 |
| **Chemicals—3.3%** | **Chemicals—3.3%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>7.413%, 2/18/30<sup>(2)</sup> <br>| 1213 | &nbsp;&nbsp; 1095 |
| Ineos U.S. Finance LLC 2031 <br> (1 month Term SOFR + <br> 3.000%) <br>7.163%, 2/7/31<sup>(2)</sup> <br>| 679 | &nbsp;&nbsp; 608 |
| Lummus Technology <br> Holdings V LLC Tranche B <br> (1 month Term SOFR + <br> 2.500%) <br>6.663%, 12/31/29<sup>(2)</sup> <br>| 1000 | &nbsp;&nbsp; 1002 |
| Nouryon Finance B.V. 2024, <br> Tranche B-1 (1 month Term <br> SOFR + 3.250%) <br>7.500%, 4/3/28<sup>(2)</sup> <br>| 1113 | &nbsp;&nbsp; 1113 |
| USALCO LLC 2025 (1 month <br> Term SOFR + 3.500%) <br>7.663%, 9/30/31<sup>(2)</sup> <br>| 544 | &nbsp;&nbsp; 542 |
| W.R. Grace Tranche B-1 (3 <br> month Term SOFR + <br> 3.000%) <br>7.001%, 8/19/32<sup>(2)</sup> <br>| 510 | &nbsp;&nbsp; 511 |
| Windsor Holdings III LLC <br> 2025, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.916%, 8/1/30<sup>(2)</sup> <br>| 872 | &nbsp;&nbsp; 872 |
|  |  | &nbsp;&nbsp; 5743 |
| **Consumer Durables—1.2%** | **Consumer Durables—1.2%** |  |
| Gloves Buyer, Inc. (1 month <br> Term SOFR + 4.000%) <br>8.163%, 5/21/32<sup>(2)</sup> <br>| 515 | &nbsp;&nbsp; 499 |
| Madison Safety & Flow LLC <br> 2025, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.913%, 9/26/31<sup>(2)</sup> <br>| 459 | &nbsp;&nbsp; 459 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Durables—continued** | **Consumer Durables—continued** |  |
| Resideo Funding, Inc. (3 <br> month Term SOFR + <br> 2.000%) <br>6.038%, 8/13/32<sup>(2)</sup> <br>| $410 | &nbsp;&nbsp; $410 |
| White Cap Supply <br> Holdings LLC Tranche C (1 <br> month Term SOFR + <br> 3.250%) <br>7.416%, 10/19/29<sup>(2)</sup> <br>| 645 | &nbsp;&nbsp; 644 |
|  |  | &nbsp;&nbsp; 2012 |
| **Consumer Non-Durables—1.1%** | **Consumer Non-Durables—1.1%** |  |
| AI Aqua Merger Sub, Inc. <br> 2025, Tranche B (1 month <br> Term SOFR + 3.000%) <br>7.280%, 7/31/28<sup>(2)</sup> <br>| 1074 | &nbsp;&nbsp; 1076 |
| DS Parent, Inc. Tranche B (3 <br> month Term SOFR + <br> 5.500%) <br>9.502%, 1/31/31<sup>(2)</sup> <br>| 640 | &nbsp;&nbsp; 591 |
| Energizer Holdings, Inc. 2025, <br> Tranche B (1 month Term <br> SOFR + 2.000%) <br>6.135%, 3/13/32<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp; 160 |
|  |  | &nbsp;&nbsp; 1827 |
| **Energy—4.1%** | **Energy—4.1%** |  |
| AL GCX Fund VIII <br> Holdings LLC Tranche B (1 <br> month Term SOFR + <br> 2.000%) <br>6.223%, 1/30/32<sup>(2)</sup> <br>| 734 | &nbsp;&nbsp; 732 |
| CQP Holdco LP (3 month <br> Term SOFR + 2.000%) <br>6.002%, 12/31/30<sup>(2)</sup> <br>| 629 | &nbsp;&nbsp; 629 |
| CVR CHC LP Tranche B (3 <br> month Term SOFR + <br> 4.000%) <br>8.002%, 12/30/27<sup>(2)</sup> <br>| 372 | &nbsp;&nbsp; 372 |
| Epic Crude Services LP <br> Tranche B (3 month Term <br> SOFR + 2.500%) <br>6.828%, 10/15/31<sup>(2)</sup> <br>| 670 | &nbsp;&nbsp; 670 |
| Freeport LNG <br> Investments LLP 2025, <br> Tranche B (3 month Term <br> SOFR + 3.250%) <br>7.575%, 12/21/28<sup>(2)</sup> <br>| 776 | &nbsp;&nbsp; 775 |
| GIP Pilot Acquisition <br> Partners LP (3 month Term <br> SOFR + 2.000%) <br>6.286%, 10/4/30<sup>(2)</sup> <br>| 283 | &nbsp;&nbsp; 282 |
| Hilcorp Energy I LP Tranche B <br> (1 month Term SOFR + <br> 2.000%) <br>6.150%, 2/11/30<sup>(2)</sup> <br>| 627 | &nbsp;&nbsp; 627 |
| M6 ETX Holdings II <br> Midco LLC (3 month <br> PRIME + 2.000%) <br>9.250%, 4/1/32<sup>(2)</sup> <br>| 294 | &nbsp;&nbsp; 294 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Oryx Midstream Services <br> Permian Basin LLC Tranche <br> B (1 month Term SOFR + <br> 2.250%) <br>6.416%, 10/5/28<sup>(2)</sup> <br>| $864 | &nbsp;&nbsp; $863 |
| Paragon Offshore Finance Co. <br> Escrow <br>0.000%, <sup>(3)(4)</sup> <br>| 11 | &nbsp;&nbsp; — |
| Stonepeak Bayou Holdings LP <br>0.000%, 10/1/32<sup>(2)(5)</sup> <br>| 355 | &nbsp;&nbsp; 354 |
| Traverse Midstream <br> Partners LLC Tranche B (3 <br> month Term SOFR + <br> 2.500%) <br>6.808%, 2/16/28<sup>(2)</sup> <br>| 789 | &nbsp;&nbsp; 790 |
| Whitewater DBR Holdco LLC <br> Tranche C (3 month Term <br> SOFR + 2.311%) <br>6.312%, 3/3/31<sup>(2)</sup> <br>| 619 | &nbsp;&nbsp; 619 |
|  |  | &nbsp;&nbsp; 7007 |
| **Financials—5.8%** | **Financials—5.8%** |  |
| Acrisure LLC |  |  |
| 2024, Tranche B-6 (1 <br> month Term SOFR + <br> 3.000%) <br>7.163%, 11/6/30<sup>(2)</sup> <br>| 316 | &nbsp;&nbsp; 315 |
| 2025, Tranche B7 (3 month <br> Term SOFR + 3.250%) <br>7.252%, 6/20/32<sup>(2)</sup> <br>| 1648 | &nbsp;&nbsp; 1645 |
| Alera Group, Inc. |  |  |
| (1 month Term SOFR + <br> 5.500%) <br>9.663%, 5/20/33<sup>(2)</sup> <br>| 215 | &nbsp;&nbsp; 221 |
| 2025 (1 month Term SOFR <br> + 3.250%) <br>7.413%, 5/30/32<sup>(2)</sup> <br>| 235 | &nbsp;&nbsp; 236 |
| AmWINS Group, Inc. (3 <br> month Term SOFR + <br> 2.250%) <br>6.252%, 1/30/32<sup>(2)</sup> <br>| 854 | &nbsp;&nbsp; 853 |
| Ardonagh Group Finco Pty <br> Ltd. 2025, Tranche B (3-6 <br> month Term SOFR + <br> 2.750%) <br>6.752% - 6.950%, <br> 2/15/31<sup>(2)</sup> <br>| 851 | &nbsp;&nbsp; 846 |
| Asurion LLC Tranche B-9 (1 <br> month Term SOFR + <br> 3.364%) <br>7.528%, 7/30/27<sup>(2)</sup> <br>| 1586 | &nbsp;&nbsp; 1585 |
| BroadStreet Partners, Inc. <br> 2024, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.913%, 6/13/31<sup>(2)</sup> <br>| 549 | &nbsp;&nbsp; 549 |
| Citadel Securities LP 2024 (1 <br> month Term SOFR + <br> 2.000%) <br>6.163%, 10/31/31<sup>(2)</sup> <br>| 631 | &nbsp;&nbsp; 632 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Focus Financial Partners LLC <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.913%, 9/15/31<sup>(2)</sup> <br>| $619 | &nbsp;&nbsp; $619 |
| HUB International Ltd. 2025 <br> (3 month Term SOFR + <br> 2.250%) <br>6.575%, 6/20/30<sup>(2)</sup> <br>| 588 | &nbsp;&nbsp; 589 |
| PEX Holdings LLC (3 month <br> Term SOFR + 2.750%) <br>6.752%, 11/20/31<sup>(2)</sup> <br>| 726 | &nbsp;&nbsp; 726 |
| Trucordia Insurance <br> Holdings LLC 2025, <br> Tranche B, First Lien (1 <br> month Term SOFR + <br> 3.250%) <br>7.413%, 6/17/32<sup>(2)</sup> <br>| 365 | &nbsp;&nbsp; 365 |
| Truist Insurance Holdings LLC <br> 2024, Tranche B (3 month <br> Term SOFR + 2.750%) <br>6.752%, 5/6/31<sup>(2)</sup> <br>| 700 | &nbsp;&nbsp; 699 |
|  |  | &nbsp;&nbsp; 9880 |
| **Food / Tobacco—3.9%** | **Food / Tobacco—3.9%** |  |
| Aspire Bakeries Holdings LLC <br> (1 month Term SOFR + <br> 3.500%) <br>7.663%, 12/23/30<sup>(2)</sup> <br>| 322 | &nbsp;&nbsp; 322 |
| CHG PPC Parent LLC 2021 (1 <br> month Term SOFR + <br> 3.114%) <br>7.278%, 12/8/28<sup>(2)</sup> <br>| 574 | &nbsp;&nbsp; 575 |
| Del Monte Foods Corp. II, Inc. <br> (1 month Term SOFR + <br> 9.600%) <br>13.774%, 4/2/26<sup>(2)</sup> <br>| 180 | &nbsp;&nbsp; 171 |
| Del Monte Foods, Inc. |  |  |
| (1 month Term SOFR + <br> 9.600%) <br>13.750% - 13.774%, <br> 4/2/26<sup>(2)</sup> <br>| 263 | &nbsp;&nbsp; 210 |
| (3 month Term SOFR + <br> 4.400%) <br>8.423% - 8.571%, <br> 8/2/28<sup>(3)(6)</sup> <br>| 345 | &nbsp;&nbsp; 14 |
| (3 month Term SOFR + <br> 4.900%) <br>8.923%, 8/2/28<sup>(6)</sup> <br>| 795 | &nbsp;&nbsp; 8 |
| (3 month Term SOFR + <br> 8.150%) <br>12.321%, 8/2/28<sup>(6)</sup> <br>| 152 | &nbsp;&nbsp; 72 |
| Froneri International Ltd. <br> Tranche B-4 (6 month Term <br> SOFR + 2.000%) <br>6.197%, 9/30/31<sup>(2)</sup> <br>| 1371 | &nbsp;&nbsp; 1360 |
| Pegasus Bidco B.V. 2025 (1 <br> month Term SOFR + <br> 2.750%) <br>6.762%, 7/12/29<sup>(2)</sup> <br>| 845 | &nbsp;&nbsp; 847 |
| Red SPV LLC (1 month Term <br> SOFR + 2.250%) <br>6.386%, 3/15/32<sup>(2)</sup> <br>| 628 | &nbsp;&nbsp; 627 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| Sazerac Co., Inc. Tranche B-1 <br> (1 month Term SOFR + <br> 2.500%) <br>6.700%, 7/9/32<sup>(2)</sup> <br>| $340 | &nbsp;&nbsp; $342 |
| Sigma Holdco B.V. Tranche <br> B-12 (3 month Term SOFR <br> + 3.910%) <br>8.070%, 1/3/28<sup>(2)</sup> <br>| 905 | &nbsp;&nbsp; 869 |
| Triton Water Holdings, Inc. <br> 2025 (3 month Term SOFR <br> + 2.250%) <br>6.252%, 3/31/28<sup>(2)</sup> <br>| 1224 | &nbsp;&nbsp; 1224 |
|  |  | &nbsp;&nbsp; 6641 |
| **Food and Drug—0.8%** | **Food and Drug—0.8%** |  |
| Dechra Pharmaceuticals <br> Holdings Ltd. Tranche B-1 <br> (6 month Term SOFR + <br> 3.250%) <br>7.447%, 1/27/32<sup>(2)</sup> <br>| 517 | &nbsp;&nbsp; 518 |
| Opal U.S. LLC Tranche B-2 (3 <br> month Term SOFR + <br> 3.250%) <br>7.252%, 4/28/32<sup>(2)</sup> <br>| 785 | &nbsp;&nbsp; 787 |
|  |  | &nbsp;&nbsp; 1305 |
| **Forest Prod / Containers—1.7%** | **Forest Prod / Containers—1.7%** |  |
| Clydesdale Acquisition <br> Holdings, Inc. Tranche B (1 <br> month Term SOFR + <br> 3.175%) <br>7.338%, 4/13/29<sup>(2)</sup> <br>| 1007 | &nbsp;&nbsp; 1006 |
| Klockner Pentaplast of <br> America, Inc. Tranche B (5 <br> month Term SOFR + <br> 4.975%) <br>9.019%, 2/12/26<sup>(2)</sup> <br>| 989 | &nbsp;&nbsp; 475 |
| Mauser Packaging Solutions <br> Holding Co. (1 month Term <br> SOFR + 3.000%) <br>7.129% - 7.280%, <br> 4/15/27<sup>(2)</sup> <br>| 803 | &nbsp;&nbsp; 803 |
| TricorBraun, Inc. (1 month <br> Term SOFR + 3.250%) <br>7.413%, 3/3/31<sup>(2)</sup> <br>| 633 | &nbsp;&nbsp; 629 |
|  |  | &nbsp;&nbsp; 2913 |
| **Gaming / Leisure—5.0%** | **Gaming / Leisure—5.0%** |  |
| Caesars Entertainment, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.250%) <br>6.413%, 2/6/30<sup>(2)</sup> <br>| 575 | &nbsp;&nbsp; 573 |
| Catawba Nation Gaming <br> Authority Tranche B (1 <br> month Term SOFR + <br> 4.750%) <br>8.913%, 3/28/32<sup>(2)</sup> <br>| 375 | &nbsp;&nbsp; 383 |
| Entain plc |  |  |
| Tranche B-5 <br>0.000%, 7/30/32<sup>(2)(5)</sup> <br>| 190 | &nbsp;&nbsp; 190 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Tranche B-6 (1-3 month <br> Term SOFR + 2.250%) <br>6.370% - 6.402%, <br> 10/31/29<sup>(2)</sup> <br>| $277 | &nbsp;&nbsp; $277 |
| Fertitta Entertainment LLC <br> Tranche B (1 month Term <br> SOFR + 3.250%) <br>7.413%, 1/27/29<sup>(2)</sup> <br>| 598 | &nbsp;&nbsp; 597 |
| Flutter Entertainment plc <br> Tranche B (3 month Term <br> SOFR + 2.000%) <br>6.002%, 6/4/32<sup>(2)</sup> <br>| 1132 | &nbsp;&nbsp; 1130 |
| J&J Ventures Gaming LLC <br> 2025, Tranche B (1 month <br> Term SOFR + 3.500%) <br>7.663%, 4/26/30<sup>(2)</sup> <br>| 408 | &nbsp;&nbsp; 404 |
| Life Time, Inc. 2025, Tranche <br> B, First Lien (1 month Term <br> SOFR + 2.000%) <br>6.250%, 11/5/31<sup>(2)</sup> <br>| 776 | &nbsp;&nbsp; 775 |
| Light & Wonder International, <br> Inc. Tranche B-2 (1 month <br> Term SOFR + 2.250%) <br>6.393%, 4/14/29<sup>(2)</sup> <br>| 719 | &nbsp;&nbsp; 720 |
| Motion Finco LLC Tranche B-3 <br> (3 month Term SOFR + <br> 3.500%) <br>7.502%, 11/12/29<sup>(2)</sup> <br>| 620 | &nbsp;&nbsp; 554 |
| Ontario Gaming GTA Ltd. <br> Partnership Tranche B (3 <br> month Term SOFR + <br> 4.250%) <br>8.240%, 8/1/30<sup>(2)</sup> <br>| 610 | &nbsp;&nbsp; 594 |
| Peninsula Pacific <br> Entertainment LLC<br>|  |  |
| Tranche B <br>0.000%, 10/1/32<sup>(2)(5)</sup> <br>| 122 | &nbsp;&nbsp; 121 |
| Tranche B <br>0.000%, 10/1/32<sup>(2)(5)</sup> <br>| 28 | &nbsp;&nbsp; 28 |
| Playtika Holding Corp. <br> Tranche B-1 (1 month Term <br> SOFR + 2.864%) <br>7.028%, 3/13/28<sup>(2)</sup> <br>| 923 | &nbsp;&nbsp; 907 |
| Scientific Games Holdings LP <br> 2024 (3 month Term SOFR <br> + 3.000%) <br>7.286%, 4/4/29<sup>(2)</sup> <br>| 684 | &nbsp;&nbsp; 678 |
| Turquoise Topco Ltd. Tranche <br> B <br>0.000%, 8/13/32<sup>(2)(5)</sup> <br>| 730 | &nbsp;&nbsp; 730 |
|  |  | &nbsp;&nbsp; 8661 |
| **Health Care—10.6%** | **Health Care—10.6%** |  |
| Agiliti Health, Inc. 2023, <br> Tranche B (3-6 month Term <br> SOFR + 3.000%) <br>7.216% - 7.291%, 5/1/30<sup>(2)</sup> <br>| 833 | &nbsp;&nbsp; 796 |
| Amneal Pharmaceuticals LLC <br> (1 month Term SOFR + <br> 3.500%) <br>7.663%, 8/2/32<sup>(2)</sup> <br>| 265 | &nbsp;&nbsp; 265 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| AthenaHealth Group, Inc. (1 <br> month Term SOFR + <br> 2.750%) <br>6.913%, 2/15/29<sup>(2)</sup> <br>| $846 | &nbsp;&nbsp; $844 |
| Bausch & Lomb Corp. (1 <br> month Term SOFR + <br> 4.000%) <br>8.613%, 9/29/28<sup>(2)</sup> <br>| 377 | &nbsp;&nbsp; 377 |
| CHG Healthcare Services, Inc. <br> (1-3 month Term SOFR + <br> 2.750%) <br>6.913% - 7.046%, <br> 9/29/28<sup>(2)</sup> <br>| 865 | &nbsp;&nbsp; 865 |
| Cotiviti, Inc. |  |  |
| <br>7.625%, 5/1/31 | 120 | &nbsp;&nbsp; 120 |
| (1 month Term SOFR + <br> 2.750%) <br>7.030%, 5/1/31<sup>(2)</sup> <br>| 704 | &nbsp;&nbsp; 691 |
| Endo Finance Holdings, Inc. <br> Tranche B (1 month Term <br> SOFR + 4.000%) <br>8.163%, 4/23/31<sup>(2)</sup> <br>| 168 | &nbsp;&nbsp; 169 |
| Financiere Mendel (3 month <br> Term SOFR + 2.750%) <br>6.976%, 11/8/30<sup>(2)</sup> <br>| 139 | &nbsp;&nbsp; 139 |
| Gainwell Acquisition Corp. <br> Tranche B (3 month Term <br> SOFR + 4.100%) <br>8.101%, 10/1/27<sup>(2)</sup> <br>| 929 | &nbsp;&nbsp; 913 |
| Global Medical Response, Inc. <br> (1 month Term SOFR + <br> 3.500%) <br>7.634%, 10/1/32<sup>(2)</sup> <br>| 694 | &nbsp;&nbsp; 694 |
| Grifols Worldwide Operations <br> USA, Inc. Tranche B (1 <br> month Term SOFR + <br> 2.100%) <br>6.263%, 11/15/27<sup>(2)</sup> <br>| 950 | &nbsp;&nbsp; 947 |
| Hanger, Inc. |  |  |
| (1 month Term SOFR + <br> 3.500%) <br>7.663%, 10/23/31<sup>(2)</sup> <br>| 11 | &nbsp;&nbsp; 11 |
| (1 month Term SOFR + <br> 3.500%) <br>7.663%, 10/23/31<sup>(2)</sup> <br>| 587 | &nbsp;&nbsp; 588 |
| Heartland Dental LLC 2025 (1 <br> month Term SOFR + <br> 3.750%) <br>7.913%, 8/25/32<sup>(2)</sup> <br>| 504 | &nbsp;&nbsp; 503 |
| Hunter Holdco 3 Ltd. First Lien <br> (3 month Term SOFR + <br> 4.350%) <br>8.352%, 8/21/28<sup>(2)</sup> <br>| 467 | &nbsp;&nbsp; 463 |
| IVC Acquisition Ltd. Tranche <br> B-12 (3 month Term SOFR <br> + 3.750%) <br>7.752%, 12/12/28<sup>(2)</sup> <br>| 852 | &nbsp;&nbsp; 856 |
| LifePoint Health, Inc. |  |  |
| Tranche B (3 month Term <br> SOFR + 3.750%) <br>8.068%, 5/16/31<sup>(2)</sup> <br>| 322 | &nbsp;&nbsp; 321 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Tranche B-2 (3 month Term <br> SOFR + 3.500%) <br>7.660%, 5/16/31<sup>(2)</sup> <br>| $134 | &nbsp;&nbsp; $133 |
| Medline Borrower LP 2030 (1 <br> month Term SOFR + <br> 2.000%) <br>6.163%, 10/23/30<sup>(2)</sup> <br>| 1248 | &nbsp;&nbsp; 1247 |
| Modivcare, Inc. (3 month <br> Term SOFR + 4.750%) <br>9.046%, 7/1/31<sup>(4)</sup> <br>| 153 | &nbsp;&nbsp; 69 |
| Parexel International, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.500%) <br>6.663%, 11/15/28<sup>(2)</sup> <br>| 644 | &nbsp;&nbsp; 645 |
| Phoenix Guarantor, Inc. <br> Tranche B-5 (1 month Term <br> SOFR + 2.500%) <br>6.663%, 2/21/31<sup>(2)</sup> <br>| 878 | &nbsp;&nbsp; 879 |
| PointClickCare Technologies <br> 2025, Tranche B, First Lien <br> (3 month Term SOFR + <br> 2.750%) <br>6.752%, 11/3/31<sup>(2)</sup> <br>| 284 | &nbsp;&nbsp; 284 |
| Quidelortho Corp. Tranche B <br> (3 month Term SOFR + <br> 4.000%) <br>8.002%, 8/23/32<sup>(2)</sup> <br>| 490 | &nbsp;&nbsp; 487 |
| Radiology Partners, Inc. <br> Tranche B (3 month Term <br> SOFR + 4.500%) <br>8.502%, 6/30/32<sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 528 |
| Select Medical Corp. Tranche <br> B-2 (1 month Term SOFR + <br> 2.000%) <br>6.163%, 12/3/31<sup>(2)</sup> <br>| 700 | &nbsp;&nbsp; 700 |
| Sharp Services LLC Tranche E <br>0.000%, 9/10/32<sup>(2)(5)</sup> <br>| 270 | &nbsp;&nbsp; 270 |
| Southern Veterinary <br> Partners LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.819%, 12/4/31<sup>(2)</sup> <br>| 869 | &nbsp;&nbsp; 867 |
| Star Parent, Inc. Tranche B (3 <br> month Term SOFR + <br> 4.000%) <br>8.002%, 9/27/30<sup>(2)</sup> <br>| 664 | &nbsp;&nbsp; 663 |
| Surgery Center Holdings, Inc. <br> 2025 (1 month Term SOFR <br> + 2.500%) <br>6.663%, 12/19/30<sup>(2)</sup> <br>| 951 | &nbsp;&nbsp; 951 |
| Upstream Newco, Inc. 2021 (3 <br> month Term SOFR + <br> 4.512%) <br>8.820%, 11/20/26<sup>(2)</sup> <br>| 255 | &nbsp;&nbsp; 218 |
| Viant Medical Holdings, Inc. <br> Tranche B (1 month Term <br> SOFR + 4.000%) <br>8.163%, 10/29/31<sup>(2)</sup> <br>| 750 | &nbsp;&nbsp; 750 |
|  |  | &nbsp;&nbsp; 18253 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—2.2%** | **Housing—2.2%** |  |
| Chamberlain Group 2025, <br> Tranche B (1 month Term <br> SOFR + 3.000%) <br>7.163%, 9/8/32<sup>(2)</sup> <br>| $890 | &nbsp;&nbsp; $890 |
| Cornerstone Building Brands, <br> Inc.<br>|  |  |
| Tranche B (1 month Term <br> SOFR + 3.350%) <br>7.500%, 4/12/28<sup>(2)</sup> <br>| 379 | &nbsp;&nbsp; 359 |
| Tranche C (1 month Term <br> SOFR + 4.500%) <br>8.650%, 5/15/31<sup>(2)</sup> <br>| 311 | &nbsp;&nbsp; 283 |
| Hunter Douglas Holding B.V. <br> Tranche B-1 (3 month Term <br> SOFR + 3.250%) <br>7.252%, 1/17/32<sup>(2)</sup> <br>| 476 | &nbsp;&nbsp; 476 |
| LBM Acquisition LLC Tranche <br> B (1 month Term SOFR + <br> 3.850%) <br>7.986%, 6/6/31<sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 517 |
| Quikrete Holdings, Inc. |  |  |
| 2029, Tranche B (1 month <br> Term SOFR + 2.250%) <br>6.413%, 3/19/29<sup>(2)</sup> <br>| 800 | &nbsp;&nbsp; 800 |
| Tranche B-3 (1 month Term <br> SOFR + 2.250%) <br>6.413%, 2/10/32<sup>(2)</sup> <br>| 508 | &nbsp;&nbsp; 507 |
|  |  | &nbsp;&nbsp; 3832 |
| **Information Technology—10.8%** | **Information Technology—10.8%** |  |
| Applied Systems, Inc. |  |  |
| 2024, Second Lien (3 <br> month Term SOFR + <br> 4.500%) <br>8.502%, 2/23/32<sup>(2)</sup> <br>| 90 | &nbsp;&nbsp; 92 |
| Tranche B-1 (3 month Term <br> SOFR + 2.250%) <br>6.252%, 2/24/31<sup>(2)</sup> <br>| 1960 | &nbsp;&nbsp; 1960 |
| BMC Software 2031 (3 month <br> Term SOFR + 3.000%) <br>7.199%, 7/30/31<sup>(2)</sup> <br>| 600 | &nbsp;&nbsp; 598 |
| CE Intermediate I LLC (3 <br> month Term SOFR + <br> 3.150%) <br>7.376%, 3/25/32<sup>(2)</sup> <br>| 552 | &nbsp;&nbsp; 552 |
| Central Parent LLC 2024 (3 <br> month Term SOFR + <br> 3.250%) <br>7.252%, 7/6/29<sup>(2)</sup> <br>| 583 | &nbsp;&nbsp; 502 |
| Cloud Software Group, Inc. <br> Tranche B-2 (3 month Term <br> SOFR + 3.250%) <br>7.252%, 3/21/31<sup>(2)</sup> <br>| 597 | &nbsp;&nbsp; 599 |
| ConnectWise LLC (3 month <br> Term SOFR + 3.762%) <br>7.763%, 9/29/28<sup>(2)</sup> <br>| 1083 | &nbsp;&nbsp; 1084 |
| Delivery Hero SE Tranche B (3 <br> month Term SOFR + <br> 5.000%) <br>9.226%, 12/12/29<sup>(2)</sup> <br>| 663 | &nbsp;&nbsp; 670 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| ECL Entertainment LLC 2025, <br> Tranche B (1 month Term <br> SOFR + 3.000%) <br>7.163%, 8/30/30<sup>(2)</sup> <br>| $754 | &nbsp;&nbsp; $753 |
| Epicor Software Corp. Tranche <br> F (1 month Term SOFR + <br> 2.500%) <br>6.663%, 5/30/31<sup>(2)</sup> <br>| 807 | &nbsp;&nbsp; 808 |
| Genesys Cloud Services <br> Holdings II LLC 2025 (1 <br> month Term SOFR + <br> 2.500%) <br>6.663%, 1/30/32<sup>(2)</sup> <br>| 732 | &nbsp;&nbsp; 726 |
| Icon Parent I, Inc. 2025 (3 <br> month Term SOFR + <br> 2.750%) <br>6.753%, 11/13/31<sup>(2)</sup> <br>| 674 | &nbsp;&nbsp; 673 |
| Indicor LLC Tranche D (3 <br> month Term SOFR + <br> 2.750%) <br>6.752%, 11/22/29<sup>(2)</sup> <br>| 1089 | &nbsp;&nbsp; 1090 |
| Ion Platform Finance U.S., Inc. <br>0.000%, 9/30/32<sup>(2)(5)</sup> <br>| 490 | &nbsp;&nbsp; 486 |
| ION Trading Finance Ltd. <br> 2024, Tranche B (3 month <br> Term SOFR + 3.500%) <br>7.502%, 4/1/28<sup>(2)</sup> <br>| 521 | &nbsp;&nbsp; 521 |
| Iron Mountain Information <br> Management LLC Tranche <br> B (1 month Term SOFR + <br> 2.000%) <br>6.163%, 1/31/31<sup>(2)</sup> <br>| 850 | &nbsp;&nbsp; 850 |
| NCR Atleos LLC Tranche B (1 <br> month Term SOFR + <br> 3.000%) <br>7.026%, 4/16/29<sup>(2)</sup> <br>| 414 | &nbsp;&nbsp; 414 |
| Project Ruby Ultimate Parent <br> Corp. Tranche B-5 (1 month <br> Term SOFR + 2.864%) <br>7.028%, 3/10/28<sup>(2)</sup> <br>| 930 | &nbsp;&nbsp; 931 |
| Proofpoint, Inc. 2024 (1 <br> month Term SOFR + <br> 3.000%) <br>7.163%, 8/31/28<sup>(2)</sup> <br>| 1110 | &nbsp;&nbsp; 1113 |
| RealPage, Inc. First Lien (3 <br> month Term SOFR + <br> 3.262%) <br>7.263%, 4/24/28<sup>(2)</sup> <br>| 461 | &nbsp;&nbsp; 460 |
| Rocket Software, Inc. (1 <br> month Term SOFR + <br> 3.750%) <br>7.913%, 11/28/28<sup>(2)</sup> <br>| 644 | &nbsp;&nbsp; 645 |
| Shift4 Payments LLC (3 <br> month Term SOFR + <br> 2.500%) <br>6.502%, 6/30/32<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp; 161 |
| UKG, Inc. Tranche B (3 month <br> Term SOFR + 3.000%) <br>7.320%, 2/10/31<sup>(2)</sup> <br>| 1676 | &nbsp;&nbsp; 1674 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Vertiv Group Corp. Tranche <br> B-4 (1 month Term SOFR + <br> 1.750%) <br>6.030%, 8/12/32<sup>(2)</sup> <br>| $1184 | &nbsp;&nbsp; $1185 |
|  |  | &nbsp;&nbsp; 18547 |
| **Manufacturing—5.9%** | **Manufacturing—5.9%** |  |
| Alliance Laundry Systems LLC <br> Tranche B (1 month Term <br> SOFR + 2.250%) <br>6.385%, 8/19/31<sup>(2)</sup> <br>| 612 | &nbsp;&nbsp; 612 |
| Arcline FM Holdings LLC 2025 <br> (3 month Term SOFR + <br> 3.500%) <br>7.578%, 6/24/30<sup>(2)</sup> <br>| 1056 | &nbsp;&nbsp; 1055 |
| Chart Industries, Inc. 2024, <br> Tranche B (3 month Term <br> SOFR + 2.500%) <br>6.792%, 3/15/30<sup>(2)</sup> <br>| 640 | &nbsp;&nbsp; 643 |
| Construction Partners, Inc. (1 <br> month Term SOFR + <br> 2.500%) <br>6.663%, 11/3/31<sup>(2)</sup> <br>| 988 | &nbsp;&nbsp; 990 |
| CPM Holdings, Inc. (1 month <br> Term SOFR + 4.500%) <br>8.780%, 9/28/28<sup>(2)</sup> <br>| 594 | &nbsp;&nbsp; 592 |
| Cube Industrials Buyer, Inc. (3 <br> month Term SOFR + <br> 3.250%) <br>7.582%, 10/17/31<sup>(2)</sup> <br>| 493 | &nbsp;&nbsp; 494 |
| Dynamo U.S. Bidco, Inc. <br> Tranche B (1 month Term <br> SOFR + 3.500%) <br>7.780%, 10/1/31<sup>(2)</sup> <br>| 149 | &nbsp;&nbsp; 149 |
| Filtration Group Corp. 2025, <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.913%, 10/23/28<sup>(2)</sup> <br>| 635 | &nbsp;&nbsp; 637 |
| Gates Corp. Tranche B-5 (1 <br> month Term SOFR + <br> 1.750%) <br>5.913%, 6/4/31<sup>(2)</sup> <br>| 881 | &nbsp;&nbsp; 879 |
| Glatfelter Corp. Tranche B (3 <br> month Term SOFR + <br> 4.250%) <br>8.449%, 11/4/31<sup>(2)</sup> <br>| 342 | &nbsp;&nbsp; 339 |
| LSF12 Crown <br> U.S. Commercial Bidco LLC <br> 2025 (1 month Term SOFR <br> + 3.500%) <br>7.663%, 12/2/31<sup>(2)</sup> <br>| 813 | &nbsp;&nbsp; 813 |
| Madison IAQ LLC |  |  |
| (6 month Term SOFR + <br> 2.500%) <br>6.702%, 6/21/28<sup>(2)</sup> <br>| 925 | &nbsp;&nbsp; 926 |
| 2025 (6 month Term SOFR <br> + 3.250%) <br>7.452%, 5/6/32<sup>(2)</sup> <br>| 284 | &nbsp;&nbsp; 285 |
| MV Holding GmbH Tranche B <br> (1 month Term SOFR + <br> 2.250%) <br>6.413%, 3/17/32<sup>(2)</sup> <br>| 619 | &nbsp;&nbsp; 618 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| Tiger Acquisition LLC Tranche <br> B (1 month Term SOFR + <br> 2.500%) <br>6.635%, 8/23/32<sup>(2)</sup> <br>| $525 | &nbsp;&nbsp; $523 |
| TK Elevator Midco GmbH <br> Tranche B (3 month Term <br> SOFR + 3.000%) <br>7.197%, 4/30/30<sup>(2)</sup> <br>| 512 | &nbsp;&nbsp; 514 |
|  |  | &nbsp;&nbsp; 10069 |
| **Media / Telecom - Broadcasting—3.2%** | **Media / Telecom - Broadcasting—3.2%** |  |
| CMG Media Corp. (3 month <br> Term SOFR + 3.600%) <br>7.601%, 6/18/29<sup>(2)</sup> <br>| 1238 | &nbsp;&nbsp; 1181 |
| EOC Borrower LLC Tranche B <br> (1 month Term SOFR + <br> 3.000%) <br>7.163%, 3/24/32<sup>(2)</sup> <br>| 628 | &nbsp;&nbsp; 628 |
| Gray Television, Inc. Tranche <br> D (1 month Term SOFR + <br> 3.000%) <br>7.395%, 12/1/28<sup>(2)</sup> <br>| 758 | &nbsp;&nbsp; 757 |
| Nexstar Media, Inc. Tranche <br> B-5 (1 month Term SOFR + <br> 2.500%) <br>6.663%, 6/28/32<sup>(2)</sup> <br>| 880 | &nbsp;&nbsp; 879 |
| Sinclair Television Group, Inc. <br> Tranche B-7 (1 month Term <br> SOFR + 4.200%) <br>8.363%, 12/31/30<sup>(2)</sup> <br>| 1070 | &nbsp;&nbsp; 962 |
| Univision Communications, <br> Inc. 2024, First Lien (1 <br> month Term SOFR + <br> 3.614%) <br>7.778%, 1/31/29<sup>(2)</sup> <br>| 1050 | &nbsp;&nbsp; 1046 |
|  |  | &nbsp;&nbsp; 5453 |
| **Media / Telecom - Cable/Wireless** <br> **Video—3.4%** | **Media / Telecom - Cable/Wireless** <br> **Video—3.4%** |  |
| Charter Communications <br> Operating LLC Tranche B-4 <br> (3 month Term SOFR + <br> 2.000%) <br>6.291%, 12/7/30<sup>(2)</sup> <br>| 920 | &nbsp;&nbsp; 919 |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term SOFR + <br> 3.250%) <br>7.413%, 9/18/30<sup>(2)</sup> <br>| 890 | &nbsp;&nbsp; 888 |
| CSC Holdings LLC 2022 (1 <br> month Term SOFR + <br> 4.500%) <br>8.650%, 1/18/28<sup>(2)</sup> <br>| 1127 | &nbsp;&nbsp; 1119 |
| DIRECTV Financing LLC 2024, <br> Tranche B (3 month Term <br> SOFR + 5.512%) <br>9.820%, 8/2/29<sup>(2)</sup> <br>| 1205 | &nbsp;&nbsp; 1206 |
| Eagle Broadband <br> Investments LLC (3 month <br> Term SOFR + 3.262%) <br>7.263%, 11/12/27<sup>(2)</sup> <br>| 1137 | &nbsp;&nbsp; 1126 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless** <br> **Video—continued** | **Media / Telecom - Cable/Wireless** <br> **Video—continued** |  |
| Virgin Media Bristol LLC <br> Tranche N (1 month Term <br> SOFR + 2.614%) <br>6.765%, 1/31/28<sup>(2)</sup> <br>| $523 | &nbsp;&nbsp; $522 |
|  |  | &nbsp;&nbsp; 5780 |
| **Media / Telecom - Diversified** <br> **Media—1.7%** | **Media / Telecom - Diversified** <br> **Media—1.7%** |  |
| Century DE Buyer LLC 2025 (1 <br> month Term SOFR + <br> 3.000%) <br>7.301%, 10/30/30<sup>(2)</sup> <br>| 684 | &nbsp;&nbsp; 684 |
| McGraw-Hill Education, Inc. <br> 2025, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.913%, 8/6/31<sup>(2)</sup> <br>| 408 | &nbsp;&nbsp; 408 |
| Neptune Bidco U.S., Inc. <br> Tranche B (3 month Term <br> SOFR + 5.100%) <br>9.429%, 4/11/29<sup>(2)</sup> <br>| 1035 | &nbsp;&nbsp; 984 |
| UFC Holdings LLC Tranche <br> B-5 (2 month Term SOFR + <br> 2.000%) <br>6.038%, 11/21/31<sup>(2)</sup> <br>| 864 | &nbsp;&nbsp; 865 |
|  |  | &nbsp;&nbsp; 2941 |
| **Media / Telecom -** <br> **Telecommunications—1.4%** | **Media / Telecom -** <br> **Telecommunications—1.4%** |  |
| Level 3 Financing, Inc. <br> Tranche B-4 (1 month Term <br> SOFR + 3.250%) <br>7.416%, 3/29/32<sup>(2)</sup> <br>| 705 | &nbsp;&nbsp; 705 |
| Numericable U.S. LLC |  |  |
| Tranche B-11 (3 month <br> PRIME + 1.750%) <br>9.000%, 9/30/25<sup>(6)</sup> <br>| 1299 | &nbsp;&nbsp; 1186 |
| Tranche B-12 (3 month <br> PRIME + 2.688%) <br>9.938%, 1/31/26<sup>(6)</sup> <br>| 571 | &nbsp;&nbsp; 525 |
|  |  | &nbsp;&nbsp; 2416 |
| **Media / Telecom - Wireless** <br> **Communications—1.1%** | **Media / Telecom - Wireless** <br> **Communications—1.1%** |  |
| Cincinnati Bell, Inc. Tranche <br> B-5 (1 month Term SOFR + <br> 2.250%) <br>6.413%, 11/22/28<sup>(2)</sup> <br>| 971 | &nbsp;&nbsp; 972 |
| Viasat, Inc. (1 month Term <br> SOFR + 4.614%) <br>8.778%, 3/2/29<sup>(2)</sup> <br>| 912 | &nbsp;&nbsp; 899 |
|  |  | &nbsp;&nbsp; 1871 |
| **Metals / Minerals—0.3%** | **Metals / Minerals—0.3%** |  |
| Arsenal AIC Parent LLC 2025, <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.913%, 8/18/30<sup>(2)</sup> <br>| 438 | &nbsp;&nbsp; 437 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail—2.4%** | **Retail—2.4%** |  |
| CNT Holdings I Corp. 2025 (3 <br> month Term SOFR + <br> 2.250%) <br>6.558%, 11/8/32<sup>(2)</sup> <br>| $906 | &nbsp;&nbsp; $905 |
| EG America LLC Tranche B-3 <br> (3 month Term SOFR + <br> 3.500%) <br>7.699%, 2/7/28<sup>(2)</sup> <br>| 476 | &nbsp;&nbsp; 478 |
| Harbor Freight Tools USA, Inc. <br> (1 month Term SOFR + <br> 2.250%) <br>6.413%, 6/11/31<sup>(2)</sup> <br>| 701 | &nbsp;&nbsp; 688 |
| Peer Holding III B.V. Tranche B <br> (3 month Term SOFR + <br> 2.500%) <br>6.502%, 10/26/30<sup>(2)</sup> <br>| 566 | &nbsp;&nbsp; 566 |
| Petco Health & Wellness Co., <br> Inc. First Lien (3 month <br> Term SOFR + 3.512%) <br>7.513%, 3/3/28<sup>(2)</sup> <br>| 555 | &nbsp;&nbsp; 540 |
| PetsMart LLC Tranche B (1 <br> month Term SOFR + <br> 4.000%) <br>8.136%, 8/18/32<sup>(2)</sup> <br>| 615 | &nbsp;&nbsp; 605 |
| Skechers U.S.A., Inc. Tranche <br> B-1 (3 month Term SOFR + <br> 3.250%) <br>7.308%, 9/12/32<sup>(2)</sup> <br>| 370 | &nbsp;&nbsp; 372 |
|  |  | &nbsp;&nbsp; 4154 |
| **Service—11.9%** | **Service—11.9%** |  |
| Acuren Delaware Holdco, Inc. <br> (1 month Term SOFR + <br> 2.750%) <br>6.913%, 7/30/31<sup>(2)</sup> <br>| 218 | &nbsp;&nbsp; 218 |
| Albion Financing 3 S.a.r.l. <br> 2025, Tranche A (3 month <br> Term SOFR + 3.000%) <br>7.215%, 5/21/31<sup>(2)</sup> <br>| 430 | &nbsp;&nbsp; 431 |
| AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>6.163%, 8/12/32<sup>(2)</sup> <br>| 759 | &nbsp;&nbsp; 754 |
| Allied Universal Holdco LLC (1 <br> month Term SOFR + <br> 3.350%) <br>7.513%, 8/20/32<sup>(2)</sup> <br>| 535 | &nbsp;&nbsp; 537 |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.250%) <br>6.413%, 9/29/31<sup>(2)</sup> <br>| 948 | &nbsp;&nbsp; 947 |
| Ascend Learning LLC (1 <br> month Term SOFR + <br> 3.000%) <br>7.163%, 12/11/28<sup>(2)</sup> <br>| 624 | &nbsp;&nbsp; 623 |
| BIFM U.S. Finance LLC 2024, <br> Tranche B (1 month Term <br> SOFR + 3.750%) <br>7.913%, 5/31/28<sup>(2)</sup> <br>| 579 | &nbsp;&nbsp; 580 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| BrightView Landscapes LLC <br> Tranche B (3 month Term <br> SOFR + 2.000%) <br>6.308%, 4/20/29<sup>(2)</sup> <br>| $1108 | &nbsp;&nbsp; $1104 |
| Crisis Prevention Institute, <br> Inc. 2024 (3 month Term <br> SOFR + 4.000%) <br>8.002%, 4/9/31<sup>(2)</sup> <br>| 352 | &nbsp;&nbsp; 350 |
| DG Investment Intermediate <br> Holdings 2, Inc. (1 month <br> Term SOFR + 3.750%) <br>7.913%, 7/9/32<sup>(2)</sup> <br>| 809 | &nbsp;&nbsp; 810 |
| DXP Enterprises, Inc. 2024 (1 <br> month Term SOFR + <br> 3.750%) <br>7.913%, 10/11/30<sup>(2)</sup> <br>| 589 | &nbsp;&nbsp; 592 |
| Ensemble RCM LLC Tranche B <br> (3 month Term SOFR + <br> 3.000%) <br>7.308%, 8/1/29<sup>(2)</sup> <br>| 557 | &nbsp;&nbsp; 558 |
| Fugue Finance B.V. (3 month <br> Term SOFR + 2.750%) <br>6.949%, 1/9/32<sup>(2)</sup> <br>| 369 | &nbsp;&nbsp; 369 |
| Garda World Security Corp. (1 <br> month Term SOFR + <br> 3.000%) <br>7.174%, 2/1/29<sup>(2)</sup> <br>| 1325 | &nbsp;&nbsp; 1324 |
| GFL Environmental Services, <br> Inc. (3 month Term SOFR + <br> 2.500%) <br>6.671%, 3/3/32<sup>(2)</sup> <br>| 695 | &nbsp;&nbsp; 694 |
| Grant Thornton Advisors LLC <br> 2025 (1 month Term SOFR <br> + 2.500%) <br>6.663%, 6/2/31<sup>(2)</sup> <br>| 633 | &nbsp;&nbsp; 629 |
| Green Infrastructure Partners, <br> Inc. (3 month Term SOFR + <br> 2.750%) <br>6.753%, 9/24/32<sup>(2)</sup> <br>| 270 | &nbsp;&nbsp; 270 |
| Kuehg Corp. (3 month Term <br> SOFR + 2.750%) <br>6.752%, 6/12/30<sup>(2)</sup> <br>| 532 | &nbsp;&nbsp; 531 |
| Lernen Bidco Ltd. |  |  |
| Tranche B-3 (3 month Term <br> SOFR + 3.500%) <br>7.830%, 10/27/31<sup>(2)</sup> <br>| 467 | &nbsp;&nbsp; 468 |
| Tranche B-3 (3 month Term <br> SOFR + 3.500%) <br>7.840%, 10/27/31<sup>(2)</sup> <br>| 90 | &nbsp;&nbsp; 90 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.502%, 11/24/28<sup>(2)</sup> <br>| 1271 | &nbsp;&nbsp; 1226 |
| Omnia Partners LLC (3 month <br> Term SOFR + 2.500%) <br>6.814%, 7/25/30<sup>(2)</sup> <br>| 630 | &nbsp;&nbsp; 630 |
| Pinnacle Buyer LLC |  |  |
| <br>0.000%, 9/10/32<sup>(2)(5)</sup> <br>| 59 | &nbsp;&nbsp; 59 |
| <br>0.000%, 9/10/32<sup>(2)(5)</sup> <br>| 306 | &nbsp;&nbsp; 307 |
| Pitney Bowes, Inc. Tranche B <br> (1 month Term SOFR + <br> 3.750%) <br>7.913%, 3/19/32<sup>(2)</sup> <br>| 657 | &nbsp;&nbsp; 656 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Prime Security Services <br> Borrower LLC Tranche B-1 <br> (6 month Term SOFR + <br> 2.000%) <br>6.129%, 10/13/30<sup>(2)</sup> <br>| $1034 | &nbsp;&nbsp; $1030 |
| Sedgwick Claims <br> Management Services, Inc. <br> 2024 (1 month Term SOFR <br> + 2.500%) <br>6.663%, 7/31/31<sup>(2)</sup> <br>| 730 | &nbsp;&nbsp; 729 |
| Spin Holdco, Inc. (2 month <br> Term SOFR + 4.262%) <br>8.393%, 3/4/28<sup>(2)</sup> <br>| 693 | &nbsp;&nbsp; 578 |
| St. George's University <br> Scholastic Services LLC (1 <br> month Term SOFR + <br> 2.750%) <br>6.913%, 2/10/29<sup>(2)</sup> <br>| 576 | &nbsp;&nbsp; 567 |
| Titan Acquisition Ltd. (1-6 <br> month Term SOFR + <br> 3.750%) <br>7.916%, 2/15/29<sup>(2)</sup> <br>| 691 | &nbsp;&nbsp; 692 |
| TMF Sapphire Bidco B.V. <br> Tranche B-4 (3 month Term <br> SOFR + 2.750%) <br>7.029%, 5/3/28<sup>(2)</sup> <br>| 409 | &nbsp;&nbsp; 408 |
| Trugreen Ltd. Partnership <br> First Lien (1 month Term <br> SOFR + 4.100%) <br>8.263%, 11/2/27<sup>(2)</sup> <br>| 529 | &nbsp;&nbsp; 519 |
| WCG Intermediate Corp. <br> Tranche B (1 month Term <br> SOFR + 3.000%) <br>7.163%, 2/25/32<sup>(2)</sup> <br>| 259 | &nbsp;&nbsp; 257 |
| WIN Waste Innovations <br> Holdings, Inc. (1 month <br> Term SOFR + 2.864%) <br>7.028%, 3/24/28<sup>(2)</sup> <br>| 901 | &nbsp;&nbsp; 900 |
|  |  | &nbsp;&nbsp; 20437 |
| **Transportation - Automotive—2.2%** | **Transportation - Automotive—2.2%** |  |
| American Axle & <br> Manufacturing, Inc. <br> Tranche C <br>0.000%, 2/24/32<sup>(2)(5)</sup> <br>| 280 | &nbsp;&nbsp; 278 |
| Belron Finance 2019 LLC <br> 2031 (3 month Term SOFR <br> + 2.500%) <br>6.742%, 10/16/31<sup>(2)</sup> <br>| 836 | &nbsp;&nbsp; 840 |
| Clarios Global LP 2024, <br> Tranche B (1 month Term <br> SOFR + 2.500%) <br>6.663%, 5/6/30<sup>(2)</sup> <br>| 1066 | &nbsp;&nbsp; 1064 |
| Mavis Tire Express Services <br> Topco Corp. 2025, First <br> Lien (3 month Term SOFR + <br> 3.000%) <br>7.199%, 5/4/28<sup>(2)</sup> <br>| 557 | &nbsp;&nbsp; 557 |
| PAI Holdco, Inc. Tranche B (3 <br> month Term SOFR + <br> 4.012%) <br>8.320%, 10/28/27<sup>(2)</sup> <br>| 470 | &nbsp;&nbsp; 392 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Transportation -** <br> **Automotive—continued** | **Transportation -** <br> **Automotive—continued** |  |
| Wand NewCo 3, Inc. Tranche <br> B-2 (1 month Term SOFR + <br> 2.500%) <br>6.663%, 1/30/31<sup>(2)</sup> <br>| $699 | &nbsp;&nbsp; $696 |
|  |  | &nbsp;&nbsp; 3827 |
| **Transportation - Land** <br> **Transportation—0.2%** | **Transportation - Land** <br> **Transportation—0.2%** |  |
| Herc Holdings, Inc. (1 month <br> Term SOFR + 2.000%) <br>6.255%, 6/2/32<sup>(2)</sup> <br>| 320 | &nbsp;&nbsp; 321 |
| **Utilities—4.1%** | **Utilities—4.1%** |  |
| Astoria Energy LLC Tranche B <br> (1 month Term SOFR + <br> 2.750%) <br>6.913%, 6/23/32<sup>(2)</sup> <br>| 522 | &nbsp;&nbsp; 523 |
| Birdsboro Power LLC <br>0.000%, 9/30/32<sup>(2)(5)</sup> <br>| 235 | &nbsp;&nbsp; 235 |
| Calpine Corp. Tranche B-10 (1 <br> month Term SOFR + <br> 1.750%) <br>5.913%, 1/31/31<sup>(2)</sup> <br>| 1095 | &nbsp;&nbsp; 1094 |
| Cornerstone Generation LLC <br> Tranche B (3 month Term <br> SOFR + 3.250%) <br>7.476%, 8/11/32<sup>(2)</sup> <br>| 745 | &nbsp;&nbsp; 750 |
| CPV Fairview LLC Tranche B <br> (1 month Term SOFR + <br> 3.000%) <br>7.163%, 8/14/31<sup>(2)</sup> <br>| 252 | &nbsp;&nbsp; 252 |
| Hamilton Projects <br> Acquiror LLC (1 month <br> Term SOFR + 2.500%) <br>6.663%, 5/30/31<sup>(2)</sup> <br>| 433 | &nbsp;&nbsp; 434 |
| Hunterstown Generation LLC <br> (3 month Term SOFR + <br> 3.500%) <br>7.502% - 9.750%, <br> 11/6/31<sup>(2)</sup> <br>| 564 | &nbsp;&nbsp; 565 |
| Lightning Power LLC Tranche <br> B (3 month Term SOFR + <br> 2.250%) <br>6.252%, 8/18/31<sup>(2)</sup> <br>| 694 | &nbsp;&nbsp; 693 |
| Potomac Energy Center LLC <br> (3 month Term SOFR + <br> 3.000%) <br>7.321%, 8/5/32<sup>(2)</sup> <br>| 395 | &nbsp;&nbsp; 396 |
| South Field Energy LLC |  |  |
| Tranche B (3 month Term <br> SOFR + 3.000%) <br>7.001%, 8/29/31<sup>(2)</sup> <br>| 241 | &nbsp;&nbsp; 241 |
| Tranche C (3 month Term <br> SOFR + 3.000%) <br>7.001%, 8/29/31<sup>(2)</sup> <br>| 15 | &nbsp;&nbsp; 15 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.250%) <br>6.530%, 1/27/31<sup>(2)</sup> <br>| $1232 | &nbsp;&nbsp; $1233 |
| Whitewater Matterhorn <br> Holdings LLC (3 month <br> Term SOFR + 2.250%) <br>6.252%, 6/16/32<sup>(2)</sup> <br>| 600 | &nbsp;&nbsp; 599 |
|  |  | &nbsp;&nbsp; 7030 |
| **Total Leveraged Loans** <br>**(Identified Cost $158,454)** | **Total Leveraged Loans** <br>**(Identified Cost $158,454)** | &nbsp;&nbsp; **156772** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—0.1%** | **Common Stocks—0.1%** | **Common Stocks—0.1%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| NMG Parent LLC Escrow<sup>(3)(7)</sup> <br>| 3033 | &nbsp;&nbsp; — |
| West Marine<sup>(3)(7)</sup> <br>| 1450 | &nbsp;&nbsp; — |
| **Health Care—0.1%** | **Health Care—0.1%** |  |
| Envision Healthcare Corp.<sup>(7)</sup> <br>| 6407 | &nbsp;&nbsp; 101 |
| **Total Common Stocks** <br>**(Identified Cost $57)** | **Total Common Stocks** <br>**(Identified Cost $57)** | &nbsp;&nbsp; **101** |
| **Exchange-Traded Funds**<sup>(8)</sup>**—1.6%** | **Exchange-Traded Funds**<sup>(8)</sup>**—1.6%** | **Exchange-Traded Funds**<sup>(8)</sup>**—1.6%** |
| iShares iBoxx High Yield <br> Corporate Bond ETF<br>| 11520 | &nbsp;&nbsp; 935 |
| SPDR Bloomberg High Yield <br> Bond ETF<br>| 9560 | &nbsp;&nbsp; 937 |
| SPDR Bloomberg Short Term <br> High Yield Bond ETF<br>| 35960 | &nbsp;&nbsp; 920 |
| **Total Exchange-Traded Funds** <br>**(Identified Cost $2,715)** | **Total Exchange-Traded Funds** <br>**(Identified Cost $2,715)** | &nbsp;&nbsp; **2792** |
| **Total Long-Term** <br> **Investments—96.9%** <br>**(Identified Cost $167,373)** | **Total Long-Term** <br> **Investments—96.9%** <br>**(Identified Cost $167,373)** | &nbsp;&nbsp; **166027** |
| **TOTAL INVESTMENTS—96.9%** <br>**(Identified Cost $167,373)** | **TOTAL INVESTMENTS—96.9%** <br>**(Identified Cost $167,373)** | &nbsp;&nbsp; **$166027** |
| Other assets and liabilities, net—3.1% | Other assets and liabilities, net—3.1% | &nbsp;&nbsp; 5351 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$171378** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |
| SPDR | S&P Depositary Receipt |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> September 30, 2025, these securities amounted to <br> a value of $6,362 or 3.7% of net assets.<br>|
| <sup>(2)</sup> <br>| Variable rate security. Rate disclosed is as of <br> September 30, 2025. Information in parenthesis <br> represents benchmark and reference rate for each <br> security. Certain variable rate securities are not <br> based on a published reference rate and spread but <br> are determined by the issuer or agent and are based <br> on current market conditions, or, for <br> mortgage-backed securities, are impacted by the <br> individual mortgages which are paying off over <br> time. These securities do not indicate a reference <br> rate and spread in their descriptions.<br>|
| <sup>(3)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(4)</sup> <br>| Security in default; no interest payments are being <br> received.<br>|
| <sup>(5)</sup> <br>| This loan will settle after September 30, 2025, at <br> which time the interest rate, calculated on the base <br> lending rate and the agreed upon spread on trade <br> date, will be reflected.<br>|
| <sup>(6)</sup> <br>| Security in default; interest payments are being <br> received.<br>|
| <sup>(7)</sup> <br>| Non-income producing. |
| <sup>(8)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 90<br> %<br>|
| Canada | 4 |
| Netherlands | 3 |
| France | 1 |
| Luxembourg | 1 |
| Cayman Islands | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

As of September 30, 2025, the Fund had the following unfunded loan commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Hanger, Inc., 10/23/31 | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $65 | &nbsp;&nbsp; $1 |
| Kaman Corp., 2/26/32 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| USALCO LLC, 9/30/31 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; (1)<br>|
| Total  | &nbsp;&nbsp; $187 | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $186 | &nbsp;&nbsp; $— <br><sup>(1)</sup><br>|

---

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; $6362 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6362 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 156772 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156758 | &nbsp;&nbsp;&nbsp;&nbsp; 14 <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 2792 | &nbsp;&nbsp;&nbsp;&nbsp; 2792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| Unfunded Loan Commitments<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $166027 | &nbsp;&nbsp;&nbsp;&nbsp; $2792 | &nbsp;&nbsp;&nbsp;&nbsp; $163221 | &nbsp;&nbsp;&nbsp;&nbsp; $14 |

---

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

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

<sup>(2)</sup> Amount is less than $500 (not in thousands).

<sup>\*</sup> Unfunded Loan Commitments are valued at the net unrealized appreciation (depreciation).

Securities held by the Fund with an end of period value of $14 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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.

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 September 30, 2025.

*See Notes to Financial Statements*

------

**Seix Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds**<sup>(1)</sup>**—95.4%** | **Municipal Bonds**<sup>(1)</sup>**—95.4%** | **Municipal Bonds**<sup>(1)</sup>**—95.4%** |
| **California—0.8%** | **California—0.8%** |  |
| Santa Clarita Community <br> College District, General <br> Obligation <br>3.000%, 8/1/44<br>| $500 | &nbsp;&nbsp; $394 |
| **Colorado—7.7%** | **Colorado—7.7%** |  |
| City & County of Denver, <br> Airport System Revenue, <br> Series D (AMT) <br>5.500%, 11/15/30<br>| 1000 | &nbsp;&nbsp; 1126 |
| Colorado Bridge & Tunnel <br> Enterprise, Miscellaneous <br> Revenue, Series A (AG <br> Insured) <br>5.250%, 12/1/54<br>| 200 | &nbsp;&nbsp; 211 |
| Denver Convention Center <br> Hotel Authority Revenue, <br> Senior Lien <br>5.000%, 12/1/27<br>| 400 | &nbsp;&nbsp; 407 |
| Public Authority For Colorado <br> Energy, Natural Gas <br> Purchase Revenue <br>6.250%, 11/15/28<br>| 1880 | &nbsp;&nbsp; 1967 |
|  |  | &nbsp;&nbsp; 3711 |
| **Connecticut—1.3%** | **Connecticut—1.3%** |  |
| Connecticut Housing Finance <br> Authority, Housing <br> Mortgage Finance Program <br> Bonds, Series F1 (GNMA / <br> FNMA / FHLMC Insured) <br>3.200%, 11/15/33<br>| 325 | &nbsp;&nbsp; 323 |
| State of Connecticut, General <br> Obligation, Series B <br>5.000%, 12/1/29<br>| 255 | &nbsp;&nbsp; 281 |
|  |  | &nbsp;&nbsp; 604 |
| **Florida—11.0%** | **Florida—11.0%** |  |
| Central Florida Expressway <br> Authority, Highway Toll <br> Revenue, Senior Lien, <br> Series B <br>4.000%, 7/1/30<br>| 230 | &nbsp;&nbsp; 232 |
| City of Tallahassee, Health <br> Facilities Revenue, <br> Tallahassee Memorial <br> Healthcare, Series A <br>5.000%, 12/1/36<br>| 500 | &nbsp;&nbsp; 500 |
| Marion County School Board, <br> Certificates of Participation <br> (AG Insured) <br>5.000%, 6/1/43<br>| 625 | &nbsp;&nbsp; 659 |
| Miami-Dade County School <br> Board, Certificates of <br> Participation, Series D <br>5.000%, 2/1/34<br>| 1700 | &nbsp;&nbsp; 1709 |
| Orange County School Board, <br> Certificates of Participation, <br> Series A <br>5.000%, 8/1/34<br>| 680 | &nbsp;&nbsp; 777 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Florida—continued** | **Florida—continued** |  |
| Seminole County School <br> Board, Certificates of <br> Participation, Series C <br>5.000%, 7/1/29<br>| $935 | &nbsp;&nbsp; $947 |
| Tampa Bay Water, Water <br> Revenue, Series A <br>5.000%, 10/1/49<br>| 430 | &nbsp;&nbsp; 450 |
|  |  | &nbsp;&nbsp; 5274 |
| **Georgia—4.4%** | **Georgia—4.4%** |  |
| Atlanta Urban Redevelopment <br> Agency, Surface <br> Transportation & <br> Infrastructure Project <br> Revenue, Series B <br>5.000%, 7/1/37<br>| 550 | &nbsp;&nbsp; 623 |
| City of Atlanta Water & <br> Wastewater Revenue <br>5.000%, 11/1/31<br>| 550 | &nbsp;&nbsp; 551 |
| Georgia Ports Authority <br> Revenue <br>4.000%, 7/1/42<br>| 980 | &nbsp;&nbsp; 954 |
|  |  | &nbsp;&nbsp; 2128 |
| **Illinois—7.4%** | **Illinois—7.4%** |  |
| City of Chicago, General <br> Obligation, Series E <br>6.000%, 1/1/42<br>| 275 | &nbsp;&nbsp; 296 |
| City of Chicago, Water <br> Revenue, Second Lien<br>|  |  |
| (AG Insured) <br>5.250%, 11/1/32<br>| 350 | &nbsp;&nbsp; 365 |
| Series 2017-2 (AG Insured) <br>5.000%, 11/1/31<br>| 500 | &nbsp;&nbsp; 519 |
| Cook County School District <br> No. 78 Rosemont, General <br> Obligation (AG Insured) <br>5.000%, 12/1/38<br>| 1000 | &nbsp;&nbsp; 1056 |
| State of Illinois, General <br> Obligation <br>5.000%, 2/1/27<br>| 1250 | &nbsp;&nbsp; 1288 |
|  |  | &nbsp;&nbsp; 3524 |
| **Indiana—5.0%** | **Indiana—5.0%** |  |
| Indiana Finance Authority, <br> Parkview Health System <br> Revenue, Series A <br>5.000%, 11/1/43<br>| 1700 | &nbsp;&nbsp; 1726 |
| Indianapolis Local Public <br> Improvement Bond Bank <br> Revenue (AMT) <br>5.000%, 1/1/34<br>| 500 | &nbsp;&nbsp; 543 |
| Zionsville Community Schools <br> Building Corp., Lease <br> Revenue (ST INTERCEPT <br> Insured) <br>5.000%, 7/15/31<br>| 100 | &nbsp;&nbsp; 112 |
|  |  | &nbsp;&nbsp; 2381 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Kentucky—1.1%** | **Kentucky—1.1%** |  |
| Fayette County School District <br> Finance Corp., Lease <br> Revenue (ST INTERCEPT <br> Insured) <br>5.000%, 6/1/43<br>| $500 | &nbsp;&nbsp; $520 |
| **Louisiana—3.8%** | **Louisiana—3.8%** |  |
| Louisiana Public Facilities <br> Authority, I-10 Calcasieu <br> River Bridge Public-Private <br> Partnership Project <br> Revenue (AMT) <br>5.500%, 9/1/54<br>| 500 | &nbsp;&nbsp; 507 |
| State of Louisiana, General <br> Obligation,<br>|  |  |
| Series B <br>5.000%, 6/1/37<br>| 650 | &nbsp;&nbsp; 734 |
| Series E <br>5.000%, 9/1/31<br>| 500 | &nbsp;&nbsp; 568 |
|  |  | &nbsp;&nbsp; 1809 |
| **Maryland—1.6%** | **Maryland—1.6%** |  |
| Maryland Community <br> Development <br> Administration Revenue, <br> Series A <br>1.250%, 3/1/30<br>| 200 | &nbsp;&nbsp; 179 |
| Washington Suburban <br> Sanitary Commission, <br> Water Revenue (CNTY GTD <br> Insured) <br>5.000%, 6/1/39<br>| 500 | &nbsp;&nbsp; 564 |
|  |  | &nbsp;&nbsp; 743 |
| **Massachusetts—3.0%** | **Massachusetts—3.0%** |  |
| Massachusetts Bay <br> Transportation Authority, <br> Sales Tax Revenue, Senior <br> Bond, Series B <br>5.000%, 7/1/40<br>| 500 | &nbsp;&nbsp; 552 |
| Massachusetts Housing <br> Finance Agency Revenue <br>2.300%, 12/1/40<br>| 500 | &nbsp;&nbsp; 379 |
| Massachusetts Port Authority, <br> Transportation Revenue, <br> Series A (AMT) <br>5.000%, 7/1/31<br>| 500 | &nbsp;&nbsp; 514 |
|  |  | &nbsp;&nbsp; 1445 |
| **Michigan—1.0%** | **Michigan—1.0%** |  |
| Michigan State Building <br> Authority, Facilities <br> Program Lease Revenue, <br> Series I <br>4.000%, 10/15/36<br>| 500 | &nbsp;&nbsp; 503 |
| **Minnesota—5.0%** | **Minnesota—5.0%** |  |
| Minneapolis Special School <br> District No. 1, General <br> Obligation, Series B<br>|  |  |
| (SD CRED PROG Insured) <br>5.000%, 2/1/39<br>| 1085 | &nbsp;&nbsp; 1175 |

---

*See Notes to Financial Statements*

------

**Seix Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Minnesota—continued** | **Minnesota—continued** |  |
| (SD CRED PROG Insured) <br>5.000%, 2/1/40<br>| $1140 | &nbsp;&nbsp; $1223 |
|  |  | &nbsp;&nbsp; 2398 |
| **New Jersey—4.5%** | **New Jersey—4.5%** |  |
| New Jersey Transportation <br> Trust Fund Authority <br> Revenue,<br>|  |  |
| Series A <br>5.000%, 6/15/35<br>| 500 | &nbsp;&nbsp; 568 |
| Series AA <br>5.250%, 6/15/41<br>| 500 | &nbsp;&nbsp; 546 |
| Tobacco Settlement Financing <br> Corp., Tobacco Settlement <br> Revenue, Series A<br>|  |  |
| <br>5.000%, 6/1/31 | 250 | &nbsp;&nbsp; 262 |
| <br>5.000%, 6/1/32 | 250 | &nbsp;&nbsp; 261 |
| <br>5.000%, 6/1/33 | 250 | &nbsp;&nbsp; 260 |
| <br>5.000%, 6/1/34 | 250 | &nbsp;&nbsp; 258 |
|  |  | &nbsp;&nbsp; 2155 |
| **New York—6.1%** | **New York—6.1%** |  |
| New York City Industrial <br> Development Agency, <br> Queens Baseball Stadium <br> Project Revenue, Series A<br>|  |  |
| (AG Insured) <br>3.000%, 1/1/36<br>| 250 | &nbsp;&nbsp; 231 |
| (AG Insured) <br>3.000%, 1/1/37<br>| 100 | &nbsp;&nbsp; 91 |
| New York City Municipal <br> Water Finance Authority, <br> Water Revenue, Series AA <br>5.000%, 6/15/49<br>| 375 | &nbsp;&nbsp; 393 |
| New York City Transitional <br> Finance Authority, Income <br> Tax Revenue,<br>|  |  |
| Series G-1 <br>5.000%, 5/1/42<br>| 260 | &nbsp;&nbsp; 278 |
| Series H-1 <br>5.000%, 11/1/41<br>| 250 | &nbsp;&nbsp; 272 |
| Series H-1 <br>5.500%, 11/1/51<br>| 135 | &nbsp;&nbsp; 147 |
| New York Transportation <br> Development Corp., <br> Laguardia Airport Terminal <br> Revenue (AMT) <br>6.000%, 4/1/35<br>| 250 | &nbsp;&nbsp; 275 |
| Port Authority of New York & <br> New Jersey, (AMT) <br>5.000%, 10/15/31<br>| 1130 | &nbsp;&nbsp; 1249 |
|  |  | &nbsp;&nbsp; 2936 |
| **Ohio—0.9%** | **Ohio—0.9%** |  |
| Buckeye Tobacco Settlement <br> Financing Authority, <br> Tobacco Settlement Senior <br> Revenue, Class 1, Series <br> A-2 <br>4.000%, 6/1/48<br>| 500 | &nbsp;&nbsp; 420 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Oklahoma—1.1%** | **Oklahoma—1.1%** |  |
| Oklahoma Water Resources <br> Board, Clean Water <br> Program Revenue <br>5.000%, 4/1/42<br>| $500 | &nbsp;&nbsp; $535 |
| **Pennsylvania—10.2%** | **Pennsylvania—10.2%** |  |
| City of Philadelphia, |  |  |
| General Obligation, Series C <br>5.000%, 8/1/32<br>| 1805 | &nbsp;&nbsp; 2054 |
| Water & Wastewater <br> Revenue, Series A <br>5.000%, 10/1/42<br>| 300 | &nbsp;&nbsp; 304 |
| Pennsylvania Turnpike <br> Commission, Highway Toll <br> Revenue, First Subordinate <br> Series <br>5.000%, 12/1/38<br>| 2325 | &nbsp;&nbsp; 2527 |
|  |  | &nbsp;&nbsp; 4885 |
| **South Carolina—1.5%** | **South Carolina—1.5%** |  |
| South Carolina Public Service <br> Authority, Santee Cooper <br> Revenue, Series B <br>5.000%, 12/1/41<br>| 680 | &nbsp;&nbsp; 722 |
| **Tennessee—2.8%** | **Tennessee—2.8%** |  |
| Metropolitan Nashville Airport <br> Authority (The) Revenue, <br> Series A<br>|  |  |
| <br>5.250%, 7/1/47 | 250 | &nbsp;&nbsp; 262 |
| <br>5.000%, 7/1/52 | 250 | &nbsp;&nbsp; 256 |
| Metropolitan Nashville Airport <br> Authority (The) Revenue, <br> Series B (AMT)<br>|  |  |
| <br>5.500%, 7/1/40 | 500 | &nbsp;&nbsp; 537 |
| <br>5.500%, 7/1/41 | 250 | &nbsp;&nbsp; 267 |
|  |  | &nbsp;&nbsp; 1322 |
| **Texas—11.0%** | **Texas—11.0%** |  |
| Arlington Higher Education <br> Finance Corp., Trinity Basin <br> Preparatory Revenue <br> (PSF-GTD Insured) <br>4.500%, 8/15/53<br>| 190 | &nbsp;&nbsp; 183 |
| Central Texas Regional <br> Mobility Authority, Highway <br> Toll Revenue, Senior Lien, <br> Series D <br>4.000%, 1/1/38<br>| 750 | &nbsp;&nbsp; 750 |
| Georgetown Independent <br> School District, General <br> Obligation (PSF-GTD <br> Insured) <br>3.750%, 8/15/41<br>| 500 | &nbsp;&nbsp; 484 |
| Lovejoy Independent School <br> District, General Obligation <br> (PSF-GTD Insured) <br>5.000%, 2/15/31<br>| 250 | &nbsp;&nbsp; 280 |
| North Texas Tollway Authority, <br> Highway Toll Revenue, <br> Series A <br>5.000%, 1/1/28<br>| 295 | &nbsp;&nbsp; 297 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Texas—continued** | **Texas—continued** |  |
| Permanent University Fund - <br> University of Texas System <br> Revenue, Series B <br>5.000%, 7/1/36<br>| $1045 | &nbsp;&nbsp; $1218 |
| Texas Municipal Gas <br> Acquisition & Supply Corp. <br> I, Gas Supply Revenue, <br> Senior Lien, Series D <br>6.250%, 12/15/26<br>| 485 | &nbsp;&nbsp; 495 |
| Texas Municipal Gas <br> Acquisition & Supply Corp. <br> II, Gas Supply Revenue, <br> SOFR Index Series C <br>3.528%, 9/15/27<sup>(2)</sup> <br>| 920 | &nbsp;&nbsp; 920 |
| Wharton Independent School <br> District, General Obligation <br> (PSF-GTD Insured) <br>3.000%, 2/15/32<br>| 645 | &nbsp;&nbsp; 643 |
|  |  | &nbsp;&nbsp; 5270 |
| **Virginia—1.3%** | **Virginia—1.3%** |  |
| Virginia College Building <br> Authority, 21st Century <br> College & Equipment <br> Programs Revenue <br>5.000%, 2/1/36<br>| 550 | &nbsp;&nbsp; 617 |
| **Washington—2.4%** | **Washington—2.4%** |  |
| Grant County Public Hospital <br> District No. 1, General <br> Obligation <br>5.500%, 12/1/43<br>| 305 | &nbsp;&nbsp; 316 |
| State of Washington, General <br> Obligation, Series C <br>5.000%, 8/1/37<br>| 750 | &nbsp;&nbsp; 842 |
|  |  | &nbsp;&nbsp; 1158 |
| **Wisconsin—0.5%** | **Wisconsin—0.5%** |  |
| Public Finance Authority, <br> Waste Management, Inc. <br> Project Revenue (AMT) <br>2.875%, 5/1/27<br>| 250 | &nbsp;&nbsp; 247 |
| **Total Municipal Bonds** <br>**(Identified Cost $45,915)** | **Total Municipal Bonds** <br>**(Identified Cost $45,915)** | &nbsp;&nbsp; **45701** |
| **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $45,915)** | **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $45,915)** | &nbsp;&nbsp; **45701** |
| **TOTAL INVESTMENTS—95.4%** <br>**(Identified Cost $45,915)** | **TOTAL INVESTMENTS—95.4%** <br>**(Identified Cost $45,915)** | &nbsp;&nbsp; **$45701** |
| Other assets and liabilities, net—4.6% | Other assets and liabilities, net—4.6% | &nbsp;&nbsp; 2218 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$47919** |

---

*See Notes to Financial Statements*

------

**Seix Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| At September 30, 2025, 18.9% of the securities in <br> the portfolio are backed by insurance of financial <br> institutions and financial guaranty assurance <br> agencies. None of the insurers concentration <br> exceeds 10% of the Fund's net assets.<br>|
| <sup>(2)</sup> <br>| Variable or step coupon security; interest rate <br> shown reflects the rate in effect at September 30, <br> 2025. For securities based on a published reference <br> rate and spread, the reference rate and spread are <br> indicated in the description above. Certain variable <br> rate securities are not based on a published <br> reference rate and spread but are determined by the <br> issuer or agent and are based on current market <br> conditions. These securities do not indicate a <br> reference rate and spread in their description <br> above.<br>|

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $45701 | &nbsp;&nbsp;&nbsp;&nbsp; $45701 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $45701 | &nbsp;&nbsp;&nbsp;&nbsp; $45701 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)** 

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet** <br>**Core Plus Bond** <br> **Fund**<br>| **Newfleet** <br>**High Yield** <br>**Fund**<br>| **Newfleet** <br>**Low Duration** <br>**Core Plus** <br>**Bond Fund**<br>| **Newfleet** <br>**Multi-Sector** <br>**Intermediate** <br>**Bond Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $564872 | &nbsp;&nbsp; $49119 | &nbsp;&nbsp; $445050 | &nbsp;&nbsp; $829494 |
| Investment in affiliates at value<sup>(3)</sup> | &nbsp;&nbsp; 5086 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6776 | &nbsp;&nbsp; 7928 |
| Cash  | &nbsp;&nbsp; 5151 | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; 12905 | &nbsp;&nbsp; 8226 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; 248 | &nbsp;&nbsp; — | &nbsp;&nbsp; 915 | &nbsp;&nbsp; 4625 |
| Fund shares sold  | &nbsp;&nbsp; 848 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 1779 |
| Dividends and interest | &nbsp;&nbsp; 4701 | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 2581 | &nbsp;&nbsp; 8173 |
| Securities lending income | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 14 |
| Prepaid expenses  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 86 |
| Other assets  | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 134 |
| Total assets | &nbsp;&nbsp; 581026 | &nbsp;&nbsp; 51468 | &nbsp;&nbsp; 469018 | &nbsp;&nbsp; 860466 |
| **Liabilities** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 4382 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 1022 | &nbsp;&nbsp; 1387 |
| Investment securities purchased  | &nbsp;&nbsp; 1704 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 7024 | &nbsp;&nbsp; 7257 |
| Collateral on securities loaned | &nbsp;&nbsp; 2476 | &nbsp;&nbsp; 1208 | &nbsp;&nbsp; 1799 | &nbsp;&nbsp; 8012 |
| Dividend distributions  | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 382 |
| Investment advisory fees  | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 333 |
| Distribution and service fees  | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 26 |
| Administration and accounting fees | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 106 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 116 |
| Professional fees  | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 41 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 134 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 |
| Other accrued expenses | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 49 |
| Unrealized depreciation on unfunded loan commitments<sup>(4)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Total liabilities | &nbsp;&nbsp; 8989 | &nbsp;&nbsp; 1509 | &nbsp;&nbsp; 10285 | &nbsp;&nbsp; 17845 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $572037 | &nbsp;&nbsp; $49959 | &nbsp;&nbsp; $458733 | &nbsp;&nbsp; $842621 |
| **Net Assets Consist of:** |  |  |  |  |
| Common stock $0.001 par value | &nbsp;&nbsp; $55 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $— |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; 580302 | &nbsp;&nbsp; 57533 | &nbsp;&nbsp; 483838 | &nbsp;&nbsp; 869254 |
| Accumulated earnings (loss) | &nbsp;&nbsp; (8320)<br>| &nbsp;&nbsp; (7574)<br>| &nbsp;&nbsp; (25148)<br>| &nbsp;&nbsp; (26633)<br>|
| **Net Assets** | &nbsp;&nbsp; $572037 | &nbsp;&nbsp; $49959 | &nbsp;&nbsp; $458733 | &nbsp;&nbsp; $842621 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $48987 | &nbsp;&nbsp; $33717 | &nbsp;&nbsp; $60543 | &nbsp;&nbsp; $85924 |
| Class C | &nbsp;&nbsp; $5134 | &nbsp;&nbsp; $1235 | &nbsp;&nbsp; $6049 | &nbsp;&nbsp; $9781 |
| Class I | &nbsp;&nbsp; $483381 | &nbsp;&nbsp; $8243 | &nbsp;&nbsp; $389784 | &nbsp;&nbsp; $673711 |
| Class R6 | &nbsp;&nbsp; $34535 | &nbsp;&nbsp; $6764 | &nbsp;&nbsp; $2357 | &nbsp;&nbsp; $73205 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):**<sup>(5)</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; 4814542 | &nbsp;&nbsp; 8674496 | &nbsp;&nbsp; 5626090 | &nbsp;&nbsp; 9253570 |
| Class C | &nbsp;&nbsp; 516729 | &nbsp;&nbsp; 323515 | &nbsp;&nbsp; 562128 | &nbsp;&nbsp; 1039196 |
| Class I | &nbsp;&nbsp; 46727188 | &nbsp;&nbsp; 2115017 | &nbsp;&nbsp; 36232545 | &nbsp;&nbsp; 72979708 |
| Class R6 | &nbsp;&nbsp; 3337122 | &nbsp;&nbsp; 1738242 | &nbsp;&nbsp; 218920 | &nbsp;&nbsp; 7831376 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet**<br> **Core Plus Bond** <br> **Fund**<br>| **Newfleet**<br> **High Yield**<br> **Fund**<br>| **Newfleet**<br> **Low Duration**<br> **Core Plus**<br> **Bond Fund**<br>| **Newfleet**<br> **Multi-Sector**<br> **Intermediate**<br> **Bond Fund**<br>|
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $10.17 | &nbsp;&nbsp; $3.89 | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $9.29 |
| Class C | &nbsp;&nbsp; $9.94 | &nbsp;&nbsp; $3.82 | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $9.41 |
| Class I | &nbsp;&nbsp; $10.34 | &nbsp;&nbsp; $3.90 | &nbsp;&nbsp; $10.76 | &nbsp;&nbsp; $9.23 |
| Class R6 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $3.89 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $9.35 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $10.57 | &nbsp;&nbsp; $4.04 | &nbsp;&nbsp; $11.01 | &nbsp;&nbsp; $9.65 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $564022 | &nbsp;&nbsp; $49053 | &nbsp;&nbsp; $442658 | &nbsp;&nbsp; $818544 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $2393 | &nbsp;&nbsp; $1150 | &nbsp;&nbsp; $1720 | &nbsp;&nbsp; $7664 |
| <sup>(3)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $5112 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6792 | &nbsp;&nbsp; $7965 |
| <sup>(4)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |  |
| <sup>(5)</sup> Newfleet Core Plus Bond Fund and Newfleet Low Duration Core Plus Bond Fund have <br> a par value of $1.00, and all other funds on this page have no par value.<br>|  |  |  |  |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Newfleet** <br> **Multi-Sector Short** <br> **Term Bond Fund**<br>| **Newfleet** <br>**Senior Floating** <br>**Rate Fund**<br>| **Seix** <br>**Tax-Exempt** <br>**Bond Fund**<br>|
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $4556025 | &nbsp;&nbsp; $166027 | &nbsp;&nbsp; $45701 |
| Investment in affiliates at value<sup>(3)</sup> | &nbsp;&nbsp; 68451 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash  | &nbsp;&nbsp; 90094 | &nbsp;&nbsp; 3423 | &nbsp;&nbsp; 1750 |
| Receivables |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; 4736 | &nbsp;&nbsp; 5615 | &nbsp;&nbsp; — |
| Fund shares sold  | &nbsp;&nbsp; 10297 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 2 |
| Dividends and interest | &nbsp;&nbsp; 32576 | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; 583 |
| Securities lending income | &nbsp;&nbsp; 14 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 |
| Prepaid expenses  | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 9 |
| Other assets  | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 8 |
| Total assets | &nbsp;&nbsp; 4763027 | &nbsp;&nbsp; 176289 | &nbsp;&nbsp; 48054 |
| **Liabilities** |  |  |  |
| Due to custodian | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 9516 | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 31 |
| Investment securities purchased  | &nbsp;&nbsp; 21916 | &nbsp;&nbsp; 3709 | &nbsp;&nbsp; — |
| Collateral on securities loaned | &nbsp;&nbsp; 27140 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend distributions  | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 8 |
| Investment advisory fees  | &nbsp;&nbsp; 1557 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 8 |
| Distribution and service fees  | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 5 |
| Administration and accounting fees | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 21 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 9 |
| Professional fees  | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 30 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 8 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Other accrued expenses | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 15 |
| Unrealized depreciation on unfunded loan commitments<sup>(4)</sup> | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Total liabilities | &nbsp;&nbsp; 64264 | &nbsp;&nbsp; 4911 | &nbsp;&nbsp; 135 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $4698763 | &nbsp;&nbsp; $171378 | &nbsp;&nbsp; $47919 |
| **Net Assets Consist of:** |  |  |  |
| Common stock $0.001 par value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5 |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; 5115282 | &nbsp;&nbsp; 249793 | &nbsp;&nbsp; 49207 |
| Accumulated earnings (loss) | &nbsp;&nbsp; (416519)<br>| &nbsp;&nbsp; (78415)<br>| &nbsp;&nbsp; (1293)<br>|
| **Net Assets** | &nbsp;&nbsp; $4698763 | &nbsp;&nbsp; $171378 | &nbsp;&nbsp; $47919 |
| **Net Assets:** |  |  |  |
| Class A | &nbsp;&nbsp; $577814 | &nbsp;&nbsp; $44232 | &nbsp;&nbsp; $21660 |
| Class C | &nbsp;&nbsp; $86474 | &nbsp;&nbsp; $4119 | &nbsp;&nbsp; $890 |
| Class C1 | &nbsp;&nbsp; $26632 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; $3946721 | &nbsp;&nbsp; $121877 | &nbsp;&nbsp; $25369 |
| Class R6 | &nbsp;&nbsp; $61122 | &nbsp;&nbsp; $1150 | &nbsp;&nbsp; $— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):**<sup>(5)</sup> <br>|  |  |  |
| Class A | &nbsp;&nbsp; 126453365 | &nbsp;&nbsp; 5157409 | &nbsp;&nbsp; 2120911 |
| Class C | &nbsp;&nbsp; 18614674 | &nbsp;&nbsp; 479963 | &nbsp;&nbsp; 87164 |
| Class C1 | &nbsp;&nbsp; 5752265 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp; 862236138 | &nbsp;&nbsp; 14233604 | &nbsp;&nbsp; 2484236 |
| Class R6 | &nbsp;&nbsp; 13302328 | &nbsp;&nbsp; 134364 | &nbsp;&nbsp; — |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Newfleet** <br> **Multi-Sector Short** <br> **Term Bond Fund**<br>| **Newfleet**<br> **Senior Floating**<br> **Rate Fund**<br>| **Seix**<br> **Tax-Exempt**<br> **Bond Fund**<br>|
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |
| Class A | &nbsp;&nbsp; $4.57 | &nbsp;&nbsp; $8.58 | &nbsp;&nbsp; $10.21 |
| Class C | &nbsp;&nbsp; $4.65 | &nbsp;&nbsp; $8.58 | &nbsp;&nbsp; $10.21 |
| Class C1 | &nbsp;&nbsp; $4.63 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Class I | &nbsp;&nbsp; $4.58 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $10.21 |
| Class R6 | &nbsp;&nbsp; $4.59 | &nbsp;&nbsp; $8.56 | &nbsp;&nbsp; $— |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |
| Class A | &nbsp;&nbsp; $4.68 | &nbsp;&nbsp; $8.82 | &nbsp;&nbsp; $10.50 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $4552474 | &nbsp;&nbsp; $167373 | &nbsp;&nbsp; $45915 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $25812 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(3)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $68620 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| <sup>(4)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |
| <sup>(5)</sup> Seix Tax-Exempt Bond Fund has a par value of $0.001, and all other funds on this page have no par value. |  |  |  |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7)** 

**YEAR ENDED September 30, 2025**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet** <br>**Core Plus Bond** <br> **Fund**<br>| **Newfleet** <br>**High Yield** <br>**Fund**<br>| **Newfleet** <br>**Low Duration** <br>**Core Plus** <br>**Bond Fund**<br>| **Newfleet** <br>**Multi-Sector** <br>**Intermediate** <br>**Bond Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $581 | &nbsp;&nbsp;&nbsp; $45 | &nbsp;&nbsp;&nbsp; $549 | &nbsp;&nbsp;&nbsp; $505 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 143 |
| Interest  | &nbsp;&nbsp;&nbsp; 26288 | &nbsp;&nbsp;&nbsp; 4071 | &nbsp;&nbsp;&nbsp; 22270 | &nbsp;&nbsp;&nbsp; 51452 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 69 |
| Total investment income | &nbsp;&nbsp;&nbsp; 26963 | &nbsp;&nbsp;&nbsp; 4135 | &nbsp;&nbsp;&nbsp; 23011 | &nbsp;&nbsp;&nbsp; 52169 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1912 | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 1798 | &nbsp;&nbsp;&nbsp; 4272 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 219 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 96 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp; 803 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 337 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 74 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 8 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp; 387 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 13 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 50 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 64 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 5 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 68 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 55 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 83 |
| Total expenses | &nbsp;&nbsp;&nbsp; 3455 | &nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 3312 | &nbsp;&nbsp;&nbsp; 6534 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (1119)<br>| &nbsp;&nbsp;&nbsp; (206)<br>| &nbsp;&nbsp;&nbsp; (847)<br>| &nbsp;&nbsp;&nbsp; (554)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 2336 | &nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp; 2465 | &nbsp;&nbsp;&nbsp; 5980 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 24627 | &nbsp;&nbsp;&nbsp; 3676 | &nbsp;&nbsp;&nbsp; 20546 | &nbsp;&nbsp;&nbsp; 46189 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (881)<br>| &nbsp;&nbsp;&nbsp; (881)<br>| &nbsp;&nbsp;&nbsp; (820)<br>| &nbsp;&nbsp;&nbsp; (5937)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (3037)<br>| &nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 3707 | &nbsp;&nbsp;&nbsp; 4367 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (37)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (3954)<br>| &nbsp;&nbsp;&nbsp; (394)<br>| &nbsp;&nbsp;&nbsp; 2871 | &nbsp;&nbsp;&nbsp; (1604)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $20673 | &nbsp;&nbsp;&nbsp; $3282 | &nbsp;&nbsp;&nbsp; $23417 | &nbsp;&nbsp;&nbsp; $44585 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)**

**YEAR ENDED September 30, 2025**

($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Newfleet** <br> **Multi-Sector Short** <br> **Term Bond Fund**<br>| **Newfleet** <br>**Senior Floating** <br>**Rate Fund**<br>| **Seix** <br>**Tax-Exempt** <br>**Bond Fund**<br>|
| **Investment Income** |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $3172 | &nbsp;&nbsp;&nbsp; $749 | &nbsp;&nbsp;&nbsp; $50 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest  | &nbsp;&nbsp;&nbsp; 244583 | &nbsp;&nbsp;&nbsp; 14794 | &nbsp;&nbsp;&nbsp; 1736 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 249696 | &nbsp;&nbsp;&nbsp; 15543 | &nbsp;&nbsp;&nbsp; 1786 |
| **Expenses** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 21946 | &nbsp;&nbsp;&nbsp; 857 | &nbsp;&nbsp;&nbsp; 220 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 1469 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 57 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 11 |
| Distribution and service fees, Class C1 | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 4560 | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 72 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 1947 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 25 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 15 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 |
| Sub-transfer agent fees and expenses, Class C1 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 3187 | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 20 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 10 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 30 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Registration fees  | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 28 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 4 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 17 |
| Total expenses | &nbsp;&nbsp;&nbsp; 35736 | &nbsp;&nbsp;&nbsp; 1758 | &nbsp;&nbsp;&nbsp; 510 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (3994)<br>| &nbsp;&nbsp;&nbsp; (284)<br>| &nbsp;&nbsp;&nbsp; (158)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 31742 | &nbsp;&nbsp;&nbsp; 1474 | &nbsp;&nbsp;&nbsp; 352 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 217954 | &nbsp;&nbsp;&nbsp; 14069 | &nbsp;&nbsp;&nbsp; 1434 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (14949)<br>| &nbsp;&nbsp;&nbsp; (2588)<br>| &nbsp;&nbsp;&nbsp; (311)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Capital gain distributions from underlying funds | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 24330 | &nbsp;&nbsp;&nbsp; (576)<br>| &nbsp;&nbsp;&nbsp; (523)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (169)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 9118 | &nbsp;&nbsp;&nbsp; (3164)<br>| &nbsp;&nbsp;&nbsp; (834)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $227072 | &nbsp;&nbsp;&nbsp; $10905 | &nbsp;&nbsp;&nbsp; $600 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)** 

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet High Yield Fund** | **Newfleet High Yield Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $24627 | &nbsp;&nbsp;&nbsp; $13570 | &nbsp;&nbsp;&nbsp; $3676 | &nbsp;&nbsp;&nbsp; $3766 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (893)<br>| &nbsp;&nbsp;&nbsp; (924)<br>| &nbsp;&nbsp;&nbsp; (881)<br>| &nbsp;&nbsp;&nbsp; (632)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (3061)<br>| &nbsp;&nbsp;&nbsp; 18007 | &nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 3930 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 20673 | &nbsp;&nbsp;&nbsp; 30653 | &nbsp;&nbsp;&nbsp; 3282 | &nbsp;&nbsp;&nbsp; 7064 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2274)<br>| &nbsp;&nbsp;&nbsp; (1836)<br>| &nbsp;&nbsp;&nbsp; (2379)<br>| &nbsp;&nbsp;&nbsp; (2554)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (203)<br>| &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp; (112)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (21614)<br>| &nbsp;&nbsp;&nbsp; (11352)<br>| &nbsp;&nbsp;&nbsp; (530)<br>| &nbsp;&nbsp;&nbsp; (519)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (515)<br>| &nbsp;&nbsp;&nbsp; (241)<br>| &nbsp;&nbsp;&nbsp; (668)<br>| &nbsp;&nbsp;&nbsp; (576)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (24606)<br>| &nbsp;&nbsp;&nbsp; (13561)<br>| &nbsp;&nbsp;&nbsp; (3685)<br>| &nbsp;&nbsp;&nbsp; (3761)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 4331 | &nbsp;&nbsp;&nbsp; 14125 | &nbsp;&nbsp;&nbsp; (1503)<br>| &nbsp;&nbsp;&nbsp; (2696)<br>|
| Class C | &nbsp;&nbsp;&nbsp; 813 | &nbsp;&nbsp;&nbsp; 2627 | &nbsp;&nbsp;&nbsp; (848)<br>| &nbsp;&nbsp;&nbsp; 891 |
| Class I | &nbsp;&nbsp;&nbsp; 133945 | &nbsp;&nbsp;&nbsp; 205721 | &nbsp;&nbsp;&nbsp; 1481 | &nbsp;&nbsp;&nbsp; (861)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 27634 | &nbsp;&nbsp;&nbsp; 4481 | &nbsp;&nbsp;&nbsp; (3865)<br>| &nbsp;&nbsp;&nbsp; 8538 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 166723 | &nbsp;&nbsp;&nbsp; 226954 | &nbsp;&nbsp;&nbsp; (4735)<br>| &nbsp;&nbsp;&nbsp; 5872 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 162790 | &nbsp;&nbsp;&nbsp; 244046 | &nbsp;&nbsp;&nbsp; (5138)<br>| &nbsp;&nbsp;&nbsp; 9175 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 409247 | &nbsp;&nbsp;&nbsp; 165201 | &nbsp;&nbsp;&nbsp; 55097 | &nbsp;&nbsp;&nbsp; 45922 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $572037 | &nbsp;&nbsp;&nbsp; $409247 | &nbsp;&nbsp;&nbsp; $49959 | &nbsp;&nbsp;&nbsp; $55097 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet Low Duration Core Plus** <br> **Bond Fund** | **Newfleet Low Duration Core Plus** <br> **Bond Fund** | **Newfleet Multi-Sector Intermediate** <br> **Bond Fund** | **Newfleet Multi-Sector Intermediate** <br> **Bond Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $20546 | &nbsp;&nbsp;&nbsp; $17821 | &nbsp;&nbsp;&nbsp; $46189 | &nbsp;&nbsp;&nbsp; $32183 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (820)<br>| &nbsp;&nbsp;&nbsp; (1866)<br>| &nbsp;&nbsp;&nbsp; (5939)<br>| &nbsp;&nbsp;&nbsp; (5316)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 3691 | &nbsp;&nbsp;&nbsp; 20284 | &nbsp;&nbsp;&nbsp; 4335 | &nbsp;&nbsp;&nbsp; 35743 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 23417 | &nbsp;&nbsp;&nbsp; 36239 | &nbsp;&nbsp;&nbsp; 44585 | &nbsp;&nbsp;&nbsp; 62610 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2575)<br>| &nbsp;&nbsp;&nbsp; (2532)<br>| &nbsp;&nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp;&nbsp; (4350)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (250)<br>| &nbsp;&nbsp;&nbsp; (267)<br>| &nbsp;&nbsp;&nbsp; (473)<br>| &nbsp;&nbsp;&nbsp; (462)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (17603)<br>| &nbsp;&nbsp;&nbsp; (14623)<br>| &nbsp;&nbsp;&nbsp; (37559)<br>| &nbsp;&nbsp;&nbsp; (26703)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp; (390)<br>| &nbsp;&nbsp;&nbsp; (3750)<br>| &nbsp;&nbsp;&nbsp; (1267)<br>|
| **Return of Capital:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (112)<br>|
| Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14)<br>|
| Class I | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (644)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (20540)<br>| &nbsp;&nbsp;&nbsp; (17812)<br>| &nbsp;&nbsp;&nbsp; (46816)<br>| &nbsp;&nbsp;&nbsp; (33583)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; (5018)<br>| &nbsp;&nbsp;&nbsp; (1246)<br>| &nbsp;&nbsp;&nbsp; 15985 |
| Class C | &nbsp;&nbsp;&nbsp; (1386)<br>| &nbsp;&nbsp;&nbsp; (1800)<br>| &nbsp;&nbsp;&nbsp; (231)<br>| &nbsp;&nbsp;&nbsp; 396 |
| Class I | &nbsp;&nbsp;&nbsp; 33331 | &nbsp;&nbsp;&nbsp; 24475 | &nbsp;&nbsp;&nbsp; 104986 | &nbsp;&nbsp;&nbsp; 244372 |
| Class R6 | &nbsp;&nbsp;&nbsp; (7513)<br>| &nbsp;&nbsp;&nbsp; 2046 | &nbsp;&nbsp;&nbsp; 14764 | &nbsp;&nbsp;&nbsp; 39213 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 24456 | &nbsp;&nbsp;&nbsp; 19703 | &nbsp;&nbsp;&nbsp; 118273 | &nbsp;&nbsp;&nbsp; 299966 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 27333 | &nbsp;&nbsp;&nbsp; 38130 | &nbsp;&nbsp;&nbsp; 116042 | &nbsp;&nbsp;&nbsp; 328993 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 431400 | &nbsp;&nbsp;&nbsp; 393270 | &nbsp;&nbsp;&nbsp; 726579 | &nbsp;&nbsp;&nbsp; 397586 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $458733 | &nbsp;&nbsp;&nbsp; $431400 | &nbsp;&nbsp;&nbsp; $842621 | &nbsp;&nbsp;&nbsp; $726579 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Newfleet Multi-Sector Short Term** <br> **Bond Fund** | **Newfleet Multi-Sector Short Term** <br> **Bond Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $217954 | &nbsp;&nbsp;&nbsp; $205968 | &nbsp;&nbsp;&nbsp; $14069 | &nbsp;&nbsp;&nbsp; $15716 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (15056)<br>| &nbsp;&nbsp;&nbsp; (48749)<br>| &nbsp;&nbsp;&nbsp; (2588)<br>| &nbsp;&nbsp;&nbsp; (1348)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 24174 | &nbsp;&nbsp;&nbsp; 251529 | &nbsp;&nbsp;&nbsp; (576)<br>| &nbsp;&nbsp;&nbsp; 1259 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 227072 | &nbsp;&nbsp;&nbsp; 408748 | &nbsp;&nbsp;&nbsp; 10905 | &nbsp;&nbsp;&nbsp; 15627 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (27147)<br>| &nbsp;&nbsp;&nbsp; (29448)<br>| &nbsp;&nbsp;&nbsp; (3856)<br>| &nbsp;&nbsp;&nbsp; (4359)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (4153)<br>| &nbsp;&nbsp;&nbsp; (5171)<br>| &nbsp;&nbsp;&nbsp; (285)<br>| &nbsp;&nbsp;&nbsp; (394)<br>|
| Class C1 | &nbsp;&nbsp;&nbsp; (1033)<br>| &nbsp;&nbsp;&nbsp; (1176)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (184349)<br>| &nbsp;&nbsp;&nbsp; (178472)<br>| &nbsp;&nbsp;&nbsp; (9742)<br>| &nbsp;&nbsp;&nbsp; (10897)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1962)<br>| &nbsp;&nbsp;&nbsp; (763)<br>| &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; (90)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (218644)<br>| &nbsp;&nbsp;&nbsp; (215030)<br>| &nbsp;&nbsp;&nbsp; (13962)<br>| &nbsp;&nbsp;&nbsp; (15740)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (35794)<br>| &nbsp;&nbsp;&nbsp; (75026)<br>| &nbsp;&nbsp;&nbsp; (18149)<br>| &nbsp;&nbsp;&nbsp; 2237 |
| Class C | &nbsp;&nbsp;&nbsp; (22152)<br>| &nbsp;&nbsp;&nbsp; (29309)<br>| &nbsp;&nbsp;&nbsp; (705)<br>| &nbsp;&nbsp;&nbsp; (1421)<br>|
| Class C1 | &nbsp;&nbsp;&nbsp; (1836)<br>| &nbsp;&nbsp;&nbsp; (6611)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 166848 | &nbsp;&nbsp;&nbsp; (25376)<br>| &nbsp;&nbsp;&nbsp; (6879)<br>| &nbsp;&nbsp;&nbsp; 4468 |
| Class R6 | &nbsp;&nbsp;&nbsp; 36364 | &nbsp;&nbsp;&nbsp; 12650 | &nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; (338)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 143430 | &nbsp;&nbsp;&nbsp; (123672)<br>| &nbsp;&nbsp;&nbsp; (25493)<br>| &nbsp;&nbsp;&nbsp; 4946 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 151858 | &nbsp;&nbsp;&nbsp; 70046 | &nbsp;&nbsp;&nbsp; (28550)<br>| &nbsp;&nbsp;&nbsp; 4833 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4546905 | &nbsp;&nbsp;&nbsp; 4476859 | &nbsp;&nbsp;&nbsp; 199928 | &nbsp;&nbsp;&nbsp; 195095 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $4698763 | &nbsp;&nbsp;&nbsp; $4546905 | &nbsp;&nbsp;&nbsp; $171378 | &nbsp;&nbsp;&nbsp; $199928 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1434 | &nbsp;&nbsp;&nbsp; $1658 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (311)<br>| &nbsp;&nbsp;&nbsp; (199)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (523)<br>| &nbsp;&nbsp;&nbsp; 2996 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 4455 |
| **Dividends and Distributions to Shareholders** |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (638)<br>| &nbsp;&nbsp;&nbsp; (703)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; (26)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (759)<br>| &nbsp;&nbsp;&nbsp; (906)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (1419)<br>| &nbsp;&nbsp;&nbsp; (1635)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2857)<br>| &nbsp;&nbsp;&nbsp; (3957)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (340)<br>| &nbsp;&nbsp;&nbsp; (183)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (2008)<br>| &nbsp;&nbsp;&nbsp; (10549)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (5205)<br>| &nbsp;&nbsp;&nbsp; (14689)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (6024)<br>| &nbsp;&nbsp;&nbsp; (11869)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 53943 | &nbsp;&nbsp;&nbsp; 65812 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $47919 | &nbsp;&nbsp;&nbsp; $53943 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)**

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

**THROUGHOUT EACH PERIOD**

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Return of Capital** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> <br>| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> <br>| **Portfolio Turnover Rate**<sup>(3)</sup> <br>|
| **Newfleet Core Plus Bond** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.32  | 0.49  | (0.15)  | 0.34  | (0.49)  | —  | —  | (0.49)  | —  | (0.15)  | $10.17  | 3.46 %  | $48987  | 0.70 %  | 0.96 %  | 4.89 %  | 42 %  |
| 10/1/23 to 9/30/24 | 9.66  | 0.50  | 0.65  | 1.15  | (0.49)  | —  | —  | (0.49)  | —  | 0.66  | 10.32  | 12.23  | 45255  | 0.73 <sup>(8)</sup> <br>| 1.04  | 4.96  | 50  |
| 10/1/22 to 9/30/23 | 9.84  | 0.39  | (0.18)  | 0.21  | (0.39)  | —  | —  | (0.39)  | —  | (0.18)  | 9.66  | 2.06  | 28811  | 0.80 <sup>(9)</sup> <br>| 1.10  | 3.90  | 49  |
| 10/1/21 to 9/30/22 | 11.81  | 0.26  | (1.80)  | (1.54)  | (0.27)  | —  | (0.16)  | (0.43)  | —  | (1.97)  | 9.84  | (13.38)  | 27013  | 0.81 <sup>(10)</sup> <br>| 1.05  | 2.34  | 52  |
| 10/1/20 to 9/30/21 | 11.85  | 0.25  | (0.04)  | 0.21  | (0.25)  | —  | —  | (0.25)  | —  | (0.04)  | 11.81  | 1.79  | 34538  | 0.80  | 1.05  | 2.12  | 59  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.08  | 0.41  | (0.14)  | 0.27  | (0.41)  | —  | —  | (0.41)  | —  | (0.14)  | $9.94  | 2.76 %  | $5134  | 1.45 %  | 1.69 %  | 4.14 %  | 42 %  |
| 10/1/23 to 9/30/24 | 9.43  | 0.41  | 0.65  | 1.06  | (0.41)  | —  | —  | (0.41)  | —  | 0.65  | 10.08  | 11.45  | 4381  | 1.48 <sup>(8)</sup> <br>| 1.78  | 4.20  | 50  |
| 10/1/22 to 9/30/23 | 9.61  | 0.31  | (0.18)  | 0.13  | (0.31)  | —  | —  | (0.31)  | —  | (0.18)  | 9.43  | 1.25  | 1553  | 1.55 <sup>(9)</sup> <br>| 1.87  | 3.16  | 49  |
| 10/1/21 to 9/30/22 | 11.54  | 0.17  | (1.75)  | (1.58)  | (0.19)  | —  | (0.16)  | (0.35)  | —  | (1.93)  | 9.61  | (14.05)  | 1283  | 1.56 <sup>(10)</sup> <br>| 1.84  | 1.55  | 52  |
| 10/1/20 to 9/30/21 | 11.57  | 0.16  | (0.03)  | 0.13  | (0.16)  | —  | —  | (0.16)  | —  | (0.03)  | 11.54  | 1.11  | 2621  | 1.55  | 1.81  | 1.39  | 59  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.49  | 0.52  | (0.15)  | 0.37  | (0.52)  | —  | —  | (0.52)  | —  | (0.15)  | $10.34  | 3.75 %  | $483381  | 0.45 %  | 0.68 %  | 5.13 %  | 42 %  |
| 10/1/23 to 9/30/24 | 9.82  | 0.53  | 0.67  | 1.20  | (0.53)  | —  | —  | (0.53)  | —  | 0.67  | 10.49  | 12.50  | 352878  | 0.48 <sup>(8)</sup> <br>| 0.76  | 5.20  | 50  |
| 10/1/22 to 9/30/23 | 10.00  | 0.43  | (0.19)  | 0.24  | (0.42)  | —  | —  | (0.42)  | —  | (0.18)  | 9.82  | 2.33  | 132866  | 0.55  | 0.84  | 4.26  | 49  |
| 10/1/21 to 9/30/22 | 12.00  | 0.29  | (1.82)  | (1.53)  | (0.31)  | —  | (0.16)  | (0.47)  | —  | (2.00)  | 10.00  | (13.17)  | 63559  | 0.57 <sup>(10)</sup> <br>| 0.80  | 2.62  | 52  |
| 10/1/20 to 9/30/21 | 12.04  | 0.28  | (0.04)  | 0.24  | (0.28)  | —  | —  | (0.28)  | —  | (0.04)  | 12.00  | 2.04  | 70630  | 0.55  | 0.79  | 2.36  | 59  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.50  | 0.53  | (0.15)  | 0.38  | (0.53)  | —  | —  | (0.53)  | —  | (0.15)  | $10.35  | 3.82 %  | $34535  | 0.37 % <sup>(8)</sup> <br>| 0.60 %  | 5.15 %  | 42 %  |
| 10/1/23 to 9/30/24 | 9.83  | 0.54  | 0.66  | 1.20  | (0.53)  | —  | —  | (0.53)  | —  | 0.67  | 10.50  | 12.57  | 6733  | 0.42 <sup>(8)</sup> <br>| 0.68  | 5.28  | 50  |
| 10/1/22 to 9/30/23 | 10.01  | 0.44  | (0.19)  | 0.25  | (0.43)  | —  | —  | (0.43)  | —  | (0.18)  | 9.83  | 2.47  | 1971  | 0.43  | 0.74  | 4.32  | 49  |
| 10/1/21 to 9/30/22 | 12.01  | 0.30  | (1.82)  | (1.52)  | (0.32)  | —  | (0.16)  | (0.48)  | —  | (2.00)  | 10.01  | (13.05)  | 1338  | 0.45 <sup>(10)</sup> <br>| 0.73  | 2.74  | 52  |
| 10/1/20 to 9/30/21 | 12.05  | 0.30  | (0.04)  | 0.26  | (0.30)  | —  | —  | (0.30)  | —  | (0.04)  | 12.01  | 2.17  | 1214  | 0.43  | 0.72  | 2.48  | 59  |
| **Newfleet High Yield** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $3.90  | 0.27  | (0.01)  | 0.26  | (0.27)  | —  | —  | (0.27)  | —  | (0.01)  | $3.89  | 6.93 %  | $33717  | 0.95 %  | 1.34 %  | 6.96 %  | 31 %  |
| 10/1/23 to 9/30/24 | 3.65  | 0.27  | 0.25  | 0.52  | (0.27)  | —  | —  | (0.27)  | —  | 0.25  | 3.90  | 14.73  | 35356  | 0.96 <sup>(8)</sup> <br>| 1.30  | 7.19  | 61  |
| 10/1/22 to 9/30/23 | 3.53  | 0.24  | 0.12  | 0.36  | (0.24)  | —  | —  | (0.24)  | —  | 0.12  | 3.65  | 10.27  | 35738  | 1.01 <sup>(10)</sup> <br>| 1.33  | 6.53  | 52  |
| 10/1/21 to 9/30/22 | 4.28  | 0.20  | (0.75)  | (0.55)  | (0.20)  | —  | —  | (0.20)  | —  | (0.75)  | 3.53  | (13.15)  | 36258  | 1.01 <sup>(10)</sup> <br>| 1.27  | 5.10  | 47  |
| 10/1/20 to 9/30/21 | 4.00  | 0.20  | 0.28  | 0.48  | (0.20)  | —  | —  | (0.20)  | —  | 0.28  | 4.28  | 12.18  | 47153  | 1.00  | 1.25  | 4.77  | 74  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $3.83  | 0.24  | (0.01)  | 0.23  | (0.24)  | —  | —  | (0.24)  | —  | (0.01)  | $3.82  | 6.13 %  | $1235  | 1.70 %  | 2.07 %  | 6.23 %  | 31 %  |
| 10/1/23 to 9/30/24 | 3.59  | 0.24  | 0.24  | 0.48  | (0.24)  | —  | —  | (0.24)  | —  | 0.24  | 3.83  | 13.71  | 2100  | 1.71 <sup>(8)</sup> <br>| 2.03  | 6.46  | 61  |
| 10/1/22 to 9/30/23 | 3.47  | 0.21  | 0.12  | 0.33  | (0.21)  | —  | —  | (0.21)  | —  | 0.12  | 3.59  | 9.51  | 1098  | 1.76 <sup>(10)</sup> <br>| 2.10  | 5.77  | 52  |
| 10/1/21 to 9/30/22 | 4.21  | 0.17  | (0.74)  | (0.57)  | (0.17)  | —  | —  | (0.17)  | —  | (0.74)  | 3.47  | (13.87)  | 1013  | 1.76 <sup>(10)</sup> <br>| 2.08  | 4.34  | 47  |
| 10/1/20 to 9/30/21 | 3.93  | 0.17  | 0.28  | 0.45  | (0.17)  | —  | —  | (0.17)  | —  | 0.28  | 4.21  | 11.47  | 1460  | 1.75  | 2.03  | 4.05  | 74  |

---

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (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 and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Return of Capital** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Newfleet High Yield** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $3.91  | 0.28  | (0.01)  | 0.27  | (0.28)  | —  | —  | (0.28)  | —  | (0.01)  | $3.90  | 7.19 %  | $8243  | 0.70 %  | 1.11 %  | 7.20 %  | 31 %  |
| 10/1/23 to 9/30/24 | 3.66  | 0.28  | 0.25  | 0.53  | (0.28)  | —  | —  | (0.28)  | —  | 0.25  | 3.91  | 15.00  | 6745  | 0.71 <sup>(8)</sup> <br>| 1.09  | 7.42  | 61  |
| 10/1/22 to 9/30/23 | 3.53  | 0.25  | 0.13  | 0.38  | (0.25)  | —  | —  | (0.25)  | —  | 0.13  | 3.66  | 10.84  | 7225  | 0.76 <sup>(10)</sup> <br>| 1.12  | 6.77  | 52  |
| 10/1/21 to 9/30/22 | 4.29  | 0.21  | (0.76)  | (0.55)  | (0.21)  | —  | —  | (0.21)  | —  | (0.76)  | 3.53  | (13.14)  | 6196  | 0.76 <sup>(10)</sup> <br>| 1.10  | 5.34  | 47  |
| 10/1/20 to 9/30/21 | 4.01  | 0.21  | 0.28  | 0.49  | (0.21)  | —  | —  | (0.21)  | —  | 0.28  | 4.29  | 12.43  | 8297  | 0.75  | 1.05  | 5.01  | 74  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $3.90  | 0.28  | (0.01)  | 0.27  | (0.28)  | —  | —  | (0.28)  | —  | (0.01)  | $3.89  | 7.31 %  | $6764  | 0.59 %  | 0.99 %  | 7.33 %  | 31 %  |
| 10/1/23 to 9/30/24 | 3.65  | 0.29  | 0.24  | 0.53  | (0.28)  | —  | —  | (0.28)  | —  | 0.25  | 3.90  | 15.16  | 10896  | 0.59  | 0.94  | 7.56  | 61  |
| 10/1/22 to 9/30/23 | 3.53  | 0.25  | 0.12  | 0.37  | (0.25)  | —  | —  | (0.25)  | —  | 0.12  | 3.65  | 10.71  | 1861  | 0.60 <sup>(10)</sup> <br>| 0.99  | 6.93  | 52  |
| 10/1/21 to 9/30/22 | 4.29  | 0.22  | (0.76)  | (0.54)  | (0.22)  | —  | —  | (0.22)  | —  | (0.76)  | 3.53  | (13.00)  | 1760  | 0.60 <sup>(10)</sup> <br>| 0.96  | 5.50  | 47  |
| 10/1/20 to 9/30/21 | 4.00  | 0.22  | 0.29  | 0.51  | (0.22)  | —  | —  | (0.22)  | —  | 0.29  | 4.29  | 12.87  | 1937  | 0.60 <sup>(8)</sup> <br>| 0.93  | 5.12  | 74  |
| **Newfleet Low Duration** <br> **Core Plus Bond Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.70  | 0.47  | 0.06  | 0.53  | (0.47)  | —  | —  | (0.47)  | —  | 0.06  | $10.76  | 5.04 %  | $60543  | 0.75 %  | 0.93 %  | 4.37 %  | 55 %  |
| 10/1/23 to 9/30/24 | 10.23  | 0.43  | 0.47  | 0.90  | (0.43)  | —  | —  | (0.43)  | —  | 0.47  | 10.70  | 8.99  | 60159  | 0.75  | 0.94  | 4.14  | 46  |
| 10/1/22 to 9/30/23 | 10.09  | 0.31  | 0.14  | 0.45  | (0.31)  | —  | —  | (0.31)  | —  | 0.14  | 10.23  | 4.55  | 62424  | 0.74  | 0.93  | 3.05  | 38  |
| 10/1/21 to 9/30/22 | 10.96  | 0.15  | (0.86)  | (0.71)  | (0.16)  | —  | —  | (0.16)  | —  | (0.87)  | 10.09  | (6.55)  | 77244  | 0.77 <sup>(10)</sup> <br>| 0.90  | 1.46  | 38  |
| 10/1/20 to 9/30/21 | 10.96  | 0.16  | — <sup>(11)</sup> <br>| 0.16  | (0.16)  | —  | —  | (0.16)  | —  | — <sup>(11)</sup> <br>| 10.96  | 1.44  | 101271  | 0.75  | 0.89  | 1.42  | 55  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.70  | 0.39  | 0.06  | 0.45  | (0.39)  | —  | —  | (0.39)  | —  | 0.06  | $10.76  | 4.26 %  | $6049  | 1.50 %  | 1.69 %  | 3.62 %  | 55 %  |
| 10/1/23 to 9/30/24 | 10.23  | 0.35  | 0.47  | 0.82  | (0.35)  | —  | —  | (0.35)  | —  | 0.47  | 10.70  | 8.18  | 7398  | 1.50  | 1.68  | 3.38  | 46  |
| 10/1/22 to 9/30/23 | 10.09  | 0.23  | 0.15  | 0.38  | (0.24)  | —  | —  | (0.24)  | —  | 0.14  | 10.23  | 3.78  | 8845  | 1.49  | 1.66  | 2.29  | 38  |
| 10/1/21 to 9/30/22 | 10.96  | 0.07  | (0.86)  | (0.79)  | (0.08)  | —  | —  | (0.08)  | —  | (0.87)  | 10.09  | (7.26)  | 11773  | 1.51 <sup>(10)</sup> <br>| 1.69  | 0.70  | 38  |
| 10/1/20 to 9/30/21 | 10.96  | 0.08  | (0.01)  | 0.07  | (0.07)  | —  | —  | (0.07)  | —  | — <sup>(11)</sup> <br>| 10.96  | 0.68  | 17403  | 1.50  | 1.66  | 0.69  | 55  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.69  | 0.49  | 0.07  | 0.56  | (0.49)  | —  | —  | (0.49)  | —  | 0.07  | $10.76  | 5.40 %  | $389784  | 0.50 %  | 0.69 %  | 4.62 %  | 55 %  |
| 10/1/23 to 9/30/24 | 10.22  | 0.46  | 0.47  | 0.93  | (0.46)  | —  | —  | (0.46)  | —  | 0.47  | 10.69  | 9.26  | 353956  | 0.50  | 0.69  | 4.39  | 46  |
| 10/1/22 to 9/30/23 | 10.08  | 0.34  | 0.14  | 0.48  | (0.34)  | —  | —  | (0.34)  | —  | 0.14  | 10.22  | 4.81  | 314549  | 0.49  | 0.68  | 3.29  | 38  |
| 10/1/21 to 9/30/22 | 10.96  | 0.18  | (0.88)  | (0.70)  | (0.18)  | —  | —  | (0.18)  | —  | (0.88)  | 10.08  | (6.41)  | 425501  | 0.52 <sup>(10)</sup> <br>| 0.66  | 1.69  | 38  |
| 10/1/20 to 9/30/21 | 10.95  | 0.18  | 0.01  | 0.19  | (0.18)  | —  | —  | (0.18)  | —  | 0.01  | 10.96  | 1.78  | 634354  | 0.50  | 0.65  | 1.64  | 55  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.70  | 0.50  | 0.07  | 0.57  | (0.50)  | —  | —  | (0.50)  | —  | 0.07  | $10.77  | 5.47 %  | $2357  | 0.43 %  | 0.61 %  | 4.69 %  | 55 %  |
| 10/1/23 to 9/30/24 | 10.23  | 0.47  | 0.47  | 0.94  | (0.47)  | —  | —  | (0.47)  | —  | 0.47  | 10.70  | 9.33  | 9887  | 0.43  | 0.61  | 4.47  | 46  |
| 10/1/22 to 9/30/23 | 10.09  | 0.34  | 0.15  | 0.49  | (0.35)  | —  | —  | (0.35)  | —  | 0.14  | 10.23  | 4.89  | 7452  | 0.42  | 0.60  | 3.37  | 38  |
| 10/1/21 to 9/30/22 | 10.96  | 0.19  | (0.87)  | (0.68)  | (0.19)  | —  | —  | (0.19)  | —  | (0.87)  | 10.09  | (6.25)  | 39337  | 0.45 <sup>(10)</sup> <br>| 0.60  | 1.81  | 38  |
| 10/1/20 to 9/30/21 | 10.96  | 0.16  | 0.03  | 0.19  | (0.19)  | —  | —  | (0.19)  | —  | — <sup>(11)</sup> <br>| 10.96  | 1.76  | 27222  | 0.43  | 0.57  | 1.46  | 55  |

---

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (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 and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Return of Capital** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Newfleet Multi-Sector** <br> **Intermediate Bond Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $9.32  | 0.52  | (0.02)  | 0.50  | (0.53)  | —  | —  | (0.53)  | —  | (0.03)  | $9.29  | 5.56 %  | $85924  | 0.99 %  | 1.08 %  | 5.74 %  | 76 %  |
| 10/1/23 to 9/30/24 | 8.79  | 0.53  | 0.54  | 1.07  | (0.53)  | (0.01)  | —  | (0.54)  | —  | 0.53  | 9.32  | 12.55  | 87569  | 0.99  | 1.09  | 5.86  | 65  |
| 10/1/22 to 9/30/23 | 8.73  | 0.44  | 0.05  | 0.49  | (0.43)  | —  | —  | (0.43)  | —  | 0.06  | 8.79  | 5.64  | 67280  | 0.99  | 1.10  | 4.94  | 48  |
| 10/1/21 to 9/30/22 | 10.35  | 0.36  | (1.59)  | (1.23)  | (0.37)  | (0.02)  | —  | (0.39)  | —  | (1.62)  | 8.73  | (12.15)  | 64515  | 1.00 <sup>(10)</sup> <br>| 1.10  | 3.76  | 52  |
| 10/1/20 to 9/30/21 | 10.06  | 0.37  | 0.27  | 0.64  | (0.35)  | —  | —  | (0.35)  | — <sup>(11)</sup> <br>| 0.29  | 10.35  | 6.45 <sup>(12)</sup> <br>| 82697  | 0.99  | 1.07  | 3.56  | 77  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $9.44  | 0.46  | (0.03)  | 0.43  | (0.46)  | —  | —  | (0.46)  | —  | (0.03)  | $9.41  | 4.71 %  | $9781  | 1.74 %  | 1.83 %  | 4.98 %  | 76 %  |
| 10/1/23 to 9/30/24 | 8.90  | 0.47  | 0.55  | 1.02  | (0.47)  | (0.01)  | —  | (0.48)  | —  | 0.54  | 9.44  | 11.67  | 10065  | 1.74  | 1.83  | 5.10  | 65  |
| 10/1/22 to 9/30/23 | 8.83  | 0.38  | 0.05  | 0.43  | (0.36)  | —  | —  | (0.36)  | —  | 0.07  | 8.90  | 4.91  | 9131  | 1.74  | 1.85  | 4.15  | 48  |
| 10/1/21 to 9/30/22 | 10.46  | 0.30  | (1.62)  | (1.32)  | (0.29)  | (0.02)  | —  | (0.31)  | —  | (1.63)  | 8.83  | (12.78)  | 12014  | 1.75 <sup>(10)</sup> <br>| 1.85  | 3.00  | 52  |
| 10/1/20 to 9/30/21 | 10.17  | 0.29  | 0.27  | 0.56  | (0.27)  | —  | —  | (0.27)  | — <sup>(11)</sup> <br>| 0.29  | 10.46  | 5.58 <sup>(12)</sup> <br>| 20004  | 1.74  | 1.82  | 2.81  | 77  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $9.28  | 0.54  | (0.03)  | 0.51  | (0.56)  | —  | —  | (0.56)  | —  | (0.05)  | $9.23  | 5.69 %  | $673711  | 0.74 %  | 0.80 %  | 5.97 %  | 76 %  |
| 10/1/23 to 9/30/24 | 8.76  | 0.55  | 0.54  | 1.09  | (0.56)  | (0.01)  | —  | (0.57)  | —  | 0.52  | 9.28  | 12.86  | 570619  | 0.74  | 0.80  | 6.11  | 65  |
| 10/1/22 to 9/30/23 | 8.70  | 0.47  | 0.05  | 0.52  | (0.46)  | —  | —  | (0.46)  | —  | 0.06  | 8.76  | 6.01  | 303103  | 0.74  | 0.82  | 5.24  | 48  |
| 10/1/21 to 9/30/22 | 10.33  | 0.39  | (1.60)  | (1.21)  | (0.40)  | (0.02)  | —  | (0.42)  | —  | (1.63)  | 8.70  | (11.99)  | 159300  | 0.75 <sup>(10)</sup> <br>| 0.86  | 4.00  | 52  |
| 10/1/20 to 9/30/21 | 10.05  | 0.39  | 0.28  | 0.67  | (0.39)  | —  | —  | (0.39)  | — <sup>(11)</sup> <br>| 0.28  | 10.33  | 6.70 <sup>(12)</sup> <br>| 212633  | 0.74  | 0.82  | 3.80  | 77  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $9.38  | 0.56  | (0.03)  | 0.53  | (0.56)  | —  | —  | (0.56)  | —  | (0.03)  | $9.35  | 5.90 %  | $73205  | 0.60 %  | 0.74 %  | 6.11 %  | 76 %  |
| 10/1/23 to 9/30/24 | 8.84  | 0.57  | 0.55  | 1.12  | (0.57)  | (0.01)  | —  | (0.58)  | —  | 0.54  | 9.38  | 12.98  | 58326  | 0.60  | 0.75  | 6.25  | 65  |
| 10/1/22 to 9/30/23 | 8.76  | 0.48  | 0.06  | 0.54  | (0.46)  | —  | —  | (0.46)  | —  | 0.08  | 8.84  | 6.21  | 18072  | 0.60  | 0.77  | 5.39  | 48  |
| 10/1/21 to 9/30/22 | 10.38  | 0.40  | (1.60)  | (1.20)  | (0.40)  | (0.02)  | —  | (0.42)  | —  | (1.62)  | 8.76  | (11.83)  | 5175  | 0.61 <sup>(10)</sup> <br>| 0.78  | 4.15  | 52  |
| 10/1/20 to 9/30/21 | 10.08  | 0.41  | 0.28  | 0.69  | (0.39)  | —  | —  | (0.39)  | — <sup>(11)</sup> <br>| 0.30  | 10.38  | 6.87 <sup>(12)</sup> <br>| 6345  | 0.60  | 0.75  | 3.94  | 77  |
| **Newfleet Multi-Sector** <br> **Short Term Bond Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $4.56  | 0.21  | 0.01  | 0.22  | (0.21)  | —  | —  | (0.21)  | —  | 0.01  | $4.57  | 4.94 %  | $577814  | 0.90 %  | 0.99 %  | 4.60 %  | 60 %  |
| 10/1/23 to 9/30/24 | 4.37  | 0.20  | 0.20  | 0.40  | (0.21)  | —  | —  | (0.21)  | —  | 0.19  | 4.56  | 9.32  | 612833  | 0.90  | 0.99  | 4.47  | 56  |
| 10/1/22 to 9/30/23 | 4.30  | 0.15  | 0.07  | 0.22  | (0.15)  | —  | —  | (0.15)  | —  | 0.07  | 4.37  | 5.17  | 660114  | 0.89  | 0.97  | 3.47  | 37  |
| 10/1/21 to 9/30/22 | 4.76  | 0.09  | (0.45)  | (0.36)  | (0.09)  | (0.01)  | —  | (0.10)  | —  | (0.46)  | 4.30  | (7.65)  | 771020  | 0.92 <sup>(8)(10)</sup> <br>| 0.97  | 2.04  | 41  |
| 10/1/20 to 9/30/21 | 4.73  | 0.10  | 0.03  | 0.13  | (0.10)  | —  | —  | (0.10)  | —  | 0.03  | 4.76  | 2.78  | 956384  | 0.96 <sup>(13)</sup> <br>| 0.96  | 2.02  | 64  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $4.63  | 0.20  | 0.02  | 0.22  | (0.20)  | —  | —  | (0.20)  | —  | 0.02  | $4.65  | 4.84 %  | $86474  | 1.16 %  | 1.24 %  | 4.34 %  | 60 %  |
| 10/1/23 to 9/30/24 | 4.43  | 0.19  | 0.21  | 0.40  | (0.20)  | —  | —  | (0.20)  | —  | 0.20  | 4.63  | 9.13  | 108561  | 1.16  | 1.24  | 4.20  | 56  |
| 10/1/22 to 9/30/23 | 4.37  | 0.14  | 0.06  | 0.20  | (0.14)  | —  | —  | (0.14)  | —  | 0.06  | 4.43  | 4.58  | 132559  | 1.15  | 1.23  | 3.19  | 37  |
| 10/1/21 to 9/30/22 | 4.83  | 0.08  | (0.45)  | (0.37)  | (0.08)  | (0.01)  | —  | (0.09)  | —  | (0.46)  | 4.37  | (7.79)  | 181221  | 1.18 <sup>(8)(10)</sup> <br>| 1.24  | 1.77  | 41  |
| 10/1/20 to 9/30/21 | 4.79  | 0.09  | 0.04  | 0.13  | (0.09)  | —  | —  | (0.09)  | —  | 0.04  | 4.83  | 2.69  | 267919  | 1.21 <sup>(13)</sup> <br>| 1.21  | 1.82  | 64  |

---

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (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 and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Return of Capital** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Newfleet Multi-Sector** <br> **Short Term Bond** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C1** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $4.62  | 0.18  | 0.01  | 0.19  | (0.18)  | —  | —  | (0.18)  | —  | 0.01  | $4.63  | 4.11 %  | $26632  | 1.66 %  | 1.73 %  | 3.83 %  | 60 %  |
| 10/1/23 to 9/30/24 | 4.42  | 0.17  | 0.21  | 0.38  | (0.18)  | —  | —  | (0.18)  | —  | 0.20  | 4.62  | 8.63  | 28424  | 1.66  | 1.73  | 3.70  | 56  |
| 10/1/22 to 9/30/23 | 4.36  | 0.12  | 0.06  | 0.18  | (0.12)  | —  | —  | (0.12)  | —  | 0.06  | 4.42  | 4.09  | 33679  | 1.65  | 1.72  | 2.70  | 37  |
| 10/1/21 to 9/30/22 | 4.82  | 0.06  | (0.46)  | (0.40)  | (0.05)  | (0.01)  | —  | (0.06)  | —  | (0.46)  | 4.36  | (8.25)  | 44838  | 1.68 <sup>(8)(10)</sup> <br>| 1.72  | 1.27  | 41  |
| 10/1/20 to 9/30/21 | 4.78  | 0.06  | 0.04  | 0.10  | (0.06)  | —  | —  | (0.06)  | —  | 0.04  | 4.82  | 2.19  | 70114  | 1.71 <sup>(13)</sup> <br>| 1.71  | 1.32  | 64  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $4.57  | 0.22  | 0.01  | 0.23  | (0.22)  | —  | —  | (0.22)  | —  | 0.01  | $4.58  | 5.20 %  | $3946721  | 0.65 %  | 0.74 %  | 4.84 %  | 60 %  |
| 10/1/23 to 9/30/24 | 4.37  | 0.21  | 0.21  | 0.42  | (0.22)  | —  | —  | (0.22)  | —  | 0.20  | 4.57  | 9.82  | 3772723  | 0.65  | 0.73  | 4.72  | 56  |
| 10/1/22 to 9/30/23 | 4.31  | 0.16  | 0.06  | 0.22  | (0.16)  | —  | —  | (0.16)  | —  | 0.06  | 4.37  | 5.18  | 3639516  | 0.64  | 0.72  | 3.72  | 37  |
| 10/1/21 to 9/30/22 | 4.77  | 0.10  | (0.45)  | (0.35)  | (0.10)  | (0.01)  | —  | (0.11)  | —  | (0.46)  | 4.31  | (7.40)  | 4254653  | 0.67 <sup>(8)(10)</sup> <br>| 0.72  | 2.29  | 41  |
| 10/1/20 to 9/30/21 | 4.73  | 0.11  | 0.04  | 0.15  | (0.11)  | —  | —  | (0.11)  | —  | 0.04  | 4.77  | 3.25  | 5221147  | 0.71 <sup>(13)</sup> <br>| 0.71  | 2.28  | 64  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $4.59  | 0.23  | —  | 0.23  | (0.23)  | —  | —  | (0.23)  | —  | —  | $4.59  | 5.06 %  | $61122  | 0.52 %  | 0.66 %  | 4.96 %  | 60 %  |
| 10/1/23 to 9/30/24 | 4.39  | 0.22  | 0.20  | 0.42  | (0.22)  | —  | —  | (0.22)  | —  | 0.20  | 4.59  | 9.87  | 24364  | 0.52  | 0.65  | 4.87  | 56  |
| 10/1/22 to 9/30/23 | 4.32  | 0.16  | 0.07  | 0.23  | (0.16)  | —  | —  | (0.16)  | —  | 0.07  | 4.39  | 5.48  | 10991  | 0.51  | 0.69  | 3.75  | 37  |
| 10/1/21 to 9/30/22 | 4.78  | 0.11  | (0.46)  | (0.35)  | (0.10)  | (0.01)  | —  | (0.11)  | —  | (0.46)  | 4.32  | (7.32)  | 25862  | 0.54 <sup>(8)(10)</sup> <br>| 0.69  | 2.43  | 41  |
| 10/1/20 to 9/30/21 | 4.74  | 0.12  | 0.04  | 0.16  | (0.12)  | —  | —  | (0.12)  | —  | 0.04  | 4.78  | 3.31  | 30118  | 0.55  | 0.67  | 2.42  | 64  |
| **Newfleet Senior Floating** <br> **Rate Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $8.71  | 0.63  | (0.14)  | 0.49  | (0.62)  | —  | —  | (0.62)  | —  | (0.13)  | $8.58  | 5.81 %  | $44232  | 0.93 % <sup>(14)</sup> <br>| 1.07 %  | 7.27 %  | 104 %  |
| 10/1/23 to 9/30/24 | 8.70  | 0.73  | 0.01  | 0.74  | (0.73)  | —  | —  | (0.73)  | —  | 0.01  | 8.71  | 8.77  | 63313  | 0.97 <sup>(8)(14)</sup> <br>| 1.09  | 8.33  | 93  |
| 10/1/22 to 9/30/23 | 8.43  | 0.64  | 0.28  | 0.92  | (0.65)  | —  | —  | (0.65)  | —  | 0.27  | 8.70  | 11.20  | 61100  | 1.04 <sup>(14)</sup> <br>| 1.12  | 7.48  | 50  |
| 10/1/21 to 9/30/22 | 9.01  | 0.32  | (0.58)  | (0.26)  | (0.32)  | —  | —  | (0.32)  | —  | (0.58)  | 8.43  | (2.87)  | 56561  | 1.05 <sup>(10)(14)</sup> <br>| 1.11  | 3.65  | 33  |
| 10/1/20 to 9/30/21 | 8.58  | 0.28  | 0.43  | 0.71  | (0.28)  | —  | —  | (0.28)  | —  | 0.43  | 9.01  | 8.40  | 72274  | 1.04 <sup>(14)</sup> <br>| 1.08  | 3.18  | 65  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $8.72  | 0.56  | (0.14)  | 0.42  | (0.56)  | —  | —  | (0.56)  | —  | (0.14)  | $8.58  | 4.91 %  | $4119  | 1.68 % <sup>(14)</sup> <br>| 1.83 %  | 6.49 %  | 104 %  |
| 10/1/23 to 9/30/24 | 8.71  | 0.66  | 0.01  | 0.67  | (0.66)  | —  | —  | (0.66)  | —  | 0.01  | 8.72  | 7.96  | 4897  | 1.72 <sup>(8)(14)</sup> <br>| 1.84  | 7.57  | 93  |
| 10/1/22 to 9/30/23 | 8.43  | 0.58  | 0.28  | 0.86  | (0.58)  | —  | —  | (0.58)  | —  | 0.28  | 8.71  | 10.50  | 6311  | 1.79 <sup>(14)</sup> <br>| 1.89  | 6.69  | 50  |
| 10/1/21 to 9/30/22 | 9.02  | 0.26  | (0.59)  | (0.33)  | (0.26)  | —  | —  | (0.26)  | —  | (0.59)  | 8.43  | (3.71)  | 7202  | 1.80 <sup>(10)(14)</sup> <br>| 1.87  | 2.92  | 33  |
| 10/1/20 to 9/30/21 | 8.59  | 0.22  | 0.43  | 0.65  | (0.22)  | —  | —  | (0.22)  | —  | 0.43  | 9.02  | 7.59  | 9595  | 1.78 <sup>(14)</sup> <br>| 1.85  | 2.49  | 65  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $8.70  | 0.64  | (0.14)  | 0.50  | (0.64)  | —  | —  | (0.64)  | —  | (0.14)  | $8.56  | 5.95 %  | $121877  | 0.68 % <sup>(14)</sup> <br>| 0.83 %  | 7.47 %  | 104 %  |
| 10/1/23 to 9/30/24 | 8.69  | 0.75  | 0.01  | 0.76  | (0.75)  | —  | —  | (0.75)  | —  | 0.01  | 8.70  | 9.04  | 130792  | 0.72 <sup>(8)(14)</sup> <br>| 0.84  | 8.57  | 93  |
| 10/1/22 to 9/30/23 | 8.41  | 0.66  | 0.29  | 0.95  | (0.67)  | —  | —  | (0.67)  | —  | 0.28  | 8.69  | 11.61  | 126422  | 0.79 <sup>(14)</sup> <br>| 0.87  | 7.70  | 50  |
| 10/1/21 to 9/30/22 | 9.00  | 0.35  | (0.59)  | (0.24)  | (0.35)  | —  | —  | (0.35)  | —  | (0.59)  | 8.41  | (2.75)  | 119257  | 0.80 <sup>(10)(14)</sup> <br>| 0.86  | 3.94  | 33  |
| 10/1/20 to 9/30/21 | 8.57  | 0.30  | 0.44  | 0.74  | (0.31)  | —  | —  | (0.31)  | —  | 0.43  | 9.00  | 8.68  | 136742  | 0.79 <sup>(14)</sup> <br>| 0.83  | 3.42  | 65  |

---

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (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 and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Return of Capital** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Newfleet Senior Floating** <br> **Rate Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $8.69  | 0.65  | (0.13)  | 0.52  | (0.65)  | —  | —  | (0.65)  | —  | (0.13)  | $8.56  | 6.18 %  | $1150  | 0.58 % <sup>(14)</sup> <br>| 0.76 %  | 7.52 %  | 104 %  |
| 10/1/23 to 9/30/24 | 8.69  | 0.76  | —  | 0.76  | (0.76)  | —  | —  | (0.76)  | —  | —  | 8.69  | 9.04  | 926  | 0.61 <sup>(14)</sup> <br>| 0.76  | 8.71  | 93  |
| 10/1/22 to 9/30/23 | 8.41  | 0.67  | 0.29  | 0.96  | (0.68)  | —  | —  | (0.68)  | —  | 0.28  | 8.69  | 11.77  | 1262  | 0.65 <sup>(14)</sup> <br>| 0.80  | 7.84  | 50  |
| 10/1/21 to 9/30/22 | 9.00  | 0.36  | (0.59)  | (0.23)  | (0.36)  | —  | —  | (0.36)  | —  | (0.59)  | 8.41  | (2.61)  | 1345  | 0.66 <sup>(10)(14)</sup> <br>| 0.80  | 4.08  | 33  |
| 10/1/20 to 9/30/21 | 8.57  | 0.32  | 0.43  | 0.75  | (0.32)  | —  | —  | (0.32)  | —  | 0.43  | 9.00  | 8.83  | 1616  | 0.65 <sup>(14)</sup> <br>| 0.77  | 3.61  | 65  |
| **Seix Tax-Exempt Bond** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.37  | 0.29  | (0.17)  | 0.12  | (0.28)  | —  | —  | (0.28)  | —  | (0.16)  | $10.21  | 1.25 %  | $21660  | 0.83 %  | 1.16 %  | 2.82 %  | 35 %  |
| 10/1/23 to 9/30/24 | 9.89  | 0.28  | 0.47  | 0.75  | (0.27)  | —  | —  | (0.27)  | —  | 0.48  | 10.37  | 7.70  | 24927  | 0.83  | 1.11  | 2.73  | 31  |
| 10/1/22 to 9/30/23 | 9.94  | 0.27  | (0.05)  | 0.22  | (0.27)  | —  | —  | (0.27)  | —  | (0.05)  | 9.89  | 2.14  | 27621  | 0.83  | 1.08  | 2.69  | 23  |
| 10/1/21 to 9/30/22 | 11.36  | 0.23  | (1.38)  | (1.15)  | (0.23)  | —  | (0.04)  | (0.27)  | —  | (1.42)  | 9.94  | (10.30)  | 29594  | 0.85 <sup>(8)(10)</sup> <br>| 1.02  | 2.13  | 1  |
| 10/1/20 to 9/30/21 | 11.45  | 0.23  | — <sup>(11)</sup> <br>| 0.23  | (0.23)  | —  | (0.09)  | (0.32)  | —  | (0.09)  | 11.36  | 2.04  | 37928  | 0.85  | 1.01  | 2.05  | 6  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.37  | 0.21  | (0.16)  | 0.05  | (0.21)  | —  | —  | (0.21)  | —  | (0.16)  | $10.21  | 0.49 %  | $890  | 1.58 %  | 1.90 %  | 2.07 %  | 35 %  |
| 10/1/23 to 9/30/24 | 9.89  | 0.20  | 0.48  | 0.68  | (0.20)  | —  | —  | (0.20)  | —  | 0.48  | 10.37  | 6.90  | 1251  | 1.58  | 1.85  | 1.98  | 31  |
| 10/1/22 to 9/30/23 | 9.94  | 0.20  | (0.06)  | 0.14  | (0.19)  | —  | —  | (0.19)  | —  | (0.05)  | 9.89  | 1.37  | 1370  | 1.58  | 1.81  | 1.94  | 23  |
| 10/1/21 to 9/30/22 | 11.36  | 0.15  | (1.38)  | (1.23)  | (0.15)  | —  | (0.04)  | (0.19)  | —  | (1.42)  | 9.94  | (10.97)  | 2058  | 1.60 <sup>(8)(10)</sup> <br>| 1.77  | 1.37  | 1  |
| 10/1/20 to 9/30/21 | 11.45  | 0.15  | — <sup>(11)</sup> <br>| 0.15  | (0.15)  | —  | (0.09)  | (0.24)  | —  | (0.09)  | 11.36  | 1.28  | 3561  | 1.60  | 1.75  | 1.31  | 6  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.37  | 0.31  | (0.16)  | 0.15  | (0.31)  | —  | —  | (0.31)  | —  | (0.16)  | $10.21  | 1.50 %  | $25369  | 0.58 %  | 0.90 %  | 3.07 %  | 35 %  |
| 10/1/23 to 9/30/24 | 9.89  | 0.30  | 0.48  | 0.78  | (0.30)  | —  | —  | (0.30)  | —  | 0.48  | 10.37  | 7.96  | 27765  | 0.58  | 0.87  | 2.98  | 31  |
| 10/1/22 to 9/30/23 | 9.94  | 0.30  | (0.06)  | 0.24  | (0.29)  | —  | —  | (0.29)  | —  | (0.05)  | 9.89  | 2.39  | 36821  | 0.58  | 0.83  | 2.94  | 23  |
| 10/1/21 to 9/30/22 | 11.36  | 0.26  | (1.39)  | (1.13)  | (0.25)  | —  | (0.04)  | (0.29)  | —  | (1.42)  | 9.94  | (10.07)  | 43793  | 0.60 <sup>(8)(10)</sup> <br>| 0.79  | 2.37  | 1  |
| 10/1/20 to 9/30/21 | 11.45  | 0.26  | — <sup>(11)</sup> <br>| 0.26  | (0.26)  | —  | (0.09)  | (0.35)  | —  | (0.09)  | 11.36  | 2.29  | 62412  | 0.60  | 0.77  | 2.30  | 6  |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:**  | **Footnote Legend:**  |
| <sup>(1)</sup> <br>| Calculated using average shares outstanding.  |
| <sup>(2)</sup> <br>| Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(3)</sup> <br>| Not annualized for periods less than one year.  |
| <sup>(4)</sup> <br>| Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary <br> under generally accepted accounting principles required in the annual report.<br>|
| <sup>(5)</sup> <br>| Annualized for periods less than one year. |
| <sup>(6)</sup> <br>| 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 <br> of this ratio.<br>|
| <sup>(7)</sup> <br>| Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> <br>| Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(9)</sup> <br>| Includes interest expense on borrowings. |
| <sup>(10)</sup> <br>| Net expense ratio includes extraordinary proxy expenses. |
| <sup>(11)</sup> <br>| Amount is less than $0.005 per share. |
| <sup>(12)</sup> <br>| Payment from affiliate had no impact on total return. |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

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

**THROUGHOUT EACH PERIOD**

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

<sup>(13)</sup> The share class is currently under its expense limitation. 

<sup>(14)</sup> Ratios of total expenses excluding interest expense on borrowings for year ended September 30, 2025, were 0.90% (Class A), 1.65% (Class C), 0.65% (Class I) and 0.55% (Class R6), and year ended September 30, 2024, 2023, 2022 and 2021, were 0.91% (Class A), 1.66% (Class C), 0.66% (Class I) and 0.55% (Class R6). 

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025**

**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 these financial statements, 18 funds of the Trust are offered for sale, of which 7 (each a "Fund" or collectively, the "Funds") are reported in these financial statements. Each Fund has a distinct investment objective and all of the Funds are diversified. *There is no guarantee that a Fund will achieve its objective(s).*

All of the Funds offer Class A shares, Class C shares and Class I shares. All of the Funds with the exception of the Seix Tax-Exempt Bond Fund offer Class R6 shares. The Newfleet Multi-Sector Short Term Bond Fund offers Class C1 shares.

Class A shares of Newfleet Low Duration Core Plus Bond Fund and Newfleet Multi-Sector Short Term Bond Fund are sold with a front-end sales charge of 2.25% with some exceptions. Class A shares of the Newfleet Senior Floating Rate Fund and Seix Tax-Exempt Bond Fund are sold with a front-end sales charge of up to 2.75% with some exceptions. Class A shares of the Newfleet Core Plus Bond Fund, Newfleet High Yield Fund, and Newfleet Multi-Sector Intermediate Bond Fund 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% – 1% 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. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC (except the Newfleet Multi-Sector Short Term Bond Fund, which are sold without a sales charge), applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019, to February 28, 2021, with certain exceptions, Class C shares for all Funds (except the Newfleet Multi-Sector Short Term Bond Fund) and Class C1 shares of the Newfleet Multi-Sector Short Term Bond Fund and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares of Newfleet Core Plus Bond Fund, Newfleet High Yield Fund, Newfleet Multi-Sector Intermediate Bond Fund, Newfleet Senior Floating Rate Fund and Seix Tax-Exempt Bond Fund, and purchase greater than $249,999 of Class C shares of Newfleet Low Duration Core Plus Bond Fund, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. Effective April 30, 2019, Class C shares of the Newfleet Multi-Sector Short Term Bond Fund are no longer available for purchase by new or existing shareholders, except by existing shareholders through reinvestment transactions. Shareholders who own Class C shares of the Newfleet Multi-Sector Short Term Bond Fund may continue to hold such shares until they convert to Class A shares under the existing conversion schedule, as described in the Fund's prospectus, or may exchange them for Class C shares of another Virtus Mutual Fund as permitted by existing exchange privileges. All other Class C share characteristics of the Newfleet Multi-Sector Short Term Bond Fund, including 12b-1 Plan fees, shareholder service fees, and conversion features are unchanged.

Class I shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Class I shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Class I shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Class I shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class I shares. Class I shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 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 and Class R6 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

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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.

**Note 2. Significant Accounting Policies**

**($ reported in thousands)** 

The Funds are investment companies that follow 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. 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.

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Security Valuation** 

The Funds' Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. 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).

&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 investment 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 investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that 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 ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

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

Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

A summary of the inputs used to value 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 each such 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.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**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 instruments, 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.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**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.

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**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.

&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**Interest-Only and Principal-Only Securities**

Certain Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent a participation in, or are secured by, or payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities.

&nbsp;&nbsp;&nbsp;&nbsp;**J.**

**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 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;**K.**

**Securities Lending**

The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan.

Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

At September 30, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Value of** <br>**Securities** <br>**on Loan**<br>| **Cash** <br>**Collateral** <br>**Received**<sup>(1)</sup> <br>| **Net** <br>**Amount**<sup>(2)</sup> <br>|
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp; $2393 | &nbsp;&nbsp; $2393 | &nbsp;&nbsp; $—<br>|
| Newfleet High Yield Fund | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; —<br>|
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; —<br>|
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp; 7664 | &nbsp;&nbsp; 7664 | &nbsp;&nbsp; —<br>|
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp; 25812 | &nbsp;&nbsp; 25812 | &nbsp;&nbsp; —<br>|

---

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

<sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments. 

<sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

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**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of September 30, 2025 for the Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment of Cash Collateral** | **Overnight** <br>**and** <br>**Continuous**<br>|
| Newfleet Core Plus Bond Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; $2476 |
| Newfleet High Yield Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 1208 |
| Newfleet Low Duration Core Plus Bond Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 1799 |
| Newfleet Multi-Sector Intermediate Bond Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 8012 |
| Newfleet Multi-Sector Short Term Bond Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 27140 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**L.**

**Segment Reporting**

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations.

**Note 3. Investment Advisory Fees and Related Party Transactions**

**($ reported in thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser") (formerly known as Virtus Investment Advisers, Inc.), 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' subadvisers.

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;

---

| | |
|:---|:---|
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|

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

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| | | |
|:---|:---|:---|
|  | **First $1 Billion** | **$1+ Billion** |
| Seix Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | **First $2 Billion**  | **$2+ Billion** |
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.375<br> %<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First $1 Billion** | **$1+ Billion through** <br>**$2 Billion**<br>| **$2+ Billion** |
| Newfleet High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>|
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **First $1 Billion** | **$1+ Billion through** <br>**$2 Billion**<br>| **$2+ Billion through** <br>**$10 Billion**<br>| **$10+ Billion** |
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.425<br> %<br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First $2 Billion**  | **$2+ Billion through** <br>**$4 Billion**<br>| **$4+ Billion** |
| Newfleet Senior Floating Rate Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

During the year ended September 30, 2025, the Newfleet Core Plus Bond Fund, Newfleet Low Duration Core Plus Bond Fund, Newfleet Multi-Sector Intermediate Bond Fund and Newfleet Multi-Sector Short Term Bond Fund each invested a portion of its assets in affiliated mutual and exchange-traded funds. 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 the Fund on the assets in the affiliated funds. For the year ended September 30, 2025, the waiver amounted to $8 for the Newfleet Core Plus Bond Fund, $12 for the Newfleet Low Duration Core Plus Bond Fund, $15 for the Newfleet Multi-Sector Intermediate Bond Fund and $168 for the Newfleet Multi-Sector Short Term Bond Fund. 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."

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Subadvisers**

The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the year is as follows:

---

| |
|:---|
| **Fund** |
| Newfleet Core Plus Bond Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(1)</sup> <br>|
| Newfleet High Yield Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(1)</sup> <br>|
| Newfleet Low Duration Core Plus Bond Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(1)</sup> <br>|
| Newfleet Multi-Sector Intermediate Bond Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(1)</sup> <br>|
| Newfleet Multi-Sector Short Term Bond Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(1)</sup> <br>|
| Newfleet Senior Floating Rate Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(1)</sup> <br>|
| Seix Tax-Exempt Bond Fund <br> &nbsp;&nbsp;&nbsp; Seix<sup>(2)</sup> <br>|

---

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

<sup>(1)</sup> Newfleet Asset Management ("Newfleet"), a division of Virtus Fixed Income Advisers, LLC ("VFIA"), an indirect, wholly-owned subsidiary of Virtus. <br> <sup>(2)</sup> Seix Investment Advisors ("Seix"), a division of VFIA, an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;**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 January 31, 2026, except for Newfleet Core Plus Bond Fund, which has a term through January 31, 2027. 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A**  | **Class C**  | **Class C1** | **Class I** | **Class R6** |
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35 %<sup>(1)</sup><br>|
| Newfleet High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Newfleet Senior Floating Rate Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Seix Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp; N/A |

---

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

<sup>(1)</sup> Effective April 1, 2025. For the period October 1, 2024 through March 31, 2025, the expense cap for Class R6 shares was 0.41%.

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, and dividend expenses, if any.

&nbsp;&nbsp;&nbsp;&nbsp;**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 year ending September 30:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Newfleet Core Plus Bond Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $85<br>| &nbsp;&nbsp;&nbsp; $113<br>| &nbsp;&nbsp;&nbsp; $120<br>| &nbsp;&nbsp;&nbsp; $318<br>|
| Class C | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 25<br>|
| Class I | &nbsp;&nbsp;&nbsp; 224<br>| &nbsp;&nbsp;&nbsp; 603<br>| &nbsp;&nbsp;&nbsp; 957<br>| &nbsp;&nbsp;&nbsp; 1784<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 22<br>| &nbsp;&nbsp;&nbsp; 39<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Newfleet High Yield Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $117<br>| &nbsp;&nbsp;&nbsp; $120<br>| &nbsp;&nbsp;&nbsp; $134<br>| &nbsp;&nbsp;&nbsp; $371<br>|
| Class C | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 16<br>|
| Class I | &nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp; 30<br>| &nbsp;&nbsp;&nbsp; 84<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 7<br>| &nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp; 36<br>| &nbsp;&nbsp;&nbsp; 70<br>|
| Newfleet Low Duration Core Plus Bond Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 128<br>| &nbsp;&nbsp;&nbsp; 113<br>| &nbsp;&nbsp;&nbsp; 105<br>| &nbsp;&nbsp;&nbsp; 346<br>|
| Class C | &nbsp;&nbsp;&nbsp; 17<br>| &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 13<br>| &nbsp;&nbsp;&nbsp; 45<br>|
| Class I | &nbsp;&nbsp;&nbsp; 646<br>| &nbsp;&nbsp;&nbsp; 624<br>| &nbsp;&nbsp;&nbsp; 713<br>| &nbsp;&nbsp;&nbsp; 1983<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 68<br>| &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 88<br>|
| Newfleet Multi-Sector Intermediate Bond Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 78<br>| &nbsp;&nbsp;&nbsp; 76<br>| &nbsp;&nbsp;&nbsp; 79<br>| &nbsp;&nbsp;&nbsp; 233<br>|
| Class C | &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 29<br>|
| Class I | &nbsp;&nbsp;&nbsp; 180<br>| &nbsp;&nbsp;&nbsp; 270<br>| &nbsp;&nbsp;&nbsp; 366<br>| &nbsp;&nbsp;&nbsp; 816<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 31<br>| &nbsp;&nbsp;&nbsp; 85<br>| &nbsp;&nbsp;&nbsp; 126<br>|
| Newfleet Multi-Sector Short Term Bond Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 577<br>| &nbsp;&nbsp;&nbsp; 565<br>| &nbsp;&nbsp;&nbsp; 512<br>| &nbsp;&nbsp;&nbsp; 1654<br>|
| Class C | &nbsp;&nbsp;&nbsp; 123<br>| &nbsp;&nbsp;&nbsp; 100<br>| &nbsp;&nbsp;&nbsp; 73<br>| &nbsp;&nbsp;&nbsp; 296<br>|
| Class C1 | &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 17<br>| &nbsp;&nbsp;&nbsp; 63<br>|
| Class I | &nbsp;&nbsp;&nbsp; 2961<br>| &nbsp;&nbsp;&nbsp; 3037<br>| &nbsp;&nbsp;&nbsp; 3171<br>| &nbsp;&nbsp;&nbsp; 9169<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 26<br>| &nbsp;&nbsp;&nbsp; 20<br>| &nbsp;&nbsp;&nbsp; 53<br>| &nbsp;&nbsp;&nbsp; 99<br>|
| Newfleet Senior Floating Rate Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 44<br>| &nbsp;&nbsp;&nbsp; 58<br>| &nbsp;&nbsp;&nbsp; 78<br>| &nbsp;&nbsp;&nbsp; 180<br>|
| Class C | &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 18<br>|
| Class I | &nbsp;&nbsp;&nbsp; 94<br>| &nbsp;&nbsp;&nbsp; 147<br>| &nbsp;&nbsp;&nbsp; 198<br>| &nbsp;&nbsp;&nbsp; 439<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 6<br>|
| Seix Tax-Exempt Bond Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 72<br>| &nbsp;&nbsp;&nbsp; 73<br>| &nbsp;&nbsp;&nbsp; 74<br>| &nbsp;&nbsp;&nbsp; 219<br>|
| Class C | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 10<br>|
| Class I | &nbsp;&nbsp;&nbsp; 104<br>| &nbsp;&nbsp;&nbsp; 88<br>| &nbsp;&nbsp;&nbsp; 81<br>| &nbsp;&nbsp;&nbsp; 273<br>|

---

During the year ended September 30, 2025 the Adviser did not recapture any expenses previously waived.

&nbsp;&nbsp;&nbsp;&nbsp;**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 the year ended September 30, 2025, it retained net commissions of $35 for Class A shares and CDSC of $22, $2 and $7 for Class A shares, Class C shares and Class C1 shares, respectively.

In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%<sup>(1)</sup> for Class A shares and 1.00%<sup>(1)(2)</sup> for Class C shares (0.50% for Newfleet Multi-Sector Short Term Bond Fund), and 1.00% for Class C1 shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Some of the Funds invest in ETFs. In addition to the fees listed, the Funds bear their proportionate shares of any distribution and shareholder servicing fees of the ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The Funds' distributor has contractually agreed to waive its 12b-1 fees applicable to Class C shares to the extent that the Funds' investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the Fund to exceed the limits set forth in applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

For the year ended September 30, 2025, the Funds incurred administration fees totaling $6,198 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly.

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

For the year ended September 30, 2025, the Funds incurred transfer agent fees totaling $2,775 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.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**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 year ended September 30, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act.

A summary of the Funds total long-term and short-term purchases and sales of the respective shares of the affiliated underlying<sup>(1)</sup> funds during the year ended September 30, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(2)</sup> <br>| **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** |
| **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet ABS/MBS <br> ETF<sup>(3)</sup><br>| $— | $5112 | $— | $— | $(26)<br>| $5086 | 209046 | $86 | $— |
| Total | $— | $5112 | $— | $— | $(26)<br>| $5086 |  | $86 | $— |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(2)</sup> <br>| **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** |
| **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet ABS/MBS <br> ETF<sup>(3)</sup><br>| $— | $4532 | $— | $— | $(20)<br>| $4512 | 185453 | $84 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Short <br> Duration High Yield Bond <br> ETF<sup>(3)</sup><br>|  | 2260 |  |  | 4 | 2264 | 103000 | 95 |  |
| Total | $— | $6792 | $— | $— | $(16)<br>| $6776 |  | $179 | $— |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(2)</sup> <br>| **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** |
| **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** | **Affiliated Exchange-Traded Fund—0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet ABS/MBS <br> ETF<sup>(3)</sup><br>| $— | $7965 | $— | $— | $(37)<br>| $7928 | 325842 | $143 | $— |
| Total | $— | $7965 | $— | $— | $(37)<br>| $7928 |  | $143 | $— |

---

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

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(2)</sup> <br>| **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** |
| **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** | **Affiliated Exchange-Traded Funds—1.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet ABS/MBS <br> ETF<sup>(3)</sup><br>| $— | $46003 | $— | $— | $(208)<br>| $45795 | 1882229 | $839 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Short <br> Duration High Yield Bond <br> ETF<sup>(3)</sup><br>|  | 22617 |  |  | 39 | 22656 | 1031000 | 951 |  |
| Total | $— | $68620 | $— | $— | $(169)<br>| $68451 |  | $1790 | $— |

---

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

---

| | |
|:---|:---|
| <sup>Footnote Legend:</sup> | <sup>Footnote Legend:</sup> |
| <sup>(1)</sup> | The Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Funds within each of its principal <br> investment strategies may represent a significant portion of an underlying fund's net assets. At September, 2025, the Newfleet Multi-Sector Short Term Bond Fund was the <br> owner of record of 73% of the Virtus Newfleet Short Duration High Yield Bond ETF and 55% the Virtus Newfleet ABS/MBS ETF. The Newfleet Core Plus Bond Fund, Newfleet Low <br> Duration Core Plus Bond Fund, and Newfleet Multi-Sector Intermediate Bond Fund were the owner of record of less than 10% of their respective affiliated underlying funds.<br>|
| <sup>(2)</sup> | Includes reinvested dividends from income and capital gain distributions. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**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 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 September 30, 2025.

**Note 4. Purchases and Sales of Securities**

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; $259792<br>| &nbsp;&nbsp;&nbsp; $168346<br>|
| Newfleet High Yield Fund | &nbsp;&nbsp;&nbsp; 15889<br>| &nbsp;&nbsp;&nbsp; 22370<br>|
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 212445<br>| &nbsp;&nbsp;&nbsp; 211925<br>|
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp; 562888<br>| &nbsp;&nbsp;&nbsp; 489501<br>|
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp;&nbsp; 2379122<br>| &nbsp;&nbsp;&nbsp; 2383570<br>|
| Newfleet Senior Floating Rate Fund | &nbsp;&nbsp;&nbsp; 194524<br>| &nbsp;&nbsp;&nbsp; 212750<br>|
| Seix Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 16476<br>| &nbsp;&nbsp;&nbsp; 22011<br>|

---

Purchases and sales of long-term U.S. government and agency securities during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; $87846<br>| &nbsp;&nbsp;&nbsp; $29013<br>|
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 28359<br>| &nbsp;&nbsp;&nbsp; 27535<br>|
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp; 128793<br>| &nbsp;&nbsp;&nbsp; 96606<br>|
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp;&nbsp; 359716<br>| &nbsp;&nbsp;&nbsp; 288031<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Note 5. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet High Yield Fund** | **Newfleet High Yield Fund** | **Newfleet High Yield Fund** | **Newfleet High Yield Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 909 | &nbsp;&nbsp; $9139 | &nbsp;&nbsp; 1692 | &nbsp;&nbsp; $16992 | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; $4962 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; $2338 |
| Reinvestment of distributions | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 2166 | &nbsp;&nbsp; 171 | &nbsp;&nbsp; 1714 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 2119 | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 2259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (696) <br>| &nbsp;&nbsp; (6974) <br>| &nbsp;&nbsp; (459) <br>| &nbsp;&nbsp; (4581) <br>| &nbsp;&nbsp; (2236) <br>| &nbsp;&nbsp; (8584) <br>| &nbsp;&nbsp; (1932) <br>| &nbsp;&nbsp; (7293) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 428 | &nbsp;&nbsp; $4331 | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; $14125 | &nbsp;&nbsp; (400)<br>| &nbsp;&nbsp; $(1503)<br>| &nbsp;&nbsp; (714)<br>| &nbsp;&nbsp; $(2696)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 170 | &nbsp;&nbsp; $1675 | &nbsp;&nbsp; 339 | &nbsp;&nbsp; $3300 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; $261 | &nbsp;&nbsp; 266 | &nbsp;&nbsp; $978 |
| Reinvestment of distributions | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (109) <br>| &nbsp;&nbsp; (1065) <br>| &nbsp;&nbsp; (82) <br>| &nbsp;&nbsp; (804) <br>| &nbsp;&nbsp; (322) <br>| &nbsp;&nbsp; (1215) <br>| &nbsp;&nbsp; (53) <br>| &nbsp;&nbsp; (197) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 82 | &nbsp;&nbsp; $813 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; $2627 | &nbsp;&nbsp; (225)<br>| &nbsp;&nbsp; $(848)<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; $891 |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 23760 | &nbsp;&nbsp; $242415 | &nbsp;&nbsp; 24780 | &nbsp;&nbsp; $252841 | &nbsp;&nbsp; 1592 | &nbsp;&nbsp; $6144 | &nbsp;&nbsp; 2377 | &nbsp;&nbsp; $8918 |
| Reinvestment of distributions | &nbsp;&nbsp; 2114 | &nbsp;&nbsp; 21612 | &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 11334 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (12782) <br>| &nbsp;&nbsp; (130082) <br>| &nbsp;&nbsp; (5781) <br>| &nbsp;&nbsp; (58454) <br>| &nbsp;&nbsp; (1340) <br>| &nbsp;&nbsp; (5188) <br>| &nbsp;&nbsp; (2762) <br>| &nbsp;&nbsp; (10295) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 13092 | &nbsp;&nbsp; $133945 | &nbsp;&nbsp; 20110 | &nbsp;&nbsp; $205721 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; $1481 | &nbsp;&nbsp; (248)<br>| &nbsp;&nbsp; $(861)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 3189 | &nbsp;&nbsp; $32728 | &nbsp;&nbsp; 583 | &nbsp;&nbsp; $5933 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; $1170 | &nbsp;&nbsp; 2262 | &nbsp;&nbsp; $8454 |
| Reinvestment of distributions | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (544) <br>| &nbsp;&nbsp; (5609) <br>| &nbsp;&nbsp; (165) <br>| &nbsp;&nbsp; (1688) <br>| &nbsp;&nbsp; (1527) <br>| &nbsp;&nbsp; (5692) <br>| &nbsp;&nbsp; (128) <br>| &nbsp;&nbsp; (483) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 2695 | &nbsp;&nbsp; $27634 | &nbsp;&nbsp; 441 | &nbsp;&nbsp; $4481 | &nbsp;&nbsp; (1054)<br>| &nbsp;&nbsp; $(3865)<br>| &nbsp;&nbsp; 2283 | &nbsp;&nbsp; $8538 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1110 | &nbsp;&nbsp; $11834 | &nbsp;&nbsp; 844 | &nbsp;&nbsp; $8810 | &nbsp;&nbsp; 2012 | &nbsp;&nbsp; $18453 | &nbsp;&nbsp; 2752 | &nbsp;&nbsp; $25155 |
| Reinvestment of distributions | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 2202 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 2154 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 4149 | &nbsp;&nbsp; 406 | &nbsp;&nbsp; 3688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1314) <br>| &nbsp;&nbsp; (14012) <br>| &nbsp;&nbsp; (1530) <br>| &nbsp;&nbsp; (15982) <br>| &nbsp;&nbsp; (2603) <br>| &nbsp;&nbsp; (23848) <br>| &nbsp;&nbsp; (1417) <br>| &nbsp;&nbsp; (12858) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; $(5018)<br>| &nbsp;&nbsp; (138)<br>| &nbsp;&nbsp; $(1246)<br>| &nbsp;&nbsp; 1741 | &nbsp;&nbsp; $15985 |

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Low Duration Core Plus Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** | **Newfleet Multi-Sector Intermediate Bond Fund** |
|  | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; $1153 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; $1625 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; $2991 | &nbsp;&nbsp; 467 | &nbsp;&nbsp; $4306 |
| Reinvestment of distributions | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (259) <br>| &nbsp;&nbsp; (2765) <br>| &nbsp;&nbsp; (352) <br>| &nbsp;&nbsp; (3667) <br>| &nbsp;&nbsp; (397) <br>| &nbsp;&nbsp; (3677) <br>| &nbsp;&nbsp; (474) <br>| &nbsp;&nbsp; (4341) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (130)<br>| &nbsp;&nbsp; $(1386)<br>| &nbsp;&nbsp; (173)<br>| &nbsp;&nbsp; $(1800)<br>| &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; $(231)<br>| &nbsp;&nbsp; 40 | &nbsp;&nbsp; $396 |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 13704 | &nbsp;&nbsp; $145993 | &nbsp;&nbsp; 11512 | &nbsp;&nbsp; $120345 | &nbsp;&nbsp; 27213 | &nbsp;&nbsp; $247883 | &nbsp;&nbsp; 35176 | &nbsp;&nbsp; $319001 |
| Reinvestment of distributions | &nbsp;&nbsp; 1591 | &nbsp;&nbsp; 16985 | &nbsp;&nbsp; 1296 | &nbsp;&nbsp; 13569 | &nbsp;&nbsp; 3701 | &nbsp;&nbsp; 33723 | &nbsp;&nbsp; 2684 | &nbsp;&nbsp; 24345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (12164) <br>| &nbsp;&nbsp; (129647) <br>| &nbsp;&nbsp; (10473) <br>| &nbsp;&nbsp; (109439) <br>| &nbsp;&nbsp; (19433) <br>| &nbsp;&nbsp; (176620) <br>| &nbsp;&nbsp; (10956) <br>| &nbsp;&nbsp; (98974) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 3131 | &nbsp;&nbsp; $33331 | &nbsp;&nbsp; 2335 | &nbsp;&nbsp; $24475 | &nbsp;&nbsp; 11481 | &nbsp;&nbsp; $104986 | &nbsp;&nbsp; 26904 | &nbsp;&nbsp; $244372 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 180 | &nbsp;&nbsp; $1913 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; $4501 | &nbsp;&nbsp; 3358 | &nbsp;&nbsp; $30881 | &nbsp;&nbsp; 4444 | &nbsp;&nbsp; $41686 |
| Reinvestment of distributions | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 3675 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 1218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (893) <br>| &nbsp;&nbsp; (9518) <br>| &nbsp;&nbsp; (238) <br>| &nbsp;&nbsp; (2490) <br>| &nbsp;&nbsp; (2143) <br>| &nbsp;&nbsp; (19792) <br>| &nbsp;&nbsp; (404) <br>| &nbsp;&nbsp; (3691) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (704)<br>| &nbsp;&nbsp; $(7513)<br>| &nbsp;&nbsp; 196 | &nbsp;&nbsp; $2046 | &nbsp;&nbsp; 1613 | &nbsp;&nbsp; $14764 | &nbsp;&nbsp; 4173 | &nbsp;&nbsp; $39213 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 16935 | &nbsp;&nbsp; $76799 | &nbsp;&nbsp; 17430 | &nbsp;&nbsp; $77848 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; $4358 | &nbsp;&nbsp; 2311 | &nbsp;&nbsp; $20144 |
| Reinvestment of distributions | &nbsp;&nbsp; 5229 | &nbsp;&nbsp; 23745 | &nbsp;&nbsp; 5737 | &nbsp;&nbsp; 25661 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 3405 | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 3722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (30074) <br>| &nbsp;&nbsp; (136338) <br>| &nbsp;&nbsp; (40003) <br>| &nbsp;&nbsp; (178535) <br>| &nbsp;&nbsp; (3009) <br>| &nbsp;&nbsp; (25912) <br>| &nbsp;&nbsp; (2486) <br>| &nbsp;&nbsp; (21629) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (7910)<br>| &nbsp;&nbsp; $(35794)<br>| &nbsp;&nbsp; (16836)<br>| &nbsp;&nbsp; $(75026)<br>| &nbsp;&nbsp; (2113)<br>| &nbsp;&nbsp; $(18149)<br>| &nbsp;&nbsp; 251 | &nbsp;&nbsp; $2237 |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $6 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $— <br><sup>(2)</sup><br>| &nbsp;&nbsp; 115 | &nbsp;&nbsp; $997 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; $1178 |
| Reinvestment of distributions | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 4145 | &nbsp;&nbsp; 1133 | &nbsp;&nbsp; 5145 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (5709) <br>| &nbsp;&nbsp; (26303) <br>| &nbsp;&nbsp; (7611) <br>| &nbsp;&nbsp; (34454) <br>| &nbsp;&nbsp; (228) <br>| &nbsp;&nbsp; (1973) <br>| &nbsp;&nbsp; (340) <br>| &nbsp;&nbsp; (2967) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (4810)<br>| &nbsp;&nbsp; $(22152)<br>| &nbsp;&nbsp; (6478)<br>| &nbsp;&nbsp; $(29309)<br>| &nbsp;&nbsp; (82)<br>| &nbsp;&nbsp; $(705)<br>| &nbsp;&nbsp; (163)<br>| &nbsp;&nbsp; $(1421)<br>|
| **Class C1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1375 | &nbsp;&nbsp; $6317 | &nbsp;&nbsp; 832 | &nbsp;&nbsp; $3762 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Reinvestment of distributions | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 911 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 998 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1973) <br>| &nbsp;&nbsp; (9064) <br>| &nbsp;&nbsp; (2518) <br>| &nbsp;&nbsp; (11371) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (400)<br>| &nbsp;&nbsp; $(1836)<br>| &nbsp;&nbsp; (1466)<br>| &nbsp;&nbsp; $(6611)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Multi-Sector Short Term Bond Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** |
|  | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 218767 | &nbsp;&nbsp; $994213 | &nbsp;&nbsp; 195186 | &nbsp;&nbsp; $873868 | &nbsp;&nbsp; 5798 | &nbsp;&nbsp; $50024 | &nbsp;&nbsp; 5458 | &nbsp;&nbsp; $47601 |
| Reinvestment of distributions | &nbsp;&nbsp; 37055 | &nbsp;&nbsp; 168619 | &nbsp;&nbsp; 35987 | &nbsp;&nbsp; 161350 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 7807 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 8506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (219334) <br>| &nbsp;&nbsp; (995984) <br>| &nbsp;&nbsp; (237659) <br>| &nbsp;&nbsp; (1060594) <br>| &nbsp;&nbsp; (7511) <br>| &nbsp;&nbsp; (64710) <br>| &nbsp;&nbsp; (5937) <br>| &nbsp;&nbsp; (51639) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 36488 | &nbsp;&nbsp; $166848 | &nbsp;&nbsp; (6486)<br>| &nbsp;&nbsp; $(25376)<br>| &nbsp;&nbsp; (808)<br>| &nbsp;&nbsp; $(6879)<br>| &nbsp;&nbsp; 496 | &nbsp;&nbsp; $4468 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 13614 | &nbsp;&nbsp; $62103 | &nbsp;&nbsp; 4170 | &nbsp;&nbsp; $18812 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; $655 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; $38 |
| Reinvestment of distributions | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 1579 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (5970) <br>| &nbsp;&nbsp; (27318) <br>| &nbsp;&nbsp; (1472) <br>| &nbsp;&nbsp; (6654) <br>| &nbsp;&nbsp; (57) <br>| &nbsp;&nbsp; (490) <br>| &nbsp;&nbsp; (52) <br>| &nbsp;&nbsp; (456) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 7989 | &nbsp;&nbsp; $36364 | &nbsp;&nbsp; 2807 | &nbsp;&nbsp; $12650 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; $240 | &nbsp;&nbsp; (39)<br>| &nbsp;&nbsp; $(338)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; $551 | &nbsp;&nbsp; 88 | &nbsp;&nbsp; $894 |
| Reinvestment of distributions | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (390) <br>| &nbsp;&nbsp; (3961) <br>| &nbsp;&nbsp; (536) <br>| &nbsp;&nbsp; (5458) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (281)<br>| &nbsp;&nbsp; $(2857)<br>| &nbsp;&nbsp; (389)<br>| &nbsp;&nbsp; $(3957)<br>|
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; $78 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; $119 |
| Reinvestment of distributions | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (43) <br>| &nbsp;&nbsp; (439) <br>| &nbsp;&nbsp; (33) <br>| &nbsp;&nbsp; (328) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; $(340)<br>| &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; $(183)<br>|
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 704 | &nbsp;&nbsp; $7110 | &nbsp;&nbsp; 573 | &nbsp;&nbsp; $5789 |
| Reinvestment of distributions | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (969) <br>| &nbsp;&nbsp; (9858) <br>| &nbsp;&nbsp; (1702) <br>| &nbsp;&nbsp; (17192) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (192)<br>| &nbsp;&nbsp; $(2008)<br>| &nbsp;&nbsp; (1045)<br>| &nbsp;&nbsp; $(10549)<br>|

---

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

<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

<sup>(2)</sup> Amount is less than $500 (not in thousands).

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Note 6. 10% Shareholders**

As of September 30, 2025, the Funds 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:

---

| | | |
|:---|:---|:---|
|  | **% of Shares** <br>**Outstanding**<br>| **Number of** <br>**Accounts**<sup>\*</sup> <br>|
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 51<br> %<br>| &nbsp;&nbsp;&nbsp; 2 |
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 57<br>| &nbsp;&nbsp;&nbsp; 3 |
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp; 49<br>| &nbsp;&nbsp;&nbsp; 3 |
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp;&nbsp; 44<br>| &nbsp;&nbsp;&nbsp; 3 |
| Newfleet Senior Floating Rate Fund | &nbsp;&nbsp;&nbsp; 37<br>| &nbsp;&nbsp;&nbsp; 2 |
| Seix Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp; 2 |

---

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

<sup>\*</sup> None of the accounts are affiliated.

**Note 7. Credit and Market Risk and Asset Concentration**

Local, regional or global events such as war or military conflict, 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.

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.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

**Note 8. 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 9. 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 September 30, 2025, the Funds did not hold any securities that were restricted.

**Note 10. Redemption Facility**

**($ reported in thousands)**

The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended, ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 2, 2026. The Credit Agreement 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. Each Fund, that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of a SOFR 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 year ended September 30, 2025, are included in the "interest expense and/or commitment fees" line on the Statements of Operations.

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The following Fund had outstanding loans during the year. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Interest** <br>**Incurred on** <br>**Borrowing**<br>| **Average** <br>**Borrowing**<br>| **Weighted Average** <br>**Interest Rate**<br>| **Days** <br>**Outstanding**<br>|
| Newfleet Senior Floating Rate Fund | &nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp; $3690 | &nbsp;&nbsp;&nbsp;&nbsp; 5.46<br> %<br>| &nbsp;&nbsp;&nbsp; 10 |

---

**Note 11. Federal Income Tax Information**

**($ reported in thousands)**

At September 30, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal** <br>**Tax Cost**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; $569157<br>| $8946 | $(8145) <br>| $801<br>|
| Newfleet High Yield Fund | &nbsp;&nbsp;&nbsp; 49063<br>| 1734 | (1678) <br>| 56<br>|
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 449461<br>| 4981 | (2616) <br>| 2365<br>|
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp; 827114<br>| 20008 | (9700) <br>| 10308<br>|
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp;&nbsp; 4623098<br>| 55832 | (54454) <br>| 1378<br>|
| Newfleet Senior Floating Rate Fund | &nbsp;&nbsp;&nbsp; 167415<br>| 1232 | (2620) <br>| (1388) <br>|
| Seix Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 45928<br>| 568 | (795) <br>| (227) <br>|

---

The 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 year ended September 30, 2025, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Newfleet Core Plus Bond Fund | $2260 | $5846 |
| Newfleet High Yield Fund | 213 | 6891 |
| Newfleet Low Duration Core Plus Bond Fund | 6170 | 20714 |
| Newfleet Multi-Sector Intermediate Bond Fund | 2631 | 28729 |
| Newfleet Multi-Sector Short Term Bond Fund | 103441 | 302083 |
| Newfleet Senior Floating Rate Fund | 7235 | 67281 |
| Seix Tax-Exempt Bond Fund |  | 974 |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Funds consist of the following:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Tax-Exempt** <br>**Income**<br>| **Late Year** <br>**Ordinary** <br>**Losses** <br>**Deferred**<br>| **Post-October** <br>**Capital Loss** <br>**Deferred**<br>| **Capital Loss** <br>**Deferred**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfleet Core Plus <br> Bond Fund<br>| &nbsp;&nbsp;&nbsp; $90 | &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $1020<br>| &nbsp;&nbsp; $8106<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfleet High Yield <br> Fund<br>| &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 875<br>| &nbsp;&nbsp; 7104<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfleet Low Duration <br> Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 922<br>| &nbsp;&nbsp; 26884<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfleet Multi-Sector <br> Intermediate Bond <br> Fund<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp; 71<br>| &nbsp;&nbsp; 5381<br>| &nbsp;&nbsp; 31360<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfleet Multi-Sector <br> Short Term Bond Fund<br>| &nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp; 509<br>| &nbsp;&nbsp; 11617<br>| &nbsp;&nbsp; 405524<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfleet Senior <br> Floating Rate Fund<br>| &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 2600<br>| &nbsp;&nbsp; 74516<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seix Tax-Exempt Bond <br> Fund<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 235<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 319<br>| &nbsp;&nbsp; 974<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

The tax character of dividends and distributions paid during the years ended September 30, 2025 and 2024, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**<br>| **Tax-Exempt** <br>**Distributions**<br>| **Return of** <br>**Capital**<br>| **Total** |
| Newfleet Core Plus Bond Fund |  |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; $24606<br>| &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp; $24606<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 13561<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 13561<br>|
| Newfleet High Yield Fund |  |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 3685<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 3685<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 3761<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 3761<br>|
| Newfleet Low Duration Core Plus Bond Fund |  |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 20540<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 20540<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 17812<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 17812<br>|
| Newfleet Multi-Sector Intermediate Bond Fund |  |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 46816<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 46816<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 32782<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 801<br>| &nbsp;&nbsp;&nbsp; 33583<br>|
| Newfleet Multi-Sector Short Term Bond Fund |  |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 218644<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 218644<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 215030<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 215030<br>|
| Newfleet Senior Floating Rate Fund |  |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 13962<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 13962<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 15740<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 15740<br>|
| Seix Tax-Exempt Bond Fund |  |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1418<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 1419<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1634<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 1635<br>|

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

**Note 12. 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 13. Recent Accounting Pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact.

**Note 14. 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 are subsequent events requiring recognition or disclosure in these financial statements.

Effective on January 21, 2026 (the "Closing Date"), Class C and C1 shares of the Funds will no longer be available for purchase by new or existing shareholders, except by existing shareholders through qualifying transactions. Shareholders who own Class C or C1 shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C and C1 share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

On January 26, 2026, Class C of each of Newfleet High Yield Fund and Seix Tax-Exempt Bond Fund will be eliminated as a share class and existing Class C shares of those Funds will be converted to Class A shares of each respective Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

taxable event by the U.S. Internal Revenue Service. Please refer to each Fund's Prospectuses for any differences between share classes, including sales charge structure, expenses and other options.

------

![](g228299img63d8a93e2.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Virtus Opportunities Trust and Shareholders of Virtus Newfleet Core Plus Bond Fund, Virtus Newfleet High Yield Fund, Virtus Newfleet Low Duration Core Plus Bond Fund, Virtus Newfleet Multi-Sector Intermediate Bond Fund, Virtus Newfleet Multi-Sector Short Term Bond Fund, Virtus Newfleet Senior Floating Rate Fund, and Virtus Seix Tax-Exempt Bond Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Newfleet Core Plus Bond Fund, Virtus Newfleet High Yield Fund, Virtus Newfleet Low Duration Core Plus Bond Fund, Virtus Newfleet Multi-Sector Intermediate Bond Fund, Virtus Newfleet Multi-Sector Short Term Bond Fund, Virtus Newfleet Senior Floating Rate Fund, and Virtus Seix Tax-Exempt Bond Fund (seven of the Funds constituting Virtus Opportunities Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended September 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and the financial highlights for each of the five years in the period ended September 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from agent banks and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

November 21, 2025

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

------

**VIRTUS OPPORTUNITIES TRUST**

**OTHER INFORMATION** 

**September 30, 2025**

**FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants** 

None

**FORM N-CSR ITEM 9 - Proxy Disclosure**

None

**FORM N-CSR ITEM 10 - Remuneration Paid to Trustees**

For the year ended September 30, 2025, the Funds incurred independent Trustee's fees totaling $469 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

**FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract**

None

------

**VIRTUS OPPORTUNITIES TRUST**

**TAX INFORMATION NOTICE (Unaudited)**

**September 30, 2025**

The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2026, the Funds will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended September 30, 2025, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | |
|:---|:---|
| **Fund** | **Federal** <br>**Tax Exempt** <br>**Interest Dividends %**<br>|
| Newfleet Core Plus Bond Fund | 0.00<br> %<br>|
| Newfleet High Yield Fund | 0.00<br>|
| Newfleet Low Duration Core Plus Bond Fund | 0.00<br>|
| Newfleet Multi-Sector Intermediate Bond Fund | 0.00<br>|
| Newfleet Multi-Sector Short Term Bond Fund | 0.00<br>|
| Newfleet Senior Floating Rate Fund | 0.00<br>|
| Seix Tax-Exempt Bond Fund | 100.00<br>|

---

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**VIRTUS OPPORTUNITIES TRUST**

101 Munson Street

Greenfield, MA 01301-9668

**Trustees**

Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

**Principal Officers**

George R. Aylward, President

Peter Batchelar, Senior Vice President

&nbsp;&nbsp;&nbsp;&nbsp;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 Investment Advisers, LLC

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

240 Greenwich Street

New York, NY 10286-1048

**Independent Registered Public**

**Accounting Firm**

PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

**How to Contact Us**

Mutual Fund Services

1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

------

![](g228299img059ea2ca3.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

8639 11-25

------

ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

**VIRTUS OPPORTUNITIES TRUST**

![](g49956img369cfa961.gif)

September 30, 2025

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

---

| |
|:---|
| Virtus Duff & Phelps Global Infrastructure Fund |
| Virtus Duff & Phelps Global Real Estate Securities Fund |
| Virtus Duff & Phelps Real Asset Fund |
| Virtus Duff & Phelps Real Estate Securities Fund |
| Virtus KAR Developing Markets Fund |
| Virtus KAR Emerging Markets Small-Cap Fund |
| Virtus KAR International Small-Mid Cap Fund |
| Virtus SGA Emerging Markets Equity Fund |

---

**Not FDIC Insured • No Bank Guarantee • May Lose Value**

------

**Table of Contents** 

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_KIT-TOC-KeyInvestmentTerms-332_1) | 1 |
| [Schedules of Investments](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-332_1) |  |
| [Virtus Duff & Phelps Global Infrastructure Fund (](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-332_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-332_1)[Duff & Phelps Global Infrastructure Fund](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-332_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-332_1)[)](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-332_1) | 2 |
| [Virtus Duff & Phelps Global Real Estate Securities Fund (](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-333_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-333_1)[Duff & Phelps Global Real Estate](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-333_1)<br> [Securities Fund](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-333_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-333_1)[)](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-333_1) | 4 |
| [Virtus Duff & Phelps Real Asset Fund (](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-350_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-350_1)[Duff & Phelps Real Asset Fund](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-350_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-350_1)[)](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-350_1) | 5 |
| [Virtus Duff & Phelps Real Estate Securities Fund (](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-336_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-336_1)[Duff & Phelps Real Estate Securities](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-336_1)<br> [Fund](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-336_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-336_1)[)](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-336_1) | 6 |
| [Virtus KAR Developing Markets Fund (](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-3866_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-3866_1)[KAR Developing Markets Fund](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-3866_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-3866_1)[)](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-3866_1) | 7 |
| [Virtus KAR Emerging Markets Small-Cap Fund (](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-340_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-340_1)[KAR Emerging Markets Small-Cap Fund](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-340_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-340_1)[)](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-340_1) | 9 |
| [Virtus KAR International Small-Mid Cap Fund (](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-341_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-341_1)[KAR International Small-Mid Cap Fund](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-341_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-341_1)[)](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-341_1) | 11 |
| [Virtus SGA Emerging Markets Equity Fund (](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-356_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-356_1)[SGA Emerging Markets Equity Fund](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-356_1)["](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-356_1)[)](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOI-TOC-ScheduleofInvestments-356_1) | 13 |
| [Statements of Assets and Liabilities](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SAL-SAL-Headerfooter-332_1) | 14 |
| [Statements of Operations](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOP-SOP-Headerfooter-332_1) | 18 |
| [Statements of Changes in Net Assets](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_SOC-SOC-HeaderFooter-332_1) | 20 |
| [Financial Highlights](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_FIHI-FIHI-Headerfooter-332_1) | 24 |
| [Notes to Financial Statements](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_NTF-TOC-NTF-332_1) | 30 |
| [Report of Independent Registered Public Accounting Firm](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_RIRPA-TOC-ReportofAccountingFirm-332_1) | 45 |
| [Other Information](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_OI-TOC-OtherInformation-333_1) | 46 |
| [Tax Information Notice](#xx_4e69eafd-2f7e-4d95-b7b5-097eeda5fe63_TIN-TOC-TIN-332_1) | 47 |

---

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

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

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.

------

**VIRTUS OPPORTUNITIES TRUST**

**KEY INVESTMENT TERMS (Unaudited)**

**September 30, 2025**

**American Depositary Receipt ("ADR")**

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

**Exchange-Traded Fund ("ETF")**

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

**Global Depositary Receipt ("GDR")**

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by an international bank or a trust. Foreign companies use GDRs in order to make it easier for foreign investors to buy their shares.

**Joint Stock Company ("JSC")**

A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.

**Master Limited Partnership ("MLP")**

A type of limited partnership that is publicly traded. The partnership must derive most of its cash flows from real estate, natural resources and commodities.

**Real Estate Investment Trust ("REIT")**

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

**Standard & Poor's Depositary Receipt (SPDR)**

A portfolio of stocks tracking an index, commonly held by ETFs that offer investors a manner in which to experience the investment performance of the index without owning each individual security.

**Secured Overnight Financing Rate ("SOFR")**

A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

**Sponsored ADR**

An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange.

**U.S. Treasury Inflation-Protected Securities ("TIPS")**

A United States Treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation.

------

**Duff & Phelps Global Infrastructure Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.6%** | **Common Stocks—98.6%** | **Common Stocks—98.6%** |
| **Communication Services—1.5%** | **Communication Services—1.5%** |  |
| Cellnex Telecom S.A. (Spain) | 66605 | &nbsp;&nbsp; $2306 |
| **Energy—13.5%** | **Energy—13.5%** |  |
| Cheniere Energy, Inc. <br> (United States)<br>| 14167 | &nbsp;&nbsp; 3329 |
| DT Midstream, Inc. <br> (United States)<br>| 14327 | &nbsp;&nbsp; 1620 |
| Enbridge, Inc. (Canada) | 37320 | &nbsp;&nbsp; 1883 |
| Keyera Corp. (Canada) | 36830 | &nbsp;&nbsp; 1236 |
| Keyera Corp. Subscription <br> Receipts (Canada)<br>| 8152 | &nbsp;&nbsp; 266 |
| Kinder Morgan, Inc. <br> (United States)<br>| 68293 | &nbsp;&nbsp; 1933 |
| ONEOK, Inc. (United States) | 19508 | &nbsp;&nbsp; 1423 |
| Targa Resources Corp. <br> (United States)<br>| 11928 | &nbsp;&nbsp; 1998 |
| TC Energy Corp. (Canada) | 67997 | &nbsp;&nbsp; 3700 |
| Williams Cos., Inc. (The) <br> (United States)<br>| 66323 | &nbsp;&nbsp; 4202 |
|  |  | &nbsp;&nbsp; 21590 |
| **Industrials—29.2%** | **Industrials—29.2%** |  |
| Aena SME S.A. (Spain) | 352617 | &nbsp;&nbsp; 9634 |
| Auckland International Airport <br> Ltd. (New Zealand)<br>| 490877 | &nbsp;&nbsp; 2242 |
| Canadian National Railway Co. <br> (Canada)<br>| 46998 | &nbsp;&nbsp; 4432 |
| Canadian Pacific Kansas City <br> Ltd. (Canada)<br>| 55346 | &nbsp;&nbsp; 4122 |
| CSX Corp. (United States) | 115394 | &nbsp;&nbsp; 4098 |
| Ferrovial SE (Netherlands) | 63798 | &nbsp;&nbsp; 3654 |
| Flughafen Zurich AG <br> Registered Shares <br> (Switzerland)<br>| 11549 | &nbsp;&nbsp; 3520 |
| GEK TERNA S.A. (Greece) | 37121 | &nbsp;&nbsp; 974 |
| Grupo Aeroportuario del <br> Centro Norte SAB de C.V. <br> Class B (Mexico)<br>| 60600 | &nbsp;&nbsp; 782 |
| Transurban Group (Australia) | 442156 | &nbsp;&nbsp; 4037 |
| Union Pacific Corp. <br> (United States)<br>| 28834 | &nbsp;&nbsp; 6815 |
| Vinci S.A. (France) | 17117 | &nbsp;&nbsp; 2370 |
|  |  | &nbsp;&nbsp; 46680 |
| **Real Estate—5.1%** | **Real Estate—5.1%** |  |
| American Tower Corp. <br> (United States)<br>| 22726 | &nbsp;&nbsp; 4371 |
| Crown Castle, Inc. <br> (United States)<br>| 38951 | &nbsp;&nbsp; 3758 |
|  |  | &nbsp;&nbsp; 8129 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—49.3%** | **Utilities—49.3%** |  |
| Alliant Energy Corp. <br> (United States)<br>| 24246 | &nbsp;&nbsp; $1634 |
| Atmos Energy Corp. <br> (United States)<br>| 16828 | &nbsp;&nbsp; 2873 |
| CenterPoint Energy, Inc. <br> (United States)<br>| 62971 | &nbsp;&nbsp; 2443 |
| Duke Energy Corp. <br> (United States)<br>| 39754 | &nbsp;&nbsp; 4920 |
| E.ON SE (Germany) | 104668 | &nbsp;&nbsp; 1968 |
| EDP S.A. (Portugal) | 347891 | &nbsp;&nbsp; 1649 |
| Entergy Corp. (United States) | 33276 | &nbsp;&nbsp; 3101 |
| Evergy, Inc. (United States) | 39743 | &nbsp;&nbsp; 3021 |
| Eversource Energy <br> (United States)<br>| 35799 | &nbsp;&nbsp; 2547 |
| Iberdrola S.A. (Spain) | 127393 | &nbsp;&nbsp; 2409 |
| Kansai Electric Power Co., Inc. <br> (The) (Japan)<br>| 130700 | &nbsp;&nbsp; 1872 |
| National Grid plc (United <br> Kingdom)<br>| 222396 | &nbsp;&nbsp; 3193 |
| NextEra Energy, Inc. <br> (United States)<br>| 120619 | &nbsp;&nbsp; 9106 |
| NiSource, Inc. (United States) | 78156 | &nbsp;&nbsp; 3384 |
| OGE Energy Corp. <br> (United States)<br>| 34493 | &nbsp;&nbsp; 1596 |
| Pennon Group plc (United <br> Kingdom)<br>| 335750 | &nbsp;&nbsp; 2111 |
| PG&E Corp. (United States) | 205407 | &nbsp;&nbsp; 3098 |
| PPL Corp. (United States) | 73651 | &nbsp;&nbsp; 2737 |
| Public Service Enterprise <br> Group, Inc. (United States)<br>| 19179 | &nbsp;&nbsp; 1601 |
| Sempra (United States) | 71962 | &nbsp;&nbsp; 6475 |
| Severn Trent plc (United <br> Kingdom)<br>| 43696 | &nbsp;&nbsp; 1521 |
| Southern Co. (The) <br> (United States)<br>| 27915 | &nbsp;&nbsp; 2645 |
| Spire, Inc. (United States) | 29797 | &nbsp;&nbsp; 2429 |
| SSE plc (United Kingdom) | 70008 | &nbsp;&nbsp; 1640 |
| United Utilities Group plc <br> (United Kingdom)<br>| 102580 | &nbsp;&nbsp; 1582 |
| Veolia Environnement S.A. <br> (France)<br>| 46497 | &nbsp;&nbsp; 1582 |
| WEC Energy Group, Inc. <br> (United States)<br>| 16636 | &nbsp;&nbsp; 1906 |
| Xcel Energy, Inc. <br> (United States)<br>| 47328 | &nbsp;&nbsp; 3817 |
|  |  | &nbsp;&nbsp; 78860 |
| **Total Common Stocks** <br>**(Identified Cost $134,039)** | **Total Common Stocks** <br>**(Identified Cost $134,039)** | &nbsp;&nbsp; **157565** |
| **Total Long-Term** <br> **Investments—98.6%** <br>**(Identified Cost $134,039)** | **Total Long-Term** <br> **Investments—98.6%** <br>**(Identified Cost $134,039)** | &nbsp;&nbsp; **157565** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** |
| **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(1)</sup> <br>| 394574 | &nbsp;&nbsp; $395 |
| **Total Short-Term Investment** <br>**(Identified Cost $395)** | **Total Short-Term Investment** <br>**(Identified Cost $395)** | &nbsp;&nbsp; **395** |
| **TOTAL INVESTMENTS—98.8%** <br>**(Identified Cost $134,434)** | **TOTAL INVESTMENTS—98.8%** <br>**(Identified Cost $134,434)** | &nbsp;&nbsp; **$157960** |
| Other assets and liabilities, net—1.2% | Other assets and liabilities, net—1.2% | &nbsp;&nbsp; 1861 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$159821** |

---

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

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 59<br> %<br>|
| Canada | 10 |
| Spain | 9 |
| United Kingdom | 6 |
| Australia | 3 |
| France | 3 |
| Netherlands | 2 |
| Other | 8 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Duff & Phelps Global Infrastructure Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $157565 | &nbsp;&nbsp;&nbsp;&nbsp; $157565 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp; 395 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $157960 | &nbsp;&nbsp;&nbsp;&nbsp; $157960 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

*See Notes to Financial Statements*

------

**Duff & Phelps Global Real Estate Securities Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.1%** | **Common Stocks—98.1%** | **Common Stocks—98.1%** |
| **Australia—5.7%** | **Australia—5.7%** |  |
| Goodman Group | 302300 | &nbsp;&nbsp; $6557 |
| National Storage REIT | 2099662 | &nbsp;&nbsp; 3265 |
| NEXTDC Ltd.<sup>(1)</sup> <br>| 218498 | &nbsp;&nbsp; 2446 |
| Scentre Group | 3568200 | &nbsp;&nbsp; 9633 |
|  |  | &nbsp;&nbsp; 21901 |
| **Belgium—1.7%** | **Belgium—1.7%** |  |
| Aedifica S.A. | 50009 | &nbsp;&nbsp; 3702 |
| Warehouses De Pauw CVA | 110479 | &nbsp;&nbsp; 2760 |
|  |  | &nbsp;&nbsp; 6462 |
| **Canada—2.9%** | **Canada—2.9%** |  |
| Canadian Apartment <br> Properties REIT<br>| 88335 | &nbsp;&nbsp; 2583 |
| Chartwell Retirement <br> Residences<br>| 268350 | &nbsp;&nbsp; 3891 |
| First Capital Real Estate <br> Investment Trust<br>| 335050 | &nbsp;&nbsp; 4760 |
|  |  | &nbsp;&nbsp; 11234 |
| **China—1.6%** | **China—1.6%** |  |
| Swire Properties Ltd. (Hong <br> Kong)<br>| 2200000 | &nbsp;&nbsp; 6259 |
| **France—1.4%** | **France—1.4%** |  |
| Klepierre S.A. | 138594 | &nbsp;&nbsp; 5396 |
| **Germany—1.9%** | **Germany—1.9%** |  |
| Vonovia SE | 236178 | &nbsp;&nbsp; 7362 |
| **India—1.0%** | **India—1.0%** |  |
| Capitaland India Trust | 4142783 | &nbsp;&nbsp; 3854 |
| **Japan—8.0%** | **Japan—8.0%** |  |
| Comforia Residential REIT, <br> Inc.<br>| 996 | &nbsp;&nbsp; 2189 |
| Japan Hotel REIT <br> Investment Corp.<br>| 8328 | &nbsp;&nbsp; 5023 |
| Mitsubishi Estate Co., Ltd. | 403600 | &nbsp;&nbsp; 9287 |
| Mitsui Fudosan Co., Ltd. | 1028050 | &nbsp;&nbsp; 11213 |
| Mitsui Fudosan Logistics <br> Park, Inc.<br>| 4291 | &nbsp;&nbsp; 3085 |
|  |  | &nbsp;&nbsp; 30797 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore—1.6%** | **Singapore—1.6%** |  |
| CapitaLand Ascendas REIT | 2956300 | &nbsp;&nbsp; $6394 |
| **Spain—3.0%** | **Spain—3.0%** |  |
| Merlin Properties Socimi <br> S.A.<br>| 770796 | &nbsp;&nbsp; 11620 |
| **Sweden—0.8%** | **Sweden—0.8%** |  |
| Castellum AB | 74466 | &nbsp;&nbsp; 841 |
| Catena AB | 52341 | &nbsp;&nbsp; 2379 |
|  |  | &nbsp;&nbsp; 3220 |
| **United Kingdom—5.8%** | **United Kingdom—5.8%** |  |
| British Land Co. plc (The) | 644000 | &nbsp;&nbsp; 3016 |
| Derwent London plc | 96160 | &nbsp;&nbsp; 2254 |
| Safestore Holdings plc | 269122 | &nbsp;&nbsp; 2382 |
| Tritax Big Box REIT plc | 3094125 | &nbsp;&nbsp; 6013 |
| UNITE Group plc (The) | 905499 | &nbsp;&nbsp; 8756 |
|  |  | &nbsp;&nbsp; 22421 |
| **United States—62.7%** | **United States—62.7%** |  |
| Agree Realty Corp. | 48500 | &nbsp;&nbsp; 3445 |
| Alexandria Real Estate <br> Equities, Inc.<br>| 24375 | &nbsp;&nbsp; 2031 |
| American Homes 4 Rent <br> Class A<br>| 308300 | &nbsp;&nbsp; 10251 |
| American Tower Corp. | 31135 | &nbsp;&nbsp; 5988 |
| Americold Realty Trust, Inc. | 125925 | &nbsp;&nbsp; 1541 |
| AvalonBay Communities, <br> Inc.<br>| 69145 | &nbsp;&nbsp; 13357 |
| Brixmor Property Group, <br> Inc.<br>| 317808 | &nbsp;&nbsp; 8797 |
| BXP, Inc. | 62100 | &nbsp;&nbsp; 4617 |
| Cousins Properties, Inc. | 133800 | &nbsp;&nbsp; 3872 |
| CubeSmart | 160875 | &nbsp;&nbsp; 6541 |
| Digital Realty Trust, Inc. | 95175 | &nbsp;&nbsp; 16454 |
| Equinix, Inc. | 25010 | &nbsp;&nbsp; 19589 |
| Equity LifeStyle Properties, <br> Inc.<br>| 95925 | &nbsp;&nbsp; 5823 |
| Essential Properties Realty <br> Trust, Inc.<br>| 199800 | &nbsp;&nbsp; 5946 |
| Essex Property Trust, Inc. | 22965 | &nbsp;&nbsp; 6147 |
| First Industrial Realty Trust, <br> Inc.<br>| 112675 | &nbsp;&nbsp; 5799 |
| Iron Mountain, Inc. | 91265 | &nbsp;&nbsp; 9304 |
| Mid-America Apartment <br> Communities, Inc.<br>| 50050 | &nbsp;&nbsp; 6993 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States—continued** | **United States—continued** |  |
| Phillips Edison & Co., Inc. | 135950 | &nbsp;&nbsp; $4667 |
| Prologis, Inc. | 224418 | &nbsp;&nbsp; 25700 |
| Public Storage | 29425 | &nbsp;&nbsp; 8499 |
| Ryman Hospitality <br> Properties, Inc.<br>| 51635 | &nbsp;&nbsp; 4626 |
| Simon Property Group, Inc. | 54921 | &nbsp;&nbsp; 10307 |
| Smartstop Self Storage <br> REIT, Inc.<br>| 76225 | &nbsp;&nbsp; 2869 |
| Ventas, Inc. | 173650 | &nbsp;&nbsp; 12154 |
| Vornado Realty Trust | 107545 | &nbsp;&nbsp; 4359 |
| Welltower, Inc. | 184650 | &nbsp;&nbsp; 32894 |
|  |  | &nbsp;&nbsp; 242570 |
| **Total Common Stocks** <br>**(Identified Cost $292,359)** | **Total Common Stocks** <br>**(Identified Cost $292,359)** | &nbsp;&nbsp; **379490** |
| **Total Long-Term** <br> **Investments—98.1%** <br>**(Identified Cost $292,359)** | **Total Long-Term** <br> **Investments—98.1%** <br>**(Identified Cost $292,359)** | &nbsp;&nbsp; **379490** |
| **TOTAL INVESTMENTS—98.1%** <br>**(Identified Cost $292,359)** | **TOTAL INVESTMENTS—98.1%** <br>**(Identified Cost $292,359)** | &nbsp;&nbsp; **$379490** |
| Other assets and liabilities, net—1.9% | Other assets and liabilities, net—1.9% | &nbsp;&nbsp; 7270 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$386760** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 64<br> %<br>|
| Japan | 8 |
| United Kingdom | 6 |
| Australia | 6 |
| Spain | 3 |
| Canada | 3 |
| Germany | 2 |
| Other | 8 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $379490 | &nbsp;&nbsp;&nbsp;&nbsp; $379490 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $379490 | &nbsp;&nbsp;&nbsp;&nbsp; $379490 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Duff & Phelps Real Asset Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Affiliated Mutual Funds**<sup>(1)</sup>**—77.4%** | **Affiliated Mutual Funds**<sup>(1)</sup>**—77.4%** | **Affiliated Mutual Funds**<sup>(1)</sup>**—77.4%** |
| **Equity Funds—74.5%** | **Equity Funds—74.5%** |  |
| Virtus Duff & Phelps Global <br> Infrastructure Fund <br> Class R6<sup>(2)</sup> <br>| 685587 | &nbsp;&nbsp; $11072 |
| Virtus Duff & Phelps Global <br> Real Estate Securities Fund <br> Class R6<sup>(2)</sup> <br>| 272486 | &nbsp;&nbsp; 9850 |
| Virtus Duff & Phelps Select <br> MLP and Energy Fund <br> Class I<sup>(2)</sup> <br>| 254664 | &nbsp;&nbsp; 4335 |
| Virtus Duff & Phelps Water <br> Fund Institutional Shares<sup>(2)</sup> <br>| 84746 | &nbsp;&nbsp; 1791 |
|  |  | &nbsp;&nbsp; 27048 |
| **Fixed Income Fund—2.9%** | **Fixed Income Fund—2.9%** |  |
| Virtus Newfleet Senior <br> Floating Rate Fund <br> Class R6<sup>(2)</sup> <br>| 123740 | &nbsp;&nbsp; 1059 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $21,470)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $21,470)** | &nbsp;&nbsp; **28107** |
| **Exchange-Traded Funds**<sup>(1)</sup>**—18.7%** | **Exchange-Traded Funds**<sup>(1)</sup>**—18.7%** | **Exchange-Traded Funds**<sup>(1)</sup>**—18.7%** |
| Invesco DB Agriculture <br> Fund<sup>(3)</sup> <br>| 20125 | &nbsp;&nbsp; 538 |
| Invesco DB Commodity Index <br> Tracking Fund<sup>(3)</sup> <br>| 32594 | &nbsp;&nbsp; 734 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Schwab U.S. TIPS ETF | 41820 | &nbsp;&nbsp; $1127 |
| SPDR S&P Global Natural <br> Resources ETF<br>| 47200 | &nbsp;&nbsp; 2795 |
| VanEck Gold Miners ETF | 20980 | &nbsp;&nbsp; 1603 |
| **Total Exchange-Traded Funds** <br>**(Identified Cost $5,044)** | **Total Exchange-Traded Funds** <br>**(Identified Cost $5,044)** | &nbsp;&nbsp; **6797** |
| **Affiliated Exchange-Traded Fund**<sup>(1)</sup>**—3.8%** | **Affiliated Exchange-Traded Fund**<sup>(1)</sup>**—3.8%** | **Affiliated Exchange-Traded Fund**<sup>(1)</sup>**—3.8%** |
| **Financials—3.8%** | **Financials—3.8%** |  |
| Virtus Duff & Phelps Clean <br> Energy ETF<sup>(2)</sup> <br>| 57575 | &nbsp;&nbsp; 1372 |
| **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $1,071)** | **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $1,071)** | &nbsp;&nbsp; **1372** |
| **Total Long-Term** <br> **Investments—99.9%** <br>**(Identified Cost $27,585)** | **Total Long-Term** <br> **Investments—99.9%** <br>**(Identified Cost $27,585)** | &nbsp;&nbsp; **36276** |
| **TOTAL INVESTMENTS—99.9%** <br>**(Identified Cost $27,585)** | **TOTAL INVESTMENTS—99.9%** <br>**(Identified Cost $27,585)** | &nbsp;&nbsp; **$36276** |
| Other assets and liabilities, net—0.1% | Other assets and liabilities, net—0.1% | &nbsp;&nbsp; 35 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$36311** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DB | Deutsche Bank AG |
| ETF | Exchange-Traded Fund |
| MLP | Master Limited Partnership |
| S&P | Standard & Poor's |
| SPDR | S&P Depositary Receipt |
| TIPS | Treasury-Inflation Protected Securities |

---

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

---

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

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1372 | &nbsp;&nbsp;&nbsp;&nbsp; $1372 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp; 28107 | &nbsp;&nbsp;&nbsp;&nbsp; 28107 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 6797 | &nbsp;&nbsp;&nbsp;&nbsp; 6797 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $36276 | &nbsp;&nbsp;&nbsp;&nbsp; $36276 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Duff & Phelps Real Estate Securities Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.9%** | **Common Stocks—98.9%** | **Common Stocks—98.9%** |
| **Real Estate Investment Trusts—98.9%** | **Real Estate Investment Trusts—98.9%** |  |
| **Data Centers—13.2%** | **Data Centers—13.2%** |  |
| Digital Realty Trust, Inc. | 115545 | &nbsp;&nbsp; $19976 |
| Equinix, Inc. | 33511 | &nbsp;&nbsp; 26247 |
|  |  | &nbsp;&nbsp; 46223 |
| **Gaming—3.2%** | **Gaming—3.2%** |  |
| Gaming & Leisure Properties, <br> Inc.<br>| 202820 | &nbsp;&nbsp; 9453 |
| VICI Properties, Inc. Class A | 56230 | &nbsp;&nbsp; 1834 |
|  |  | &nbsp;&nbsp; 11287 |
| **Health Care—18.1%** | **Health Care—18.1%** |  |
| Alexandria Real Estate <br> Equities, Inc.<br>| 46163 | &nbsp;&nbsp; 3847 |
| American Healthcare REIT, <br> Inc.<br>| 72000 | &nbsp;&nbsp; 3025 |
| Sabra Health Care REIT, Inc. | 471380 | &nbsp;&nbsp; 8787 |
| Ventas, Inc. | 189060 | &nbsp;&nbsp; 13232 |
| Welltower, Inc. | 193180 | &nbsp;&nbsp; 34413 |
|  |  | &nbsp;&nbsp; 63304 |
| **Industrial/Office—15.2%** | **Industrial/Office—15.2%** |  |
| **Industrial—10.6%** | **Industrial—10.6%** |  |
| First Industrial Realty Trust, <br> Inc.<br>| 125475 | &nbsp;&nbsp; 6458 |
| Prologis, Inc. | 266641 | &nbsp;&nbsp; 30536 |
|  |  | &nbsp;&nbsp; 36994 |
| **Office—4.6%** | **Office—4.6%** |  |
| BXP, Inc. | 79650 | &nbsp;&nbsp; 5921 |
| Cousins Properties, Inc. | 177596 | &nbsp;&nbsp; 5139 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Office—continued** | **Office—continued** |  |
| Vornado Realty Trust | 121360 | &nbsp;&nbsp; $4919 |
|  |  | &nbsp;&nbsp; 15979 |
| Total Industrial/Office | Total Industrial/Office | &nbsp;&nbsp; 52973 |
| **Lodging/Resorts—1.6%** | **Lodging/Resorts—1.6%** |  |
| Ryman Hospitality Properties, <br> Inc.<br>| 60757 | &nbsp;&nbsp; 5443 |
| **Residential—16.8%** | **Residential—16.8%** |  |
| **Apartments—10.3%** | **Apartments—10.3%** |  |
| AvalonBay Communities, Inc. | 82340 | &nbsp;&nbsp; 15905 |
| Essex Property Trust, Inc. | 28600 | &nbsp;&nbsp; 7655 |
| Mid-America Apartment <br> Communities, Inc.<br>| 88590 | &nbsp;&nbsp; 12379 |
|  |  | &nbsp;&nbsp; 35939 |
| **Manufactured Homes—2.6%** | **Manufactured Homes—2.6%** |  |
| Equity LifeStyle Properties, <br> Inc.<br>| 147400 | &nbsp;&nbsp; 8947 |
| **Single Family Homes—3.9%** | **Single Family Homes—3.9%** |  |
| American Homes 4 Rent <br> Class A<br>| 409200 | &nbsp;&nbsp; 13606 |
| Total Residential | Total Residential | &nbsp;&nbsp; 58492 |
| **Retail—16.0%** | **Retail—16.0%** |  |
| **Free Standing—5.6%** | **Free Standing—5.6%** |  |
| Agree Realty Corp. | 91650 | &nbsp;&nbsp; 6511 |
| Essential Properties Realty <br> Trust, Inc.<br>| 349850 | &nbsp;&nbsp; 10412 |
| Realty Income Corp. | 41404 | &nbsp;&nbsp; 2517 |
|  |  | &nbsp;&nbsp; 19440 |
| **Regional Malls—4.6%** | **Regional Malls—4.6%** |  |
| Simon Property Group, Inc. | 84666 | &nbsp;&nbsp; 15889 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Shopping Centers—5.8%** | **Shopping Centers—5.8%** |  |
| Brixmor Property Group, Inc. | 381906 | &nbsp;&nbsp; $10571 |
| Kimco Realty Corp. | 192770 | &nbsp;&nbsp; 4212 |
| Phillips Edison & Co., Inc. | 163205 | &nbsp;&nbsp; 5603 |
|  |  | &nbsp;&nbsp; 20386 |
| Total Retail |  | &nbsp;&nbsp; 55715 |
| **Self Storage—7.6%** | **Self Storage—7.6%** |  |
| CubeSmart | 219814 | &nbsp;&nbsp; 8938 |
| Public Storage | 50265 | &nbsp;&nbsp; 14519 |
| Smartstop Self Storage REIT, <br> Inc.<br>| 79052 | &nbsp;&nbsp; 2975 |
|  |  | &nbsp;&nbsp; 26432 |
| **Specialty—4.9%** | **Specialty—4.9%** |  |
| Iron Mountain, Inc. | 168850 | &nbsp;&nbsp; 17213 |
| **Telecommunications—2.3%** | **Telecommunications—2.3%** |  |
| American Tower Corp. | 41130 | &nbsp;&nbsp; 7910 |
| **Total Common Stocks** <br>**(Identified Cost $225,169)** | **Total Common Stocks** <br>**(Identified Cost $225,169)** | &nbsp;&nbsp; **344992** |
| **Total Long-Term** <br> **Investments—98.9%** <br>**(Identified Cost $225,169)** | **Total Long-Term** <br> **Investments—98.9%** <br>**(Identified Cost $225,169)** | &nbsp;&nbsp; **344992** |
| **TOTAL INVESTMENTS—98.9%** <br>**(Identified Cost $225,169)** | **TOTAL INVESTMENTS—98.9%** <br>**(Identified Cost $225,169)** | &nbsp;&nbsp; **$344992** |
| Other assets and liabilities, net—1.1% | Other assets and liabilities, net—1.1% | &nbsp;&nbsp; 3820 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$348812** |

---

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

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| REIT | Real Estate Investment Trust |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $344992 | &nbsp;&nbsp;&nbsp;&nbsp; $344992 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $344992 | &nbsp;&nbsp;&nbsp;&nbsp; $344992 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Developing Markets Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—95.8%** | **Common Stocks—95.8%** | **Common Stocks—95.8%** |
| **Communication Services—14.2%** | **Communication Services—14.2%** |  |
| Baltic Classifieds Group plc <br> (Lithuania)<br>| 65226 | &nbsp;&nbsp; $272 |
| Sarana Menara Nusantara <br> Tbk PT (Indonesia)<br>| 2487400 | &nbsp;&nbsp; 87 |
| Tencent Holdings Ltd. <br> (China)<br>| 3100 | &nbsp;&nbsp; 264 |
|  |  | &nbsp;&nbsp; 623 |
| **Consumer Discretionary—5.1%** | **Consumer Discretionary—5.1%** |  |
| Alibaba Group Holding Ltd. <br> Sponsored ADR (China)<br>| 279 | &nbsp;&nbsp; 50 |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> <br>| 10397 | &nbsp;&nbsp; 102 |
| Union Auction PCL Foreign <br> Shares (Thailand)<br>| 379200 | &nbsp;&nbsp; 72 |
|  |  | &nbsp;&nbsp; 224 |
| **Consumer Staples—13.9%** | **Consumer Staples—13.9%** |  |
| Anhui Gujing Distillery Co., <br> Ltd. Class B (China)<br>| 7300 | &nbsp;&nbsp; 101 |
| Arca Continental SAB de C.V. <br> (Mexico)<br>| 12918 | &nbsp;&nbsp; 136 |
| BBB Foods, Inc. Class A <br> (Mexico)<sup>(1)</sup> <br>| 1917 | &nbsp;&nbsp; 52 |
| Heineken Malaysia Bhd <br> (Malaysia)<br>| 21200 | &nbsp;&nbsp; 107 |
| Multi Bintang Indonesia Tbk <br> PT (Indonesia)<br>| 155000 | &nbsp;&nbsp; 54 |
| Wal-Mart de Mexico SAB de <br> C.V. (Mexico)<br>| 34710 | &nbsp;&nbsp; 107 |
| Wuliangye Yibin Co., Ltd. <br> Class A (China)<br>| 3000 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 608 |
| **Financials—13.6%** | **Financials—13.6%** |  |
| Bank Central Asia Tbk PT <br> (Indonesia)<br>| 197000 | &nbsp;&nbsp; 90 |
| BR Advisory Partners <br> Participacoes S.A. (Brazil)<br>| 21873 | &nbsp;&nbsp; 75 |
| Caixa Seguridade <br> Participacoes S.A. (Brazil)<br>| 64409 | &nbsp;&nbsp; 182 |
| Kaspi.KZ JSC ADR <br> (Kazakhstan)<br>| 302 | &nbsp;&nbsp; 25 |
| Kaspi.KZ JSC GDR, 144A <br> (Kazakhstan)<sup>(2)(3)</sup> <br>| 632 | &nbsp;&nbsp; 52 |
| Kfin Technologies Ltd. <br> (India)<br>| 3138 | &nbsp;&nbsp; 37 |
| Optima bank S.A. (Greece) | 8657 | &nbsp;&nbsp; 86 |
| Qualitas Controladora SAB <br> de C.V. (Mexico)<br>| 5206 | &nbsp;&nbsp; 47 |
|  |  | &nbsp;&nbsp; 594 |
| **Health Care—1.7%** | **Health Care—1.7%** |  |
| Riverstone Holdings Ltd. <br> (Singapore)<br>| 131600 | &nbsp;&nbsp; 73 |
| **Industrials—29.7%** | **Industrials—29.7%** |  |
| Credit Bureau Asia Ltd. <br> (Singapore)<br>| 148000 | &nbsp;&nbsp; 153 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Epiroc AB Class B (Sweden) | 4699 | &nbsp;&nbsp; $88 |
| GFC Ltd. (Taiwan) | 17000 | &nbsp;&nbsp; 74 |
| GPS Participacoes e <br> Empreendimentos S.A. <br> (Brazil)<br>| 38793 | &nbsp;&nbsp; 138 |
| Grupa Pracuj S.A. (Poland) | 6206 | &nbsp;&nbsp; 113 |
| Haitian International <br> Holdings Ltd. (China)<br>| 38066 | &nbsp;&nbsp; 105 |
| Humanica PCL Foreign <br> Shares (Thailand)<br>| 114500 | &nbsp;&nbsp; 22 |
| Kanzhun Ltd. ADR (China)<sup>(1)</sup> <br>| 5910 | &nbsp;&nbsp; 138 |
| NICE Information Service <br> Co., Ltd. (South Korea)<br>| 9784 | &nbsp;&nbsp; 97 |
| Precision Tsugami China <br> Corp., Ltd. (China)<br>| 24200 | &nbsp;&nbsp; 100 |
| S-1 Corp. (South Korea) | 1217 | &nbsp;&nbsp; 73 |
| Tegma Gestao Logistica S.A. <br> (Brazil)<br>| 14989 | &nbsp;&nbsp; 97 |
| VAT Group AG (Switzerland) | 259 | &nbsp;&nbsp; 102 |
|  |  | &nbsp;&nbsp; 1300 |
| **Information Technology—13.6%** | **Information Technology—13.6%** |  |
| Douzone Bizon Co., Ltd. <br> (South Korea)<br>| 1282 | &nbsp;&nbsp; 81 |
| LEENO Industrial, Inc. <br> (South Korea)<br>| 3862 | &nbsp;&nbsp; 142 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> Sponsored ADR (Taiwan)<br>| 1330 | &nbsp;&nbsp; 371 |
|  |  | &nbsp;&nbsp; 594 |
| **Materials—4.0%** | **Materials—4.0%** |  |
| Corp. Moctezuma SAB de <br> C.V. (Mexico)<br>| 39370 | &nbsp;&nbsp; 177 |
| **Total Common Stocks** <br>**(Identified Cost $3,302)** | **Total Common Stocks** <br>**(Identified Cost $3,302)** | &nbsp;&nbsp; **4193** |
| **Total Long-Term** <br> **Investments—95.8%** <br>**(Identified Cost $3,302)** | **Total Long-Term** <br> **Investments—95.8%** <br>**(Identified Cost $3,302)** | &nbsp;&nbsp; **4193** |
| **Short-Term Investment—1.2%** | **Short-Term Investment—1.2%** | **Short-Term Investment—1.2%** |
| **Money Market Mutual Fund—1.2%** | **Money Market Mutual Fund—1.2%** | **Money Market Mutual Fund—1.2%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 4.041%)<sup>(4)</sup> <br>| 52643 | &nbsp;&nbsp; 53 |
| **Total Short-Term Investment** <br>**(Identified Cost $53)** | **Total Short-Term Investment** <br>**(Identified Cost $53)** | &nbsp;&nbsp; **53** |
| **TOTAL INVESTMENTS—97.0%** <br>**(Identified Cost $3,355)** | **TOTAL INVESTMENTS—97.0%** <br>**(Identified Cost $3,355)** | &nbsp;&nbsp; **$4246** |
| Other assets and liabilities, net—3.0% | Other assets and liabilities, net—3.0% | &nbsp;&nbsp; 131 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$4377** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| PCL | Public Company Limited |
| plc | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> September 30, 2025, these securities amounted to <br> a value of $52 or 1.2% of net assets.<br>|
| <sup>(3)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(4)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| China | 19<br> %<br>|
| Mexico | 12 |
| Brazil | 12 |
| Taiwan | 11 |
| South Korea | 9 |
| Lithuania | 6 |
| Indonesia | 6 |
| Other | 25 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Developing Markets Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $4193 | &nbsp;&nbsp;&nbsp;&nbsp; $4141 | &nbsp;&nbsp;&nbsp;&nbsp; $52 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $4246 | &nbsp;&nbsp;&nbsp;&nbsp; $4194 | &nbsp;&nbsp;&nbsp;&nbsp; $52 |

---

There were no securities valued using significant observable inputs (Level 2) at September 30, 2025.

Security held by the Fund with an end of period value of $52 was transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

One security was valued utilizing third party pricing information with adjustment (haircut).

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.

---

| | | |
|:---|:---|:---|
|  | Total | Common <br>Stock<br>|
| **Investments in Securities** |  |  |
| **Balance as of September 30, 2024:** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Transfers into Level 3<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 52 |
| **Balance as of September 30, 2025** | &nbsp;&nbsp;&nbsp; $52 | &nbsp;&nbsp;&nbsp; $52 |

---

<sup>(a)</sup> Transfers into and/or from represent the ending value as of September 30, 2025, 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*

------

**KAR Emerging Markets Small-Cap Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—94.5%** | **Common Stocks—94.5%** | **Common Stocks—94.5%** |
| **Communication Services—16.2%** | **Communication Services—16.2%** |  |
| Addcn Technology Co., <br> Ltd. (Taiwan)<br>| 805097 | &nbsp;&nbsp; $4782 |
| Baltic Classifieds Group <br> plc (Lithuania)<br>| 7015085 | &nbsp;&nbsp; 29247 |
| Dayamitra Telekomunikasi <br> PT (Indonesia)<br>| 73418400 | &nbsp;&nbsp; 2555 |
| Rightmove plc (United <br> Kingdom)<br>| 1434428 | &nbsp;&nbsp; 13670 |
| Sarana Menara Nusantara <br> Tbk PT (Indonesia)<br>| 163687486 | &nbsp;&nbsp; 5746 |
|  |  | &nbsp;&nbsp; 56000 |
| **Consumer Discretionary—4.9%** | **Consumer Discretionary—4.9%** |  |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> <br>| 1104760 | &nbsp;&nbsp; 10819 |
| Union Auction PCL <br> Foreign Shares <br> (Thailand)<sup>(2)</sup> <br>| 31854400 | &nbsp;&nbsp; 6095 |
|  |  | &nbsp;&nbsp; 16914 |
| **Consumer Staples—10.5%** | **Consumer Staples—10.5%** |  |
| Anhui Gujing Distillery <br> Co., Ltd. Class B <br> (China)<br>| 678609 | &nbsp;&nbsp; 9418 |
| BBB Foods, Inc. Class A <br> (Mexico)<sup>(1)</sup> <br>| 137193 | &nbsp;&nbsp; 3699 |
| Carlsberg Brewery <br> Malaysia Bhd <br> (Malaysia)<br>| 1255000 | &nbsp;&nbsp; 4908 |
| Chongqing Brewery Co., <br> Ltd. Class A (China)<br>| 359700 | &nbsp;&nbsp; 2708 |
| Clicks Group Ltd. (South <br> Africa)<br>| 276610 | &nbsp;&nbsp; 5645 |
| Heineken Malaysia Bhd <br> (Malaysia)<br>| 1936600 | &nbsp;&nbsp; 9801 |
|  |  | &nbsp;&nbsp; 36179 |
| **Financials—13.7%** | **Financials—13.7%** |  |
| BR Advisory Partners <br> Participacoes S.A. <br> (Brazil)<br>| 1348887 | &nbsp;&nbsp; 4598 |
| Caixa Seguridade <br> Participacoes S.A. <br> (Brazil)<br>| 5393025 | &nbsp;&nbsp; 15270 |
| Kaspi.KZ JSC GDR, 144A <br> (Kazakhstan)<sup>(3)(4)</sup> <br>| 61759 | &nbsp;&nbsp; 5077 |
| Kfin Technologies Ltd. <br> (India)<br>| 269081 | &nbsp;&nbsp; 3187 |
| Optima bank S.A. <br> (Greece)<br>| 1007399 | &nbsp;&nbsp; 9982 |
| Qualitas Controladora <br> SAB de C.V. (Mexico)<br>| 993617 | &nbsp;&nbsp; 9060 |
|  |  | &nbsp;&nbsp; 47174 |
| **Health Care—4.8%** | **Health Care—4.8%** |  |
| Haw Par Corp., Ltd. <br> (Singapore)<br>| 950774 | &nbsp;&nbsp; 10466 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Riverstone Holdings Ltd. <br> (Singapore)<br>| 11109200 | &nbsp;&nbsp; $6158 |
|  |  | &nbsp;&nbsp; 16624 |
| **Industrials—30.0%** | **Industrials—30.0%** |  |
| Computer Age <br> Management Services <br> Ltd. (India)<br>| 113176 | &nbsp;&nbsp; 4791 |
| GPS Participacoes e <br> Empreendimentos S.A. <br> (Brazil)<br>| 2653954 | &nbsp;&nbsp; 9414 |
| Grupa Pracuj S.A. <br> (Poland)<br>| 1205961 | &nbsp;&nbsp; 21898 |
| Haitian International <br> Holdings Ltd. (China)<br>| 3693218 | &nbsp;&nbsp; 10175 |
| Humanica PCL Foreign <br> Shares (Thailand)<br>| 14677100 | &nbsp;&nbsp; 2785 |
| Kanzhun Ltd. ADR <br> (China)<sup>(1)</sup> <br>| 551932 | &nbsp;&nbsp; 12893 |
| Kerry TJ Logistics Co., <br> Ltd. (Taiwan)<br>| 1642000 | &nbsp;&nbsp; 1851 |
| NICE Information Service <br> Co., Ltd. (South Korea)<br>| 868897 | &nbsp;&nbsp; 8627 |
| S-1 Corp. (South Korea) | 151276 | &nbsp;&nbsp; 9068 |
| Saramin Co., Ltd. (South <br> Korea)<br>| 34231 | &nbsp;&nbsp; 349 |
| Sporton International, Inc. <br> (Taiwan)<br>| 646268 | &nbsp;&nbsp; 3796 |
| Tegma Gestao Logistica <br> S.A. (Brazil)<br>| 1766993 | &nbsp;&nbsp; 11451 |
| VAT Group AG <br> (Switzerland)<br>| 16450 | &nbsp;&nbsp; 6497 |
|  |  | &nbsp;&nbsp; 103595 |
| **Information Technology—11.0%** | **Information Technology—11.0%** |  |
| Douzone Bizon Co., Ltd. <br> (South Korea)<br>| 129939 | &nbsp;&nbsp; 8233 |
| LEENO Industrial, Inc. <br> (South Korea)<br>| 332150 | &nbsp;&nbsp; 12192 |
| Oracle Financial Services <br> Software Ltd. (India)<br>| 30552 | &nbsp;&nbsp; 2891 |
| TOTVS S.A. (Brazil) | 1731388 | &nbsp;&nbsp; 14851 |
|  |  | &nbsp;&nbsp; 38167 |
| **Materials—3.4%** | **Materials—3.4%** |  |
| Avia Avian Tbk PT <br> (Indonesia)<br>| 85204660 | &nbsp;&nbsp; 2086 |
| Corp. Moctezuma SAB de <br> C.V. (Mexico)<br>| 2151991 | &nbsp;&nbsp; 9646 |
|  |  | &nbsp;&nbsp; 11732 |
| **Total Common Stocks** <br>**(Identified Cost $259,669)** | **Total Common Stocks** <br>**(Identified Cost $259,669)** | &nbsp;&nbsp; **326385** |
| **Total Long-Term** <br> **Investments—94.5%** <br>**(Identified Cost $259,669)** | **Total Long-Term** <br> **Investments—94.5%** <br>**(Identified Cost $259,669)** | &nbsp;&nbsp; **326385** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—3.2%** | **Short-Term Investment—3.2%** | **Short-Term Investment—3.2%** |
| **Money Market Mutual Fund—3.2%** | **Money Market Mutual Fund—3.2%** | **Money Market Mutual Fund—3.2%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 4.041%)<sup>(5)</sup> <br>| 11003990 | &nbsp;&nbsp; $11004 |
| **Total Short-Term Investment** <br>**(Identified Cost $11,004)** | **Total Short-Term Investment** <br>**(Identified Cost $11,004)** | &nbsp;&nbsp; **11004** |
| **TOTAL INVESTMENTS—97.7%** <br>**(Identified Cost $270,673)** | **TOTAL INVESTMENTS—97.7%** <br>**(Identified Cost $270,673)** | &nbsp;&nbsp; **$337389** |
| Other assets and liabilities, net—2.3% | Other assets and liabilities, net—2.3% | &nbsp;&nbsp; 7887 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$345276** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| PCL | Public Company Limited |
| plc | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| Affiliated investment. See Note 3H in Notes to <br> Financial Statements.<br>|
| <sup>(3)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> September 30, 2025, these securities amounted to <br> a value of $5,077 or 1.5% of net assets.<br>|
| <sup>(4)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(5)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| Brazil | 16<br> %<br>|
| South Korea | 11 |
| China | 10 |
| Poland | 10 |
| Lithuania | 9 |
| Mexico | 7 |
| Singapore | 5 |
| Other | 32 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR Emerging Markets Small-Cap Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $326385 | &nbsp;&nbsp;&nbsp;&nbsp; $321308 | &nbsp;&nbsp;&nbsp;&nbsp; $5077 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11004 | &nbsp;&nbsp;&nbsp;&nbsp; 11004 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $337389 | &nbsp;&nbsp;&nbsp;&nbsp; $332312 | &nbsp;&nbsp;&nbsp;&nbsp; $5077 |

---

There were no securities valued using significant observable inputs (Level 2) at September 30, 2025.

Security held by the Fund with an end of period value of $5,077 was transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

One security was valued utilizing third party pricing information with adjustment (haircut).

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.

---

| | | |
|:---|:---|:---|
|  | Total | Common <br>Stock<br>|
| **Investments in Securities** |  |  |
| **Balance as of September 30, 2024:** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Transfers into Level 3<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 5077 | &nbsp;&nbsp;&nbsp; 5077 |
| **Balance as of September 30, 2025** | &nbsp;&nbsp;&nbsp; $5077 | &nbsp;&nbsp;&nbsp; $5077 |

---

<sup>(a)</sup> Transfers into and/or from represent the ending value as of September 30, 2025, 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*

------

**KAR International Small-Mid Cap Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—94.3%** | **Common Stocks—94.3%** | **Common Stocks—94.3%** |
| **Communication Services—23.2%** | **Communication Services—23.2%** |  |
| Auto Trader Group plc <br> (United Kingdom)<br>| 2689919 | &nbsp;&nbsp; $28514 |
| Baltic Classifieds Group <br> plc (Lithuania)<br>| 14354786 | &nbsp;&nbsp; 59848 |
| Dayamitra Telekomunikasi <br> PT (Indonesia)<br>| 391230800 | &nbsp;&nbsp; 13616 |
| Hemnet Group AB <br> (Sweden)<br>| 1335552 | &nbsp;&nbsp; 33593 |
| Infrastrutture Wireless <br> Italiane SpA (Italy)<br>| 1870432 | &nbsp;&nbsp; 21982 |
| oOh!media Ltd. <br> (Australia)<sup>(1)</sup> <br>| 33300196 | &nbsp;&nbsp; 32832 |
| Rightmove plc (United <br> Kingdom)<br>| 4356753 | &nbsp;&nbsp; 41520 |
| Sarana Menara Nusantara <br> Tbk PT (Indonesia)<br>| 338026000 | &nbsp;&nbsp; 11866 |
|  |  | &nbsp;&nbsp; 243771 |
| **Consumer Discretionary—2.1%** | **Consumer Discretionary—2.1%** |  |
| Allegro.eu S.A. (Poland)<sup>(2)</sup> <br>| 2196889 | &nbsp;&nbsp; 21514 |
| **Consumer Staples—3.6%** | **Consumer Staples—3.6%** |  |
| Anhui Gujing Distillery <br> Co., Ltd. Class B <br> (China)<br>| 1308322 | &nbsp;&nbsp; 18157 |
| Heineken Malaysia Bhd <br> (Malaysia)<br>| 3793700 | &nbsp;&nbsp; 19201 |
|  |  | &nbsp;&nbsp; 37358 |
| **Energy—2.0%** | **Energy—2.0%** |  |
| Pason Systems, Inc. <br> (Canada)<br>| 2457045 | &nbsp;&nbsp; 21327 |
| **Financials—15.7%** | **Financials—15.7%** |  |
| AJ Bell plc (United <br> Kingdom)<br>| 6764385 | &nbsp;&nbsp; 49262 |
| Caixa Seguridade <br> Participacoes S.A. <br> (Brazil)<br>| 16248537 | &nbsp;&nbsp; 46008 |
| FinecoBank Banca Fineco <br> SpA (Italy)<br>| 1454692 | &nbsp;&nbsp; 31434 |
| Moltiply Group SpA (Italy) | 408080 | &nbsp;&nbsp; 19883 |
| Mortgage Advice Bureau <br> Holdings Ltd. (United <br> Kingdom)<br>| 1363535 | &nbsp;&nbsp; 13167 |
| Qualitas Controladora <br> SAB de C.V. (Mexico)<br>| 591090 | &nbsp;&nbsp; 5389 |
|  |  | &nbsp;&nbsp; 165143 |
| **Health Care—7.4%** | **Health Care—7.4%** |  |
| As One Corp. (Japan) | 2059300 | &nbsp;&nbsp; 34186 |
| Haw Par Corp., Ltd. <br> (Singapore)<br>| 3915012 | &nbsp;&nbsp; 43097 |
|  |  | &nbsp;&nbsp; 77283 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—21.8%** | **Industrials—21.8%** |  |
| Epiroc AB Class B <br> (Sweden)<br>| 1464826 | &nbsp;&nbsp; $27603 |
| Haitian International <br> Holdings Ltd. (China)<br>| 9534025 | &nbsp;&nbsp; 26267 |
| Howden Joinery Group <br> plc (United Kingdom)<br>| 2592739 | &nbsp;&nbsp; 29413 |
| Knorr-Bremse AG <br> (Germany)<br>| 185702 | &nbsp;&nbsp; 17409 |
| Lumax International <br> Corp., Ltd. (Taiwan)<br>| 1840247 | &nbsp;&nbsp; 6219 |
| MEITEC Group Holdings, <br> Inc. (Japan)<br>| 934900 | &nbsp;&nbsp; 20179 |
| MISUMI Group, Inc. <br> (Japan)<br>| 1274000 | &nbsp;&nbsp; 19870 |
| MTU Aero Engines AG <br> (Germany)<br>| 75749 | &nbsp;&nbsp; 34764 |
| NICE Information Service <br> Co., Ltd. (South Korea)<br>| 1125587 | &nbsp;&nbsp; 11175 |
| S-1 Corp. (South Korea) | 312510 | &nbsp;&nbsp; 18732 |
| VAT Group AG <br> (Switzerland)<br>| 44356 | &nbsp;&nbsp; 17518 |
|  |  | &nbsp;&nbsp; 229149 |
| **Information Technology—11.8%** | **Information Technology—11.8%** |  |
| Alten S.A. (France) | 323585 | &nbsp;&nbsp; 26556 |
| Bouvet ASA (Norway) | 3791048 | &nbsp;&nbsp; 25034 |
| Kainos Group plc (United <br> Kingdom)<br>| 972561 | &nbsp;&nbsp; 12354 |
| Riken Keiki Co., Ltd. <br> (Japan)<br>| 807700 | &nbsp;&nbsp; 17068 |
| SHIFT, Inc. (Japan)<sup>(2)</sup> <br>| 1320800 | &nbsp;&nbsp; 11164 |
| Sopra Steria Group <br> (France)<br>| 164656 | &nbsp;&nbsp; 31278 |
|  |  | &nbsp;&nbsp; 123454 |
| **Materials—6.7%** | **Materials—6.7%** |  |
| Corp. Moctezuma SAB de <br> C.V. (Mexico)<br>| 10563683 | &nbsp;&nbsp; 47352 |
| Forterra plc (United <br> Kingdom)<br>| 5017278 | &nbsp;&nbsp; 12632 |
| Ibstock plc (United <br> Kingdom)<br>| 5475419 | &nbsp;&nbsp; 10250 |
|  |  | &nbsp;&nbsp; 70234 |
| **Total Common Stocks** <br>**(Identified Cost $775,940)** | **Total Common Stocks** <br>**(Identified Cost $775,940)** | &nbsp;&nbsp; **989233** |
| **Total Long-Term** <br> **Investments—94.3%** <br>**(Identified Cost $775,940)** | **Total Long-Term** <br> **Investments—94.3%** <br>**(Identified Cost $775,940)** | &nbsp;&nbsp; **989233** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—2.3%** | **Short-Term Investment—2.3%** | **Short-Term Investment—2.3%** |
| **Money Market Mutual Fund—2.3%** | **Money Market Mutual Fund—2.3%** | **Money Market Mutual Fund—2.3%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 4.041%)<sup>(3)</sup> <br>| 24483742 | &nbsp;&nbsp; $24484 |
| **Total Short-Term Investment** <br>**(Identified Cost $24,484)** | **Total Short-Term Investment** <br>**(Identified Cost $24,484)** | &nbsp;&nbsp; **24484** |
| **TOTAL INVESTMENTS—96.6%** <br>**(Identified Cost $800,424)** | **TOTAL INVESTMENTS—96.6%** <br>**(Identified Cost $800,424)** | &nbsp;&nbsp; **$1013717** |
| Other assets and liabilities, net—3.4% | Other assets and liabilities, net—3.4% | &nbsp;&nbsp; 35378 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1049095** |

---

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

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup> (Unaudited) | **Country Weightings**<sup>†</sup> (Unaudited) |
| United Kingdom | 19<br> %<br>|
| Japan | 10 |
| Italy | 7 |
| Sweden | 6 |
| Lithuania | 6 |
| France | 6 |
| Mexico | 5 |
| Other | 41 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**KAR International Small-Mid Cap Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $989233 | &nbsp;&nbsp;&nbsp;&nbsp; $989233 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24484 | &nbsp;&nbsp;&nbsp;&nbsp; 24484 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1013717 | &nbsp;&nbsp;&nbsp;&nbsp; $1013717 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

*See Notes to Financial Statements*

------

**SGA Emerging Markets Equity Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.7%** | **Common Stocks—99.7%** | **Common Stocks—99.7%** |
| **Communication Services—13.4%** | **Communication Services—13.4%** |  |
| NAVER Corp. (South <br> Korea)<br>| 119478 | &nbsp;&nbsp; $22864 |
| Tencent Holdings Ltd. <br> (China)<br>| 390690 | &nbsp;&nbsp; 33286 |
| Tencent Music <br> Entertainment Group <br> ADR (China)<br>| 646267 | &nbsp;&nbsp; 15084 |
|  |  | &nbsp;&nbsp; 71234 |
| **Consumer Discretionary—22.5%** | **Consumer Discretionary—22.5%** |  |
| Alibaba Group Holding Ltd. <br> Sponsored ADR <br> (China-Hong Kong)<br>| 188808 | &nbsp;&nbsp; 33746 |
| Fast Retailing Co., Ltd. <br> (Japan)<br>| 67850 | &nbsp;&nbsp; 20664 |
| H World Group Ltd. (China) | 2848017 | &nbsp;&nbsp; 11338 |
| MakeMyTrip Ltd. (India)<sup>(1)</sup> <br>| 115903 | &nbsp;&nbsp; 10848 |
| MercadoLibre, Inc. <br> (Uruguay)<sup>(1)</sup> <br>| 10360 | &nbsp;&nbsp; 24211 |
| Yum China Holdings, Inc. <br> (China)<br>| 427521 | &nbsp;&nbsp; 18734 |
|  |  | &nbsp;&nbsp; 119541 |
| **Consumer Staples—14.7%** | **Consumer Staples—14.7%** |  |
| CP ALL PCL Foreign Shares <br> (Thailand)<br>| 11647397 | &nbsp;&nbsp; 16983 |
| Fomento Economico <br> Mexicano SAB de C.V. <br> Sponsored ADR <br> (Mexico)<br>| 146447 | &nbsp;&nbsp; 14444 |
| L'Oreal S.A. (France) | 23409 | &nbsp;&nbsp; 10128 |
| Unilever plc Sponsored <br> ADR (United Kingdom)<br>| 336318 | &nbsp;&nbsp; 19937 |
| Wal-Mart de Mexico SAB <br> de C.V. (Mexico)<br>| 5394674 | &nbsp;&nbsp; 16667 |
|  |  | &nbsp;&nbsp; 78159 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—25.7%** | **Financials—25.7%** |  |
| AIA Group Ltd. <br> (China-Hong Kong)<br>| 2529815 | &nbsp;&nbsp; $24268 |
| Bajaj Finance Ltd. (India) | 1689544 | &nbsp;&nbsp; 19008 |
| Bank Central Asia Tbk PT <br> (Indonesia)<br>| 34404416 | &nbsp;&nbsp; 15741 |
| Capitec Bank Holdings Ltd. <br> (South Africa)<br>| 56962 | &nbsp;&nbsp; 11458 |
| HDFC Bank Ltd. ADR <br> (India)<br>| 874996 | &nbsp;&nbsp; 29890 |
| Sanlam Ltd. (South Africa) | 3188771 | &nbsp;&nbsp; 15434 |
| XP, Inc. Class A (Brazil) | 1079977 | &nbsp;&nbsp; 20293 |
|  |  | &nbsp;&nbsp; 136092 |
| **Industrials—5.0%** | **Industrials—5.0%** |  |
| Grab Holdings Ltd. Class A <br> (Singapore)<sup>(1)</sup> <br>| 4385097 | &nbsp;&nbsp; 26398 |
| **Information Technology—18.4%** | **Information Technology—18.4%** |  |
| Infosys Ltd. Sponsored <br> ADR (India)<br>| 1548349 | &nbsp;&nbsp; 25192 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Taiwan)<br>| 911142 | &nbsp;&nbsp; 39013 |
| Tata Consultancy Services <br> Ltd. (India)<br>| 463602 | &nbsp;&nbsp; 15082 |
| TOTVS S.A. (Brazil) | 2116595 | &nbsp;&nbsp; 18154 |
|  |  | &nbsp;&nbsp; 97441 |
| **Total Common Stocks** <br>**(Identified Cost $427,679)** | **Total Common Stocks** <br>**(Identified Cost $427,679)** | &nbsp;&nbsp; **528865** |
| **Total Long-Term** <br> **Investments—99.7%** <br>**(Identified Cost $427,679)** | **Total Long-Term** <br> **Investments—99.7%** <br>**(Identified Cost $427,679)** | &nbsp;&nbsp; **528865** |
| **TOTAL INVESTMENTS—99.7%** <br>**(Identified Cost $427,679)** | **TOTAL INVESTMENTS—99.7%** <br>**(Identified Cost $427,679)** | &nbsp;&nbsp; **$528865** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp; 1691 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$530556** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| PCL | Public Company Limited |
| plc | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup> (Unaudited) | **Country Weightings**<sup>†</sup> (Unaudited) |
| China | 26<br> %<br>|
| India | 19 |
| Taiwan | 7 |
| Brazil | 7 |
| Mexico | 6 |
| South Africa | 5 |
| Singapore | 5 |
| Other | 25 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $528865 | &nbsp;&nbsp;&nbsp;&nbsp; $528865 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $528865 | &nbsp;&nbsp;&nbsp;&nbsp; $528865 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7)** 

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Duff & Phelps** <br>**Global** <br>**Infrastructure** <br>**Fund**<br>| **Duff & Phelps** <br>**Global** <br>**Real Estate** <br>**Securities Fund**<br>| **Duff & Phelps** <br>**Real Asset Fund**<br>| **Duff & Phelps Real** <br> **Estate Securities** <br> **Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $157960 | &nbsp;&nbsp; $379490 | &nbsp;&nbsp; $6797 | &nbsp;&nbsp; $344992 |
| Investment in affiliates at value<sup>(2)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29479 | &nbsp;&nbsp; — |
| Foreign currency at value<sup>(3)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash  | &nbsp;&nbsp; 2307 | &nbsp;&nbsp; 6199 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 2963 |
| Receivables |  |  |  |  |
| Fund shares sold  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 407 |
| Dividends | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 1319 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1037 |
| Receivable from adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| Tax reclaims  | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 |
| Prepaid expenses  | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 48 |
| Other assets  | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 56 |
| Total assets | &nbsp;&nbsp; 160607 | &nbsp;&nbsp; 387379 | &nbsp;&nbsp; 36378 | &nbsp;&nbsp; 349509 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 248 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; — | &nbsp;&nbsp; 198 |
| Distribution and service fees  | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 21 |
| Administration and accounting fees | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 50 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 66 |
| Professional fees  | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 30 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 56 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 |
| Other accrued expenses | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 27 |
| Total liabilities | &nbsp;&nbsp; 786 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 697 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $159821 | &nbsp;&nbsp; $386760 | &nbsp;&nbsp; $36311 | &nbsp;&nbsp; $348812 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $128363 | &nbsp;&nbsp; $341032 | &nbsp;&nbsp; $50269 | &nbsp;&nbsp; $219339 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 31458 | &nbsp;&nbsp; 45728 | &nbsp;&nbsp; (13958)<br>| &nbsp;&nbsp; 129473 |
| **Net Assets** | &nbsp;&nbsp; $159821 | &nbsp;&nbsp; $386760 | &nbsp;&nbsp; $36311 | &nbsp;&nbsp; $348812 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $19858 | &nbsp;&nbsp; $22417 | &nbsp;&nbsp; $10913 | &nbsp;&nbsp; $89866 |
| Class C | &nbsp;&nbsp; $1201 | &nbsp;&nbsp; $2827 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $2713 |
| Class I | &nbsp;&nbsp; $122822 | &nbsp;&nbsp; $191262 | &nbsp;&nbsp; $8245 | &nbsp;&nbsp; $115944 |
| Class R6 | &nbsp;&nbsp; $15940 | &nbsp;&nbsp; $170254 | &nbsp;&nbsp; $16958 | &nbsp;&nbsp; $140289 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 1232781 | &nbsp;&nbsp; 600318 | &nbsp;&nbsp; 687463 | &nbsp;&nbsp; 4743502 |
| Class C | &nbsp;&nbsp; 74563 | &nbsp;&nbsp; 80810 | &nbsp;&nbsp; 12079 | &nbsp;&nbsp; 143277 |
| Class I | &nbsp;&nbsp; 7624805 | &nbsp;&nbsp; 5280171 | &nbsp;&nbsp; 519877 | &nbsp;&nbsp; 6151816 |
| Class R6 | &nbsp;&nbsp; 986768 | &nbsp;&nbsp; 4709361 | &nbsp;&nbsp; 1072210 | &nbsp;&nbsp; 7399980 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $16.11 | &nbsp;&nbsp; $37.34 | &nbsp;&nbsp; $15.87 | &nbsp;&nbsp; $18.95 |
| Class C | &nbsp;&nbsp; $16.11 | &nbsp;&nbsp; $34.98 | &nbsp;&nbsp; $16.12 | &nbsp;&nbsp; $18.94 |
| Class I | &nbsp;&nbsp; $16.11 | &nbsp;&nbsp; $36.22 | &nbsp;&nbsp; $15.86 | &nbsp;&nbsp; $18.85 |
| Class R6 | &nbsp;&nbsp; $16.15 | &nbsp;&nbsp; $36.15 | &nbsp;&nbsp; $15.82 | &nbsp;&nbsp; $18.96 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Duff & Phelps**<br> **Global**<br> **Infrastructure**<br> **Fund**<br>| **Duff & Phelps**<br> **Global**<br> **Real Estate**<br> **Securities Fund**<br>| **Duff & Phelps**<br> **Real Asset Fund**<br>| **Duff & Phelps Real** <br> **Estate Securities** <br> **Fund**<br>|
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $17.05 | &nbsp;&nbsp; $39.51 | &nbsp;&nbsp; $16.79 | &nbsp;&nbsp; $20.05 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $134434 | &nbsp;&nbsp; $292359 | &nbsp;&nbsp; $5044 | &nbsp;&nbsp; $225169 |
| <sup>(2)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22541 | &nbsp;&nbsp; $— |
| <sup>(3)</sup> Foreign currency at cost | &nbsp;&nbsp; $40 | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Developing** <br> **Markets Fund**<br>| **KAR Emerging** <br> **Markets** <br>**Small-Cap Fund**<br>| **KAR** <br>**International** <br>**Small-Mid** <br>**Cap Fund**<br>| **SGA Emerging** <br> **Markets Equity** <br> **Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $4246 | &nbsp;&nbsp; $331294 | &nbsp;&nbsp; $980885 | &nbsp;&nbsp; $528865 |
| Investment in affiliates at value<sup>(2)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 6095 | &nbsp;&nbsp; 32832 | &nbsp;&nbsp; — |
| Foreign currency at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 452 | &nbsp;&nbsp; — |
| Cash  | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 8431 | &nbsp;&nbsp; 32118 | &nbsp;&nbsp; 5971 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Fund shares sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 1177 | &nbsp;&nbsp; 317 |
| Dividends | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 487 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 315 |
| Receivable from adviser | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1859 | &nbsp;&nbsp; 340 |
| Foreign capital gains tax refund  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 97 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 9 |
| Prepaid expenses  | &nbsp;&nbsp; — | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — |
| Other assets  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 85 |
| Total assets | &nbsp;&nbsp; 4432 | &nbsp;&nbsp; 346742 | &nbsp;&nbsp; 1051552 | &nbsp;&nbsp; 535999 |
| **Liabilities** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 1061 | &nbsp;&nbsp; 419 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 391 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign capital gains tax | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 328 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4065 |
| Investment advisory fees  | &nbsp;&nbsp; — | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 425 |
| Distribution and service fees  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 26 |
| Administration and accounting fees | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 68 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 63 | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 156 |
| Professional fees  | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 51 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 85 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 |
| Other accrued expenses | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 145 |
| Total liabilities | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 1466 | &nbsp;&nbsp; 2457 | &nbsp;&nbsp; 5443 |
| **Commitments and contingencies (Note 3D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $4377 | &nbsp;&nbsp; $345276 | &nbsp;&nbsp; $1049095 | &nbsp;&nbsp; $530556 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $3973 | &nbsp;&nbsp; $297381 | &nbsp;&nbsp; $1158344 | &nbsp;&nbsp; $908056 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 47895 | &nbsp;&nbsp; (109249)<br>| &nbsp;&nbsp; (377500)<br>|
| **Net Assets** | &nbsp;&nbsp; $4377 | &nbsp;&nbsp; $345276 | &nbsp;&nbsp; $1049095 | &nbsp;&nbsp; $530556 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $300 | &nbsp;&nbsp; $37007 | &nbsp;&nbsp; $45607 | &nbsp;&nbsp; $104377 |
| Class C | &nbsp;&nbsp; $138 | &nbsp;&nbsp; $4117 | &nbsp;&nbsp; $11073 | &nbsp;&nbsp; $4918 |
| Class I | &nbsp;&nbsp; $1009 | &nbsp;&nbsp; $302094 | &nbsp;&nbsp; $897238 | &nbsp;&nbsp; $391899 |
| Class R6 | &nbsp;&nbsp; $2930 | &nbsp;&nbsp; $2058 | &nbsp;&nbsp; $95177 | &nbsp;&nbsp; $29362 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 27794 | &nbsp;&nbsp; 2175118 | &nbsp;&nbsp; 2119645 | &nbsp;&nbsp; 12839845 |
| Class C | &nbsp;&nbsp; 12885 | &nbsp;&nbsp; 248649 | &nbsp;&nbsp; 532049 | &nbsp;&nbsp; 652292 |
| Class I | &nbsp;&nbsp; 93374 | &nbsp;&nbsp; 17548753 | &nbsp;&nbsp; 41263939 | &nbsp;&nbsp; 45546402 |
| Class R6 | &nbsp;&nbsp; 270062 | &nbsp;&nbsp; 118163 | &nbsp;&nbsp; 4363647 | &nbsp;&nbsp; 3362956 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Continued)**

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Developing** <br> **Markets Fund**<br>| **KAR Emerging** <br> **Markets**<br> **Small-Cap Fund**<br>| **KAR**<br> **International**<br> **Small-Mid**<br> **Cap Fund**<br>| **SGA Emerging** <br> **Markets Equity** <br> **Fund**<br>|
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $10.78 | &nbsp;&nbsp; $17.01 | &nbsp;&nbsp; $21.52 | &nbsp;&nbsp; $8.13 |
| Class C | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $16.56 | &nbsp;&nbsp; $20.81 | &nbsp;&nbsp; $7.54 |
| Class I | &nbsp;&nbsp; $10.80 | &nbsp;&nbsp; $17.21 | &nbsp;&nbsp; $21.74 | &nbsp;&nbsp; $8.60 |
| Class R6 | &nbsp;&nbsp; $10.85 | &nbsp;&nbsp; $17.42 | &nbsp;&nbsp; $21.81 | &nbsp;&nbsp; $8.73 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $11.41 | &nbsp;&nbsp; $18.00 | &nbsp;&nbsp; $22.77 | &nbsp;&nbsp; $8.60 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $3355 | &nbsp;&nbsp; $262649 | &nbsp;&nbsp; $766040 | &nbsp;&nbsp; $427679 |
| <sup>(2)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8024 | &nbsp;&nbsp; $34384 | &nbsp;&nbsp; $— |
| <sup>(3)</sup> Foreign currency at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19 | &nbsp;&nbsp; $450 | &nbsp;&nbsp; $— |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7)** 

**YEAR ENDED September 30, 2025**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Duff & Phelps** <br>**Global** <br>**Infrastructure** <br>**Fund**<br>| **Duff & Phelps** <br>**Global** <br>**Real Estate** <br>**Securities Fund**<br>| **Duff & Phelps** <br>**Real Asset Fund**<br>| **Duff & Phelps Real** <br> **Estate Securities** <br> **Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $4738 | &nbsp;&nbsp;&nbsp; $12575 | &nbsp;&nbsp;&nbsp; $95 | &nbsp;&nbsp;&nbsp; $11935 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; — |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; (572)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 4511 | &nbsp;&nbsp;&nbsp; 12003 | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 11935 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp; 3191 | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 2739 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 238 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 28 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 385 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 165 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 137 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 186 |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 37 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 36 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 51 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 29 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 34 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp; 4675 | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 4075 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; (970)<br>| &nbsp;&nbsp;&nbsp; (93)<br>| &nbsp;&nbsp;&nbsp; (393)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1575 | &nbsp;&nbsp;&nbsp; 3705 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 3682 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 2936 | &nbsp;&nbsp;&nbsp; 8298 | &nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; 8253 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 8852 | &nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp; 13381 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 478 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Capital gains received from investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 3569 | &nbsp;&nbsp;&nbsp; (9985)<br>| &nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp; (34611)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 12410 | &nbsp;&nbsp;&nbsp; (7468)<br>| &nbsp;&nbsp;&nbsp; 2446 | &nbsp;&nbsp;&nbsp; (21230)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $15346 | &nbsp;&nbsp;&nbsp; $830 | &nbsp;&nbsp;&nbsp; $2858 | &nbsp;&nbsp;&nbsp; $(12977)<br>|

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(b)</sup> The Adviser does not charge an advisory fee.

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 3D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Continued)**

**YEAR ENDED September 30, 2025**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Developing** <br> **Markets Fund**<br>| **KAR Emerging** <br> **Markets** <br>**Small-Cap Fund**<br>| **KAR** <br>**International** <br>**Small-Mid** <br>**Cap Fund**<br>| **SGA Emerging** <br> **Markets Equity** <br> **Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $110 | &nbsp;&nbsp;&nbsp; $10875 | &nbsp;&nbsp;&nbsp; $33443 | &nbsp;&nbsp;&nbsp; $11770 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 1851 | &nbsp;&nbsp;&nbsp; — |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 757 | &nbsp;&nbsp;&nbsp; 2230 |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (846)<br>| &nbsp;&nbsp;&nbsp; (2357)<br>| &nbsp;&nbsp;&nbsp; (1229)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 10484 | &nbsp;&nbsp;&nbsp; 33694 | &nbsp;&nbsp;&nbsp; 12771 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 3674 | &nbsp;&nbsp;&nbsp; 9141 | &nbsp;&nbsp;&nbsp; 5545 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 261 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 61 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 572 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp; 245 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 221 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 12 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 430 |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 460 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; — |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 79 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 119 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 20 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 71 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 51 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 105 |
| Total expenses | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 4816 | &nbsp;&nbsp;&nbsp; 12241 | &nbsp;&nbsp;&nbsp; 8252 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp; (200)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (701)<br>|
| Plus net expenses recaptured<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 4616 | &nbsp;&nbsp;&nbsp; 12243 | &nbsp;&nbsp;&nbsp; 7551 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 5868 | &nbsp;&nbsp;&nbsp; 21451 | &nbsp;&nbsp;&nbsp; 5220 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; (7761)<br>| &nbsp;&nbsp;&nbsp; (11157)<br>| &nbsp;&nbsp;&nbsp; (7061)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7816)<br>| &nbsp;&nbsp;&nbsp; 21499 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (123)<br>|
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (1816)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 566 | &nbsp;&nbsp;&nbsp; 20942 | &nbsp;&nbsp;&nbsp; 79794 | &nbsp;&nbsp;&nbsp; 37414 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4910 | &nbsp;&nbsp;&nbsp; (44389)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 8 |
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2347 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3430)<br>|
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp; 10760 | &nbsp;&nbsp;&nbsp; 45910 | &nbsp;&nbsp;&nbsp; 26807 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $677 | &nbsp;&nbsp;&nbsp; $16628 | &nbsp;&nbsp;&nbsp; $67361 | &nbsp;&nbsp;&nbsp; $32027 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 3D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)** 

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Duff & Phelps Global Infrastructure** <br>**Fund** | **Duff & Phelps Global Infrastructure** <br>**Fund** | **Duff & Phelps Global Real Estate** <br>**Securities Fund** | **Duff & Phelps Global Real Estate** <br>**Securities Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $2936 | &nbsp;&nbsp;&nbsp; $3474 | &nbsp;&nbsp;&nbsp; $8298 | &nbsp;&nbsp;&nbsp; $9184 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 8839 | &nbsp;&nbsp;&nbsp; 3691 | &nbsp;&nbsp;&nbsp; 2527 | &nbsp;&nbsp;&nbsp; (11399)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 3571 | &nbsp;&nbsp;&nbsp; 24257 | &nbsp;&nbsp;&nbsp; (9995)<br>| &nbsp;&nbsp;&nbsp; 105362 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 15346 | &nbsp;&nbsp;&nbsp; 31422 | &nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp; 103147 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1105)<br>| &nbsp;&nbsp;&nbsp; (699)<br>| &nbsp;&nbsp;&nbsp; (466)<br>| &nbsp;&nbsp;&nbsp; (352)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp; (38)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (1623)<br>| &nbsp;&nbsp;&nbsp; (693)<br>| &nbsp;&nbsp;&nbsp; (4472)<br>| &nbsp;&nbsp;&nbsp; (4230)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (4778)<br>| &nbsp;&nbsp;&nbsp; (3057)<br>| &nbsp;&nbsp;&nbsp; (4169)<br>| &nbsp;&nbsp;&nbsp; (3655)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (7567)<br>| &nbsp;&nbsp;&nbsp; (4485)<br>| &nbsp;&nbsp;&nbsp; (9145)<br>| &nbsp;&nbsp;&nbsp; (8275)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (6070)<br>| &nbsp;&nbsp;&nbsp; (4713)<br>| &nbsp;&nbsp;&nbsp; (325)<br>| &nbsp;&nbsp;&nbsp; (65)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (484)<br>| &nbsp;&nbsp;&nbsp; (967)<br>| &nbsp;&nbsp;&nbsp; (303)<br>| &nbsp;&nbsp;&nbsp; (1214)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 95756 | &nbsp;&nbsp;&nbsp; (11376)<br>| &nbsp;&nbsp;&nbsp; (14661)<br>| &nbsp;&nbsp;&nbsp; (47500)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (86884)<br>| &nbsp;&nbsp;&nbsp; 75969 | &nbsp;&nbsp;&nbsp; 5821 | &nbsp;&nbsp;&nbsp; 50851 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 2318 | &nbsp;&nbsp;&nbsp; 58913 | &nbsp;&nbsp;&nbsp; (9468)<br>| &nbsp;&nbsp;&nbsp; 2072 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 10097 | &nbsp;&nbsp;&nbsp; 85850 | &nbsp;&nbsp;&nbsp; (17783)<br>| &nbsp;&nbsp;&nbsp; 96944 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 149724 | &nbsp;&nbsp;&nbsp; 63874 | &nbsp;&nbsp;&nbsp; 404543 | &nbsp;&nbsp;&nbsp; 307599 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $159821 | &nbsp;&nbsp;&nbsp; $149724 | &nbsp;&nbsp;&nbsp; $386760 | &nbsp;&nbsp;&nbsp; $404543 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Duff & Phelps** <br>**Real Asset Fund** | **Duff & Phelps** <br>**Real Asset Fund** | **Duff & Phelps Real Estate** <br> **Securities Fund** | **Duff & Phelps Real Estate** <br> **Securities Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $412 | &nbsp;&nbsp;&nbsp; $552 | &nbsp;&nbsp;&nbsp; $8253 | &nbsp;&nbsp;&nbsp; $8102 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp; 13381 | &nbsp;&nbsp;&nbsp; 26258 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 1293 | &nbsp;&nbsp;&nbsp; 2613 | &nbsp;&nbsp;&nbsp; (34611)<br>| &nbsp;&nbsp;&nbsp; 76635 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 2858 | &nbsp;&nbsp;&nbsp; 3880 | &nbsp;&nbsp;&nbsp; (12977)<br>| &nbsp;&nbsp;&nbsp; 110995 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (361)<br>| &nbsp;&nbsp;&nbsp; (214)<br>| &nbsp;&nbsp;&nbsp; (7765)<br>| &nbsp;&nbsp;&nbsp; (11403)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (208)<br>| &nbsp;&nbsp;&nbsp; (365)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (298)<br>| &nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp; (11581)<br>| &nbsp;&nbsp;&nbsp; (19450)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; (11014)<br>| &nbsp;&nbsp;&nbsp; (13012)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (720)<br>| &nbsp;&nbsp;&nbsp; (400)<br>| &nbsp;&nbsp;&nbsp; (30568)<br>| &nbsp;&nbsp;&nbsp; (44230)<br>|
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (650)<br>| &nbsp;&nbsp;&nbsp; (1297)<br>| &nbsp;&nbsp;&nbsp; (4984)<br>| &nbsp;&nbsp;&nbsp; (5968)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp; (184)<br>| &nbsp;&nbsp;&nbsp; (280)<br>| &nbsp;&nbsp;&nbsp; (434)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (698)<br>| &nbsp;&nbsp;&nbsp; 831 | &nbsp;&nbsp;&nbsp; (24109)<br>| &nbsp;&nbsp;&nbsp; (28771)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 14552 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 23070 | &nbsp;&nbsp;&nbsp; 11042 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 13165 | &nbsp;&nbsp;&nbsp; (618)<br>| &nbsp;&nbsp;&nbsp; (6303)<br>| &nbsp;&nbsp;&nbsp; (24131)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 15303 | &nbsp;&nbsp;&nbsp; 2862 | &nbsp;&nbsp;&nbsp; (49848)<br>| &nbsp;&nbsp;&nbsp; 42634 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 21008 | &nbsp;&nbsp;&nbsp; 18146 | &nbsp;&nbsp;&nbsp; 398660 | &nbsp;&nbsp;&nbsp; 356026 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $36311 | &nbsp;&nbsp;&nbsp; $21008 | &nbsp;&nbsp;&nbsp; $348812 | &nbsp;&nbsp;&nbsp; $398660 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR Developing Markets Fund** | **KAR Developing Markets Fund** | **KAR Emerging Markets Small-Cap** <br> **Fund** | **KAR Emerging Markets Small-Cap** <br> **Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $65 | &nbsp;&nbsp;&nbsp; $56 | &nbsp;&nbsp;&nbsp; $5868 | &nbsp;&nbsp;&nbsp; $5457 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; (121)<br>| &nbsp;&nbsp;&nbsp; (17440)<br>| &nbsp;&nbsp;&nbsp; 16694 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; 28200 | &nbsp;&nbsp;&nbsp; 44924 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 16628 | &nbsp;&nbsp;&nbsp; 67075 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (1075)<br>| &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (9519)<br>| &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; (10718)<br>| &nbsp;&nbsp;&nbsp; — |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; (1170)<br>| &nbsp;&nbsp;&nbsp; (682)<br>|
| Class C | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (409)<br>| &nbsp;&nbsp;&nbsp; (321)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (5929)<br>| &nbsp;&nbsp;&nbsp; 18344 |
| Class R6 | &nbsp;&nbsp;&nbsp; (169)<br>| &nbsp;&nbsp;&nbsp; (147)<br>| &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; (84)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; (103)<br>| &nbsp;&nbsp;&nbsp; (7585)<br>| &nbsp;&nbsp;&nbsp; 17257 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp; (1675)<br>| &nbsp;&nbsp;&nbsp; 84332 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 3067 | &nbsp;&nbsp;&nbsp; 2675 | &nbsp;&nbsp;&nbsp; 346951 | &nbsp;&nbsp;&nbsp; 262619 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $4377 | &nbsp;&nbsp;&nbsp; $3067 | &nbsp;&nbsp;&nbsp; $345276 | &nbsp;&nbsp;&nbsp; $346951 |

---

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

<sup>(a)</sup> Amount is less than $500 (not in thousands).

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KAR International Small-Mid Cap** <br> **Fund** | **KAR International Small-Mid Cap** <br> **Fund** | **SGA Emerging Markets Equity Fund** | **SGA Emerging Markets Equity Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $21451 | &nbsp;&nbsp;&nbsp; $14844 | &nbsp;&nbsp;&nbsp; $5220 | &nbsp;&nbsp;&nbsp; $2949 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 10357 | &nbsp;&nbsp;&nbsp; (19632)<br>| &nbsp;&nbsp;&nbsp; (7185)<br>| &nbsp;&nbsp;&nbsp; 8994 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 35553 | &nbsp;&nbsp;&nbsp; 255418 | &nbsp;&nbsp;&nbsp; 33992 | &nbsp;&nbsp;&nbsp; 42900 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 67361 | &nbsp;&nbsp;&nbsp; 250630 | &nbsp;&nbsp;&nbsp; 32027 | &nbsp;&nbsp;&nbsp; 54843 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (755)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (15525)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (1682)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (18050)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1473)<br>| &nbsp;&nbsp;&nbsp; (7860)<br>| &nbsp;&nbsp;&nbsp; (22850)<br>| &nbsp;&nbsp;&nbsp; (40709)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (6226)<br>| &nbsp;&nbsp;&nbsp; (5366)<br>| &nbsp;&nbsp;&nbsp; (3829)<br>| &nbsp;&nbsp;&nbsp; (9163)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (67892)<br>| &nbsp;&nbsp;&nbsp; (100615)<br>| &nbsp;&nbsp;&nbsp; (168653)<br>| &nbsp;&nbsp;&nbsp; (447682)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (975)<br>| &nbsp;&nbsp;&nbsp; (6336)<br>| &nbsp;&nbsp;&nbsp; (3088)<br>| &nbsp;&nbsp;&nbsp; (17708)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (76566)<br>| &nbsp;&nbsp;&nbsp; (120177)<br>| &nbsp;&nbsp;&nbsp; (198420)<br>| &nbsp;&nbsp;&nbsp; (515262)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (27255)<br>| &nbsp;&nbsp;&nbsp; 130453 | &nbsp;&nbsp;&nbsp; (166393)<br>| &nbsp;&nbsp;&nbsp; (460419)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1076350 | &nbsp;&nbsp;&nbsp; 945897 | &nbsp;&nbsp;&nbsp; 696949 | &nbsp;&nbsp;&nbsp; 1157368 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $1049095 | &nbsp;&nbsp;&nbsp; $1076350 | &nbsp;&nbsp;&nbsp; $530556 | &nbsp;&nbsp;&nbsp; $696949 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)**

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

**THROUGHOUT EACH PERIOD**

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> <br>| **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> <br>| **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> <br>| **Portfolio Turnover Rate**<sup>(3)</sup> <br>|
| **Duff & Phelps Global** <br> **Infrastructure Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $15.34  | 0.27  | —  | 1.24  | 1.51  | (0.28)  | (0.46)  | (0.74)  | —  | 0.77  | $16.11  | 10.61 %  | $19858  | 1.25 %  | 1.25 %  | 1.77 %  | 51 %  |
| 10/1/23 to 9/30/24 | 12.37  | 0.31  | —  | 3.05  | 3.36  | (0.28)  | (0.11)  | (0.39)  | —  | 2.97  | 15.34  | 27.54  | 25305  | 1.25 <sup>(8)</sup> <br>| 1.25  | 2.28  | 63  |
| 10/1/22 to 9/30/23 | 14.16  | 0.27  | —  | (0.46)  | (0.19)  | (0.30)  | (1.30)  | (1.60)  | —  | (1.79)  | 12.37  | (2.40)  | 24716  | 1.29  | 1.29  | 1.93  | 26  |
| 10/1/21 to 9/30/22 | 16.17  | 0.18  | —  | (1.20)  | (1.02)  | (0.15)  | (0.84)  | (0.99)  | —  | (2.01)  | 14.16  | (7.07)  | 29344  | 1.27 <sup>(9)</sup> <br>| 1.27  | 1.12  | 37  |
| 10/1/20 to 9/30/21 | 14.54  | 0.14  | —  | 1.84  | 1.98  | (0.17)  | (0.18)  | (0.35)  | —  | 1.63  | 16.17  | 13.75  | 31857  | 1.28  | 1.28  | 0.86  | 28  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $15.34  | 0.14  | —  | 1.26  | 1.40  | (0.17)  | (0.46)  | (0.63)  | —  | 0.77  | $16.11  | 9.76 %  | $1201  | 2.02 %  | 2.02 %  | 0.96 %  | 51 %  |
| 10/1/23 to 9/30/24 | 12.36  | 0.20  | —  | 3.05  | 3.25  | (0.16)  | (0.11)  | (0.27)  | —  | 2.98  | 15.34  | 26.56  | 1643  | 2.02 <sup>(8)</sup> <br>| 2.02  | 1.47  | 63  |
| 10/1/22 to 9/30/23 | 14.14  | 0.16  | —  | (0.46)  | (0.30)  | (0.18)  | (1.30)  | (1.48)  | —  | (1.78)  | 12.36  | (3.17)  | 2221  | 2.07  | 2.07  | 1.11  | 26  |
| 10/1/21 to 9/30/22 | 16.14  | 0.05  | —  | (1.20)  | (1.15)  | (0.01)  | (0.84)  | (0.85)  | —  | (2.00)  | 14.14  | (7.78)  | 3544  | 2.04 <sup>(9)</sup> <br>| 2.04  | 0.32  | 37  |
| 10/1/20 to 9/30/21 | 14.50  | 0.02  | —  | 1.84  | 1.86  | (0.04)  | (0.18)  | (0.22)  | —  | 1.64  | 16.14  | 12.92  | 5525  | 2.02  | 2.02  | 0.11  | 28  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $15.36  | 0.24  | —  | 1.28  | 1.52  | (0.31)  | (0.46)  | (0.77)  | —  | 0.75  | $16.11  | 10.68 %  | $122822  | 1.34 %  | 1.34 %  | 1.58 %  | 51 %  |
| 10/1/23 to 9/30/24 | 12.37  | 0.34  | —  | 3.07  | 3.41  | (0.31)  | (0.11)  | (0.42)  | —  | 2.99  | 15.36  | 27.99  | 22099  | 0.98 <sup>(8)</sup> <br>| 0.98  | 2.51  | 63  |
| 10/1/22 to 9/30/23 | 14.16  | 0.31  | —  | (0.47)  | (0.16)  | (0.33)  | (1.30)  | (1.63)  | —  | (1.79)  | 12.37  | (2.17)  | 28472  | 1.04  | 1.04  | 2.19  | 26  |
| 10/1/21 to 9/30/22 | 16.17  | 0.22  | —  | (1.21)  | (0.99)  | (0.18)  | (0.84)  | (1.02)  | —  | (2.01)  | 14.16  | (6.84)  | 34847  | 1.03 <sup>(9)</sup> <br>| 1.03  | 1.36  | 37  |
| 10/1/20 to 9/30/21 | 14.54  | 0.18  | —  | 1.85  | 2.03  | (0.22)  | (0.18)  | (0.40)  | —  | 1.63  | 16.17  | 14.07  | 39955  | 1.01  | 1.01  | 1.15  | 28  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $15.36  | 0.34  | —  | 1.22  | 1.56  | (0.31)  | (0.46)  | (0.77)  | —  | 0.79  | $16.15  | 10.96 %  | $15940  | 0.85 %  | 0.90 %  | 2.25 %  | 51 %  |
| 10/1/23 to 9/30/24 | 12.39  | 0.39  | —  | 3.04  | 3.43  | (0.35)  | (0.11)  | (0.46)  | —  | 2.97  | 15.36  | 28.13  | 100677  | 0.85 <sup>(8)</sup> <br>| 0.88  | 2.81  | 63  |
| 10/1/22 to 9/30/23 | 14.18  | 0.34  | —  | (0.47)  | (0.13)  | (0.36)  | (1.30)  | (1.66)  | —  | (1.79)  | 12.39  | (1.96)  | 8465  | 0.84  | 0.94  | 2.39  | 26  |
| 10/1/21 to 9/30/22 | 16.20  | 0.25  | —  | (1.22)  | (0.97)  | (0.21)  | (0.84)  | (1.05)  | —  | (2.02)  | 14.18  | (6.74)  | 9631  | 0.87 <sup>(9)</sup> <br>| 0.93  | 1.53  | 37  |
| 10/1/20 to 9/30/21 | 14.55  | 0.21  | —  | 1.85  | 2.06  | (0.23)  | (0.18)  | (0.41)  | —  | 1.65  | 16.20  | 14.30  | 10108  | 0.85  | 0.92  | 1.31  | 28  |
| **Duff & Phelps Global** <br> **Real Estate Securities** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $38.02  | 0.68  | —  | (0.61)  | 0.07  | (0.75)  | —  | (0.75)  | —  | (0.68)  | $37.34  | 0.42 %  | $22417  | 1.28 % <sup>(10)</sup> <br>| 3.32 %  | 1.92 %  | 18 %  |
| 10/1/23 to 9/30/24 | 29.48  | 0.70  | —  | 8.41  | 9.11  | (0.57)  | —  | (0.57)  | —  | 8.54  | 38.02  | 31.24  | 23193  | 1.40 <sup>(8)</sup> <br>| 3.42  | 2.16  | 45  |
| 10/1/22 to 9/30/23 | 29.09  | 0.60  | —  | (0.02)  | 0.58  | (0.19)  | —  | (0.19)  | —  | 0.39  | 29.48  | 1.97  | 17965  | 1.39  | 3.14  | 1.93  | 29  |
| 10/1/21 to 9/30/22 | 39.17  | 0.47  | —  | (9.38)  | (8.91)  | (0.47)  | (0.70)  | (1.17)  | —  | (10.08)  | 29.09  | (23.66)  | 21145  | 1.41 <sup>(9)</sup> <br>| 2.51  | 1.23  | 17  |
| 10/1/20 to 9/30/21 | 29.50  | 0.41  | —  | 9.26  | 9.67  | —  | —  | —  | —  | 9.67  | 39.17  | 32.78  | 27127  | 1.40  | 2.65  | 1.14  | 17  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $35.61  | 0.38  | —  | (0.54)  | (0.16)  | (0.47)  | —  | (0.47)  | —  | (0.63)  | $34.98  | (0.32) %  | $2827  | 2.03 % <sup>(10)</sup> <br>| 2.14 %  | 1.14 %  | 18 %  |
| 10/1/23 to 9/30/24 | 27.62  | 0.41  | —  | 7.89  | 8.30  | (0.31)  | —  | (0.31)  | —  | 7.99  | 35.61  | 30.23  | 3204  | 2.15 <sup>(8)</sup> <br>| 2.16  | 1.35  | 45  |
| 10/1/22 to 9/30/23 | 27.28  | 0.34  | —  | —  | 0.34  | —  | —  | —  | —  | 0.34  | 27.62  | 1.25  | 3588  | 2.14  | 2.17  | 1.15  | 29  |
| 10/1/21 to 9/30/22 | 36.81  | 0.20  | —  | (8.86)  | (8.66)  | (0.17)  | (0.70)  | (0.87)  | —  | (9.53)  | 27.28  | (24.25)  | 4671  | 2.16 <sup>(9)(11)</sup> <br>| 2.15  | 0.56  | 17  |
| 10/1/20 to 9/30/21 | 27.93  | 0.23  | —  | 8.65  | 8.88  | —  | —  | —  | —  | 8.88  | 36.81  | 31.79  | 5531  | 2.15  | 2.16  | 0.70  | 17  |

---

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (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> | **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Duff & Phelps Global** <br> **Real Estate Securities** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $36.87  | 0.74  | —  | (0.59)  | 0.15  | (0.80)  | —  | (0.80)  | —  | (0.65)  | $36.22  | 0.66 %  | $191262  | 1.03 % <sup>(10)</sup> <br>| 1.16 %  | 2.15 %  | 18 %  |
| 10/1/23 to 9/30/24 | 28.59  | 0.75  | —  | 8.16  | 8.91  | (0.63)  | —  | (0.63)  | —  | 8.28  | 36.87  | 31.55  | 210528  | 1.15 <sup>(8)</sup> <br>| 1.16  | 2.37  | 45  |
| 10/1/22 to 9/30/23 | 28.19  | 0.65  | —  | —  | 0.65  | (0.25)  | —  | (0.25)  | —  | 0.40  | 28.59  | 2.26  | 206071  | 1.14  | 1.16  | 2.15  | 29  |
| 10/1/21 to 9/30/22 | 38.04  | 0.55  | —  | (9.09)  | (8.54)  | (0.61)  | (0.70)  | (1.31)  | —  | (9.85)  | 28.19  | (23.48)  | 269095  | 1.16 <sup>(9)(11)</sup> <br>| 1.16  | 1.48  | 17  |
| 10/1/20 to 9/30/21 | 28.73  | 0.46  | —  | 9.02  | 9.48  | (0.17)  | —  | (0.17)  | —  | 9.31  | 38.04  | 33.13  | 344063  | 1.15 <sup>(11)</sup> <br>| 1.14  | 1.29  | 17  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $36.83  | 0.80  | —  | (0.60)  | 0.20  | (0.88)  | —  | (0.88)  | —  | (0.68)  | $36.15  | 0.83 %  | $170254  | 0.88 % <sup>(10)</sup> <br>| 1.05 %  | 2.34 %  | 18 %  |
| 10/1/23 to 9/30/24 | 28.68  | 0.88  | —  | 8.12  | 9.00  | (0.85)  | —  | (0.85)  | —  | 8.15  | 36.83  | 31.89  | 167618  | 0.89 <sup>(8)</sup> <br>| 1.05  | 2.78  | 45  |
| 10/1/22 to 9/30/23 | 28.37  | 0.76  | —  | (0.04)  | 0.72  | (0.41)  | —  | (0.41)  | —  | 0.31  | 28.68  | 2.50  | 79975  | 0.88  | 1.05  | 2.49  | 29  |
| 10/1/21 to 9/30/22 | 38.26  | 0.64  | —  | (9.13)  | (8.49)  | (0.70)  | (0.70)  | (1.40)  | —  | (9.89)  | 28.37  | (23.27)  | 75574  | 0.91 <sup>(9)</sup> <br>| 1.05  | 1.74  | 17  |
| 10/1/20 to 9/30/21 | 28.86  | 0.61  | —  | 9.00  | 9.61  | (0.21)  | —  | (0.21)  | —  | 9.40  | 38.26  | 33.46  | 90781  | 0.89  | 1.04  | 1.73  | 17  |
| **Duff & Phelps Real** <br> **Asset Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $14.96  | 0.24  | 0.17  | 1.00  | 1.41  | (0.50)  | —  | (0.50)  | —  | 0.91  | $15.87  | 10.01 %  | $10913  | 0.51 % <sup>(12)</sup> <br>| 0.90 %  | 1.64 %  | 17 %  |
| 10/1/23 to 9/30/24 | 12.44  | 0.39  | 0.03  | 2.37  | 2.79  | (0.27)  | —  | (0.27)  | —  | 2.52  | 14.96  | 22.80  | 10933  | 0.50  | 0.94  | 2.92  | 14  |
| 10/1/22 to 9/30/23 | 12.00  | 0.16  | 0.26  | 0.16  | 0.58  | (0.14)  | —  | (0.14)  | —  | 0.44  | 12.44  | 4.77  | 10323  | 0.60 <sup>(10)</sup> <br>| 0.92  | 1.28  | 10  |
| 10/1/21 to 9/30/22 | 12.55  | 0.13  | 0.02  | (0.60)  | (0.45)  | (0.10)  | —  | (0.10)  | —  | (0.55)  | 12.00  | (3.64)  | 11226  | 0.81 <sup>(9)</sup> <br>| 0.81  | 0.99  | 17  |
| 10/1/20 to 9/30/21 | 10.10  | 0.02  | 0.03  | 2.47  | 2.52  | (0.07)  | —  | (0.07)  | —  | 2.45  | 12.55  | 25.10  | 12674  | 0.85 <sup>(9)</sup> <br>| 0.85  | 0.19  | 14  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $15.13  | 0.13  | 0.17  | 1.04  | 1.34  | (0.35)  | —  | (0.35)  | —  | 0.99  | $16.12  | 9.22 %  | $195  | 1.26 % <sup>(12)</sup> <br>| 1.77 %  | 0.87 %  | 17 %  |
| 10/1/23 to 9/30/24 | 12.48  | 0.30  | 0.03  | 2.38  | 2.71  | (0.06)  | —  | (0.06)  | —  | 2.65  | 15.13  | 21.82  | 222  | 1.25  | 1.79  | 2.21  | 14  |
| 10/1/22 to 9/30/23 | 12.03  | 0.16  | 0.27  | 0.05  | 0.48  | (0.03)  | —  | (0.03)  | —  | 0.45  | 12.48  | 3.95  | 358  | 1.36 <sup>(10)</sup> <br>| 1.72  | 1.24  | 10  |
| 10/1/21 to 9/30/22 | 12.64  | (0.11)  | 0.02  | (0.45)  | (0.54)  | (0.07)  | —  | (0.07)  | —  | (0.61)  | 12.03  | (4.28)  | 812  | 1.57 <sup>(9)</sup> <br>| 1.57  | (0.82)  | 17  |
| 10/1/20 to 9/30/21 | 10.19  | (0.04)  | 0.03  | 2.46  | 2.45  | —  | —  | —  | —  | 2.45  | 12.64  | 24.04  | 435  | 1.68 <sup>(9)</sup> <br>| 1.68  | (0.33)  | 14  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $14.96  | 0.28  | 0.17  | 0.99  | 1.44  | (0.54)  | —  | (0.54)  | —  | 0.90  | $15.86  | 10.26 %  | $8245  | 0.25 %  | 0.65 %  | 1.88 %  | 17 %  |
| 10/1/23 to 9/30/24 | 12.44  | 0.42  | 0.03  | 2.38  | 2.83  | (0.31)  | —  | (0.31)  | —  | 2.52  | 14.96  | 23.12  | 8452  | 0.25  | 0.66  | 3.14  | 14  |
| 10/1/22 to 9/30/23 | 12.00  | 0.21  | 0.26  | 0.13  | 0.60  | (0.16)  | —  | (0.16)  | —  | 0.44  | 12.44  | 4.96  | 6304  | 0.36 <sup>(10)</sup> <br>| 0.68  | 1.62  | 10  |
| 10/1/21 to 9/30/22 | 12.52  | 0.15  | 0.02  | (0.58)  | (0.41)  | (0.11)  | —  | (0.11)  | —  | (0.52)  | 12.00  | (3.35)  | 9553  | 0.57 <sup>(9)</sup> <br>| 0.57  | 1.12  | 17  |
| 10/1/20 to 9/30/21 | 10.07  | 0.05  | 0.03  | 2.47  | 2.55  | (0.10)  | —  | (0.10)  | —  | 2.45  | 12.52  | 25.47  | 9610  | 0.60 <sup>(9)</sup> <br>| 0.60  | 0.46  | 14  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $14.92  | 0.22  | 0.04  | 1.19  | 1.45  | (0.55)  | —  | (0.55)  | —  | 0.90  | $15.82  | 10.36 %  | $16958  | 0.20 %  | 0.51 %  | 1.43 %  | 17 %  |
| 10/1/23 to 9/30/24 | 12.42  | 0.41  | 0.03  | 2.39  | 2.83  | (0.33)  | —  | (0.33)  | —  | 2.50  | 14.92  | 23.17  | 1401  | 0.20  | 0.58  | 3.11  | 14  |
| 10/1/22 to 9/30/23 | 12.02  | 0.16  | 0.26  | 0.20  | 0.62  | (0.22)  | —  | (0.22)  | —  | 0.40  | 12.42  | 5.13  | 1161  | 0.20  | 0.56  | 1.24  | 10  |
| 1/31/22<sup>(13)</sup> to 9/30/22 | 13.22  | (0.14)  | 0.02  | (1.08)  | (1.20)  | —  | —  | —  | —  | (1.20)  | 12.02  | (9.08)  | 91  | 0.22 <sup>(9)</sup> <br>| 0.54  | (1.57)  | 17  |

---

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (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> | **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Duff & Phelps Real** <br> **Estate Securities Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.32  | 0.38  | —  | (1.15)  | (0.77)  | (0.38)  | (1.22)  | (1.60)  | —  | (2.37)  | $18.95  | (3.30) %  | $89866  | 1.27 % <sup>(10)</sup> <br>| 1.35 %  | 2.00 %  | 17 %  |
| 10/1/23 to 9/30/24 | 17.78  | 0.36  | —  | 5.42  | 5.78  | (0.37)  | (1.87)  | (2.24)  | —  | 3.54  | 21.32  | 34.73  | 106325  | 1.37  | 1.37  | 1.94  | 36  |
| 10/1/22 to 9/30/23 | 19.83  | 0.36  | —  | (0.26)  | 0.10  | (0.33)  | (1.82)  | (2.15)  | —  | (2.05)  | 17.78  | 0.14  | 94402  | 1.35  | 1.35  | 1.85  | 29  |
| 10/1/21 to 9/30/22 | 24.94  | 0.18  | —  | (4.16)  | (3.98)  | (0.24)  | (0.89)  | (1.13)  | —  | (5.11)  | 19.83  | (17.05)  | 107081  | 1.34 <sup>(9)</sup> <br>| 1.34  | 0.73  | 14  |
| 10/1/20 to 9/30/21 | 18.82  | 0.22  | —  | 7.10  | 7.32  | (0.46)  | (0.74)  | (1.20)  | —  | 6.12  | 24.94  | 40.33  | 143841  | 1.36  | 1.36  | 0.98  | 14  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.30  | 0.24  | —  | (1.15)  | (0.91)  | (0.23)  | (1.22)  | (1.45)  | —  | (2.36)  | $18.94  | (4.00) %  | $2713  | 2.02 % <sup>(10)</sup> <br>| 2.08 %  | 1.25 %  | 17 %  |
| 10/1/23 to 9/30/24 | 17.77  | 0.23  | —  | 5.41  | 5.64  | (0.24)  | (1.87)  | (2.11)  | —  | 3.53  | 21.30  | 33.76  | 3338  | 2.08  | 2.08  | 1.24  | 36  |
| 10/1/22 to 9/30/23 | 19.81  | 0.21  | —  | (0.25)  | (0.04)  | (0.18)  | (1.82)  | (2.00)  | —  | (2.04)  | 17.77  | (0.59)  | 3196  | 2.07  | 2.07  | 1.09  | 29  |
| 10/1/21 to 9/30/22 | 24.90  | (0.01)  | —  | (4.13)  | (4.14)  | (0.06)  | (0.89)  | (0.95)  | —  | (5.09)  | 19.81  | (17.64)  | 4181  | 2.06 <sup>(9)</sup> <br>| 2.06  | (0.03)  | 14  |
| 10/1/20 to 9/30/21 | 18.79  | 0.10  | —  | 7.04  | 7.14  | (0.29)  | (0.74)  | (1.03)  | —  | 6.11  | 24.90  | 39.32  | 6244  | 2.08  | 2.08  | 0.43  | 14  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.22  | 0.42  | —  | (1.14)  | (0.72)  | (0.43)  | (1.22)  | (1.65)  | —  | (2.37)  | $18.85  | (3.07) %  | $115944  | 1.02 % <sup>(10)</sup> <br>| 1.09 %  | 2.22 %  | 17 %  |
| 10/1/23 to 9/30/24 | 17.70  | 0.40  | —  | 5.41  | 5.81  | (0.42)  | (1.87)  | (2.29)  | —  | 3.52  | 21.22  | 35.09  | 157388  | 1.11  | 1.11  | 2.17  | 36  |
| 10/1/22 to 9/30/23 | 19.76  | 0.40  | —  | (0.27)  | 0.13  | (0.37)  | (1.82)  | (2.19)  | —  | (2.06)  | 17.70  | 0.33  | 159616  | 1.11  | 1.11  | 2.07  | 29  |
| 10/1/21 to 9/30/22 | 24.85  | 0.25  | —  | (4.14)  | (3.89)  | (0.31)  | (0.89)  | (1.20)  | —  | (5.09)  | 19.76  | (16.80)  | 184709  | 1.09 <sup>(9)</sup> <br>| 1.09  | 0.98  | 14  |
| 10/1/20 to 9/30/21 | 18.76  | 0.20  | —  | 7.16  | 7.36  | (0.53)  | (0.74)  | (1.27)  | —  | 6.09  | 24.85  | 40.73  | 234084  | 1.09  | 1.09  | 0.92  | 14  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.34  | 0.48  | —  | (1.17)  | (0.69)  | (0.47)  | (1.22)  | (1.69)  | —  | (2.38)  | $18.96  | (2.85) %  | $140289  | 0.79 %  | 0.95 %  | 2.51 %  | 17 %  |
| 10/1/23 to 9/30/24 | 17.79  | 0.47  | —  | 5.43  | 5.90  | (0.48)  | (1.87)  | (2.35)  | —  | 3.55  | 21.34  | 35.53  | 131609  | 0.79  | 0.95  | 2.53  | 36  |
| 10/1/22 to 9/30/23 | 19.85  | 0.47  | —  | (0.27)  | 0.20  | (0.44)  | (1.82)  | (2.26)  | —  | (2.06)  | 17.79  | 0.68  | 98812  | 0.78  | 0.95  | 2.43  | 29  |
| 10/1/21 to 9/30/22 | 24.96  | 0.31  | —  | (4.16)  | (3.85)  | (0.37)  | (0.89)  | (1.26)  | —  | (5.11)  | 19.85  | (16.57)  | 97558  | 0.80 <sup>(9)</sup> <br>| 0.95  | 1.21  | 14  |
| 10/1/20 to 9/30/21 | 18.81  | 0.20  | —  | 7.26  | 7.46  | (0.57)  | (0.74)  | (1.31)  | —  | 6.15  | 24.96  | 41.15  | 151739  | 0.79  | 0.94  | 0.89  | 14  |
| **KAR Developing** <br> **Markets Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $9.11  | 0.15  | —  | 1.68  | 1.83  | (0.16)  | —  | (0.16)  | —  | 1.67  | $10.78  | 20.49 %  | $300  | 1.37 % <sup>(10)</sup> <br>| 4.51 %  | 1.61 %  | 33 %  |
| 10/1/23 to 9/30/24 | 7.67  | 0.15  | —  | 1.46  | 1.61  | (0.17)  | —  | (0.17)  | —  | 1.44  | 9.11  | 21.30  | 163  | 1.50  | 4.77  | 1.84  | 25  |
| 10/1/22 to 9/30/23 | 6.75  | 0.11  | —  | 0.87  | 0.98  | (0.06)  | —  | (0.06)  | —  | 0.92  | 7.67  | 14.56  | 98  | 1.52 <sup>(10)</sup> <br>| 4.24  | 1.38  | 27  |
| 10/1/21 to 9/30/22 | 9.63  | 0.04  | —  | (2.87)  | (2.83)  | (0.01)  | (0.04)  | (0.05)  | —  | (2.88)  | 6.75  | (29.56)  | 85  | 1.56 <sup>(9)</sup> <br>| 4.83  | 0.53  | 16  |
| 6/22/21<sup>(13)</sup> to 9/30/21 | 10.00  | — <sup>(14)</sup> <br>| —  | (0.37)  | (0.37)  | —  | —  | —  | —  | (0.37)  | 9.63  | (3.70)  | 96  | 1.55  | 12.33  | 0.01  | 5 <sup>(15)</sup> <br>|
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $9.04  | 0.09  | —  | 1.66  | 1.75  | (0.08)  | —  | (0.08)  | —  | 1.67  | $10.71  | 19.60 %  | $138  | 2.12 % <sup>(10)</sup> <br>| 5.21 %  | 0.95 %  | 33 %  |
| 10/1/23 to 9/30/24 | 7.61  | 0.09  | —  | 1.45  | 1.54  | (0.11)  | —  | (0.11)  | —  | 1.43  | 9.04  | 20.44  | 90  | 2.25  | 5.45  | 1.07  | 25  |
| 10/1/22 to 9/30/23 | 6.69  | 0.05  | —  | 0.87  | 0.92  | —  | —  | —  | —  | 0.92  | 7.61  | 13.75  | 76  | 2.27 <sup>(10)</sup> <br>| 4.95  | 0.63  | 27  |
| 10/1/21 to 9/30/22 | 9.61  | (0.02)  | —  | (2.86)  | (2.88)  | —  | (0.04)  | (0.04)  | —  | (2.92)  | 6.69  | (30.11)  | 67  | 2.31 <sup>(9)</sup> <br>| 5.56  | (0.25)  | 16  |
| 6/22/21<sup>(13)</sup> to 9/30/21 | 10.00  | (0.02)  | —  | (0.37)  | (0.39)  | —  | —  | —  | —  | (0.39)  | 9.61  | (3.90)  | 96  | 2.30  | 13.08  | (0.74)  | 5 <sup>(15)</sup> <br>|

---

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (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> | **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **KAR Developing** <br> **Markets** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $9.11  | 0.20  | —  | 1.65  | 1.85  | (0.16)  | —  | (0.16)  | —  | 1.69  | $10.80  | 20.84 %  | $1009  | 1.10 % <sup>(10)</sup> <br>| 4.29 %  | 2.04 %  | 33 %  |
| 10/1/23 to 9/30/24 | 7.67  | 0.17  | —  | 1.46  | 1.63  | (0.19)  | —  | (0.19)  | —  | 1.44  | 9.11  | 21.63  | 171  | 1.25  | 4.50  | 2.07  | 25  |
| 10/1/22 to 9/30/23 | 6.77  | 0.13  | —  | 0.87  | 1.00  | (0.10)  | —  | (0.10)  | —  | 0.90  | 7.67  | 14.76  | 143  | 1.26 <sup>(10)</sup> <br>| 4.00  | 1.68  | 27  |
| 10/1/21 to 9/30/22 | 9.64  | 0.07  | —  | (2.88)  | (2.81)  | (0.02)  | (0.04)  | (0.06)  | —  | (2.87)  | 6.77  | (29.38)  | 80  | 1.31 <sup>(9)</sup> <br>| 4.53  | 0.78  | 16  |
| 6/22/21<sup>(13)</sup> to 9/30/21 | 10.00  | 0.01  | —  | (0.37)  | (0.36)  | —  | —  | —  | —  | (0.36)  | 9.64  | (3.60)  | 97  | 1.30  | 12.08  | 0.26  | 5 <sup>(15)</sup> <br>|
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $9.15  | 0.18  | —  | 1.69  | 1.87  | (0.17)  | —  | (0.17)  | —  | 1.70  | $10.85  | 20.89 %  | $2930  | 1.07 % <sup>(10)</sup> <br>| 4.20 %  | 1.90 %  | 33 %  |
| 10/1/23 to 9/30/24 | 7.70  | 0.17  | —  | 1.47  | 1.64  | (0.19)  | —  | (0.19)  | —  | 1.45  | 9.15  | 21.65  | 2643  | 1.20  | 4.43  | 2.09  | 25  |
| 10/1/22 to 9/30/23 | 6.77  | 0.13  | —  | 0.88  | 1.01  | (0.08)  | —  | (0.08)  | —  | 0.93  | 7.70  | 14.97  | 2358  | 1.21 <sup>(10)</sup> <br>| 3.92  | 1.67  | 27  |
| 10/1/21 to 9/30/22 | 9.64  | 0.07  | —  | (2.88)  | (2.81)  | (0.02)  | (0.04)  | (0.06)  | —  | (2.87)  | 6.77  | (29.37)  | 2189  | 1.23 <sup>(9)</sup> <br>| 4.53  | 0.89  | 16  |
| 6/22/21<sup>(13)</sup> to 9/30/21 | 10.00  | 0.01  | —  | (0.37)  | (0.36)  | —  | —  | —  | —  | (0.36)  | 9.64  | (3.60)  | 2603  | 1.22  | 12.06  | 0.34  | 5 <sup>(15)</sup> <br>|
| **KAR Emerging Markets** <br> **Small-Cap Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $16.39  | 0.29  | —  | 0.83  | 1.12  | (0.21)  | (0.29)  | (0.50)  | —  | 0.62  | $17.01  | 7.29 %  | $37007  | 1.72 % <sup>(10)</sup> <br>| 1.80 %  | 1.85 %  | 34 %  |
| 10/1/23 to 9/30/24 | 13.12  | 0.23  | —  | 3.04  | 3.27  | —  | —  | —  | —  | 3.27  | 16.39  | 24.92  | 36264  | 1.78 <sup>(11)(16)</sup> <br>| 1.78  | 1.55  | 24  |
| 10/1/22 to 9/30/23 | 11.24  | 0.15  | —  | 1.73  | 1.88  | —  | —  | —  | —  | 1.88  | 13.12  | 16.73  | 29963  | 1.78  | 1.79  | 1.17  | 17  |
| 10/1/21 to 9/30/22 | 17.61  | 0.05  | —  | (5.10)  | (5.05)  | (0.33)  | (0.99)  | (1.32)  | —  | (6.37)  | 11.24  | (30.74)  | 31637  | 1.81 <sup>(9)(10)(11)(16)</sup> <br>| 1.80  | 0.32  | 24  |
| 10/1/20 to 9/30/21 | 14.93  | (0.02)  | —  | 2.87  | 2.85  | (0.17)  | —  | (0.17)  | —  | 2.68  | 17.61  | 19.15  | 57403  | 1.85 <sup>(11)(16)</sup> <br>| 1.81  | (0.11)  | 19  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $15.93  | 0.15  | —  | 0.84  | 0.99  | (0.07)  | (0.29)  | (0.36)  | —  | 0.63  | $16.56  | 6.57 %  | $4117  | 2.46 % <sup>(10)</sup> <br>| 2.48 %  | 0.98 %  | 34 %  |
| 10/1/23 to 9/30/24 | 12.85  | 0.12  | —  | 2.96  | 3.08  | —  | —  | —  | —  | 3.08  | 15.93  | 23.97  | 4369  | 2.49 <sup>(11)(16)</sup> <br>| 2.47  | 0.84  | 24  |
| 10/1/22 to 9/30/23 | 11.09  | 0.07  | —  | 1.69  | 1.76  | —  | —  | —  | —  | 1.76  | 12.85  | 15.87  | 3803  | 2.52  | 2.51  | 0.52  | 17  |
| 10/1/21 to 9/30/22 | 17.41  | (0.05)  | —  | (5.06)  | (5.11)  | (0.22)  | (0.99)  | (1.21)  | —  | (6.32)  | 11.09  | (31.27)  | 1589  | 2.56 <sup>(9)(10)</sup> <br>| 2.62  | (0.34)  | 24  |
| 10/1/20 to 9/30/21 | 14.80  | (0.14)  | —  | 2.85  | 2.71  | (0.10)  | —  | (0.10)  | —  | 2.61  | 17.41  | 18.33  | 2540  | 2.60 <sup>(11)(16)</sup> <br>| 2.54  | (0.79)  | 19  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $16.58  | 0.31  | —  | 0.86  | 1.17  | (0.25)  | (0.29)  | (0.54)  | —  | 0.63  | $17.21  | 7.55 %  | $302094  | 1.47 % <sup>(10)</sup> <br>| 1.53 %  | 1.94 %  | 34 %  |
| 10/1/23 to 9/30/24 | 13.23  | 0.28  | —  | 3.07  | 3.35  | —  | —  | —  | —  | 3.35  | 16.58  | 25.32  | 304313  | 1.50  | 1.51  | 1.88  | 24  |
| 10/1/22 to 9/30/23 | 11.31  | 0.19  | —  | 1.73  | 1.92  | —  | —  | —  | —  | 1.92  | 13.23  | 16.98  | 227178  | 1.49  | 1.51  | 1.47  | 17  |
| 10/1/21 to 9/30/22 | 17.72  | 0.09  | —  | (5.12)  | (5.03)  | (0.39)  | (0.99)  | (1.38)  | —  | (6.41)  | 11.31  | (30.49)  | 196191  | 1.51 <sup>(9)(10)</sup> <br>| 1.55  | 0.61  | 24  |
| 10/1/20 to 9/30/21 | 15.01  | 0.05  | —  | 2.86  | 2.91  | (0.20)  | —  | (0.20)  | —  | 2.71  | 17.72  | 19.49  | 360774  | 1.55 <sup>(11)(16)</sup> <br>| 1.51  | 0.26  | 19  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $16.60  | 0.34  | —  | 0.88  | 1.22  | (0.11)  | (0.29)  | (0.40)  | —  | 0.82  | $17.42  | 7.72 %  | $2058  | 1.33 % <sup>(10)</sup> <br>| 1.43 %  | 2.11 %  | 34 %  |
| 10/1/23 to 9/30/24 | 13.23  | 0.28  | —  | 3.09  | 3.37  | —  | —  | —  | —  | 3.37  | 16.60  | 25.47  | 2005  | 1.40  | 1.41  | 1.85  | 24  |
| 10/1/22 to 9/30/23 | 11.30  | 0.20  | —  | 1.73  | 1.93  | —  | —  | —  | —  | 1.93  | 13.23  | 17.08  | 1675  | 1.39  | 1.42  | 1.58  | 17  |
| 10/1/21 to 9/30/22 | 17.74  | 0.13  | —  | (5.14)  | (5.01)  | (0.44)  | (0.99)  | (1.43)  | —  | (6.44)  | 11.30  | (30.43)  | 1101  | 1.41 <sup>(9)(10)</sup> <br>| 1.45  | 0.96  | 24  |
| 10/1/20 to 9/30/21 | 15.01  | 0.13  | —  | 2.82  | 2.95  | (0.22)  | —  | (0.22)  | —  | 2.73  | 17.74  | 19.71  | 1223  | 1.41 <sup>(11)(16)</sup> <br>| 1.41  | 0.72  | 19  |

---

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (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> | **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **KAR International** <br> **Small-Mid Cap Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $20.41  | 0.39  | —  | 1.05  | 1.44  | (0.33)  | —  | (0.33)  | —  | 1.11  | $21.52  | 7.31 %  | $45607  | 1.45 % <sup>(8)(11)(16)</sup> <br>| 1.45 %  | 1.89 %  | 26 %  |
| 10/1/23 to 9/30/24 | 15.93  | 0.21  | —  | 4.27  | 4.48  | —  | —  | —  | —  | 4.48  | 20.41  | 28.12  | 44592  | 1.45 <sup>(8)(11)(16)</sup> <br>| 1.45  | 1.20  | 19  |
| 10/1/22 to 9/30/23 | 12.53  | 0.16  | —  | 3.24  | 3.40  | —  | —  | —  | —  | 3.40  | 15.93  | 27.13  | 41974  | 1.45  | 1.45  | 1.04  | 16  |
| 10/1/21 to 9/30/22 | 24.72  | 0.11  | —  | (10.47)  | (10.36)  | (0.44)  | (1.39)  | (1.83)  | —  | (12.19)  | 12.53  | (45.16)  | 42670  | 1.44 <sup>(9)(11)</sup> <br>| 1.44  | 0.55  | 21  |
| 10/1/20 to 9/30/21 | 19.15  | 0.04  | —  | 5.74  | 5.78  | (0.16)  | (0.05)  | (0.21)  | — <sup>(14)</sup> <br>| 5.57  | 24.72  | 30.29 <sup>(17)</sup> <br>| 100353  | 1.53 <sup>(10)(11)</sup> <br>| 1.53  | 0.18  | 23  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $19.67  | 0.21  | —  | 1.04  | 1.25  | (0.11)  | —  | (0.11)  | —  | 1.14  | $20.81  | 6.46 %  | $11073  | 2.21 % <sup>(8)(11)(16)</sup> <br>| 2.20 %  | 1.07 %  | 26 %  |
| 10/1/23 to 9/30/24 | 15.47  | 0.08  | —  | 4.12  | 4.20  | —  | —  | —  | —  | 4.20  | 19.67  | 27.15  | 16584  | 2.20 <sup>(8)(16)</sup> <br>| 2.20  | 0.46  | 19  |
| 10/1/22 to 9/30/23 | 12.26  | 0.05  | —  | 3.16  | 3.21  | —  | —  | —  | —  | 3.21  | 15.47  | 26.18  | 17814  | 2.20  | 2.21  | 0.30  | 16  |
| 10/1/21 to 9/30/22 | 24.23  | (0.03)  | —  | (10.28)  | (10.31)  | (0.27)  | (1.39)  | (1.66)  | —  | (11.97)  | 12.26  | (45.57)  | 18430  | 2.20 <sup>(9)(11)</sup> <br>| 2.20  | (0.18)  | 21  |
| 10/1/20 to 9/30/21 | 18.78  | (0.13)  | —  | 5.65  | 5.52  | (0.02)  | (0.05)  | (0.07)  | — <sup>(14)</sup> <br>| 5.45  | 24.23  | 29.43 <sup>(17)</sup> <br>| 42388  | 2.25 <sup>(10)</sup> <br>| 2.25  | (0.55)  | 23  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $20.61  | 0.44  | —  | 1.05  | 1.49  | (0.36)  | —  | (0.36)  | —  | 1.13  | $21.74  | 7.51 %  | $897238  | 1.19 % <sup>(8)(11)(16)</sup> <br>| 1.19 %  | 2.13 %  | 26 %  |
| 10/1/23 to 9/30/24 | 16.04  | 0.27  | —  | 4.30  | 4.57  | —  | —  | —  | —  | 4.57  | 20.61  | 28.49  | 923484  | 1.20 <sup>(8)(11)(16)</sup> <br>| 1.19  | 1.50  | 19  |
| 10/1/22 to 9/30/23 | 12.58  | 0.21  | —  | 3.25  | 3.46  | —  | —  | —  | —  | 3.46  | 16.04  | 27.50  | 809503  | 1.20  | 1.20  | 1.31  | 16  |
| 10/1/21 to 9/30/22 | 24.86  | 0.15  | —  | (10.51)  | (10.36)  | (0.53)  | (1.39)  | (1.92)  | —  | (12.28)  | 12.58  | (45.04)  | 927917  | 1.19 <sup>(9)(11)</sup> <br>| 1.19  | 0.76  | 21  |
| 10/1/20 to 9/30/21 | 19.25  | 0.12  | —  | 5.76  | 5.88  | (0.22)  | (0.05)  | (0.27)  | — <sup>(14)</sup> <br>| 5.61  | 24.86  | 30.69 <sup>(17)</sup> <br>| 2685996  | 1.24 <sup>(10)(11)</sup> <br>| 1.24  | 0.49  | 23  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $20.68  | 0.46  | —  | 1.06  | 1.52  | (0.39)  | —  | (0.39)  | —  | 1.13  | $21.81  | 7.64 %  | $95177  | 1.09 % <sup>(8)(11)(16)</sup> <br>| 1.09 %  | 2.22 %  | 26 %  |
| 10/1/23 to 9/30/24 | 16.08  | 0.29  | —  | 4.31  | 4.60  | —  | —  | —  | —  | 4.60  | 20.68  | 28.61  | 91690  | 1.08 <sup>(8)(11)</sup> <br>| 1.08  | 1.63  | 19  |
| 10/1/22 to 9/30/23 | 12.60  | 0.22  | —  | 3.26  | 3.48  | —  | —  | —  | —  | 3.48  | 16.08  | 27.62  | 76606  | 1.09  | 1.09  | 1.38  | 16  |
| 10/1/21 to 9/30/22 | 24.89  | 0.17  | —  | (10.52)  | (10.35)  | (0.55)  | (1.39)  | (1.94)  | —  | (12.29)  | 12.60  | (44.97)  | 80462  | 1.09 <sup>(9)(11)</sup> <br>| 1.09  | 0.86  | 21  |
| 10/1/20 to 9/30/21 | 19.27  | 0.16  | —  | 5.75  | 5.91  | (0.24)  | (0.05)  | (0.29)  | — <sup>(14)</sup> <br>| 5.62  | 24.89  | 30.82 <sup>(17)</sup> <br>| 277279  | 1.15 <sup>(10)(11)</sup> <br>| 1.15  | 0.65  | 23  |
| **SGA Emerging Markets** <br> **Equity Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $7.53  | 0.05  | —  | 0.55  | 0.60  | —  | —  | —  | —  | 0.60  | $8.13  | 7.97 %  | $104377  | 1.56 % <sup>(8)</sup> <br>| 1.77 %  | 0.71 %  | 23 %  |
| 10/1/23 to 9/30/24 | 7.00  | 0.01  | —  | 0.52  | 0.53  | —  | —  | —  | —  | 0.53  | 7.53  | 7.57  | 120263  | 1.57 <sup>(8)(10)(18)</sup> <br>| 1.71  | 0.17  | 125 <sup>(19)</sup> <br>|
| 10/1/22 to 9/30/23 | 7.05  | 0.05  | —  | (0.10)  | (0.05)  | —  | —  | —  | —  | (0.05)  | 7.00  | (0.71)  | 152257  | 1.58  | 1.59  | 0.72  | 52  |
| 10/1/21 to 9/30/22 | 11.91  | 0.02  | —  | (2.55)  | (2.53)  | (0.10)  | (2.23)  | (2.33)  | —  | (4.86)  | 7.05  | (26.30)  | 193151  | 1.58 <sup>(9)</sup> <br>| 1.58  | 0.18  | 54  |
| 10/1/20 to 9/30/21 | 11.01  | (0.04)  | —  | 0.99  | 0.95  | (0.05)  | —  | (0.05)  | —  | 0.90  | 11.91  | 8.58  | 362477  | 1.54  | 1.54  | (0.33)  | 67  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $7.04  | — <sup>(14)</sup> <br>| —  | 0.50  | 0.50  | —  | —  | —  | —  | 0.50  | $7.54  | 7.10 %  | $4918  | 2.32 % <sup>(8)</sup> <br>| 2.51 %  | — % <sup>(14)</sup> <br>| 23 %  |
| 10/1/23 to 9/30/24 | 6.59  | (0.04)  | —  | 0.49  | 0.45  | —  | —  | —  | —  | 0.45  | 7.04  | 6.83  | 8604  | 2.31 <sup>(8)(10)(18)</sup> <br>| 2.42  | (0.62)  | 125 <sup>(19)</sup> <br>|
| 10/1/22 to 9/30/23 | 6.68  | — <sup>(14)</sup> <br>| —  | (0.09)  | (0.09)  | —  | —  | —  | —  | (0.09)  | 6.59  | (1.35)  | 17208  | 2.27  | 2.28  | (0.03)  | 52  |
| 10/1/21 to 9/30/22 | 11.46  | (0.05)  | —  | (2.42)  | (2.47)  | (0.08)  | (2.23)  | (2.31)  | —  | (4.78)  | 6.68  | (26.85)  | 31378  | 2.28 <sup>(9)</sup> <br>| 2.28  | (0.55)  | 54  |
| 10/1/20 to 9/30/21 | 10.62  | (0.13)  | —  | 0.97  | 0.84  | —  | —  | —  | —  | 0.84  | 11.46  | 7.91  | 72832  | 2.22  | 2.22  | (1.06)  | 67  |

---

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (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> | **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate**<sup>(1)</sup> | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **SGA Emerging Markets** <br> **Equity** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $7.95  | 0.08  | —  | 0.57  | 0.65  | —  | —  | —  | —  | 0.65  | $8.60  | 8.18 %  | $391899  | 1.32 % <sup>(8)</sup> <br>| 1.42 %  | 0.99 %  | 23 %  |
| 10/1/23 to 9/30/24 | 7.37  | 0.03  | —  | 0.55  | 0.58  | —  | —  | —  | —  | 0.58  | 7.95  | 7.87  | 537937  | 1.29 <sup>(8)(10)(18)</sup> <br>| 1.35  | 0.41  | 125 <sup>(19)</sup> <br>|
| 10/1/22 to 9/30/23 | 7.40  | 0.08  | —  | (0.11)  | (0.03)  | —  | —  | —  | —  | (0.03)  | 7.37  | (0.41)  | 942601  | 1.24  | 1.25  | 1.04  | 52  |
| 10/1/21 to 9/30/22 | 12.35  | 0.04  | —  | (2.65)  | (2.61)  | (0.11)  | (2.23)  | (2.34)  | —  | (4.95)  | 7.40  | (26.00)  | 1572456  | 1.24 <sup>(9)</sup> <br>| 1.24  | 0.46  | 54  |
| 10/1/20 to 9/30/21 | 11.41  | — <sup>(14)</sup> <br>| —  | 1.02  | 1.02  | (0.08)  | —  | (0.08)  | —  | 0.94  | 12.35  | 8.93  | 4124645  | 1.23  | 1.23  | (0.03)  | 67  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $8.05  | 0.09  | —  | 0.59  | 0.68  | —  | —  | —  | —  | 0.68  | $8.73  | 8.45 %  | $29362  | 1.06 % <sup>(8)</sup> <br>| 1.31 %  | 1.21 %  | 23 %  |
| 10/1/23 to 9/30/24 | 7.44  | 0.05  | —  | 0.56  | 0.61  | —  | —  | —  | —  | 0.61  | 8.05  | 8.20  | 30145  | 1.02 <sup>(8)(18)</sup> <br>| 1.25  | 0.67  | 125 <sup>(19)</sup> <br>|
| 10/1/22 to 9/30/23 | 7.45  | 0.10  | —  | (0.11)  | (0.01)  | —  | —  | —  | —  | (0.01)  | 7.44  | (0.13)  | 45302  | 0.97  | 1.16  | 1.30  | 52  |
| 10/1/21 to 9/30/22 | 12.40  | 0.07  | —  | (2.67)  | (2.60)  | (0.12)  | (2.23)  | (2.35)  | —  | (4.95)  | 7.45  | (25.82)  | 99619  | 1.00 <sup>(9)</sup> <br>| 1.16  | 0.74  | 54  |
| 10/1/20 to 9/30/21 | 11.44  | 0.03  | —  | 1.03  | 1.06  | (0.10)  | —  | (0.10)  | —  | 0.96  | 12.40  | 9.21  | 204006  | 0.98  | 1.13  | 0.23  | 67  |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:**  | **Footnote Legend:**  |
| <sup>(1)</sup> <br>| Calculated using average shares outstanding.  |
| <sup>(2)</sup> <br>| Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(3)</sup> <br>| Not annualized for periods less than one year.  |
| <sup>(4)</sup> <br>| Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary <br> under generally accepted accounting principles required in the annual report.<br>|
| <sup>(5)</sup> <br>| Annualized for periods less than one year. |
| <sup>(6)</sup> <br>| 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 <br> of this ratio.<br>|
| <sup>(7)</sup> <br>| Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> <br>| Net expense ratio includes extraordinary European Union tax reclaim expenses. |
| <sup>(9)</sup> <br>| Net expense ratio includes extraordinary proxy expenses. |
| <sup>(10)</sup> <br>| Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(11)</sup> <br>| The share class is currently under its expense limitation.  |
| <sup>(12)</sup> <br>| Ratios of total expenses excluding interest expense on borrowings for year ended September 30, 2025, were 0.50% (Class A), 1.25% and (Class C). |
| <sup>(13)</sup> <br>| Inception date. |
| <sup>(14)</sup> <br>| Amount is less than $0.005 per share. |
| <sup>(15)</sup> <br>| Portfolio turnover is representative of the Fund for the entire period. |
| <sup>(16)</sup> <br>| See Note 3D in the Notes to Financial statements for information on recapture of expenses previously reimbursed and/or waived. |
| <sup>(17)</sup> <br>| Payment from affiliate had no impact on total return. |
| <sup>(18)</sup> <br>| Ratios of total expenses excluding interest expense on borrowings for the year ended September 30, 2024, were 1.55% (Class A), 2.29% (Class C), 1.27% <br> (Class I) and 1.00% (Class R6).<br>|
| <sup>(19)</sup> <br>| The Fund's portfolio turnover rate increased substantially during the period due to a change in the Fund's subadviser and associated repositioning. |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025**

**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 these financial statements, 18 funds of the Trust are offered for sale, of which 8 (each a "Fund" or collectively, the "Funds") are reported in these financial statements. Each Fund has a distinct investment objective and all of the Funds except the KAR Developing Markets Fund are diversified. *There is no guarantee that a Fund will achieve its objective(s).*

The Duff & Phelps Real Asset Fund is a fund of funds whose primary investment strategy involves investing in other investment companies, such as ETFs and other mutual funds.

All of the Funds offer Class A shares, Class C shares, Class I shares and Class R6 shares.

Class A shares of the Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% 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. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019 to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Class I shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Class I shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Class I shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Class I shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class I shares. Class I shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 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 and Class R6 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.

**Note 2. Significant Accounting Policies**

**($ reported in thousands)** 

The Funds are investment companies that follow 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. 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

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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.

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Security Valuation** 

The Funds' Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. 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).

&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 investment 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 investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that 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 ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

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

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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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.

As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned ("EU tax reclaims"). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have been recognized, if any, are reflected as European Union tax reclaims in the Statements of Operations. Related receivables, if any, are reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Generally, unless Management of the Funds believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, may reduce the amount of foreign taxes, if any, that a Fund could elect to pass-through- to its shareholders from a U.S. federal tax perspective. In certain circumstances, and to the extent that EU tax reclaims recovered by a Fund were previously pass-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service (the "IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders).

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 IRS 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 each such 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.

&nbsp;&nbsp;&nbsp;&nbsp;**F.**

**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 instruments, 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.

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Securities Lending**

The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan.

Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

As of September 30, 2025 none of the Funds were lending under the agreement with BNY.

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Segment Reporting**

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations.

**Note 3. Investment Advisory Fees and Related Party Transactions**

**($ reported in thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser") (formerly known as Virtus Investment Advisers, Inc.), 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' subadvisers.

As compensation for its services to the Funds, the applicable 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 (except as otherwise noted) of each Fund:

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

---

| | | |
|:---|:---|:---|
|  | **First $1 Billion** | **$1+ Billion** |
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp; 1.00% | &nbsp;&nbsp;&nbsp; 0.95% |
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **First $1 Billion** | **$1+ Billion through** <br>**$2 Billion**<br>| **$2+ Billion** |
| Duff & Phelps Global Infrastructure Fund | &nbsp;&nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.55% |
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |

---

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

---

| | | |
|:---|:---|:---|
|  | **First $3 Billion** | **$3+ Billion** |
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; 0.90% | &nbsp;&nbsp;&nbsp; 0.85% |

---

Duff & Phelps Real Asset Fund – the Adviser does not charge an advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Subadvisers**

The subadvisers manage the investments of each Fund for which they are paid a fee by the applicable Adviser. A list of the subadvisers and the Funds they serve as of the end of the year is as follows:

---

| |
|:---|
| **Fund** |
| Duff & Phelps Global Infrastructure Fund <br> &nbsp;&nbsp;&nbsp; DPIM<sup>(1)</sup> <br>|
| Duff & Phelps Global Real Estate Securities Fund <br> &nbsp;&nbsp;&nbsp; DPIM<sup>(1)</sup> <br>|
| Duff & Phelps Real Asset Fund <br> &nbsp;&nbsp;&nbsp; DPIM<sup>(1)</sup> <br>|
| Duff & Phelps Real Estate Securities Fund <br> &nbsp;&nbsp;&nbsp; DPIM<sup>(1)</sup> <br>|
| KAR Developing Markets Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(2)</sup> <br>|
| KAR Emerging Markets Small-Cap Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(2)</sup> <br>|
| KAR International Small-Mid Cap Fund <br> &nbsp;&nbsp;&nbsp; KAR<sup>(2)</sup> <br>|
| SGA Emerging Markets Equity Fund <br> &nbsp;&nbsp;&nbsp; SGA<sup>(3)</sup> <br>|

---

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

<sup>(1)</sup> Duff & Phelps Investment Management Co. ("DPIM"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(2)</sup> Kayne Anderson Rudnick Investment Management, LLC ("KAR"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(3)</sup> Sustainable Growth Advisers, LP ("SGA"), an indirect, majority-owned subsidiary of Virtus.

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

&nbsp;&nbsp;&nbsp;&nbsp;**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 January 31, 2026. 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A**  | **Class C**  | **Class I** | **Class R6** |
| Duff & Phelps Global Infrastructure Fund | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.24 %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99 %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.87 <br><sup>(1)</sup><br>|
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.24 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99 <br><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.33 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.08 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.08 <br><sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.03 <br><sup>(3)</sup><br>|
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.70 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.45 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.45 <br><sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30 <br><sup>(4)</sup><br>|
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |

---

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

<sup>(1)</sup> Effective January 1, 2025. For the period October 1, 2024 through December 31, 2024, the expense caps were as follows for Class A shares, Class C shares, Class I shares and Class R6 shares, respectively: 1.40%, 2.15%, 1.15% and 0.89%. 

<sup>(2)</sup> Effective January 1, 2025. For the period October 1, 2024 through December 31, 2024, there were no expense limitations in effect for Class A shares, Class C shares or Class I shares. 

<sup>(3)</sup> Effective January 1, 2025. For the period October 1, 2024 through December 31, 2024, the expense caps were as follows for Class A shares, Class C shares, Class I shares and Class R6 shares, respectively: 1.50%, 2.25%, 1.25% and 1.20%. 

<sup>(4)</sup> Effective January 1, 2025. For the period October 1, 2024 through December 31, 2024, the expense caps were as follows for Class A shares, Class C shares, Class I shares and Class R6 shares, respectively: 1.79%, 2.53%, 1.50% and 1.40%. 

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, and dividend expenses, if any.

&nbsp;&nbsp;&nbsp;&nbsp;**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 year ending September 30:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Duff & Phelps Global Infrastructure Fund |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; $9<br>| &nbsp;&nbsp;&nbsp; $26<br>| &nbsp;&nbsp;&nbsp; $35<br>| &nbsp;&nbsp;&nbsp; $70<br>|
| Duff & Phelps Global Real Estate Securities Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 366<br>| &nbsp;&nbsp;&nbsp; 409<br>| &nbsp;&nbsp;&nbsp; 441<br>| &nbsp;&nbsp;&nbsp; 1216<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 6<br>|
| Class I | &nbsp;&nbsp;&nbsp; 45<br>| &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 245<br>| &nbsp;&nbsp;&nbsp; 315<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 131<br>| &nbsp;&nbsp;&nbsp; 225<br>| &nbsp;&nbsp;&nbsp; 284<br>| &nbsp;&nbsp;&nbsp; 640<br>|
| Duff & Phelps Real Asset Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 37<br>| &nbsp;&nbsp;&nbsp; 45<br>| &nbsp;&nbsp;&nbsp; 44<br>| &nbsp;&nbsp;&nbsp; 126<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 5<br>|
| Class I | &nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp; 28<br>| &nbsp;&nbsp;&nbsp; 33<br>| &nbsp;&nbsp;&nbsp; 88<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 19<br>| &nbsp;&nbsp;&nbsp; 25<br>|
| Duff & Phelps Real Estate Securities Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 77<br>| &nbsp;&nbsp;&nbsp; 77<br>|
| Class C | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2<br>|
| Class I | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 99<br>| &nbsp;&nbsp;&nbsp; 99<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 175<br>| &nbsp;&nbsp;&nbsp; 180<br>| &nbsp;&nbsp;&nbsp; 215<br>| &nbsp;&nbsp;&nbsp; 570<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| KAR Developing Markets Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $3<br>| &nbsp;&nbsp;&nbsp; $4<br>| &nbsp;&nbsp;&nbsp; $6<br>| &nbsp;&nbsp;&nbsp; $13<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 9<br>|
| Class I | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 23<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 65<br>| &nbsp;&nbsp;&nbsp; 79<br>| &nbsp;&nbsp;&nbsp; 83<br>| &nbsp;&nbsp;&nbsp; 227<br>|
| KAR Emerging Markets Small-Cap Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 31<br>| &nbsp;&nbsp;&nbsp; 31<br>|
| Class C | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1<br>|
| Class I | &nbsp;&nbsp;&nbsp; 50<br>| &nbsp;&nbsp;&nbsp; 30<br>| &nbsp;&nbsp;&nbsp; 168<br>| &nbsp;&nbsp;&nbsp; 248<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2<br>|
| SGA Emerging Markets Equity Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 185<br>| &nbsp;&nbsp;&nbsp; 216<br>| &nbsp;&nbsp;&nbsp; 413<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 13<br>| &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 27<br>|
| Class I | &nbsp;&nbsp;&nbsp; 84<br>| &nbsp;&nbsp;&nbsp; 385<br>| &nbsp;&nbsp;&nbsp; 408<br>| &nbsp;&nbsp;&nbsp; 877<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 153<br>| &nbsp;&nbsp;&nbsp; 77<br>| &nbsp;&nbsp;&nbsp; 71<br>| &nbsp;&nbsp;&nbsp; 301<br>|

---

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

During the year ended September 30, 2025 the Adviser recaptured expenses previously waived for the following Funds:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff & Phelps Global Infrastructure <br>Fund<br>| &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff & Phelps Global Real Estate <br>Securities Fund<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff & Phelps <br>Real Asset Fund<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2 |
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |

---

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

<sup>(1)</sup> Amount is less than $500 (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;**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 the year ended September 30, 2025, it retained net commissions of $50 for Class A shares and CDSC of $22 and $3 for Class A shares and Class C shares, respectively.

In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%<sup>(1)</sup> for Class A shares and 1.00%<sup>(1)(2)</sup> for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan.

Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Some of the Funds invest in ETFs. In addition to the fees listed, the Funds bear their proportionate shares of any distribution and shareholder servicing fees of the ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The Funds' distributor has contractually agreed to waive its 12b-1 fees applicable to Class C shares to the extent that the Funds' investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the Fund to exceed the limits set forth in applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

For the year ended September 30, 2025, the Funds incurred administration fees totaling $2,645 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 year ended September 30, 2025, the Funds incurred transfer agent fees totaling $1,185 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.

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

&nbsp;&nbsp;&nbsp;&nbsp;**G.**

**Affiliated Shareholders**

At September 30, 2025, Virtus and its affiliates held significant shares of the following Fund, which may be redeemed at any time, that aggregated to the following:

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Aggregate Net** <br>**Asset Value**<br>|
| KAR Developing Markets Fund |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; $108 |
| Class C | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 107 |
| Class I | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 108 |
| Class R6 | &nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 2930 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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 year ended September 30, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act.

A summary of the Duff & Phelps Real Asset Fund's total long-term and short-term purchases and sales of the respective shares of the affiliated underlying funds<sup>(1)</sup> during the year ended September 30, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(2)</sup> <br>| **Sales** <br>**proceeds**<sup>(3)</sup> <br>| **Net** <br>**realized** <br>**gain (loss)** <br>**on** <br>**affiliated** <br>**funds**<br>| **Net change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated funds**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** |
| **Affiliated Mutual Funds**<sup>(4)</sup>**—77.4%** | **Affiliated Mutual Funds**<sup>(4)</sup>**—77.4%** | **Affiliated Mutual Funds**<sup>(4)</sup>**—77.4%** | **Affiliated Mutual Funds**<sup>(4)</sup>**—77.4%** | **Affiliated Mutual Funds**<sup>(4)</sup>**—77.4%** |  |  |  |  |  |
| **Equity Funds—74.5%** | **Equity Funds—74.5%** | **Equity Funds—74.5%** | **Equity Funds—74.5%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Global <br> Infrastructure Fund <br> Class R6<br>| $5693 | $5395 | $525 | $6 | $503 | $11072 | 685587 | $169 | $176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Global <br> Real Estate Securities <br> Fund Class R6<br>| 5725 | 4391 | 306 | 7 | 33 | 9850 | 272486 | 141 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Select <br> MLP and Energy Fund <br> Class I<br>| 3374 | 1624 | 1150 | 462 | 25 | 4335 | 254664 | 23 <br><sup>(5)</sup><br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Water <br> Fund Institutional <br> Shares<br>| 505 | 1288 | 30 | (1)<br>| 29 | 1791 | 84746 | 6 | 52 |
| **Fixed Income Fund—2.9%** | **Fixed Income Fund—2.9%** | **Fixed Income Fund—2.9%** | **Fixed Income Fund—2.9%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Senior <br> Floating Rate Fund <br> Class R6<br>| 607 | 582 | 121 | 4 | (13)<br>| 1059 | 123740 | 53 |  |
| **Affiliated Exchange-Traded Fund**<sup>(4)</sup>**—3.8%** | **Affiliated Exchange-Traded Fund**<sup>(4)</sup>**—3.8%** | **Affiliated Exchange-Traded Fund**<sup>(4)</sup>**—3.8%** | **Affiliated Exchange-Traded Fund**<sup>(4)</sup>**—3.8%** | **Affiliated Exchange-Traded Fund**<sup>(4)</sup>**—3.8%** |  |  |  |  |  |
| **Equity Fund—3.8%** | **Equity Fund—3.8%** | **Equity Fund—3.8%** | **Equity Fund—3.8%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Clean <br> Energy ETF<br>| 315 | 794 |  |  | 263 | 1372 | 57575 | 13 |  |
| Total | $16219 | $14074 | $2132 | $478 | $840 | $29479 |  | $405 | $228 |

---

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.

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

A summary of the Funds' total long-term and short-term purchases and sales of the securities of affiliated issuers during the year ended September 30, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases** | **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** |
| **Common Stocks—1.8%** | **Common Stocks—1.8%** | **Common Stocks—1.8%** | **Common Stocks—1.8%** | **Common Stocks—1.8%** | **Common Stocks—1.8%** | **Common Stocks—1.8%** | **Common Stocks—1.8%** | **Common Stocks—1.8%** | **Common Stocks—1.8%** |
| Union Auction PCL<sup>(6)</sup> | $— | $— | $294 | $(135)<br>| $(1930)<br>| $6095 | 31854400 | $455 | $— |
| Vasta Platform Ltd.<sup>(7)</sup> | 3660 |  | 2819 | (7681)<br>| 6840 |  |  |  |  |
| Total | $3660 | $— | $3113 | $(7816)<br>| $4910 | $6095 |  | $455 | $— |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases** | **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** |
| **Common Stocks—3.1%** | **Common Stocks—3.1%** | **Common Stocks—3.1%** | **Common Stocks—3.1%** | **Common Stocks—3.1%** | **Common Stocks—3.1%** | **Common Stocks—3.1%** | **Common Stocks—3.1%** | **Common Stocks—3.1%** | **Common Stocks—3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Baltic Classifieds Group <br> plc<sup>(8)</sup><br>| $102445 | $— | $46799 | $21876 | $(47609)<br>| $— |  | $641 | $— |
| oOh!media Ltd. | 26713 | 3882 | 606 | (377)<br>| 3220 | 32832 | 33300196 | 1210 |  |
| Total | $129158 | $3882 | $47405 | $21499 | $(44389)<br>| $32832 |  | $1851 | $— |

---

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

---

| | |
|:---|:---|
| <sup>Footnote Legend:</sup> | <sup>Footnote Legend:</sup> |
| <sup>(1)</sup> | The Duff & Phelps Real Asset Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within <br> each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At September 30, 2025, the Fund was owner of record of 29% <br> of Duff & Phelps Clean Energy ETF and the owner of record of less than 10% of all other affiliated underlying funds. <br>|
| <sup>(2)</sup> | Includes reinvested dividends from income and capital gain distributions. |
| <sup>(3)</sup> | Includes return of capital.  |
| <sup>(4)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(5)</sup> | Includes return of capital dividend reclassification in the amount of $(64), relating to a prior year dividend. |
| <sup>(6)</sup> | Issuer was not an affiliated investment of the Fund at September 30, 2024. |
| <sup>(7)</sup> | Security was not an investment of the Fund at September 30, 2025. |
| <sup>(8)</sup> | Issuer is not an affiliated investment of the Fund at September 30, 2025. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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 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 September 30, 2025.

**Note 4. Purchases and Sales of Securities**

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Duff & Phelps Global Infrastructure Fund | &nbsp;&nbsp;&nbsp; $75219<br>| &nbsp;&nbsp;&nbsp; $76547<br>|
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 68849<br>| &nbsp;&nbsp;&nbsp; 81223<br>|
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp;&nbsp; 17616<br>| &nbsp;&nbsp;&nbsp; 4235<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; $61242<br>| &nbsp;&nbsp;&nbsp; $86383<br>|
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp; 1638<br>| &nbsp;&nbsp;&nbsp; 1094<br>|
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp; 100771<br>| &nbsp;&nbsp;&nbsp; 118032<br>|
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; 249115<br>| &nbsp;&nbsp;&nbsp; 343876<br>|
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp; 125973<br>| &nbsp;&nbsp;&nbsp; 317813<br>|

---

There were no purchases or sales of long-term U.S. government and agency securities during the year ended September 30, 2025.

**Note 5. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the years ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Duff & Phelps Global Infrastructure Fund** | **Duff & Phelps Global Infrastructure Fund** | **Duff & Phelps Global Infrastructure Fund** | **Duff & Phelps Global Infrastructure Fund** | **Duff & Phelps Global Real Estate Securities Fund** | **Duff & Phelps Global Real Estate Securities Fund** | **Duff & Phelps Global Real Estate Securities Fund** | **Duff & Phelps Global Real Estate Securities Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; $1126 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; $681 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; $4279 | &nbsp;&nbsp; 127 | &nbsp;&nbsp; $4066 |
| Reinvestment of distributions | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (564) <br>| &nbsp;&nbsp; (8240) <br>| &nbsp;&nbsp; (448) <br>| &nbsp;&nbsp; (6054) <br>| &nbsp;&nbsp; (140) <br>| &nbsp;&nbsp; (4912) <br>| &nbsp;&nbsp; (134) <br>| &nbsp;&nbsp; (4371) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (416)<br>| &nbsp;&nbsp; $(6070)<br>| &nbsp;&nbsp; (349)<br>| &nbsp;&nbsp; $(4713)<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; $(325)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $(65)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $37 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; $618 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; $367 |
| Reinvestment of distributions | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (38) <br>| &nbsp;&nbsp; (568) <br>| &nbsp;&nbsp; (78) <br>| &nbsp;&nbsp; (1040) <br>| &nbsp;&nbsp; (29) <br>| &nbsp;&nbsp; (958) <br>| &nbsp;&nbsp; (53) <br>| &nbsp;&nbsp; (1618) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; $(484)<br>| &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; $(967)<br>| &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; $(303)<br>| &nbsp;&nbsp; (40)<br>| &nbsp;&nbsp; $(1214)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 6527 | &nbsp;&nbsp; $101042 | &nbsp;&nbsp; 184 | &nbsp;&nbsp; $2463 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; $28944 | &nbsp;&nbsp; 913 | &nbsp;&nbsp; $28237 |
| Reinvestment of distributions | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 1604 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 4467 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 4224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (451) <br>| &nbsp;&nbsp; (6890) <br>| &nbsp;&nbsp; (1095) <br>| &nbsp;&nbsp; (14521) <br>| &nbsp;&nbsp; (1418) <br>| &nbsp;&nbsp; (48072) <br>| &nbsp;&nbsp; (2545) <br>| &nbsp;&nbsp; (79961) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 6186 | &nbsp;&nbsp; $95756 | &nbsp;&nbsp; (862)<br>| &nbsp;&nbsp; $(11376)<br>| &nbsp;&nbsp; (430)<br>| &nbsp;&nbsp; $(14661)<br>| &nbsp;&nbsp; (1498)<br>| &nbsp;&nbsp; $(47500)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 724 | &nbsp;&nbsp; $11014 | &nbsp;&nbsp; 6235 | &nbsp;&nbsp; $81367 | &nbsp;&nbsp; 925 | &nbsp;&nbsp; $32176 | &nbsp;&nbsp; 2441 | &nbsp;&nbsp; $74484 |
| Reinvestment of distributions | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 4778 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 3057 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 4134 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 3624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (6631) <br>| &nbsp;&nbsp; (102676) <br>| &nbsp;&nbsp; (583) <br>| &nbsp;&nbsp; (8455) <br>| &nbsp;&nbsp; (895) <br>| &nbsp;&nbsp; (30489) <br>| &nbsp;&nbsp; (793) <br>| &nbsp;&nbsp; (27257) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (5569)<br>| &nbsp;&nbsp; $(86884)<br>| &nbsp;&nbsp; 5872 | &nbsp;&nbsp; $75969 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; $5821 | &nbsp;&nbsp; 1763 | &nbsp;&nbsp; $50851 |

---

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

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Asset Fund** | **Duff & Phelps Real Estate Securities Fund** | **Duff & Phelps Real Estate Securities Fund** | **Duff & Phelps Real Estate Securities Fund** | **Duff & Phelps Real Estate Securities Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; $455 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $245 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; $9553 | &nbsp;&nbsp; 498 | &nbsp;&nbsp; $9305 |
| Reinvestment of distributions | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 7518 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 10965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (98) <br>| &nbsp;&nbsp; (1431) <br>| &nbsp;&nbsp; (132) <br>| &nbsp;&nbsp; (1733) <br>| &nbsp;&nbsp; (1157) <br>| &nbsp;&nbsp; (22055) <br>| &nbsp;&nbsp; (1419) <br>| &nbsp;&nbsp; (26238) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (43)<br>| &nbsp;&nbsp; $(650)<br>| &nbsp;&nbsp; (99)<br>| &nbsp;&nbsp; $(1297)<br>| &nbsp;&nbsp; (244)<br>| &nbsp;&nbsp; $(4984)<br>| &nbsp;&nbsp; (323)<br>| &nbsp;&nbsp; $(5968)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $5 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $340 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; $426 |
| Reinvestment of distributions | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (3) <br>| &nbsp;&nbsp; (47) <br>| &nbsp;&nbsp; (14) <br>| &nbsp;&nbsp; (190) <br>| &nbsp;&nbsp; (42) <br>| &nbsp;&nbsp; (828) <br>| &nbsp;&nbsp; (66) <br>| &nbsp;&nbsp; (1225) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; $(39)<br>| &nbsp;&nbsp; (14)<br>| &nbsp;&nbsp; $(184)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; $(280)<br>| &nbsp;&nbsp; (23)<br>| &nbsp;&nbsp; $(434)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 109 | &nbsp;&nbsp; $1627 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; $1933 | &nbsp;&nbsp; 1193 | &nbsp;&nbsp; $22770 | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; $28420 |
| Reinvestment of distributions | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 156 | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 11487 | &nbsp;&nbsp; 1041 | &nbsp;&nbsp; 18978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (176) <br>| &nbsp;&nbsp; (2617) <br>| &nbsp;&nbsp; (96) <br>| &nbsp;&nbsp; (1258) <br>| &nbsp;&nbsp; (3087) <br>| &nbsp;&nbsp; (58366) <br>| &nbsp;&nbsp; (4172) <br>| &nbsp;&nbsp; (76169) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; $(698)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; $831 | &nbsp;&nbsp; (1266)<br>| &nbsp;&nbsp; $(24109)<br>| &nbsp;&nbsp; (1601)<br>| &nbsp;&nbsp; $(28771)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1054 | &nbsp;&nbsp; $15689 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; $310 | &nbsp;&nbsp; 2289 | &nbsp;&nbsp; $43903 | &nbsp;&nbsp; 2008 | &nbsp;&nbsp; $37167 |
| Reinvestment of distributions | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 11013 | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 12989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (79) <br>| &nbsp;&nbsp; (1189) <br>| &nbsp;&nbsp; (24) <br>| &nbsp;&nbsp; (301) <br>| &nbsp;&nbsp; (1655) <br>| &nbsp;&nbsp; (31846) <br>| &nbsp;&nbsp; (2101) <br>| &nbsp;&nbsp; (39114) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 979 | &nbsp;&nbsp; $14552 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $32 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; $23070 | &nbsp;&nbsp; 613 | &nbsp;&nbsp; $11042 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Developing Markets Fund** | **KAR Developing Markets Fund** | **KAR Developing Markets Fund** | **KAR Developing Markets Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; $105 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $44 | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; $15946 | &nbsp;&nbsp; 792 | &nbsp;&nbsp; $12023 |
| Reinvestment of distributions | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (— ) <sup>(1)</sup><br>| &nbsp;&nbsp; (4) <br>| &nbsp;&nbsp; (— ) <sup>(1)</sup><br>| &nbsp;&nbsp; (2) <br>| &nbsp;&nbsp; (1120) <br>| &nbsp;&nbsp; (18191) <br>| &nbsp;&nbsp; (863) <br>| &nbsp;&nbsp; (12705) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; $42 | &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; $(1170)<br>| &nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; $(682)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; $25 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $— <br><sup>(2)</sup><br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; $501 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; $463 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (64) <br>| &nbsp;&nbsp; (992) <br>| &nbsp;&nbsp; (54) <br>| &nbsp;&nbsp; (784) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $25 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $— <br><sup>(2)</sup><br>| &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; $(409)<br>| &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; $(321)<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR Developing Markets Fund** | **KAR Developing Markets Fund** | **KAR Developing Markets Fund** | **KAR Developing Markets Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** | **KAR Emerging Markets Small-Cap Fund** |
|  | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; $752 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 5644 | &nbsp;&nbsp; $93142 | &nbsp;&nbsp; 5237 | &nbsp;&nbsp; $78050 |
| Reinvestment of distributions | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 9516 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (2) <br>| &nbsp;&nbsp; (23) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (7089) <br>| &nbsp;&nbsp; (108587) <br>| &nbsp;&nbsp; (4048) <br>| &nbsp;&nbsp; (59706) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 75 | &nbsp;&nbsp; $730 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $2 | &nbsp;&nbsp; (808)<br>| &nbsp;&nbsp; $(5929)<br>| &nbsp;&nbsp; 1189 | &nbsp;&nbsp; $18344 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; $987 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $132 |
| Reinvestment of distributions | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (19) <br>| &nbsp;&nbsp; (172) <br>| &nbsp;&nbsp; (19) <br>| &nbsp;&nbsp; (155) <br>| &nbsp;&nbsp; (70) <br>| &nbsp;&nbsp; (1089) <br>| &nbsp;&nbsp; (14) <br>| &nbsp;&nbsp; (216) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; $(169)<br>| &nbsp;&nbsp; (18)<br>| &nbsp;&nbsp; $(147)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; $(77)<br>| &nbsp;&nbsp; (6)<br>| &nbsp;&nbsp; $(84)<br>|

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **KAR International Small-Mid Cap Fund** | **SGA Emerging Markets Equity Fund** | **SGA Emerging Markets Equity Fund** | **SGA Emerging Markets Equity Fund** | **SGA Emerging Markets Equity Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 929 | &nbsp;&nbsp; $19098 | &nbsp;&nbsp; 658 | &nbsp;&nbsp; $11898 | &nbsp;&nbsp; 3018 | &nbsp;&nbsp; $21764 | &nbsp;&nbsp; 3155 | &nbsp;&nbsp; $21949 |
| Reinvestment of distributions | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1033) <br>| &nbsp;&nbsp; (21300) <br>| &nbsp;&nbsp; (1109) <br>| &nbsp;&nbsp; (19758) <br>| &nbsp;&nbsp; (6145) <br>| &nbsp;&nbsp; (44614) <br>| &nbsp;&nbsp; (8943) <br>| &nbsp;&nbsp; (62658) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; $(1473)<br>| &nbsp;&nbsp; (451)<br>| &nbsp;&nbsp; $(7860)<br>| &nbsp;&nbsp; (3127)<br>| &nbsp;&nbsp; $(22850)<br>| &nbsp;&nbsp; (5788)<br>| &nbsp;&nbsp; $(40709)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; $568 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; $468 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; $217 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; $480 |
| Reinvestment of distributions | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (343) <br>| &nbsp;&nbsp; (6881) <br>| &nbsp;&nbsp; (336) <br>| &nbsp;&nbsp; (5834) <br>| &nbsp;&nbsp; (603) <br>| &nbsp;&nbsp; (4046) <br>| &nbsp;&nbsp; (1463) <br>| &nbsp;&nbsp; (9643) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (310)<br>| &nbsp;&nbsp; $(6226)<br>| &nbsp;&nbsp; (309)<br>| &nbsp;&nbsp; $(5366)<br>| &nbsp;&nbsp; (570)<br>| &nbsp;&nbsp; $(3829)<br>| &nbsp;&nbsp; (1389)<br>| &nbsp;&nbsp; $(9163)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 9150 | &nbsp;&nbsp; $190549 | &nbsp;&nbsp; 9090 | &nbsp;&nbsp; $162726 | &nbsp;&nbsp; 9505 | &nbsp;&nbsp; $70697 | &nbsp;&nbsp; 23674 | &nbsp;&nbsp; $173800 |
| Reinvestment of distributions | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 14990 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (13501) <br>| &nbsp;&nbsp; (273431) <br>| &nbsp;&nbsp; (14745) <br>| &nbsp;&nbsp; (263341) <br>| &nbsp;&nbsp; (31609) <br>| &nbsp;&nbsp; (239350) <br>| &nbsp;&nbsp; (83920) <br>| &nbsp;&nbsp; (621482) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (3554)<br>| &nbsp;&nbsp; $(67892)<br>| &nbsp;&nbsp; (5655)<br>| &nbsp;&nbsp; $(100615)<br>| &nbsp;&nbsp; (22104)<br>| &nbsp;&nbsp; $(168653)<br>| &nbsp;&nbsp; (60246)<br>| &nbsp;&nbsp; $(447682)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 966 | &nbsp;&nbsp; $20281 | &nbsp;&nbsp; 529 | &nbsp;&nbsp; $9468 | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; $8466 | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; $10075 |
| Reinvestment of distributions | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1095) <br>| &nbsp;&nbsp; (22358) <br>| &nbsp;&nbsp; (860) <br>| &nbsp;&nbsp; (15804) <br>| &nbsp;&nbsp; (1474) <br>| &nbsp;&nbsp; (11554) <br>| &nbsp;&nbsp; (3691) <br>| &nbsp;&nbsp; (27783) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; $(975)<br>| &nbsp;&nbsp; (331)<br>| &nbsp;&nbsp; $(6336)<br>| &nbsp;&nbsp; (382)<br>| &nbsp;&nbsp; $(3088)<br>| &nbsp;&nbsp; (2346)<br>| &nbsp;&nbsp; $(17708)<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

<sup>(2)</sup> Amount is less than $500 (not in thousands).

**Note 6. 10% Shareholders**

As of September 30, 2025, the Funds 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:

---

| | | |
|:---|:---|:---|
|  | **% of Shares** <br>**Outstanding**<br>| **Number of** <br>**Accounts**<br>|
| Duff & Phelps Global Infrastructure Fund | &nbsp;&nbsp;&nbsp; 61% | &nbsp;&nbsp;&nbsp; 1 |
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 3 |
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 1\* <br>|
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 2 |
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 4 |
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 3 |
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 1 |

---

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

<sup>\*</sup> Includes affiliated shareholder account(s).

**Note 7. Credit and Market Risk and Asset Concentration**

Local, regional or global events such as war or military conflict, 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.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. A Fund may be unable to receive and repatriate proceeds and/or interest payments due to U.S. and Russian sanctions related to the Russia/Ukraine war.

The markets of the Greater China region functions in many ways as emerging markets and carry the high level of risks associated with emerging markets. The government of China maintains strict currency controls in order to achieve economic, trade and political objectives and regularly intervenes in the currency market. The Chinese government also plays a major role in the country's economic policies regarding foreign investments. Foreign investors are subject to the risk of loss from expropriation or nationalization of their investment assets and property, governmental restrictions on foreign investments and the repatriation of capital invested. In addition, the rapid growth rate of the Chinese economy over the past several years may not continue, and the trend toward economic liberalization and disparities in wealth may result in social disorder, including violence and labor unrest. These and other factors could have a negative impact on a Fund's performance and increase the volatility of an investment in a Fund. Certain securities issued by companies located or operating in China, such as China A-shares, are also subject to trading restrictions, quota limitations and less market liquidity, which could pose risks to a Fund.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of a Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At September 30, 2025, the following Funds held securities issued by various companies in specific sectors as detailed below:

---

| | | |
|:---|:---|:---|
|  | **Sector** | **Percentage of** <br>**Total Investments**<br>|
| Duff & Phelps Global Infrastructure Fund | Utilities | &nbsp;&nbsp;&nbsp; 50% |
| Duff & Phelps Global Infrastructure Fund | Industrials | &nbsp;&nbsp;&nbsp; 30 |
| KAR Developing Markets Fund | Industrials | &nbsp;&nbsp;&nbsp; 31 |
| KAR Emerging Markets Small-Cap Fund | Industrials | &nbsp;&nbsp;&nbsp; 31 |
| SGA Emerging Markets Equity Fund | Financials | &nbsp;&nbsp;&nbsp; 26 |

---

**Note 8. 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 9. 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 September 30, 2025, the Funds did not hold any securities that were restricted.

**Note 10. Redemption Facility**

**($ reported in thousands)**

The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended, ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 2, 2026. The Credit Agreement 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. Each Fund, that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of SOFR 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 year ended September 30, 2025, are included in the "interest expense and/or commitment fees" line on the Statements of Operations.

The following Funds had outstanding loans during the year. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Interest** <br>**Incurred on** <br>**Borrowing**<br>| **Average** <br>**Borrowing**<br>| **Weighted Average** <br>**Interest Rate**<br>| **Days** <br>**Outstanding**<br>|
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $983 | &nbsp;&nbsp;&nbsp; 5.93% | &nbsp;&nbsp;&nbsp; 6 |
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 8450 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp; 3 |
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2397 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp; 12 |
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3400 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp; 1 |
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 5561 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp; 22 |

---

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Note 11. Federal Income Tax Information**

**($ reported in thousands)**

At September 30, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal** <br>**Tax Cost**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Duff & Phelps Global Infrastructure Fund | &nbsp;&nbsp;&nbsp; $134781<br>| $26101 | $(2922) <br>| $23179<br>|
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 296177<br>| 94895 | (11582) <br>| 83313<br>|
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp;&nbsp; 36672<br>| 8703 | (9099) <br>| (396) <br>|
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 227598<br>| 123560 | (6166) <br>| 117394<br>|
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp; 3376<br>| 1102 | (232) <br>| 870<br>|
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp; 274989<br>| 79211 | (16811) <br>| 62400<br>|
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; 815582<br>| 250442 | (52307) <br>| 198135<br>|
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp; 438176<br>| 123051 | (32362) <br>| 90689<br>|

---

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 year ended September 30, 2025, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Duff & Phelps Global Real Estate Securities Fund | $1643 | $44313 |
| Duff & Phelps Real Asset Fund | 12901 | 813 |
| KAR Developing Markets Fund | 91 | 410 |
| KAR International Small-Mid Cap Fund | 187088 | 142826 |
| SGA Emerging Markets Equity Fund | 297923 | 164803 |

---

The components of distributable earnings on a tax basis and certain tax attributes for the Funds consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Post-October** <br>**Capital Loss** <br>**Deferred**<br>| **Capital Loss** <br>**Deferred**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff & Phelps Global <br> Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp; $1536 | &nbsp;&nbsp;&nbsp; $6725 | &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $—<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff & Phelps Global <br> Real Estate Securities <br> Fund<br>| &nbsp;&nbsp;&nbsp; 9258 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 829<br>| &nbsp;&nbsp; 45956<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff & Phelps Real <br> Asset Fund<br>| &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; 13714<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duff & Phelps Real <br> Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp; 2745 | &nbsp;&nbsp;&nbsp; 9459 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Developing <br> Markets Fund<br>| &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 26<br>| &nbsp;&nbsp; 501<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR Emerging Markets <br> Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp; 6998 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 21121<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KAR International <br> Small-Mid Cap Fund<br>| &nbsp;&nbsp;&nbsp; 31210 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 8562<br>| &nbsp;&nbsp; 329914<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SGA Emerging Markets <br> Equity Fund<br>| &nbsp;&nbsp;&nbsp; 9012 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 10348<br>| &nbsp;&nbsp; 462726<br>|

---

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

------

**VIRTUS OPPORTUNITIES TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The tax character of dividends and distributions paid during the years ended September 30, 2025 and 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gains**<br>| **Total** |
| Duff & Phelps Global Infrastructure Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; $5482<br>| &nbsp;&nbsp;&nbsp; $2085<br>| &nbsp;&nbsp;&nbsp; $7567<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 3338<br>| &nbsp;&nbsp;&nbsp; 1147<br>| &nbsp;&nbsp;&nbsp; 4485<br>|
| Duff & Phelps Global Real Estate Securities Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 9145<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 9145<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 8275<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 8275<br>|
| Duff & Phelps Real Asset Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 720<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 720<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 400<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 400<br>|
| Duff & Phelps Real Estate Securities Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 12138<br>| &nbsp;&nbsp;&nbsp; 18430<br>| &nbsp;&nbsp;&nbsp; 30568<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 8230<br>| &nbsp;&nbsp;&nbsp; 36000<br>| &nbsp;&nbsp;&nbsp; 44230<br>|
| KAR Developing Markets Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 55<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 55<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 65<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 65<br>|
| KAR Emerging Markets Small-Cap Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 5701<br>| &nbsp;&nbsp;&nbsp; 5017<br>| &nbsp;&nbsp;&nbsp; 10718<br>|
| KAR International Small-Mid Cap Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 18050<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 18050<br>|

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

**Note 12. 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 13. Recent Accounting Pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact.

**Note 14. 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 the following are subsequent events requiring recognition or disclosure in these financial statements.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Funds will no longer be available for purchase by new or existing shareholders, except by existing shareholders through qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

On January 26, 2026, Class C of each of Duff & Phelps Global Infrastructure Fund, Duff & Phelps Real Asset Fund, and KAR Developing Markets Fund will be eliminated as a share class and existing Class C shares of those Funds will be converted to Class A shares of each respective Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service. Please refer to each Fund's Prospectuses for any differences between share classes, including sales charge structure, expenses and other options.

------

![](g49956img0c78dc142.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Virtus Opportunities Trust and Shareholders of Virtus Duff & Phelps Global Infrastructure Fund, Virtus Duff & Phelps Global Real Estate Securities Fund, Virtus Duff & Phelps Real Asset Fund, Virtus Duff & Phelps Real Estate Securities Fund, Virtus KAR Developing Markets Fund, Virtus KAR Emerging Markets Small-Cap Fund, Virtus KAR International Small-Mid Cap Fund, and Virtus SGA Emerging Markets Equity Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Duff & Phelps Global Infrastructure Fund, Virtus Duff & Phelps Global Real Estate Securities Fund, Virtus Duff & Phelps Real Asset Fund, Virtus Duff & Phelps Real Estate Securities Fund, Virtus KAR Developing Markets Fund, Virtus KAR Emerging Markets Small-Cap Fund, Virtus KAR International Small-Mid Cap Fund, and Virtus SGA Emerging Markets Equity Fund (eight of the Funds constituting Virtus Opportunities Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

November 21, 2025

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

------

**VIRTUS OPPORTUNITIES TRUST**

**OTHER INFORMATION** 

**September 30, 2025**

**FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants** 

None

**FORM N-CSR ITEM 9 - Proxy Disclosure**

None

**FORM N-CSR ITEM 10 - Remuneration Paid to Trustees**

For the year ended September 30, 2025, the Funds incurred independent Trustee's fees totaling $209 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

**FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract**

None

------

**VIRTUS OPPORTUNITIES TRUST**

**TAX INFORMATION NOTICE (Unaudited)**

**September 30, 2025**

The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2026, the Funds will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended September 30, 2025, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Qualified REIT** <br>**Dividend** <br>**Income %** <br>**(non-corporate** <br>**shareholders)**<br>| **Qualified** <br>**Dividend** <br>**Income %** <br>**(non-corporate** <br>**shareholder)**<br>| **Dividend** <br>**Received** <br>**Deduction %** <br>**(corporate** <br>**shareholders)**<br>| **Long-Term** <br>**Capital Gain** <br>**Distributions ($)**<br>|
| Duff & Phelps Global Infrastructure Fund | 0.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 90.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 44.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; $7138<br>|
| Duff & Phelps Global Real Estate Securities Fund | 69.83<br>| &nbsp;&nbsp;&nbsp;&nbsp;35.78 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Duff & Phelps Real Asset Fund | 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;57.32 | &nbsp;&nbsp;&nbsp;&nbsp; 48.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| Duff & Phelps Real Estate Securities Fund | 100.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9678<br>|
| KAR Developing Markets Fund | 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;62.53 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| KAR Emerging Markets Small-Cap Fund | 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;49.55 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4611<br>|
| KAR International Small-Mid Cap Fund | 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;70.56 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| SGA Emerging Markets Equity Fund | 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;82.01 | &nbsp;&nbsp;&nbsp;&nbsp; 3.32<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br>|

---

For the fiscal year ended September 30, 2025, certain Funds are disclosing the following information pursuant to notice requirements of Section 853(a) and 855(d) of the Code and the Treasury Regulations thereunder.

---

| | | |
|:---|:---|:---|
|  | **Foreign Source** <br>**Income** <br>**Recognized**<br>| **Foreign Taxes** <br>**Paid on** <br>**Foreign** <br>**Source** <br>**Income**<br>|
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp; $29<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1<br>|
| KAR Developing Markets Fund | &nbsp;&nbsp; 104<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12<br>|
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp; 10707<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2663<br>|
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp; 34220<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2357<br>|
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp; 13644<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1134<br>|

---

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**THIS PAGE INTENTIONALLY BLANK.**

------

**VIRTUS OPPORTUNITIES TRUST**

101 Munson Street

Greenfield, MA 01301-9668

**Trustees**

Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

**Principal Officers**

George R. Aylward, President

Peter Batchelar, Senior Vice President

&nbsp;&nbsp;&nbsp;&nbsp;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 Investment Advisers, LLC

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

240 Greenwich Street

New York, NY 10286-1048

**Independent Registered Public**

**Accounting Firm**

PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

**How to Contact Us**

Mutual Fund Services

1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

------

![](g49956img0e8fa9453.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

8637 11-25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7(a).

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7(a).

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Refer to the Other Information Section in Item 7(a).

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Refer to the Other Information Section in Item 7(a).

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which 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.

------

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(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 have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.
(a)(1) [The registrant's Code of Ethics is attached hereto.](d228299dex99codeeth.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d228299dex99cert.htm)  |

---

(a)(4) Disclosure not required for open-end management investment companies.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(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.](d228299dex99906ce.htm)

------

#### 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 | (Registrant) Virtus Opportunities Trust |
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

Date   <u>12/02/2025</u>

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   <u>12/02/2025</u>

---

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

---

Date   <u>12/01/2025</u>

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

## Ex-99.Code

**EX-99.CODE ETH** 

**CODE OF ETHICS FOR** 

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

Each Fund is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers").

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

Senior Officers may be subject to certain conflicts of interest inherent in the operation of the Funds, because the Senior Officers (in addition to their role as senior officers of the Fund) currently or may in the future serve as officers or employees of a Virtus affiliated investment adviser<sup>1</sup> (the "Adviser"), Virtus Investment Partners, Inc. or other affiliates thereof (collectively, "Virtus") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by Virtus.

A variety of laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Adviser or Virtus govern certain conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Company Act of 1940, as amended, and the rules and regulation promulgated thereunder by the
Securities and Exchange Commission (the "1940 Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the "Advisers Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under
the 1940 Act (collectively, the "Fund's 1940 Act Code of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those Members of the
Board that are not "interested persons" of the Fund (the "Independen <u>t</u> Members") within the meaning of the 1940 Act (the "Adviser's 1940 Act Code of Ethics" and, together with the Fund's 1940 Act
Code of Ethics, the "1940 Act Codes of Ethics");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the policies and procedures adopted by the Fund pursuant to Rule 38a-1 under the 1940 Act (collectively, the "Fund Policies"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Adviser's general policies and procedures (collectively, the "Adviser Policies").

<sup>1</sup> Virtus Investment Advisers, LLC; Virtus Alternative Investment Advisers, LLC; Virtus Capital Advisers, LLC; AlphaSimplex Group, LLC; Ceredex Value Advisors LLC; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management LLC; NFJ Investment Group, LLC; Silvant Capital Management LLC; Sustainable Growth Advisers, LP; Virtus Advisers, LLC; Virtus Fixed Income Advisers, LLC; Westchester Capital Management, LLC. (2025.1) 

Tab 2

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The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the Adviser Policies are referred to herein collectively as the "Additional Conflict Rules".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of the Fund (the "Board") shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly** 

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Additional Conflict Rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• comply with the laws, rules and regulations that govern the conduct of the Fund's operations and report any
suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adhere to a high standard of business ethics.

**Conflicts Of Interest** 

A conflict of interest for the purpose of this Code of Ethics occurs when private interests interfere in any way, or even appear to interfere, with the interests of the Fund. Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers of the Adviser and other funds advised or serviced by Virtus.

Questions regarding the application or interpretation of this Code of Ethics should be raised with the Chief Compliance Officer of the Fund (the "Chief Compliance Officer") prior to taking action.

Some conflict of interest situations that should be approved by the Chief Compliance Officer, if material, include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment or non-nominal gift by the Senior
Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Adviser or Virtus), unless such entertainment or gift is business related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Adviser or Virtus; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Adviser or Virtus, such as compensation or equity ownership.

Tab 2

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**Disclosures** 

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. Senior Officers are required to promote compliance with this policy and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business
and financial operations of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the
Board, the Fund's independent auditors, the Fund's counsel, counsel to the Independent Members, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics** 

Known or suspected violations of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, should be reported on a timely basis to the Chief Compliance Officer or may be reported to the Virtus compliance hotline maintained in accordance with the Fund's Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (the "Whistleblower Policy"). In accordance with that Policy, no one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures (or, alternatively, the procedures set forth in the Whistleblower Policy) in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chief Compliance Officer will take all appropriate action to investigate any actual or potential violations
reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• violations and potential violations will be reported to the applicable Fund Board after such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Fund Board determines that a violation has occurred, it will take all appropriate disciplinary or
preventive action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the
event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics** 

Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation.

Each Fund Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Tab 2

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**Recordkeeping** 

Records pertaining to the matters covered by this Policy will be maintained and preserved in accordance with applicable laws and regulations and the Fund's Books and Records Policy.

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Members and their counsel, the Fund and its counsel, the Adviser and/or other Virtus entity and its counsel and any other advisors, consultants or counsel retained by the Members, the Independent Members or any committee of the Board.

Tab 2

## 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

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&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.

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| | |
|:---|:---|
| Date:<u>12/02/2025</u> | /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:<u>12/01/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

## 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.

---

| | |
|:---|:---|
| Date:<u>12/02/2025</u> | /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:<u>12/01/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---