# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001193125-26-253141
**Filing Date:** 2026-6
**Character Count:** 1088266
**Document Hash:** 3be8e4ef95e537fc0a18e22a5d6e2432
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-253141.hdr.sgml**: 20260602

**ACCESSION NUMBER**: 0001193125-26-253141

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 19

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260602

**DATE AS OF CHANGE**: 20260602

**EFFECTIVENESS DATE**: 20260602

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 261054986

**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   |
|:---|:---|:---|
| 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           |
| 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           |
| 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           |

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

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

?xml version='1.0' encoding='ASCII'? N-CSRS

#### 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:

#### March 31, 2026

------

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

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $64 | 1.23% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$173148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

---

| | |
|:---|:---|
| Utilities | 50% |
| Industrials | 28 |
| Energy | 17 |
| Real Estate | 4 |
| Communication Services | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8134 Virtus Duff & Phelps Global Infrastructure Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $54 | 1.02% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$173148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

---

| | |
|:---|:---|
| Utilities | 50% |
| Industrials | 28 |
| Energy | 17 |
| Real Estate | 4 |
| Communication Services | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8136 Virtus Duff & Phelps Global Infrastructure Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $45 | 0.85% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$173148 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;25% |

---

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

---

| | |
|:---|:---|
| Utilities | 50% |
| Industrials | 28 |
| Energy | 17 |
| Real Estate | 4 |
| Communication Services | 1 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8137 Virtus Duff & Phelps Global Infrastructure Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $62 | 1.24% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$400024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrial/Office REITS | 18% |
| Health Care REITS | 15 |
| Retail REITS | 14 |
| Data Centers REITS | 11 |
| Residential REITS | 9 |
| Real Estate Management & Development REITS | 6 |
| Self Storage REITS | 5 |
| Other REITS | 22 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8138 Virtus Duff & Phelps Global Real Estate Securities Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $99 | 1.99% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$400024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrial/Office REITS | 18% |
| Health Care REITS | 15 |
| Retail REITS | 14 |
| Data Centers REITS | 11 |
| Residential REITS | 9 |
| Real Estate Management & Development REITS | 6 |
| Self Storage REITS | 5 |
| Other REITS | 22 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8139 Virtus Duff & Phelps Global Real Estate Securities Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $49 | 0.99% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$400024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrial/Office REITS | 18% |
| Health Care REITS | 15 |
| Retail REITS | 14 |
| Data Centers REITS | 11 |
| Residential REITS | 9 |
| Real Estate Management & Development REITS | 6 |
| Self Storage REITS | 5 |
| Other REITS | 22 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8140 Virtus Duff & Phelps Global Real Estate Securities Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $43 | 0.87% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$400024 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

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

---

| | |
|:---|:---|
| Industrial/Office REITS | 18% |
| Health Care REITS | 15 |
| Retail REITS | 14 |
| Data Centers REITS | 11 |
| Residential REITS | 9 |
| Real Estate Management & Development REITS | 6 |
| Self Storage REITS | 5 |
| Other REITS | 22 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8141 Virtus Duff & Phelps Global Real Estate Securities Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $26 | 0.50% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$48693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

**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 March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8142 Virtus Duff & Phelps Real Asset Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $13 | 0.25% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$48693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

**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 March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8144 Virtus Duff & Phelps Real Asset Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $10 | 0.20% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$48693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;6% |

---

**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 March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8145 Virtus Duff & Phelps Real Asset Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $63 | 1.24% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$341142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

---

| | |
|:---|:---|
| Health Care REITS | 21% |
| Industrial/Office REITS | 17 |
| Retail REITS | 16 |
| Data Centers REITS | 15 |
| Residential REITS | 13 |
| Self Storage REITS | 6 |
| Specialty REITS | 4 |
| Other REITS | 8 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR VVIT QR Code](g103450images_30964.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.

8146 Virtus Duff & Phelps Real Estate Securities Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $100 | 1.99% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$341142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

---

| | |
|:---|:---|
| Health Care REITS | 21% |
| Industrial/Office REITS | 17 |
| Retail REITS | 16 |
| Data Centers REITS | 15 |
| Residential REITS | 13 |
| Self Storage REITS | 6 |
| Specialty REITS | 4 |
| Other REITS | 8 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR VVIT QR Code](g103450images_30964.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.

8147 Virtus Duff & Phelps Real Estate Securities Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $50 | 0.99% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$341142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

---

| | |
|:---|:---|
| Health Care REITS | 21% |
| Industrial/Office REITS | 17 |
| Retail REITS | 16 |
| Data Centers REITS | 15 |
| Residential REITS | 13 |
| Self Storage REITS | 6 |
| Specialty REITS | 4 |
| Other REITS | 8 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR VVIT QR Code](g103450images_30964.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.

8148 Virtus Duff & Phelps Real Estate Securities Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $40 | 0.79% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$341142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;5% |

---

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

---

| | |
|:---|:---|
| Health Care REITS | 21% |
| Industrial/Office REITS | 17 |
| Retail REITS | 16 |
| Data Centers REITS | 15 |
| Residential REITS | 13 |
| Self Storage REITS | 6 |
| Specialty REITS | 4 |
| Other REITS | 8 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR QR Code 2 MF](g103450images_30965.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.

8149 Virtus Duff & Phelps Real Estate Securities Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus KAR Developing Markets Fund
Class A / VDMAX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $68 | 1.36% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | |
|:---|:---|
| Industrials | 39% |
| Financials | 15 |
| Consumer Staples | 13 |
| Information Technology | 11 |
| Materials | 7 |
| Communication Services | 5 |
| Consumer Discretionary | 4 |
| Other | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8179 Virtus KAR Developing Markets Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus KAR Developing Markets Fund
Class I / VIDMX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $55 | 1.09% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | |
|:---|:---|
| Industrials | 39% |
| Financials | 15 |
| Consumer Staples | 13 |
| Information Technology | 11 |
| Materials | 7 |
| Communication Services | 5 |
| Consumer Discretionary | 4 |
| Other | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8181 Virtus KAR Developing Markets Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus KAR Developing Markets Fund
Class R6 / VDMRX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $53 | 1.06% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | |
|:---|:---|
| Industrials | 39% |
| Financials | 15 |
| Consumer Staples | 13 |
| Information Technology | 11 |
| Materials | 7 |
| Communication Services | 5 |
| Consumer Discretionary | 4 |
| Other | 6 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8182 Virtus KAR Developing Markets Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $84 | 1.70% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$336728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &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>**

---

| | |
|:---|:---|
| Industrials | 40% |
| Financials | 16 |
| Consumer Staples | 12 |
| Health Care | 7 |
| Materials | 6 |
| Consumer Discretionary | 4 |
| Communication Services | 4 |
| Other | 11 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8183 Virtus KAR Emerging Markets Small-Cap Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $120 | 2.45% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$336728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &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>**

---

| | |
|:---|:---|
| Industrials | 40% |
| Financials | 16 |
| Consumer Staples | 12 |
| Health Care | 7 |
| Materials | 6 |
| Consumer Discretionary | 4 |
| Communication Services | 4 |
| Other | 11 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8184 Virtus KAR Emerging Markets Small-Cap Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $71 | 1.45% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$336728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &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>**

---

| | |
|:---|:---|
| Industrials | 40% |
| Financials | 16 |
| Consumer Staples | 12 |
| Health Care | 7 |
| Materials | 6 |
| Consumer Discretionary | 4 |
| Communication Services | 4 |
| Other | 11 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8185 Virtus KAR Emerging Markets Small-Cap Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $64 | 1.30% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$336728 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &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>**

---

| | |
|:---|:---|
| Industrials | 40% |
| Financials | 16 |
| Consumer Staples | 12 |
| Health Care | 7 |
| Materials | 6 |
| Consumer Discretionary | 4 |
| Communication Services | 4 |
| Other | 11 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8186 Virtus KAR Emerging Markets Small-Cap Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $71 | 1.48% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$783038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | |
|:---|:---|
| Industrials | 36% |
| Financials | 22 |
| Health Care | 14 |
| Materials | 9 |
| Communication Services | 7 |
| Information Technology | 4 |
| Energy | 3 |
| Other | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8211 Virtus KAR International Small-Mid Cap Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $106 | 2.23% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$783038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | |
|:---|:---|
| Industrials | 36% |
| Financials | 22 |
| Health Care | 14 |
| Materials | 9 |
| Communication Services | 7 |
| Information Technology | 4 |
| Energy | 3 |
| Other | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8212 Virtus KAR International Small-Mid Cap Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $58 | 1.22% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$783038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | |
|:---|:---|
| Industrials | 36% |
| Financials | 22 |
| Health Care | 14 |
| Materials | 9 |
| Communication Services | 7 |
| Information Technology | 4 |
| Energy | 3 |
| Other | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8213 Virtus KAR International Small-Mid Cap Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $53 | 1.11% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$783038 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | |
|:---|:---|
| Industrials | 36% |
| Financials | 22 |
| Health Care | 14 |
| Materials | 9 |
| Communication Services | 7 |
| Information Technology | 4 |
| Energy | 3 |
| Other | 5 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8214 Virtus KAR International Small-Mid Cap Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $35 | 0.70% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$626584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Mortgage-Backed Securities |  | 29 |
| U.S. Government Securities |  | 15 |
| Asset-Backed Securities |  | 10 |
| Leveraged Loans |  | 4 |
| Short-Term Investment |  | 4 |
| Foreign Government Securities |  | 3 |
| Other |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8257 Virtus Newfleet Core Plus Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $72 | 1.45% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$626584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Mortgage-Backed Securities |  | 29 |
| U.S. Government Securities |  | 15 |
| Asset-Backed Securities |  | 10 |
| Leveraged Loans |  | 4 |
| Short-Term Investment |  | 4 |
| Foreign Government Securities |  | 3 |
| Other |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8258 Virtus Newfleet Core Plus Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $23 | 0.45% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$626584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Mortgage-Backed Securities |  | 29 |
| U.S. Government Securities |  | 15 |
| Asset-Backed Securities |  | 10 |
| Leveraged Loans |  | 4 |
| Short-Term Investment |  | 4 |
| Foreign Government Securities |  | 3 |
| Other |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8259 Virtus Newfleet Core Plus Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $18 | 0.35% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$626584 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Mortgage-Backed Securities |  | 29 |
| U.S. Government Securities |  | 15 |
| Asset-Backed Securities |  | 10 |
| Leveraged Loans |  | 4 |
| Short-Term Investment |  | 4 |
| Foreign Government Securities |  | 3 |
| Other |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8260 Virtus Newfleet Core Plus Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet High Yield Fund
Class A / PHCHX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $47 | 0.95% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$51565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 25.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 16.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 43.0 |  |
| Short-Term Investment |  | 3.0 |
| Leveraged Loans |  | 0.0 |
| Other |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8261 Virtus Newfleet High Yield Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet High Yield Fund
Class I / PHCIX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $35 | 0.70% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$51565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 25.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 16.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 43.0 |  |
| Short-Term Investment |  | 3.0 |
| Leveraged Loans |  | 0.0 |
| Other |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8263 Virtus Newfleet High Yield Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet High Yield Fund
Class R6 / VRHYX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $29 | 0.59% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$51565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;19% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 25.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 16.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 43.0 |  |
| Short-Term Investment |  | 3.0 |
| Leveraged Loans |  | 0.0 |
| Other |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8264 Virtus Newfleet High Yield Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Low Duration Core Plus Bond Fund
Class A / HIMZX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $38 | 0.75% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$412982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| &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>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 32.0% |
| Mortgage-Backed Securities |  | 28.0 |
| Corporate Bonds and Notes |  | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9.0 |  |
| U.S. Government Securities |  | 10.0 |
| Leveraged Loans |  | 3.0 |
| Other (includes securities lending collateral) |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8265 Virtus Newfleet Low Duration Core Plus Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Low Duration Core Plus Bond Fund
Class C / PCMZX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $75 | 1.50% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$412982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| &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>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 32.0% |
| Mortgage-Backed Securities |  | 28.0 |
| Corporate Bonds and Notes |  | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9.0 |  |
| U.S. Government Securities |  | 10.0 |
| Leveraged Loans |  | 3.0 |
| Other (includes securities lending collateral) |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8266 Virtus Newfleet Low Duration Core Plus Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Low Duration Core Plus Bond Fund
Class I / HIBIX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $25 | 0.50% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$412982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| &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>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 32.0% |
| Mortgage-Backed Securities |  | 28.0 |
| Corporate Bonds and Notes |  | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9.0 |  |
| U.S. Government Securities |  | 10.0 |
| Leveraged Loans |  | 3.0 |
| Other (includes securities lending collateral) |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8267 Virtus Newfleet Low Duration Core Plus Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Low Duration Core Plus Bond Fund
Class R6 / VLDRX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $22 | 0.43% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$412982 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;558 |
| &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>**

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 32.0% |
| Mortgage-Backed Securities |  | 28.0 |
| Corporate Bonds and Notes |  | 25.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9.0 |  |
| U.S. Government Securities |  | 10.0 |
| Leveraged Loans |  | 3.0 |
| Other (includes securities lending collateral) |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8268 Virtus Newfleet Low Duration Core Plus Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Fund
Class A / NAMFX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $50 | 0.99% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$938779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Mortgage-Backed Securities |  | 23 |
| Foreign Government Securities |  | 16 |
| Asset-Backed Securities |  | 13 |
| Leveraged Loans |  | 8 |
| U.S. Government Securities |  | 4 |
| Affiliated Exchange-Traded Fund |  | 1 |
| Other (includes short-term investment) |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8270 Virtus Newfleet Multi-Sector Intermediate Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Fund
Class C / NCMFX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $87 | 1.74% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$938779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Mortgage-Backed Securities |  | 23 |
| Foreign Government Securities |  | 16 |
| Asset-Backed Securities |  | 13 |
| Leveraged Loans |  | 8 |
| U.S. Government Securities |  | 4 |
| Affiliated Exchange-Traded Fund |  | 1 |
| Other (includes short-term investment) |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8271 Virtus Newfleet Multi-Sector Intermediate Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Fund
Class I / VMFIX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $37 | 0.74% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$938779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Mortgage-Backed Securities |  | 23 |
| Foreign Government Securities |  | 16 |
| Asset-Backed Securities |  | 13 |
| Leveraged Loans |  | 8 |
| U.S. Government Securities |  | 4 |
| Affiliated Exchange-Traded Fund |  | 1 |
| Other (includes short-term investment) |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8272 Virtus Newfleet Multi-Sector Intermediate Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Multi-Sector Intermediate Bond Fund
Class R6 / VMFRX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $30 | 0.60% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$938779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;925 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 34.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 12 |  |
| Mortgage-Backed Securities |  | 23 |
| Foreign Government Securities |  | 16 |
| Asset-Backed Securities |  | 13 |
| Leveraged Loans |  | 8 |
| U.S. Government Securities |  | 4 |
| Affiliated Exchange-Traded Fund |  | 1 |
| Other (includes short-term investment) |  | 1 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8273 Virtus Newfleet Multi-Sector Intermediate Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class A / NARAX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $45 | 0.90% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4772399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 27.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10.0 |  |
| Asset-Backed Securities |  | 27.0 |
| Mortgage-Backed Securities |  | 25.0 |
| Foreign Government Securities |  | 7.0 |
| U.S. Government Securities |  | 7.0 |
| Leveraged Loans |  | 5.0 |
| Other (includes short-term investment and securities lending collateral) |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8276 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class C / PSTCX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $58 | 1.16% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4772399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 27.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10.0 |  |
| Asset-Backed Securities |  | 27.0 |
| Mortgage-Backed Securities |  | 25.0 |
| Foreign Government Securities |  | 7.0 |
| U.S. Government Securities |  | 7.0 |
| Leveraged Loans |  | 5.0 |
| Other (includes short-term investment and securities lending collateral) |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8277 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class C1 / PMSTX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $83 | 1.66% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4772399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 27.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10.0 |  |
| Asset-Backed Securities |  | 27.0 |
| Mortgage-Backed Securities |  | 25.0 |
| Foreign Government Securities |  | 7.0 |
| U.S. Government Securities |  | 7.0 |
| Leveraged Loans |  | 5.0 |
| Other (includes short-term investment and securities lending collateral) |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8278 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class I / PIMSX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $33 | 0.65% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4772399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 27.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10.0 |  |
| Asset-Backed Securities |  | 27.0 |
| Mortgage-Backed Securities |  | 25.0 |
| Foreign Government Securities |  | 7.0 |
| U.S. Government Securities |  | 7.0 |
| Leveraged Loans |  | 5.0 |
| Other (includes short-term investment and securities lending collateral) |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8279 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Multi-Sector Short Term Bond Fund
Class R6 / VMSSX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $26 | 0.52% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4772399 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;914 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 27.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 3.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10.0 |  |
| Asset-Backed Securities |  | 27.0 |
| Mortgage-Backed Securities |  | 25.0 |
| Foreign Government Securities |  | 7.0 |
| U.S. Government Securities |  | 7.0 |
| Leveraged Loans |  | 5.0 |
| Other (includes short-term investment and securities lending collateral) |  | 2.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8280 Virtus Newfleet Multi-Sector Short Term Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Senior Floating Rate Fund
Class A / PSFRX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $48 | 0.95% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$127089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 96.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food / Tobacco | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 38.0 |  |
| Corporate Bonds and Notes |  | 4.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8281 Virtus Newfleet Senior Floating Rate Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Senior Floating Rate Fund
Class C / PFSRX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $85 | 1.70% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$127089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 96.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food / Tobacco | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 38.0 |  |
| Corporate Bonds and Notes |  | 4.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 21, 2026, Class C shares were closed to new purchases by new or existing shareholders, except by existing shareholders through qualifying transactions.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8282 Virtus Newfleet Senior Floating Rate Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Senior Floating Rate Fund
Class I / PSFIX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $35 | 0.70% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$127089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 96.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food / Tobacco | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 38.0 |  |
| Corporate Bonds and Notes |  | 4.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8283 Virtus Newfleet Senior Floating Rate Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Newfleet Senior Floating Rate Fund
Class R6 / VRSFX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $30 | 0.60% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$127089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;252 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 96.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 12.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 11.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 6.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Food / Tobacco | 5.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 38.0 |  |
| Corporate Bonds and Notes |  | 4.0 |
| Total |  | 100.0% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8284 Virtus Newfleet Senior Floating Rate Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Seix Tax-Exempt Bond Fund
Class A / HXBZX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Seix Tax-Exempt Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $48 | 0.96% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$45611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

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

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8340 Virtus Seix Tax-Exempt Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus Seix Tax-Exempt Bond Fund
Class I / HXBIX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus Seix Tax-Exempt Bond Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $36 | 0.71% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$45611 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;11% |

---

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

---

| | |
|:---|:---|
| Municipal Bonds | 100% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8342 Virtus Seix Tax-Exempt Bond Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus SGA Emerging Markets Equity Fund
Class A / HEMZX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $71 | 1.51% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$447415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

---

| | |
|:---|:---|
| Financials | 28% |
| Consumer Discretionary | 25 |
| Information Technology | 18 |
| Consumer Staples | 13 |
| Communication Services | 10 |
| Industrials | 4 |
| Health Care | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 1.46% went into effect for Class A shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8349 Virtus SGA Emerging Markets Equity Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus SGA Emerging Markets Equity Fund
Class C / PICEX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $107 | 2.26% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$447415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

---

| | |
|:---|:---|
| Financials | 28% |
| Consumer Discretionary | 25 |
| Information Technology | 18 |
| Consumer Staples | 13 |
| Communication Services | 10 |
| Industrials | 4 |
| Health Care | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 2.21% went into effect for Class C shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8350 Virtus SGA Emerging Markets Equity Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus SGA Emerging Markets Equity Fund
Class I / HIEMX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $60 | 1.26% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$447415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

---

| | |
|:---|:---|
| Financials | 28% |
| Consumer Discretionary | 25 |
| Information Technology | 18 |
| Consumer Staples | 13 |
| Communication Services | 10 |
| Industrials | 4 |
| Health Care | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Material Fund Changes**

Effective January 1, 2026, a new expense limitation of 1.21% went into effect for Class I shares.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8351 Virtus SGA Emerging Markets Equity Fund

![Virtus_FC_Logo](g103450images_30801.jpg)

## Virtus SGA Emerging Markets Equity Fund
Class R6 / VREMX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2026
This semi-annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2025 to March 31, 2026. 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 six months?
(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 | $48 | 1.02% |

---

KEY FUND STATISTICS (as of March 31, 2026)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$447415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

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

---

| | |
|:---|:---|
| Financials | 28% |
| Consumer Discretionary | 25 |
| Information Technology | 18 |
| Consumer Staples | 13 |
| Communication Services | 10 |
| Industrials | 4 |
| Health Care | 2 |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2026.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g103450images_30963.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.

8352 Virtus SGA Emerging Markets Equity Fund

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Response not required for semi-annual report.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) Refer to 7(a).

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant's (semiannual) financial statements and financial highlights are as follows:

------

SEMI-ANNUAL FINANCIALS (FORM N-CSR Item 7-11)

**VIRTUS OPPORTUNITIES TRUST**

![](g103450img5ad7c8a61.gif)

March 31, 2026

&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 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 |
| Virtus SGA Emerging Markets Equity Fund |

---

**Not FDIC Insured • No Bank Guarantee • May Lose Value**

------

**Table of Contents** 

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_0e768954-b467-476a-a289-05ed286f6f2b_KIT-TOC-KeyInvestmentTerms-342_1) | 1 |
| [Schedules of Investments](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-332_1) |  |
| [Virtus Duff & Phelps Global Infrastructure Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-332_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-332_1)[Duff & Phelps Global Infrastructure Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-332_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-332_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-332_1) | 3 |
| [Virtus Duff & Phelps Global Real Estate Securities Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-333_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-333_1)[Duff & Phelps Global Real Estate](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-333_1)<br> [Securities Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-333_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-333_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-333_1) | 4 |
| [Virtus Duff & Phelps Real Asset Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-350_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-350_1)[Duff & Phelps Real Asset Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-350_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-350_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-350_1) | 6 |
| [Virtus Duff & Phelps Real Estate Securities Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-336_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-336_1)[Duff & Phelps Real Estate Securities](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-336_1)<br> [Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-336_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-336_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-336_1) | 7 |
| [Virtus KAR Developing Markets Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-3866_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-3866_1)[KAR Developing Markets Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-3866_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-3866_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-3866_1) | 8 |
| [Virtus KAR Emerging Markets Small-Cap Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-340_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-340_1)[KAR Emerging Markets Small-Cap Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-340_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-340_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-340_1) | 10 |
| [Virtus KAR International Small-Mid Cap Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-341_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-341_1)[KAR International Small-Mid Cap Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-341_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-341_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-341_1) | 12 |
| [Virtus Newfleet Core Plus Bond Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-342_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-342_1)[Newfleet Core Plus Bond Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-342_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-342_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-342_1) | 13 |
| [Virtus Newfleet High Yield Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-344_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-344_1)[Newfleet High Yield Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-344_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-344_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-344_1) | 26 |
| [Virtus Newfleet Low Duration Core Plus Bond Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-345_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-345_1)[Newfleet Low Duration Core Plus Bond](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-345_1)<br> [Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-345_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-345_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-345_1) | 32 |
| [Virtus Newfleet Multi-Sector Intermediate Bond Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-346_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-346_1)[Newfleet Multi-Sector Intermediate](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-346_1)<br> [Bond Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-346_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-346_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-346_1) | 43 |
| [Virtus Newfleet Multi-Sector Short Term Bond Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-347_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-347_1)[Newfleet Multi-Sector Short Term Bond](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-347_1)<br> [Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-347_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-347_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-347_1) | 59 |
| [Virtus Newfleet Senior Floating Rate Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-348_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-348_1)[Newfleet Senior Floating Rate Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-348_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-348_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-348_1) | 77 |
| [Virtus Seix Tax-Exempt Bond Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-349_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-349_1)[Seix Tax-Exempt Bond Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-349_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-349_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-349_1) | 84 |
| [Virtus SGA Emerging Markets Equity Fund (](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-356_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-356_1)[SGA Emerging Markets Equity Fund](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-356_1)["](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-356_1)[)](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOI-TOC-ScheduleofInvestments-356_1) | 87 |
| [Statements of Assets and Liabilities](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SAL-SAL-Headerfooter-342_1) | 88 |
| [Statements of Operations](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOP-SOP-Headerfooter-342_1) | 96 |
| [Statements of Changes in Net Assets](#xx_0e768954-b467-476a-a289-05ed286f6f2b_SOC-SOC-HeaderFooter-332_1) | 101 |
| [Financial Highlights](#xx_0e768954-b467-476a-a289-05ed286f6f2b_FIHI-FIHI-Headerfooter-342_1) | 109 |
| [Notes to Financial Statements](#xx_0e768954-b467-476a-a289-05ed286f6f2b_NTF-TOC-NTF-342_1) | 121 |
| [Other Information](#xx_0e768954-b467-476a-a289-05ed286f6f2b_OI-TOC-OtherInformation-342_1) | 147 |

---

&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)**

**March 31, 2026**

**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.

**CDX North American High Yield Credit Default Swap Index ("CDXHY") ("CDX.HY.CDSI")**

CDX.HY.CDSI is composed of 100 liquid North American entities with high yield credit ratings that trade in the credit default swap market.

**Credit Default Swap ("CDS")**

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

**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.

**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.

------

**VIRTUS OPPORTUNITIES TRUST**

**KEY INVESTMENT TERMS (Unaudited) (Continued)** 

**March 31, 2026**

**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.

**Public Limited Company ("plc")**

A public limited company is a type of public company allowed to offer its shares to the public and is listed on a stock exchange. This designation is used in the United Kingdom.

**Prime Rate**

The federal funds rate commercial banks charge their most creditworthy corporate customers.

**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.

**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.

**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.

**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 (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.4%** | **Common Stocks—99.4%** | **Common Stocks—99.4%** |
| **Communication Services—1.2%** | **Communication Services—1.2%** |  |
| Cellnex Telecom S.A. (Spain) | 65805 | &nbsp;&nbsp; $2116 |
| **Energy—16.4%** | **Energy—16.4%** |  |
| Cheniere Energy, Inc. <br> (United States)<br>| 8647 | &nbsp;&nbsp; 2454 |
| DT Midstream, Inc. <br> (United States)<br>| 9906 | &nbsp;&nbsp; 1334 |
| Enbridge, Inc. (Canada) | 86251 | &nbsp;&nbsp; 4670 |
| Keyera Corp. (Canada) | 36387 | &nbsp;&nbsp; 1407 |
| Keyera Corp. Subscription <br> Receipts (Canada)<br>| 8054 | &nbsp;&nbsp; 290 |
| ONEOK, Inc. (United States) | 39713 | &nbsp;&nbsp; 3590 |
| Targa Resources Corp. <br> (United States)<br>| 16570 | &nbsp;&nbsp; 4155 |
| TC Energy Corp. (Canada) | 67180 | &nbsp;&nbsp; 4205 |
| Williams Cos., Inc. (The) <br> (United States)<br>| 85415 | &nbsp;&nbsp; 6216 |
|  |  | &nbsp;&nbsp; 28321 |
| **Industrials—28.0%** | **Industrials—28.0%** |  |
| Aena SME S.A. (Spain) | 378509 | &nbsp;&nbsp; 11198 |
| Canadian Pacific Kansas City <br> Ltd. (Canada)<br>| 61326 | &nbsp;&nbsp; 4826 |
| Central Japan Railway Co. <br> (Japan)<br>| 51000 | &nbsp;&nbsp; 1326 |
| CSX Corp. (United States) | 127280 | &nbsp;&nbsp; 5225 |
| Ferrovial SE (Netherlands) | 37620 | &nbsp;&nbsp; 2447 |
| Flughafen Zurich AG <br> Registered Shares <br> (Switzerland)<br>| 16212 | &nbsp;&nbsp; 5077 |
| GEK TERNA S.A. (Greece) | 45445 | &nbsp;&nbsp; 1787 |
| Grupo Aeroportuario del <br> Centro Norte SAB de C.V. <br> Class B (Mexico)<br>| 91100 | &nbsp;&nbsp; 1307 |
| Grupo Aeroportuario del <br> Pacifico SAB de C.V. <br> Class B (Mexico)<br>| 36790 | &nbsp;&nbsp; 906 |
| Transurban Group <br> (Australia)<br>| 436843 | &nbsp;&nbsp; 4261 |
| Union Pacific Corp. <br> (United States)<br>| 34695 | &nbsp;&nbsp; 8418 |
| Vinci S.A. (France) | 11109 | &nbsp;&nbsp; 1668 |
|  |  | &nbsp;&nbsp; 48446 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Real Estate—4.0%** | **Real Estate—4.0%** |  |
| American Tower Corp. <br> (United States)<br>| 22453 | &nbsp;&nbsp; $3875 |
| Crown Castle, Inc. <br> (United States)<br>| 38483 | &nbsp;&nbsp; 3129 |
|  |  | &nbsp;&nbsp; 7004 |
| **Utilities—49.8%** | **Utilities—49.8%** |  |
| Alliant Energy Corp. <br> (United States)<br>| 29824 | &nbsp;&nbsp; 2140 |
| CenterPoint Energy, Inc. <br> (United States)<br>| 72794 | &nbsp;&nbsp; 3142 |
| Dominion Energy, Inc. <br> (United States)<br>| 33051 | &nbsp;&nbsp; 2043 |
| DTE Energy Co. <br> (United States)<br>| 11844 | &nbsp;&nbsp; 1732 |
| Duke Energy Corp. <br> (United States)<br>| 19921 | &nbsp;&nbsp; 2608 |
| E.ON SE (Germany) | 103410 | &nbsp;&nbsp; 2265 |
| EDP S.A. (Portugal) | 347915 | &nbsp;&nbsp; 1841 |
| Entergy Corp. <br> (United States)<br>| 32876 | &nbsp;&nbsp; 3694 |
| Evergy, Inc. (United States) | 39266 | &nbsp;&nbsp; 3217 |
| Guangdong Investment Ltd. <br> (Hong Kong) (China)<br>| 1334000 | &nbsp;&nbsp; 1336 |
| Iberdrola S.A. (Spain) | 125863 | &nbsp;&nbsp; 2881 |
| Kansai Electric Power Co., <br> Inc. (The) (Japan)<br>| 129200 | &nbsp;&nbsp; 2148 |
| National Grid plc (United <br> Kingdom)<br>| 193812 | &nbsp;&nbsp; 3271 |
| NextEra Energy, Inc. <br> (United States)<br>| 95670 | &nbsp;&nbsp; 8886 |
| NiSource, Inc. <br> (United States)<br>| 77217 | &nbsp;&nbsp; 3603 |
| OGE Energy Corp. <br> (United States)<br>| 60218 | &nbsp;&nbsp; 2888 |
| Pennon Group plc (United <br> Kingdom)<br>| 331716 | &nbsp;&nbsp; 2339 |
| PG&E Corp. (United States) | 202939 | &nbsp;&nbsp; 3566 |
| PPL Corp. (United States) | 72767 | &nbsp;&nbsp; 2780 |
| Public Service Enterprise <br> Group, Inc. <br> (United States)<br>| 18948 | &nbsp;&nbsp; 1534 |
| Redeia Corp. S.A. (Spain) | 101930 | &nbsp;&nbsp; 1728 |
| Sempra (United States) | 62368 | &nbsp;&nbsp; 6060 |
| Severn Trent plc (United <br> Kingdom)<br>| 53548 | &nbsp;&nbsp; 2196 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Southern Co. (The) <br> (United States)<br>| 63737 | &nbsp;&nbsp; $6152 |
| Spire, Inc. (United States) | 19621 | &nbsp;&nbsp; 1776 |
| United Utilities Group plc <br> (United Kingdom)<br>| 125711 | &nbsp;&nbsp; 2192 |
| Veolia Environnement S.A. <br> (France)<br>| 45938 | &nbsp;&nbsp; 1750 |
| WEC Energy Group, Inc. <br> (United States)<br>| 16436 | &nbsp;&nbsp; 1903 |
| Xcel Energy, Inc. <br> (United States)<br>| 57472 | &nbsp;&nbsp; 4566 |
|  |  | &nbsp;&nbsp; 86237 |
| **Total Common Stocks** <br>**(Identified Cost $140,448)** | **Total Common Stocks** <br>**(Identified Cost $140,448)** | &nbsp;&nbsp; **172124** |
| **Total Long-Term** <br> **Investments—99.4%** <br>**(Identified Cost $140,448)** | **Total Long-Term** <br> **Investments—99.4%** <br>**(Identified Cost $140,448)** | &nbsp;&nbsp; **172124** |
| **TOTAL INVESTMENTS—99.4%** <br>**(Identified Cost $140,448)** | **TOTAL INVESTMENTS—99.4%** <br>**(Identified Cost $140,448)** | &nbsp;&nbsp; **$172124** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp; 1024 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$173148** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| plc | Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 59<br> %<br>|
| Spain | 10 |
| Canada | 9 |
| United Kingdom | 6 |
| Switzerland | 3 |
| Australia | 3 |
| Japan | 2 |
| Other | 8 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $172124 | &nbsp;&nbsp;&nbsp;&nbsp; $118297 | &nbsp;&nbsp;&nbsp;&nbsp; $53827 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $172124 | &nbsp;&nbsp;&nbsp;&nbsp; $118297 | &nbsp;&nbsp;&nbsp;&nbsp; $53827 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Duff & Phelps Global Real Estate Securities Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.8%** | **Common Stocks—99.8%** | **Common Stocks—99.8%** |
| **Australia—5.2%** | **Australia—5.2%** |  |
| Goodman Group | 302300 | &nbsp;&nbsp; $5427 |
| NEXTDC Ltd.<sup>(1)</sup> <br>| 728098 | &nbsp;&nbsp; 5821 |
| Scentre Group | 4063425 | &nbsp;&nbsp; 9376 |
|  |  | &nbsp;&nbsp; 20624 |
| **Belgium—1.8%** | **Belgium—1.8%** |  |
| Aedifica S.A. | 50009 | &nbsp;&nbsp; 4049 |
| Warehouses De Pauw CVA | 114279 | &nbsp;&nbsp; 2977 |
|  |  | &nbsp;&nbsp; 7026 |
| **Canada—2.8%** | **Canada—2.8%** |  |
| Canadian Apartment <br> Properties REIT<br>| 88335 | &nbsp;&nbsp; 2255 |
| Chartwell Retirement <br> Residences<br>| 271650 | &nbsp;&nbsp; 3929 |
| First Capital Real Estate <br> Investment Trust<br>| 339950 | &nbsp;&nbsp; 5039 |
|  |  | &nbsp;&nbsp; 11223 |
| **China—1.7%** | **China—1.7%** |  |
| Swire Properties Ltd. (Hong <br> Kong)<br>| 2260000 | &nbsp;&nbsp; 6620 |
| **France—1.4%** | **France—1.4%** |  |
| Klepierre S.A. | 153594 | &nbsp;&nbsp; 5766 |
| **Germany—1.5%** | **Germany—1.5%** |  |
| Vonovia SE | 235178 | &nbsp;&nbsp; 5883 |
| **India—0.8%** | **India—0.8%** |  |
| CapitaLand India Trust | 4142783 | &nbsp;&nbsp; 3267 |
| **Japan—8.0%** | **Japan—8.0%** |  |
| Comforia Residential REIT, <br> Inc.<br>| 3183 | &nbsp;&nbsp; 2180 |
| Japan Hotel REIT <br> Investment Corp. Class A<br>| 8198 | &nbsp;&nbsp; 3891 |
| Mitsubishi Estate Co., Ltd. | 388900 | &nbsp;&nbsp; 10795 |
| Mitsui Fudosan Co., Ltd. | 1136850 | &nbsp;&nbsp; 12119 |
| Mitsui Fudosan Logistics <br> Park, Inc.<br>| 4291 | &nbsp;&nbsp; 3062 |
|  |  | &nbsp;&nbsp; 32047 |
| **Singapore—1.9%** | **Singapore—1.9%** |  |
| CapitaLand Ascendas REIT | 3847300 | &nbsp;&nbsp; 7425 |
| **Spain—2.7%** | **Spain—2.7%** |  |
| Merlin Properties Socimi <br> S.A.<br>| 671396 | &nbsp;&nbsp; 10939 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Sweden—0.6%** | **Sweden—0.6%** |  |
| Catena AB | 52341 | &nbsp;&nbsp; $2441 |
| **United Kingdom—4.8%** | **United Kingdom—4.8%** |  |
| British Land Co. plc (The) | 769000 | &nbsp;&nbsp; 3638 |
| Derwent London plc | 31310 | &nbsp;&nbsp; 654 |
| Safestore Holdings plc | 379122 | &nbsp;&nbsp; 3185 |
| Tritax Big Box REIT plc | 3414125 | &nbsp;&nbsp; 6430 |
| UNITE Group plc (The) | 905499 | &nbsp;&nbsp; 5486 |
|  |  | &nbsp;&nbsp; 19393 |
| **United States—66.6%** | **United States—66.6%** |  |
| Agree Realty Corp. | 50900 | &nbsp;&nbsp; 3837 |
| Alexandria Real Estate <br> Equities, Inc.<br>| 61275 | &nbsp;&nbsp; 2844 |
| American Healthcare REIT, <br> Inc.<br>| 46200 | &nbsp;&nbsp; 2179 |
| American Homes 4 Rent <br> Class A<br>| 331500 | &nbsp;&nbsp; 9256 |
| American Tower Corp. | 30335 | &nbsp;&nbsp; 5235 |
| AvalonBay Communities, <br> Inc.<br>| 61145 | &nbsp;&nbsp; 9988 |
| Brixmor Property Group, <br> Inc.<br>| 346708 | &nbsp;&nbsp; 9985 |
| BXP, Inc. | 62100 | &nbsp;&nbsp; 3223 |
| Cousins Properties, Inc. | 156000 | &nbsp;&nbsp; 3521 |
| CubeSmart | 182275 | &nbsp;&nbsp; 6680 |
| Digital Realty Trust, Inc. | 106475 | &nbsp;&nbsp; 19188 |
| Equinix, Inc. | 26010 | &nbsp;&nbsp; 25496 |
| Equity LifeStyle Properties, <br> Inc.<br>| 97925 | &nbsp;&nbsp; 6112 |
| Essential Properties Realty <br> Trust, Inc.<br>| 245800 | &nbsp;&nbsp; 7463 |
| Essex Property Trust, Inc. | 26290 | &nbsp;&nbsp; 6362 |
| First Industrial Realty Trust, <br> Inc.<br>| 171075 | &nbsp;&nbsp; 9897 |
| Iron Mountain, Inc. | 90065 | &nbsp;&nbsp; 9199 |
| Mid-America Apartment <br> Communities, Inc.<br>| 55150 | &nbsp;&nbsp; 6735 |
| Pebblebrook Hotel Trust | 276000 | &nbsp;&nbsp; 3486 |
| Phillips Edison & Co., Inc. | 140950 | &nbsp;&nbsp; 5274 |
| Prologis, Inc. | 201618 | &nbsp;&nbsp; 26650 |
| Public Storage | 33025 | &nbsp;&nbsp; 8946 |
| Ryman Hospitality <br> Properties, Inc.<br>| 55635 | &nbsp;&nbsp; 5133 |
| Simon Property Group, Inc. | 58221 | &nbsp;&nbsp; 10860 |
| Smartstop Self Storage <br> REIT, Inc.<br>| 62975 | &nbsp;&nbsp; 1907 |
| Ventas, Inc. | 195850 | &nbsp;&nbsp; 16017 |
| Vornado Realty Trust | 133545 | &nbsp;&nbsp; 3471 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States—continued** | **United States—continued** |  |
| Welltower, Inc. | 189450 | &nbsp;&nbsp; $37456 |
|  |  | &nbsp;&nbsp; 266400 |
| **Total Common Stocks** <br>**(Identified Cost $315,913)** | **Total Common Stocks** <br>**(Identified Cost $315,913)** | &nbsp;&nbsp; **399054** |
| **Rights—0.0%** |  |  |
| **Singapore—0.0%** |  |  |
| CapitaLand Ascendas REIT <br> 04/16/2026<sup>(1)</sup> <br>| 107724 | &nbsp;&nbsp; 10 |
| **Total Rights** <br>**(Identified Cost $—)**<br>|  | &nbsp;&nbsp; **10** |
| **Total Long-Term** <br> **Investments—99.8%** <br>**(Identified Cost $315,913)** | **Total Long-Term** <br> **Investments—99.8%** <br>**(Identified Cost $315,913)** | &nbsp;&nbsp; **399064** |
| **TOTAL INVESTMENTS—99.8%** <br>**(Identified Cost $315,913)** | **TOTAL INVESTMENTS—99.8%** <br>**(Identified Cost $315,913)** | &nbsp;&nbsp; **$399064** |
| Other assets and liabilities, net—0.2% | Other assets and liabilities, net—0.2% | &nbsp;&nbsp; 960 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$400024** |

---

&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**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 67<br> %<br>|
| Japan | 8 |
| Australia | 5 |
| United Kingdom | 5 |
| Canada | 3 |
| Spain | 3 |
| Singapore | 2 |
| Other | 7 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Duff & Phelps Global Real Estate Securities Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $399054 | &nbsp;&nbsp;&nbsp;&nbsp; $277623 | &nbsp;&nbsp;&nbsp;&nbsp; $121431 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $399064 | &nbsp;&nbsp;&nbsp;&nbsp; $277623 | &nbsp;&nbsp;&nbsp;&nbsp; $121441 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Financial Statements*

------

**Duff & Phelps Real Asset Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Affiliated Mutual Funds**<sup>(1)</sup>**—77.2%** | **Affiliated Mutual Funds**<sup>(1)</sup>**—77.2%** | **Affiliated Mutual Funds**<sup>(1)</sup>**—77.2%** |
| **Equity Funds—75.6%** | **Equity Funds—75.6%** |  |
| Virtus Duff & Phelps Global <br> Infrastructure Fund <br> Class R6<sup>(2)</sup> <br>| 967354 | &nbsp;&nbsp; $15981 |
| Virtus Duff & Phelps Global <br> Real Estate Securities Fund <br> Class R6<sup>(2)</sup> <br>| 351537 | &nbsp;&nbsp; 12374 |
| Virtus Duff & Phelps Select <br> MLP and Energy Fund <br> Class I<sup>(2)</sup> <br>| 315159 | &nbsp;&nbsp; 5988 |
| Virtus Duff & Phelps Water <br> Fund Institutional Shares<sup>(2)</sup> <br>| 135247 | &nbsp;&nbsp; 2467 |
|  |  | &nbsp;&nbsp; 36810 |
| **Fixed Income Fund—1.6%** | **Fixed Income Fund—1.6%** |  |
| Virtus Newfleet Senior <br> Floating Rate Fund Class R6<br>| 92774 | &nbsp;&nbsp; 779 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $30,445)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $30,445)** | &nbsp;&nbsp; **37589** |
| **Exchange-Traded Funds**<sup>(1)</sup>**—19.0%** | **Exchange-Traded Funds**<sup>(1)</sup>**—19.0%** | **Exchange-Traded Funds**<sup>(1)</sup>**—19.0%** |
| Invesco DB Agriculture <br> Fund<sup>(3)</sup> <br>| 17025 | &nbsp;&nbsp; 465 |
| Invesco DB Commodity Index <br> Tracking Fund<sup>(3)</sup> <br>| 58894 | &nbsp;&nbsp; 1705 |
| Schwab U.S. TIPS ETF | 44520 | &nbsp;&nbsp; 1185 |
| State Street SPDR S&P Global <br> Natural Resources ETF<br>| 54900 | &nbsp;&nbsp; 4099 |
| VanEck Gold Miners ETF | 19780 | &nbsp;&nbsp; 1815 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Total Exchange-Traded Funds** <br>**(Identified Cost $6,079)** | **Total Exchange-Traded Funds** <br>**(Identified Cost $6,079)** | &nbsp;&nbsp; **9269** |
| **Affiliated Exchange-Traded Fund**<sup>(1)</sup>**—3.6%** | **Affiliated Exchange-Traded Fund**<sup>(1)</sup>**—3.6%** | **Affiliated Exchange-Traded Fund**<sup>(1)</sup>**—3.6%** |
| **Financials—3.6%** | **Financials—3.6%** |  |
| Virtus Duff & Phelps Clean <br> Energy ETF<sup>(2)</sup> <br>| 61475 | &nbsp;&nbsp; $1730 |
| **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $1,197)** | **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $1,197)** | &nbsp;&nbsp; **1730** |
| **Total Long-Term** <br> **Investments—99.8%** <br>**(Identified Cost $37,721)** | **Total Long-Term** <br> **Investments—99.8%** <br>**(Identified Cost $37,721)** | &nbsp;&nbsp; **48588** |
| **TOTAL INVESTMENTS—99.8%** <br>**(Identified Cost $37,721)** | **TOTAL INVESTMENTS—99.8%** <br>**(Identified Cost $37,721)** | &nbsp;&nbsp; **$48588** |
| Other assets and liabilities, net—0.2% | Other assets and liabilities, net—0.2% | &nbsp;&nbsp; 105 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$48693** |

---

&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 |

---

---

| | |
|:---|:---|
| **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 4I 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 March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1730 | &nbsp;&nbsp;&nbsp;&nbsp; $1730 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp; 37589 | &nbsp;&nbsp;&nbsp;&nbsp; 37589 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 9269 | &nbsp;&nbsp;&nbsp;&nbsp; 9269 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $48588 | &nbsp;&nbsp;&nbsp;&nbsp; $48588 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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 (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.5%** | **Common Stocks—99.5%** | **Common Stocks—99.5%** |
| **Real Estate Investment Trusts—99.5%** | **Real Estate Investment Trusts—99.5%** |  |
| **Data Centers—14.6%** | **Data Centers—14.6%** |  |
| Digital Realty Trust, Inc. | 109770 | &nbsp;&nbsp; $19782 |
| Equinix, Inc. | 30491 | &nbsp;&nbsp; 29888 |
|  |  | &nbsp;&nbsp; 49670 |
| **Gaming—2.7%** | **Gaming—2.7%** |  |
| Gaming & Leisure Properties, <br> Inc.<br>| 208370 | &nbsp;&nbsp; 9245 |
| **Health Care—20.7%** | **Health Care—20.7%** |  |
| Alexandria Real Estate <br> Equities, Inc.<br>| 85113 | &nbsp;&nbsp; 3951 |
| American Healthcare REIT, <br> Inc.<br>| 100900 | &nbsp;&nbsp; 4759 |
| Sabra Health Care REIT, Inc. | 458380 | &nbsp;&nbsp; 8815 |
| Ventas, Inc. | 189060 | &nbsp;&nbsp; 15461 |
| Welltower, Inc. | 191180 | &nbsp;&nbsp; 37798 |
|  |  | &nbsp;&nbsp; 70784 |
| **Industrial/Office—16.6%** | **Industrial/Office—16.6%** |  |
| **Industrial—13.3%** | **Industrial—13.3%** |  |
| First Industrial Realty Trust, <br> Inc.<br>| 184875 | &nbsp;&nbsp; 10695 |
| Prologis, Inc. | 262641 | &nbsp;&nbsp; 34716 |
|  |  | &nbsp;&nbsp; 45411 |
| **Office—3.3%** | **Office—3.3%** |  |
| BXP, Inc. | 75150 | &nbsp;&nbsp; 3900 |
| Cousins Properties, Inc. | 177596 | &nbsp;&nbsp; 4009 |
| Vornado Realty Trust | 121360 | &nbsp;&nbsp; 3154 |
|  |  | &nbsp;&nbsp; 11063 |
| Total Industrial/Office | Total Industrial/Office | &nbsp;&nbsp; 56474 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Lodging/Resorts—2.7%** | **Lodging/Resorts—2.7%** |  |
| Pebblebrook Hotel Trust | 226100 | &nbsp;&nbsp; $2856 |
| Ryman Hospitality Properties, <br> Inc.<br>| 67757 | &nbsp;&nbsp; 6252 |
|  |  | &nbsp;&nbsp; 9108 |
| **Residential—13.4%** | **Residential—13.4%** |  |
| **Apartments—8.0%** | **Apartments—8.0%** |  |
| AvalonBay Communities, Inc. | 64740 | &nbsp;&nbsp; 10576 |
| Essex Property Trust, Inc. | 26100 | &nbsp;&nbsp; 6316 |
| Mid-America Apartment <br> Communities, Inc.<br>| 85590 | &nbsp;&nbsp; 10452 |
|  |  | &nbsp;&nbsp; 27344 |
| **Manufactured Homes—2.4%** | **Manufactured Homes—2.4%** |  |
| Equity LifeStyle Properties, <br> Inc.<br>| 130975 | &nbsp;&nbsp; 8175 |
| **Single Family Homes—3.0%** | **Single Family Homes—3.0%** |  |
| American Homes 4 Rent <br> Class A<br>| 371200 | &nbsp;&nbsp; 10364 |
| Total Residential | Total Residential | &nbsp;&nbsp; 45883 |
| **Retail—16.1%** | **Retail—16.1%** |  |
| **Free Standing—5.5%** | **Free Standing—5.5%** |  |
| Agree Realty Corp. | 112750 | &nbsp;&nbsp; 8499 |
| Essential Properties Realty <br> Trust, Inc.<br>| 333450 | &nbsp;&nbsp; 10123 |
|  |  | &nbsp;&nbsp; 18622 |
| **Regional Malls—4.5%** | **Regional Malls—4.5%** |  |
| Simon Property Group, Inc. | 82066 | &nbsp;&nbsp; 15308 |
| **Shopping Centers—6.1%** | **Shopping Centers—6.1%** |  |
| Brixmor Property Group, Inc. | 375906 | &nbsp;&nbsp; 10826 |
| Kimco Realty Corp. | 189770 | &nbsp;&nbsp; 4264 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Shopping Centers—continued** | **Shopping Centers—continued** |  |
| Phillips Edison & Co., Inc. | 155205 | &nbsp;&nbsp; $5808 |
|  |  | &nbsp;&nbsp; 20898 |
| Total Retail |  | &nbsp;&nbsp; 54828 |
| **Self Storage—6.5%** | **Self Storage—6.5%** |  |
| CubeSmart | 222314 | &nbsp;&nbsp; 8148 |
| Public Storage | 45065 | &nbsp;&nbsp; 12207 |
| Smartstop Self Storage REIT, <br> Inc.<br>| 60352 | &nbsp;&nbsp; 1828 |
|  |  | &nbsp;&nbsp; 22183 |
| **Specialty—4.2%** | **Specialty—4.2%** |  |
| Iron Mountain, Inc. | 141975 | &nbsp;&nbsp; 14501 |
| **Telecommunications—2.0%** | **Telecommunications—2.0%** |  |
| American Tower Corp. | 39630 | &nbsp;&nbsp; 6839 |
| **Total Common Stocks** <br>**(Identified Cost $217,548)** | **Total Common Stocks** <br>**(Identified Cost $217,548)** | &nbsp;&nbsp; **339515** |
| **Total Long-Term** <br> **Investments—99.5%** <br>**(Identified Cost $217,548)** | **Total Long-Term** <br> **Investments—99.5%** <br>**(Identified Cost $217,548)** | &nbsp;&nbsp; **339515** |
| **TOTAL INVESTMENTS—99.5%** <br>**(Identified Cost $217,548)** | **TOTAL INVESTMENTS—99.5%** <br>**(Identified Cost $217,548)** | &nbsp;&nbsp; **$339515** |
| Other assets and liabilities, net—0.5% | Other assets and liabilities, net—0.5% | &nbsp;&nbsp; 1627 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$341142** |

---

&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 March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $339515 | &nbsp;&nbsp;&nbsp;&nbsp; $339515 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $339515 | &nbsp;&nbsp;&nbsp;&nbsp; $339515 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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 (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—94.4%** | **Common Stocks—94.4%** | **Common Stocks—94.4%** |
| **Communication Services—5.3%** | **Communication Services—5.3%** |  |
| Sarana Menara Nusantara <br> Tbk PT (Indonesia)<br>| 2056400 | &nbsp;&nbsp; $59 |
| Tencent Holdings Ltd. <br> (China)<br>| 2100 | &nbsp;&nbsp; 133 |
|  |  | &nbsp;&nbsp; 192 |
| **Consumer Discretionary—4.2%** | **Consumer Discretionary—4.2%** |  |
| Alibaba Group Holding Ltd. <br> Sponsored ADR (China)<br>| 357 | &nbsp;&nbsp; 45 |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> <br>| 7188 | &nbsp;&nbsp; 51 |
| Union Auction PCL Foreign <br> Shares (Thailand)<br>| 379200 | &nbsp;&nbsp; 58 |
|  |  | &nbsp;&nbsp; 154 |
| **Consumer Staples—12.5%** | **Consumer Staples—12.5%** |  |
| Arca Continental SAB de C.V. <br> (Mexico)<br>| 10679 | &nbsp;&nbsp; 123 |
| BBB Foods, Inc. Class A <br> (Mexico)<sup>(1)</sup> <br>| 2709 | &nbsp;&nbsp; 96 |
| Heineken Malaysia Bhd <br> (Malaysia)<br>| 19200 | &nbsp;&nbsp; 108 |
| Wal-Mart de Mexico SAB de <br> C.V. (Mexico)<br>| 28691 | &nbsp;&nbsp; 94 |
| Wuliangye Yibin Co., Ltd. <br> Class A (China)<br>| 2500 | &nbsp;&nbsp; 37 |
|  |  | &nbsp;&nbsp; 458 |
| **Financials—14.7%** | **Financials—14.7%** |  |
| Bank Central Asia Tbk PT <br> (Indonesia)<br>| 237000 | &nbsp;&nbsp; 92 |
| BR Advisory Partners <br> Participacoes S.A. (Brazil)<br>| 22231 | &nbsp;&nbsp; 83 |
| Caixa Seguridade <br> Participacoes S.A. (Brazil)<br>| 53243 | &nbsp;&nbsp; 187 |
| Kaspi.KZ JSC ADR <br> (Kazakhstan)<sup>(1)</sup> <br>| 772 | &nbsp;&nbsp; 57 |
| Kfin Technologies Ltd. <br> (India)<br>| 2594 | &nbsp;&nbsp; 25 |
| Optima bank S.A. (Greece) | 5511 | &nbsp;&nbsp; 54 |
| Qualitas Controladora SAB <br> de C.V. (Mexico)<br>| 4303 | &nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp; 539 |
| **Health Care—2.5%** | **Health Care—2.5%** |  |
| Riverstone Holdings Ltd. <br> (Singapore)<br>| 169500 | &nbsp;&nbsp; 91 |
| **Industrials—38.3%** | **Industrials—38.3%** |  |
| Computer Age Management <br> Services Ltd. (India)<br>| 10017 | &nbsp;&nbsp; 67 |
| Credit Bureau Asia Ltd. <br> (Singapore)<br>| 80200 | &nbsp;&nbsp; 78 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Epiroc AB Class B (Sweden) | 5926 | &nbsp;&nbsp; $127 |
| Esab Corp. (United States) | 507 | &nbsp;&nbsp; 49 |
| Ferreycorp SAA (Peru) | 127389 | &nbsp;&nbsp; 150 |
| GFC Ltd. (Taiwan) | 14408 | &nbsp;&nbsp; 53 |
| GPS Participacoes e <br> Empreendimentos S.A. <br> (Brazil)<br>| 43564 | &nbsp;&nbsp; 139 |
| Haitian International <br> Holdings Ltd. (China)<br>| 31066 | &nbsp;&nbsp; 81 |
| HD Hyundai Marine Solution <br> Co., Ltd. (South Korea)<br>| 627 | &nbsp;&nbsp; 77 |
| Humanica PCL Foreign <br> Shares (Thailand)<br>| 93100 | &nbsp;&nbsp; 12 |
| Jack Technology Co., Ltd. <br> Class A (China)<br>| 11900 | &nbsp;&nbsp; 66 |
| JVM Co., Ltd. (South Korea) | 1828 | &nbsp;&nbsp; 29 |
| Lumax International Corp., <br> Ltd. (Taiwan)<br>| 2000 | &nbsp;&nbsp; 7 |
| NICE Information Service <br> Co., Ltd. (South Korea)<br>| 8088 | &nbsp;&nbsp; 85 |
| Precision Tsugami China <br> Corp., Ltd. (China)<br>| 20200 | &nbsp;&nbsp; 89 |
| S-1 Corp. (South Korea) | 1006 | &nbsp;&nbsp; 58 |
| Sporton International, Inc. <br> (Taiwan)<br>| 17000 | &nbsp;&nbsp; 102 |
| Tegma Gestao Logistica S.A. <br> (Brazil)<br>| 12390 | &nbsp;&nbsp; 75 |
| VAT Group AG (Switzerland) | 98 | &nbsp;&nbsp; 61 |
|  |  | &nbsp;&nbsp; 1405 |
| **Information Technology—10.5%** | **Information Technology—10.5%** |  |
| LEENO Industrial, Inc. <br> (South Korea)<br>| 535 | &nbsp;&nbsp; 35 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> Sponsored ADR (Taiwan)<br>| 1039 | &nbsp;&nbsp; 351 |
|  |  | &nbsp;&nbsp; 386 |
| **Materials—6.4%** | **Materials—6.4%** |  |
| Avia Avian Tbk PT <br> (Indonesia)<br>| 2960000 | &nbsp;&nbsp; 64 |
| Corp. Moctezuma SAB de <br> C.V. (Mexico)<br>| 38271 | &nbsp;&nbsp; 172 |
|  |  | &nbsp;&nbsp; 236 |
| **Total Common Stocks** <br>**(Identified Cost $2,859)** | **Total Common Stocks** <br>**(Identified Cost $2,859)** | &nbsp;&nbsp; **3461** |
| **Total Long-Term** <br> **Investments—94.4%** <br>**(Identified Cost $2,859)** | **Total Long-Term** <br> **Investments—94.4%** <br>**(Identified Cost $2,859)** | &nbsp;&nbsp; **3461** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—3.4%** | **Short-Term Investment—3.4%** | **Short-Term Investment—3.4%** |
| **Money Market Mutual Fund—3.4%** | **Money Market Mutual Fund—3.4%** | **Money Market Mutual Fund—3.4%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 3.531%)<sup>(2)</sup> <br>| 125133 | &nbsp;&nbsp; $125 |
| **Total Short-Term Investment** <br>**(Identified Cost $125)** | **Total Short-Term Investment** <br>**(Identified Cost $125)** | &nbsp;&nbsp; **125** |
| **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $2,984)** | **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $2,984)** | &nbsp;&nbsp; **$3586** |
| Other assets and liabilities, net—2.2% | Other assets and liabilities, net—2.2% | &nbsp;&nbsp; 81 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$3667** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| PCL | Public Company Limited |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</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>  | **Country Weightings**<sup>†</sup>  |
| Mexico | 15<br> %<br>|
| Taiwan | 14 |
| Brazil | 13 |
| China | 13 |
| South Korea | 8 |
| Indonesia | 6 |
| United States | 5 |
| Other | 26 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

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 (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $3461 | &nbsp;&nbsp;&nbsp;&nbsp; $1662 | &nbsp;&nbsp;&nbsp;&nbsp; $1799 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $3586 | &nbsp;&nbsp;&nbsp;&nbsp; $1787 | &nbsp;&nbsp;&nbsp;&nbsp; $1799 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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, 2025:** | &nbsp;&nbsp;&nbsp; $52 | &nbsp;&nbsp;&nbsp; $52 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Sales | &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; (47)<br>|
| **Balance as of March 31, 2026** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

*See Notes to Financial Statements*

------

**KAR Emerging Markets Small-Cap Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—89.5%** | **Common Stocks—89.5%** | **Common Stocks—89.5%** |
| **Communication Services—4.0%** | **Communication Services—4.0%** |  |
| Addcn Technology Co., <br> Ltd. (Taiwan)<br>| 834324 | &nbsp;&nbsp; $4330 |
| Dayamitra Telekomunikasi <br> PT (Indonesia)<br>| 73418400 | &nbsp;&nbsp; 2355 |
| Sarana Menara Nusantara <br> Tbk PT (Indonesia)<br>| 231232486 | &nbsp;&nbsp; 6678 |
|  |  | &nbsp;&nbsp; 13363 |
| **Consumer Discretionary—4.3%** | **Consumer Discretionary—4.3%** |  |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> <br>| 1356001 | &nbsp;&nbsp; 9734 |
| Union Auction PCL <br> Foreign Shares <br> (Thailand)<sup>(2)</sup> <br>| 31854400 | &nbsp;&nbsp; 4840 |
|  |  | &nbsp;&nbsp; 14574 |
| **Consumer Staples—11.5%** | **Consumer Staples—11.5%** |  |
| Anhui Gujing Distillery <br> Co., Ltd. Class B <br> (China)<br>| 412309 | &nbsp;&nbsp; 3691 |
| BBB Foods, Inc. Class A <br> (Mexico)<sup>(1)</sup> <br>| 227615 | &nbsp;&nbsp; 8051 |
| Carlsberg Brewery <br> Malaysia Bhd <br> (Malaysia)<br>| 1255000 | &nbsp;&nbsp; 5244 |
| Chongqing Brewery Co., <br> Ltd. Class A (China)<br>| 359700 | &nbsp;&nbsp; 2968 |
| Clicks Group Ltd. (South <br> Africa)<br>| 386565 | &nbsp;&nbsp; 6658 |
| Heineken Malaysia Bhd <br> (Malaysia)<br>| 2141900 | &nbsp;&nbsp; 12081 |
|  |  | &nbsp;&nbsp; 38693 |
| **Financials—15.4%** | **Financials—15.4%** |  |
| BR Advisory Partners <br> Participacoes S.A. <br> (Brazil)<br>| 1865128 | &nbsp;&nbsp; 6957 |
| Caixa Seguridade <br> Participacoes S.A. <br> (Brazil)<br>| 5884923 | &nbsp;&nbsp; 20700 |
| Kaspi.KZ JSC ADR <br> (Kazakhstan)<sup>(1)</sup> <br>| 61759 | &nbsp;&nbsp; 4574 |
| Kfin Technologies Ltd. <br> (India)<br>| 322085 | &nbsp;&nbsp; 3022 |
| Optima bank S.A. <br> (Greece)<br>| 687978 | &nbsp;&nbsp; 6780 |
| Qualitas Controladora <br> SAB de C.V. (Mexico)<br>| 1037502 | &nbsp;&nbsp; 9955 |
|  |  | &nbsp;&nbsp; 51988 |
| **Health Care—7.0%** | **Health Care—7.0%** |  |
| Haw Par Corp., Ltd. <br> (Singapore)<br>| 1199474 | &nbsp;&nbsp; 15865 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Riverstone Holdings Ltd. <br> (Singapore)<br>| 14657200 | &nbsp;&nbsp; $7836 |
|  |  | &nbsp;&nbsp; 23701 |
| **Industrials—39.3%** | **Industrials—39.3%** |  |
| Computer Age <br> Management Services <br> Ltd. (India)<br>| 939773 | &nbsp;&nbsp; 6277 |
| Epiroc AB Class B <br> (Sweden)<br>| 598478 | &nbsp;&nbsp; 12820 |
| Esab Corp. <br> (United States)<br>| 53171 | &nbsp;&nbsp; 5140 |
| Ferreycorp SAA (Peru) | 5668680 | &nbsp;&nbsp; 6679 |
| GFC Ltd. (Taiwan) | 116416 | &nbsp;&nbsp; 427 |
| GPS Participacoes e <br> Empreendimentos S.A. <br> (Brazil)<br>| 4092778 | &nbsp;&nbsp; 13093 |
| Haitian International <br> Holdings Ltd. (China)<br>| 3936218 | &nbsp;&nbsp; 10228 |
| HD Hyundai Marine <br> Solution Co., Ltd. <br> (South Korea)<br>| 48665 | &nbsp;&nbsp; 6009 |
| Humanica PCL Foreign <br> Shares (Thailand)<br>| 11935400 | &nbsp;&nbsp; 1498 |
| Jack Technology Co., Ltd. <br> Class A (China)<br>| 1115973 | &nbsp;&nbsp; 6212 |
| JVM Co., Ltd. (South <br> Korea)<br>| 154508 | &nbsp;&nbsp; 2411 |
| Kerry TJ Logistics Co., <br> Ltd. (Taiwan)<br>| 1642000 | &nbsp;&nbsp; 1584 |
| Lumax International <br> Corp., Ltd. (Taiwan)<br>| 1242000 | &nbsp;&nbsp; 4538 |
| NICE Information Service <br> Co., Ltd. (South Korea)<br>| 938416 | &nbsp;&nbsp; 9893 |
| Precision Tsugami China <br> Corp., Ltd. (China)<br>| 741642 | &nbsp;&nbsp; 3271 |
| S-1 Corp. (South Korea) | 207617 | &nbsp;&nbsp; 11985 |
| Sporton International, Inc. <br> (Taiwan)<br>| 1929887 | &nbsp;&nbsp; 11603 |
| Tegma Gestao Logistica <br> S.A. (Brazil)<br>| 1915830 | &nbsp;&nbsp; 11543 |
| VAT Group AG <br> (Switzerland)<br>| 11298 | &nbsp;&nbsp; 7048 |
|  |  | &nbsp;&nbsp; 132259 |
| **Information Technology—1.8%** | **Information Technology—1.8%** |  |
| LEENO Industrial, Inc. <br> (South Korea)<br>| 47813 | &nbsp;&nbsp; 3116 |
| Oracle Financial Services <br> Software Ltd. (India)<br>| 42087 | &nbsp;&nbsp; 3022 |
|  |  | &nbsp;&nbsp; 6138 |
| **Materials—6.2%** | **Materials—6.2%** |  |
| Avia Avian Tbk PT <br> (Indonesia)<br>| 279377660 | &nbsp;&nbsp; 6034 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Corp. Moctezuma SAB de <br> C.V. (Mexico)<br>| 3273814 | &nbsp;&nbsp; $14719 |
|  |  | &nbsp;&nbsp; 20753 |
| **Total Common Stocks** <br>**(Identified Cost $275,717)** | **Total Common Stocks** <br>**(Identified Cost $275,717)** | &nbsp;&nbsp; **301469** |
| **Total Long-Term** <br> **Investments—89.5%** <br>**(Identified Cost $275,717)** | **Total Long-Term** <br> **Investments—89.5%** <br>**(Identified Cost $275,717)** | &nbsp;&nbsp; **301469** |
| **Short-Term Investment—8.9%** | **Short-Term Investment—8.9%** | **Short-Term Investment—8.9%** |
| **Money Market Mutual Fund—8.9%** | **Money Market Mutual Fund—8.9%** | **Money Market Mutual Fund—8.9%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 3.531%)<sup>(3)</sup> <br>| 30009128 | &nbsp;&nbsp; 30009 |
| **Total Short-Term Investment** <br>**(Identified Cost $30,009)** | **Total Short-Term Investment** <br>**(Identified Cost $30,009)** | &nbsp;&nbsp; **30009** |
| **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $305,726)** | **TOTAL INVESTMENTS—98.4%** <br>**(Identified Cost $305,726)** | &nbsp;&nbsp; **$331478** |
| Other assets and liabilities, net—1.6% | Other assets and liabilities, net—1.6% | &nbsp;&nbsp; 5250 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$336728** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| JSC | Joint Stock Company |
| PCL | Public Company Limited |

---

&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 4I in Notes to <br> Financial Statements.<br>|
| <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>  | **Country Weightings**<sup>†</sup>  |
| Brazil | 16<br> %<br>|
| United States | 11 |
| South Korea | 10 |
| Mexico | 10 |
| China | 8 |
| Singapore | 7 |
| Taiwan | 7 |
| Other | 31 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

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 (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $301469 | &nbsp;&nbsp;&nbsp;&nbsp; $101411 | &nbsp;&nbsp;&nbsp;&nbsp; $200058 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30009 | &nbsp;&nbsp;&nbsp;&nbsp; 30009 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $331478 | &nbsp;&nbsp;&nbsp;&nbsp; $131420 | &nbsp;&nbsp;&nbsp;&nbsp; $200058 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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, 2025:** | &nbsp;&nbsp;&nbsp; $5077 | &nbsp;&nbsp;&nbsp; $5077 |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (635)<br>| &nbsp;&nbsp;&nbsp; (635)<br>|
| Sales | &nbsp;&nbsp;&nbsp; (4442)<br>| &nbsp;&nbsp;&nbsp; (4442)<br>|
| **Balance as of March 31, 2026** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

*See Notes to Financial Statements*

------

**KAR International Small-Mid Cap Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—100.0%** | **Common Stocks—100.0%** | **Common Stocks—100.0%** |
| **Communication Services—6.8%** | **Communication Services—6.8%** |  |
| Dayamitra Telekomunikasi <br> PT (Indonesia)<br>| 349392703 | &nbsp;&nbsp; $11206 |
| Infrastrutture Wireless <br> Italiane SpA (Italy)<br>| 1870432 | &nbsp;&nbsp; 14927 |
| oOh!media Ltd. <br> (Australia)<br>| 26447477 | &nbsp;&nbsp; 17371 |
| Sarana Menara Nusantara <br> Tbk PT (Indonesia)<br>| 338026000 | &nbsp;&nbsp; 9762 |
|  |  | &nbsp;&nbsp; 53266 |
| **Consumer Discretionary—2.0%** | **Consumer Discretionary—2.0%** |  |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> <br>| 2196889 | &nbsp;&nbsp; 15769 |
| **Consumer Staples—2.9%** | **Consumer Staples—2.9%** |  |
| Anhui Gujing Distillery <br> Co., Ltd. Class B <br> (China)<br>| 324100 | &nbsp;&nbsp; 2902 |
| Heineken Malaysia Bhd <br> (Malaysia)<br>| 3505000 | &nbsp;&nbsp; 19768 |
|  |  | &nbsp;&nbsp; 22670 |
| **Energy—3.0%** | **Energy—3.0%** |  |
| Pason Systems, Inc. <br> (Canada)<br>| 2457045 | &nbsp;&nbsp; 23385 |
| **Financials—22.5%** | **Financials—22.5%** |  |
| AJ Bell plc (United <br> Kingdom)<br>| 6020896 | &nbsp;&nbsp; 37686 |
| Caixa Seguridade <br> Participacoes S.A. <br> (Brazil)<br>| 12091537 | &nbsp;&nbsp; 42532 |
| FinecoBank Banca Fineco <br> SpA (Italy)<br>| 1937247 | &nbsp;&nbsp; 43101 |
| IntegraFin Holdings plc <br> (United Kingdom)<br>| 3068831 | &nbsp;&nbsp; 12563 |
| Mortgage Advice Bureau <br> Holdings Ltd. (United <br> Kingdom)<br>| 1636338 | &nbsp;&nbsp; 12108 |
| Qualitas Controladora <br> SAB de C.V. (Mexico)<br>| 1172684 | &nbsp;&nbsp; 11253 |
| Steadfast Group Ltd. <br> (Australia)<br>| 5682927 | &nbsp;&nbsp; 16730 |
|  |  | &nbsp;&nbsp; 175973 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—13.9%** | **Health Care—13.9%** |  |
| As One Corp. (Japan) | 2059300 | &nbsp;&nbsp; $28993 |
| Haw Par Corp., Ltd. <br> (Singapore)<br>| 3915012 | &nbsp;&nbsp; 51782 |
| Riverstone Holdings Ltd. <br> (Singapore)<br>| 21164200 | &nbsp;&nbsp; 11315 |
| Sartorius Stedim Biotech <br> (France)<br>| 85929 | &nbsp;&nbsp; 16736 |
|  |  | &nbsp;&nbsp; 108826 |
| **Industrials—35.5%** | **Industrials—35.5%** |  |
| Beijer Ref AB Class B <br> (Sweden)<br>| 316950 | &nbsp;&nbsp; 4394 |
| Epiroc AB Class B <br> (Sweden)<br>| 1969653 | &nbsp;&nbsp; 42193 |
| Haitian International <br> Holdings Ltd. (China)<br>| 9534025 | &nbsp;&nbsp; 24773 |
| Howden Joinery Group <br> plc (United Kingdom)<br>| 2608856 | &nbsp;&nbsp; 27632 |
| Japan Elevator Service <br> Holdings Co., Ltd. <br> (Japan)<br>| 116800 | &nbsp;&nbsp; 1208 |
| Knorr-Bremse AG <br> (Germany)<br>| 185702 | &nbsp;&nbsp; 21217 |
| Lumax International <br> Corp., Ltd. (Taiwan)<br>| 1840247 | &nbsp;&nbsp; 6724 |
| MEITEC Group Holdings, <br> Inc. (Japan)<br>| 516100 | &nbsp;&nbsp; 10685 |
| MISUMI Group, Inc. <br> (Japan)<br>| 1274000 | &nbsp;&nbsp; 21839 |
| MonotaRO Co., Ltd. <br> (Japan)<br>| 1882700 | &nbsp;&nbsp; 20408 |
| MTU Aero Engines AG <br> (Germany)<br>| 75749 | &nbsp;&nbsp; 27635 |
| NICE Information Service <br> Co., Ltd. (South Korea)<br>| 1125587 | &nbsp;&nbsp; 11866 |
| S-1 Corp. (South Korea) | 312510 | &nbsp;&nbsp; 18040 |
| Spirax Group plc (United <br> Kingdom)<br>| 320634 | &nbsp;&nbsp; 28765 |
| VAT Group AG <br> (Switzerland)<br>| 16862 | &nbsp;&nbsp; 10519 |
|  |  | &nbsp;&nbsp; 277898 |
| **Information Technology—4.4%** | **Information Technology—4.4%** |  |
| Alten S.A. (France) | 116619 | &nbsp;&nbsp; 7230 |
| Bouvet ASA (Norway) | 1346107 | &nbsp;&nbsp; 7030 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Riken Keiki Co., Ltd. <br> (Japan)<br>| 1086100 | &nbsp;&nbsp; $20660 |
|  |  | &nbsp;&nbsp; 34920 |
| **Materials—9.0%** | **Materials—9.0%** |  |
| Corp. Moctezuma SAB de <br> C.V. (Mexico)<br>| 10563683 | &nbsp;&nbsp; 47493 |
| Forterra plc (United <br> Kingdom)<br>| 6054521 | &nbsp;&nbsp; 12577 |
| Ibstock plc (United <br> Kingdom)<br>| 7621964 | &nbsp;&nbsp; 10277 |
|  |  | &nbsp;&nbsp; 70347 |
| **Total Common Stocks** <br>**(Identified Cost $707,936)** | **Total Common Stocks** <br>**(Identified Cost $707,936)** | &nbsp;&nbsp; **783054** |
| **Total Long-Term** <br> **Investments—100.0%** <br>**(Identified Cost $707,936)** | **Total Long-Term** <br> **Investments—100.0%** <br>**(Identified Cost $707,936)** | &nbsp;&nbsp; **783054** |
| **TOTAL INVESTMENTS—100.0%** <br>**(Identified Cost $707,936)** | **TOTAL INVESTMENTS—100.0%** <br>**(Identified Cost $707,936)** | &nbsp;&nbsp; **$783054** |
| Other assets and liabilities, net—(0.0)% | Other assets and liabilities, net—(0.0)% | &nbsp;&nbsp; (16)<br>|
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$783038** |

---

&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>| Non-income producing. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United Kingdom | 18<br> %<br>|
| Japan | 13 |
| Singapore | 8 |
| Mexico | 8 |
| Italy | 7 |
| Germany | 6 |
| Sweden | 6 |
| Other | 34 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $783054 | &nbsp;&nbsp;&nbsp;&nbsp; $124663 | &nbsp;&nbsp;&nbsp;&nbsp; $658391 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $783054 | &nbsp;&nbsp;&nbsp;&nbsp; $124663 | &nbsp;&nbsp;&nbsp;&nbsp; $658391 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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 (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—14.8%** | **U.S. Government Securities—14.8%** | **U.S. Government Securities—14.8%** |
| U.S. Treasury Bonds |  |  |
| 2.375%, 2/15/42 | $720 | &nbsp;&nbsp; $525 |
| 3.875%, 5/15/43 | 1440 | &nbsp;&nbsp; 1276 |
| 3.000%, 8/15/48 | 3115 | &nbsp;&nbsp; 2286 |
| 1.250%, 5/15/50 | 5910 | &nbsp;&nbsp; 2805 |
| 1.375%, 8/15/50 | 9840 | &nbsp;&nbsp; 4812 |
| 1.875%, 2/15/51 | 1335 | &nbsp;&nbsp; 741 |
| 1.875%, 11/15/51 | 940 | &nbsp;&nbsp; 516 |
| 2.250%, 2/15/52 | 950 | &nbsp;&nbsp; 573 |
| 2.875%, 5/15/52 | 985 | &nbsp;&nbsp; 683 |
| 4.000%, 11/15/52 | 2800 | &nbsp;&nbsp; 2406 |
| 3.625%, 2/15/53 | 1420 | &nbsp;&nbsp; 1140 |
| 3.625%, 5/15/53 | 7550 | &nbsp;&nbsp; 6054 |
| 4.125%, 8/15/53 | 6110 | &nbsp;&nbsp; 5358 |
| 4.750%, 11/15/53 | 1590 | &nbsp;&nbsp; 1546 |
| 4.250%, 2/15/54 | 9175 | &nbsp;&nbsp; 8219 |
| 4.625%, 5/15/54 | 5930 | &nbsp;&nbsp; 5654 |
| 4.250%, 8/15/54 | 4155 | &nbsp;&nbsp; 3721 |
| 4.500%, 11/15/54 | 3155 | &nbsp;&nbsp; 2947 |
| 4.625%, 2/15/55 | 7090 | &nbsp;&nbsp; 6762 |
| U.S. Treasury Notes |  |  |
| 4.250%, 1/31/30 | 980 | &nbsp;&nbsp; 992 |
| 1.500%, 2/15/30 | 1265 | &nbsp;&nbsp; 1158 |
| 3.625%, 12/31/30 | 2940 | &nbsp;&nbsp; 2900 |
| 3.375%, 5/15/33 | 2435 | &nbsp;&nbsp; 2320 |
| 4.500%, 11/15/33 | 870 | &nbsp;&nbsp; 888 |
| 4.375%, 5/15/34 | 4705 | &nbsp;&nbsp; 4755 |
| 3.875%, 8/15/34 | 4260 | &nbsp;&nbsp; 4152 |
| 4.625%, 2/15/35 | 7115 | &nbsp;&nbsp; 7300 |
| 4.250%, 5/15/35 | 5230 | &nbsp;&nbsp; 5216 |
| 4.125%, 2/15/36 | 4975 | &nbsp;&nbsp; 4897 |
| **Total U.S. Government Securities** <br>**(Identified Cost $100,748)** | **Total U.S. Government Securities** <br>**(Identified Cost $100,748)** | &nbsp;&nbsp; **92602** |
| **Foreign Government Securities—2.7%** | **Foreign Government Securities—2.7%** | **Foreign Government Securities—2.7%** |
| Costa Rica Government |  |  |
| 144A <br>6.550%, 4/3/34<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 116 |
| 144A <br>7.300%, 11/13/54<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 71 |
| Dominican Republic |  |  |
| 144A <br>5.500%, 2/22/29<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 351 |
| 144A <br>4.875%, 9/23/32<sup>(1)</sup> <br>| 715 | &nbsp;&nbsp; 659 |
| Federative Republic of <br> Brazil<br>|  |  |
| <br>6.000%, 10/20/33 | 396 | &nbsp;&nbsp; 396 |
| <br>6.625%, 3/15/35 | 294 | &nbsp;&nbsp; 301 |
| Hungary Government <br> International Bond<br>|  |  |
| 144A <br>6.250%, 9/22/32<sup>(1)</sup> <br>| 804 | &nbsp;&nbsp; 836 |
| 144A <br>5.500%, 3/26/36<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 209 |
| Kingdom of Bahrain |  |  |
| 144A <br>5.625%, 5/18/34<sup>(1)</sup> <br>| 102 | &nbsp;&nbsp; 90 |
| 144A <br>7.100%, 2/3/38<sup>(1)</sup> <br>| 505 | &nbsp;&nbsp; 473 |
| Kingdom of Morocco 144A <br>3.000%, 12/15/32<sup>(1)</sup> <br>| 311 | &nbsp;&nbsp; 267 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Oman Government <br> International Bond 144A <br>6.250%, 1/25/31<sup>(1)</sup> <br>| $667 | &nbsp;&nbsp; $696 |
| Republic of Angola 144A <br>9.244%, 1/15/31<sup>(1)</sup> <br>| 238 | &nbsp;&nbsp; 241 |
| Republic of Colombia |  |  |
| <br>7.375%, 4/25/30 | 155 | &nbsp;&nbsp; 161 |
| <br>8.000%, 11/14/35 | 226 | &nbsp;&nbsp; 237 |
| <br>7.750%, 11/7/36 | 235 | &nbsp;&nbsp; 240 |
| <br>8.750%, 11/14/53 | 130 | &nbsp;&nbsp; 139 |
| Republic of El Salvador |  |  |
| 144A <br>8.625%, 2/28/29<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 183 |
| RegS <br>7.650%, 6/15/35<sup>(2)</sup> <br>| 276 | &nbsp;&nbsp; 270 |
| Republic of Guatemala <br> 144A <br>6.600%, 6/13/36<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 235 |
| Republic of Indonesia |  |  |
| <br>4.550%, 1/11/28 | 318 | &nbsp;&nbsp; 319 |
| <br>5.600%, 1/15/35 | 116 | &nbsp;&nbsp; 118 |
| <br>5.100%, 2/10/54<sup>(3)</sup> <br>| 513 | &nbsp;&nbsp; 466 |
| Republic of Ivory Coast |  |  |
| 144A <br>8.075%, 4/1/36<sup>(1)</sup> <br>| 112 | &nbsp;&nbsp; 114 |
| 144A <br>8.250%, 1/30/37<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 164 |
| Republic of Kazakhstan <br> 144A <br>5.500%, 7/1/37<sup>(1)</sup> <br>| 502 | &nbsp;&nbsp; 503 |
| Republic of Kenya 144A <br>7.875%, 10/9/33<sup>(1)</sup> <br>| 380 | &nbsp;&nbsp; 353 |
| Republic of Nigeria |  |  |
| 144A <br>10.375%, 12/9/34<sup>(1)</sup> <br>| 249 | &nbsp;&nbsp; 285 |
| 144A <br>8.631%, 1/13/36<sup>(1)</sup> <br>| 294 | &nbsp;&nbsp; 305 |
| Republic of Panama |  |  |
| <br>5.227%, 2/23/34 | 170 | &nbsp;&nbsp; 164 |
| <br>5.662%, 2/23/38 | 115 | &nbsp;&nbsp; 110 |
| <br>8.000%, 3/1/38 | 236 | &nbsp;&nbsp; 271 |
| Republic of Peru <br>5.375%, 2/8/35<br>| 450 | &nbsp;&nbsp; 449 |
| Republic of Philippines <br>4.750%, 3/5/35<br>| 456 | &nbsp;&nbsp; 438 |
| Republic of Poland |  |  |
| <br>4.875%, 10/4/33 | 470 | &nbsp;&nbsp; 469 |
| <br>5.125%, 9/18/34 | 164 | &nbsp;&nbsp; 164 |
| <br>5.375%, 2/12/35 | 204 | &nbsp;&nbsp; 207 |
| Republic of Serbia 144A <br>6.500%, 9/26/33<sup>(1)</sup> <br>| 284 | &nbsp;&nbsp; 296 |
| Republic of South Africa |  |  |
| <br>5.875%, 6/22/30 | 559 | &nbsp;&nbsp; 564 |
| <br>5.650%, 9/27/47 | 60 | &nbsp;&nbsp; 47 |
| 144A <br>6.125%, 12/11/37<sup>(1)</sup> <br>| 178 | &nbsp;&nbsp; 165 |
| Republic of Sri Lanka 144A <br>3.600%, 2/15/38<sup>(1)(4)</sup> <br>| 245 | &nbsp;&nbsp; 219 |
| Republic of Turkiye |  |  |
| <br>7.250%, 5/29/32 | 310 | &nbsp;&nbsp; 311 |
| <br>7.625%, 5/15/34 | 558 | &nbsp;&nbsp; 566 |
| <br>6.625%, 2/17/45 | 135 | &nbsp;&nbsp; 114 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **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; $451 |
| Romanian Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(1)</sup> <br>| 422 | &nbsp;&nbsp; 424 |
| 144A <br>6.375%, 1/30/34<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 124 |
| 144A <br>6.625%, 5/16/36<sup>(1)</sup> <br>| 236 | &nbsp;&nbsp; 234 |
| Saudi International Bond |  |  |
| 144A <br>4.875%, 7/18/33<sup>(1)</sup> <br>| 552 | &nbsp;&nbsp; 545 |
| 144A <br>5.625%, 1/13/35<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 206 |
| 144A <br>4.500%, 10/26/46<sup>(1)</sup> <br>| 185 | &nbsp;&nbsp; 150 |
| 144A <br>3.750%, 1/21/55<sup>(1)</sup> <br>| 625 | &nbsp;&nbsp; 421 |
| United Mexican States |  |  |
| <br>5.850%, 7/2/32 | 290 | &nbsp;&nbsp; 293 |
| <br>5.375%, 3/22/33 | 289 | &nbsp;&nbsp; 282 |
| <br>3.500%, 2/12/34 | 187 | &nbsp;&nbsp; 159 |
| <br>6.000%, 5/7/36 | 345 | &nbsp;&nbsp; 343 |
| Uzbekistan International <br> Bond 144A <br>6.900%, 2/28/32<sup>(1)</sup> <br>| 266 | &nbsp;&nbsp; 276 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $17,320)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $17,320)** | &nbsp;&nbsp; **17260** |
| **Mortgage-Backed Securities—29.2%** | **Mortgage-Backed Securities—29.2%** | **Mortgage-Backed Securities—29.2%** |
| **Agency—16.2%** | **Agency—16.2%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #SB8269 <br>6.000%, 10/1/38<br>| 260 | &nbsp;&nbsp; 268 |
| Pool #SD2026 <br>5.000%, 11/1/52<br>| 1317 | &nbsp;&nbsp; 1305 |
| Pool #SD3238 <br>5.500%, 12/1/52<br>| 113 | &nbsp;&nbsp; 114 |
| Pool #SD5594 <br>5.500%, 7/1/53<br>| 2550 | &nbsp;&nbsp; 2570 |
| Pool #SD5856 <br>3.500%, 1/1/54<br>| 4667 | &nbsp;&nbsp; 4282 |
| Pool #SD6881 <br>2.500%, 2/1/52<br>| 5141 | &nbsp;&nbsp; 4339 |
| Pool #SD8289 <br>5.500%, 1/1/53<br>| 2335 | &nbsp;&nbsp; 2355 |
| Pool #SD8317 <br>6.000%, 4/1/53<br>| 277 | &nbsp;&nbsp; 284 |
| Pool #SD8343 <br>6.000%, 7/1/53<br>| 969 | &nbsp;&nbsp; 994 |
| Pool #SD8350 <br>6.000%, 8/1/53<br>| 543 | &nbsp;&nbsp; 556 |
| Pool #SD8418 <br>4.500%, 4/1/54<br>| 5091 | &nbsp;&nbsp; 4916 |
| Pool #SD8492 <br>5.000%, 1/1/55<br>| 6549 | &nbsp;&nbsp; 6464 |
| Pool #SL0019 <br>5.500%, 1/1/55<br>| 1181 | &nbsp;&nbsp; 1187 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #SL0298 <br>5.000%, 1/1/55<br>| $4609 | &nbsp;&nbsp; $4553 |
| Pool #SL0627 <br>6.000%, 10/1/54<br>| 2185 | &nbsp;&nbsp; 2232 |
| Pool #SL3344 <br>5.000%, 3/1/55<br>| 4146 | &nbsp;&nbsp; 4092 |
| Pool #SL3545 <br>3.000%, 10/1/53<br>| 5788 | &nbsp;&nbsp; 5094 |
| 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>| 12 | &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>| 48 | &nbsp;&nbsp; 50 |
| Pool #938574 <br>5.500%, 9/1/36<br>| 24 | &nbsp;&nbsp; 25 |
| Pool #986067 <br>6.000%, 8/1/38<br>| 1 | &nbsp;&nbsp; 1 |
| Pool #CB0534 <br>3.000%, 5/1/51<br>| 4535 | &nbsp;&nbsp; 3992 |
| Pool #CB6857 <br>4.500%, 8/1/53<br>| 2282 | &nbsp;&nbsp; 2210 |
| Pool #FA0685 <br>6.000%, 1/1/55<br>| 4965 | &nbsp;&nbsp; 5073 |
| Pool #FA1378 <br>4.000%, 3/1/55<br>| 5841 | &nbsp;&nbsp; 5532 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 4425 | &nbsp;&nbsp; 4529 |
| Pool #FA2472 <br>5.000%, 4/1/54<br>| 4971 | &nbsp;&nbsp; 4921 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 116 | &nbsp;&nbsp; 115 |
| Pool #FS4991 <br>3.000%, 3/1/52<br>| 1322 | &nbsp;&nbsp; 1162 |
| Pool #FS6679 <br>6.000%, 12/1/53<br>| 1701 | &nbsp;&nbsp; 1742 |
| Pool #FS7751 <br>4.000%, 3/1/53<br>| 5024 | &nbsp;&nbsp; 4751 |
| Pool #FS8360 <br>3.500%, 9/1/52<br>| 2212 | &nbsp;&nbsp; 2031 |
| Pool #FS8791 <br>6.000%, 8/1/54<br>| 3182 | &nbsp;&nbsp; 3245 |
| Pool #MA4785 <br>5.000%, 10/1/52<br>| 266 | &nbsp;&nbsp; 263 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 649 | &nbsp;&nbsp; 629 |
| Pool #MA4839 <br>4.000%, 12/1/52<br>| 5107 | &nbsp;&nbsp; 4821 |
| Pool #MA4980 <br>6.000%, 4/1/53<br>| 1512 | &nbsp;&nbsp; 1548 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 1426 | &nbsp;&nbsp; 1437 |
| Pool #MA5385 <br>4.000%, 6/1/54<br>| 3110 | &nbsp;&nbsp; 2936 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #MA5791 <br>5.000%, 8/1/55<br>| $3659 | &nbsp;&nbsp; $3611 |
| Government National <br> Mortgage Association<br>|  |  |
| 2025-125, JA <br>5.000%, 11/16/50<sup>(6)</sup> <br>| 924 | &nbsp;&nbsp; 930 |
| Pool #443000 <br>6.500%, 9/15/28<br>| 3 | &nbsp;&nbsp; 3 |
|  |  | &nbsp;&nbsp; 101184 |
| **Non-Agency—13.0%** | **Non-Agency—13.0%** |  |
| A&D Mortgage Trust |  |  |
| 2023-NQM3, A1 144A <br>6.733%, 7/25/68<sup>(1)(6)</sup> <br>| 781 | &nbsp;&nbsp; 783 |
| 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(1)(6)</sup> <br>| 995 | &nbsp;&nbsp; 1000 |
| Ajax Mortgage Loan Trust |  |  |
| 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(1)(6)</sup> <br>| 595 | &nbsp;&nbsp; 573 |
| 2022-B, A1 144A <br>3.500%, 3/27/62<sup>(1)(6)</sup> <br>| 589 | &nbsp;&nbsp; 570 |
| ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.416%, 6/15/40<sup>(1)(6)</sup> <br>| 1605 | &nbsp;&nbsp; 1609 |
| Angel Oak Mortgage Trust |  |  |
| 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(1)(6)</sup> <br>| 1373 | &nbsp;&nbsp; 1367 |
| 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(1)(6)</sup> <br>| 1882 | &nbsp;&nbsp; 1876 |
| Arroyo Mortgage Trust |  |  |
| 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(1)(6)</sup> <br>| 32 | &nbsp;&nbsp; 31 |
| 2019-2, A1 144A <br>3.347%, 4/25/49<sup>(1)(6)</sup> <br>| 13 | &nbsp;&nbsp; 13 |
| 2020-1, A3 144A <br>3.328%, 3/25/55<sup>(1)</sup> <br>| 1410 | &nbsp;&nbsp; 1302 |
| 2022-1, A1B 144A <br>4.269%, 12/25/56<sup>(1)(6)</sup> <br>| 270 | &nbsp;&nbsp; 256 |
| BBCMS Trust 2018-CBM, A <br> (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor <br> 1.250%) 144A <br>4.970%, 7/15/37<sup>(1)(6)</sup> <br>| 1324 | &nbsp;&nbsp; 1287 |
| Benchmark Mortgage Trust <br> 2023-B38, A2 <br>5.626%, 4/15/56<br>| 235 | &nbsp;&nbsp; 238 |
| 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>5.633%, 2/15/39<sup>(1)(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>5.064%, 3/15/41<sup>(1)(6)</sup> <br>| 880 | &nbsp;&nbsp; 881 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| BX Trust |  |  |
| 2019-OC11, A 144A <br>3.202%, 12/9/41<sup>(1)</sup> <br>| $875 | &nbsp;&nbsp; $826 |
| 2019-OC11, D 144A <br>3.944%, 12/9/41<sup>(1)(6)</sup> <br>| 1135 | &nbsp;&nbsp; 1073 |
| 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(1)</sup> <br>| 1230 | &nbsp;&nbsp; 1234 |
| 2025-ROIC, C (1 month <br> Term SOFR + 1.543%, <br> Cap N/A, Floor 1.543%) <br> 144A <br>5.216%, 3/15/30<sup>(1)(6)</sup> <br>| 854 | &nbsp;&nbsp; 847 |
| CENT 2025-CITY, A 144A <br>4.920%, 7/10/40<sup>(1)(6)</sup> <br>| 1315 | &nbsp;&nbsp; 1324 |
| CIM Trust 2022-R2, A1 <br> 144A <br>3.750%, 12/25/61<sup>(1)(6)</sup> <br>| 454 | &nbsp;&nbsp; 429 |
| Citigroup Mortgage Loan <br> Trust, Inc. 2019-RP1, A1 <br> 144A <br>3.500%, 1/25/66<sup>(1)(6)</sup> <br>| 176 | &nbsp;&nbsp; 172 |
| COLT Mortgage Loan Trust |  |  |
| 2023-4, A1 144A <br>7.163%, 10/25/68<sup>(1)(6)</sup> <br>| 836 | &nbsp;&nbsp; 842 |
| 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(1)(6)</sup> <br>| 631 | &nbsp;&nbsp; 630 |
| COOPR Residential <br> Mortgage Trust <br> 2025-CES2, A1A 144A <br>5.502%, 6/25/60<sup>(1)(6)</sup> <br>| 646 | &nbsp;&nbsp; 648 |
| CoreVest American Finance <br> Trust<br>|  |  |
| 2019-3, C 144A <br>3.265%, 10/15/52<sup>(1)</sup> <br>| 220 | &nbsp;&nbsp; 206 |
| 2020-3, A 144A <br>1.358%, 8/15/53<sup>(1)</sup> <br>| 11 | &nbsp;&nbsp; 11 |
| 2022-1, A 144A <br>4.744%, 6/17/55<sup>(1)(6)</sup> <br>| 357 | &nbsp;&nbsp; 358 |
| Credit Suisse Mortgage <br> Capital Trust <br> 2020-RPL4, A1 144A <br>2.000%, 1/25/60<sup>(1)(6)</sup> <br>| 788 | &nbsp;&nbsp; 711 |
| Deephaven Residential <br> Mortgage Trust<br>|  |  |
| 2022-1, A1 144A <br>2.205%, 1/25/67<sup>(1)(6)</sup> <br>| 297 | &nbsp;&nbsp; 274 |
| 2025-INV1, A1 144A <br>5.087%, 11/25/60<sup>(1)(6)</sup> <br>| 771 | &nbsp;&nbsp; 769 |
| EFMT 2025-NQM2, A1 <br> 144A <br>5.596%, 6/25/70<sup>(1)(6)</sup> <br>| 821 | &nbsp;&nbsp; 825 |
| Ellington Financial <br> Mortgage Trust 2019-2, <br> A3 144A <br>3.046%, 11/25/59<sup>(1)(6)</sup> <br>| 14 | &nbsp;&nbsp; 13 |
| ELM Trust 2024-ELM, A10 <br> 144A <br>5.414%, 6/10/39<sup>(1)(6)</sup> <br>| 897 | &nbsp;&nbsp; 899 |
| Fashion Show Mall LLC <br> 2024-SHOW, A 144A <br>4.764%, 10/10/41<sup>(1)(6)</sup> <br>| 2010 | &nbsp;&nbsp; 2022 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(1)</sup> <br>| $225 | &nbsp;&nbsp; $222 |
| Flagstar Mortgage Trust <br> 2017-1, 1A3 144A <br>3.500%, 3/25/47<sup>(1)(6)</sup> <br>| 31 | &nbsp;&nbsp; 28 |
| 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>5.123%, 12/15/39<sup>(1)(6)</sup> <br>| 660 | &nbsp;&nbsp; 660 |
| GCAT Trust 2020-NQM1, <br> A1 144A <br>3.247%, 1/25/60<sup>(1)(6)</sup> <br>| 330 | &nbsp;&nbsp; 327 |
| Homes Trust 2023-NQM2, <br> A1 144A <br>6.456%, 2/25/68<sup>(1)(6)</sup> <br>| 1020 | &nbsp;&nbsp; 1018 |
| Houston Galleria Mall Trust <br> 2025-HGLR, A 144A <br>5.462%, 2/5/45<sup>(1)(6)</sup> <br>| 1480 | &nbsp;&nbsp; 1513 |
| Imperial Fund Mortgage <br> Trust 2022-NQM3, A1 <br> 144A <br>4.380%, 5/25/67<sup>(1)(6)</sup> <br>| 1298 | &nbsp;&nbsp; 1294 |
| IRV Trust 2025-200P, B <br> 144A <br>5.440%, 3/14/47<sup>(1)(6)</sup> <br>| 1180 | &nbsp;&nbsp; 1173 |
| JP Morgan Seasoned <br> Mortgage Trust Series <br> 2024-1, A4 144A <br>4.337%, 1/25/63<sup>(1)(6)</sup> <br>| 648 | &nbsp;&nbsp; 634 |
| JPMorgan Chase <br> Commercial Mortgage <br> Securities Trust <br> 2024-OMNI, A 144A <br>5.797%, 10/5/39<sup>(1)(6)</sup> <br>| 1115 | &nbsp;&nbsp; 1125 |
| JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(1)(6)</sup> <br>| 333 | &nbsp;&nbsp; 291 |
| 2017-4, A13 144A <br>3.500%, 11/25/48<sup>(1)(6)</sup> <br>| 1743 | &nbsp;&nbsp; 1588 |
| 2017-5, A1 144A <br>4.702%, 10/26/48<sup>(1)(6)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| 2021-INV2, A4 144A <br>2.500%, 12/25/51<sup>(1)(6)</sup> <br>| 2463 | &nbsp;&nbsp; 2214 |
| 2024-NQM1, A3 144A <br>5.947%, 2/25/64<sup>(1)(6)</sup> <br>| 396 | &nbsp;&nbsp; 397 |
| 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(1)(6)</sup> <br>| 569 | &nbsp;&nbsp; 571 |
| 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(1)(6)</sup> <br>| 838 | &nbsp;&nbsp; 842 |
| 2026-ACES1, A1 144A <br>4.894%, 4/25/66<sup>(1)(6)</sup> <br>| 1314 | &nbsp;&nbsp; 1307 |
| LHOME Mortgage Trust <br> 2024-RTL4, A1 144A <br>5.921%, 7/25/39<sup>(1)(6)</sup> <br>| 450 | &nbsp;&nbsp; 451 |
| MetLife Securitization Trust <br> 2017-1A, M1 144A <br>3.349%, 4/25/55<sup>(1)(6)</sup> <br>| 305 | &nbsp;&nbsp; 277 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| MFA Trust |  |  |
| 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(1)(6)</sup> <br>| $1221 | &nbsp;&nbsp; $1218 |
| 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(1)(6)</sup> <br>| 1412 | &nbsp;&nbsp; 1384 |
| 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(1)(6)</sup> <br>| 1331 | &nbsp;&nbsp; 1330 |
| Mill City Mortgage Loan <br> Trust<br>|  |  |
| 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(1)(6)</sup> <br>| 155 | &nbsp;&nbsp; 143 |
| 2019-GS2, A1 144A <br>2.750%, 8/25/59<sup>(1)(6)</sup> <br>| 976 | &nbsp;&nbsp; 951 |
| 2021-NMR1, A1 144A <br>1.125%, 11/25/60<sup>(1)(6)</sup> <br>| 42 | &nbsp;&nbsp; 40 |
| MIRA Trust 2023-MILE, A <br> 144A <br>6.755%, 6/10/38<sup>(1)</sup> <br>| 800 | &nbsp;&nbsp; 821 |
| MSSG Trust 2017-237P, A <br> 144A <br>3.397%, 9/13/39<sup>(1)</sup> <br>| 1427 | &nbsp;&nbsp; 1363 |
| New Residential Mortgage <br> Loan Trust<br>|  |  |
| 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(1)(6)</sup> <br>| 34 | &nbsp;&nbsp; 33 |
| 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(1)(6)</sup> <br>| 629 | &nbsp;&nbsp; 611 |
| 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(1)(6)</sup> <br>| 552 | &nbsp;&nbsp; 535 |
| 2018-2A, A1 144A <br>4.500%, 2/25/58<sup>(1)(6)</sup> <br>| 63 | &nbsp;&nbsp; 62 |
| 2021-NQ2R, A1 144A <br>0.941%, 10/25/58<sup>(1)(6)</sup> <br>| 462 | &nbsp;&nbsp; 444 |
| 2022-NQM2, A1 144A <br>3.854%, 3/27/62<sup>(1)(6)</sup> <br>| 1335 | &nbsp;&nbsp; 1259 |
| 2024-NQM3, A1 144A <br>5.466%, 11/25/64<sup>(1)(6)</sup> <br>| 314 | &nbsp;&nbsp; 317 |
| 2026-NQM3, A1 144A <br>4.833%, 2/25/66<sup>(1)(6)</sup> <br>| 853 | &nbsp;&nbsp; 845 |
| 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(1)(6)</sup> <br>| 289 | &nbsp;&nbsp; 282 |
| NLT Trust 2021-INV2, A1 <br> 144A <br>1.162%, 8/25/56<sup>(1)(6)</sup> <br>| 112 | &nbsp;&nbsp; 99 |
| NY Commercial Mortgage <br> Trust 2025-299P, A 144A <br>5.664%, 2/10/47<sup>(1)(6)</sup> <br>| 1160 | &nbsp;&nbsp; 1202 |
| NYMT Loan Trust <br> 2024-CP1, A1 144A <br>3.750%, 2/25/68<sup>(1)(6)</sup> <br>| 1018 | &nbsp;&nbsp; 942 |
| OBX Trust |  |  |
| 2023-NQM10, A1 144A <br>6.465%, 10/25/63<sup>(1)(6)</sup> <br>| 353 | &nbsp;&nbsp; 356 |
| 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(1)(6)</sup> <br>| 572 | &nbsp;&nbsp; 572 |
| 2024-HYB1, A1 144A <br>3.620%, 3/25/53<sup>(1)(6)</sup> <br>| 516 | &nbsp;&nbsp; 517 |
| 2024-HYB2, A1 144A <br>3.703%, 4/25/53<sup>(1)(6)</sup> <br>| 617 | &nbsp;&nbsp; 614 |
| 2024-NQM3, A1 144A <br>6.129%, 12/25/63<sup>(1)(6)</sup> <br>| 812 | &nbsp;&nbsp; 817 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2025-NQM6, A1 144A <br>5.603%, 3/25/65<sup>(1)(6)</sup> <br>| $747 | &nbsp;&nbsp; $750 |
| PMT Loan Trust |  |  |
| 2024-INV1, A2 144A <br>6.000%, 10/25/59<sup>(1)(6)</sup> <br>| 651 | &nbsp;&nbsp; 659 |
| 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(1)(6)</sup> <br>| 362 | &nbsp;&nbsp; 366 |
| 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(1)(6)</sup> <br>| 1029 | &nbsp;&nbsp; 1038 |
| PRET Trust 2024-RPL1, A1 <br> 144A <br>3.900%, 10/25/63<sup>(1)(6)</sup> <br>| 378 | &nbsp;&nbsp; 361 |
| RCKT Mortgage Trust |  |  |
| 2020-1, A1 144A <br>3.000%, 2/25/50<sup>(1)(6)</sup> <br>| 90 | &nbsp;&nbsp; 78 |
| 2023-CES1, A1A 144A <br>6.515%, 6/25/43<sup>(1)(6)</sup> <br>| 278 | &nbsp;&nbsp; 277 |
| 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(1)(6)</sup> <br>| 467 | &nbsp;&nbsp; 469 |
| 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(1)(6)</sup> <br>| 503 | &nbsp;&nbsp; 507 |
| 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(1)(6)</sup> <br>| 272 | &nbsp;&nbsp; 273 |
| 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(1)(6)</sup> <br>| 857 | &nbsp;&nbsp; 862 |
| RFR Trust 2025-SGRM, A <br> 144A <br>5.379%, 3/11/41<sup>(1)(6)</sup> <br>| 1140 | &nbsp;&nbsp; 1153 |
| RIDE 2025-SHRE, B 144A <br>5.438%, 2/14/47<sup>(1)(6)</sup> <br>| 900 | &nbsp;&nbsp; 916 |
| ROCK Trust |  |  |
| 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(1)</sup> <br>| 830 | &nbsp;&nbsp; 844 |
| 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(1)</sup> <br>| 900 | &nbsp;&nbsp; 927 |
| Sequoia Mortgage Trust <br> 2013-8, B1 <br>3.478%, 6/25/43<sup>(6)</sup> <br>| 14 | &nbsp;&nbsp; 14 |
| Starwood Mortgage <br> Residential Trust <br> 2021-5, A2 144A <br>2.178%, 9/25/66<sup>(1)(6)</sup> <br>| 1264 | &nbsp;&nbsp; 1093 |
| THPT Mortgage Trust <br> 2023-THL, A 144A <br>6.996%, 12/10/34<sup>(1)(6)</sup> <br>| 459 | &nbsp;&nbsp; 462 |
| Towd Point Mortgage Trust |  |  |
| 2015-6, B2 144A <br>3.772%, 4/25/55<sup>(1)(6)</sup> <br>| 635 | &nbsp;&nbsp; 597 |
| 2016-4, B1 144A <br>3.914%, 7/25/56<sup>(1)(6)</sup> <br>| 310 | &nbsp;&nbsp; 301 |
| 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(1)(6)</sup> <br>| 332 | &nbsp;&nbsp; 328 |
| 2017-4, A2 144A <br>3.000%, 6/25/57<sup>(1)(6)</sup> <br>| 1570 | &nbsp;&nbsp; 1498 |
| 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(1)(6)</sup> <br>| 670 | &nbsp;&nbsp; 654 |
| 2018-6, A2 144A <br>3.750%, 3/25/58<sup>(1)(6)</sup> <br>| 600 | &nbsp;&nbsp; 553 |
| 2019-1, A1 144A <br>3.750%, 3/25/58<sup>(1)(6)</sup> <br>| 77 | &nbsp;&nbsp; 75 |
| 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(1)(6)</sup> <br>| 1720 | &nbsp;&nbsp; 1556 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2019-4, A2 144A <br>3.250%, 10/25/59<sup>(1)(6)</sup> <br>| $770 | &nbsp;&nbsp; $704 |
| 2019-HY2, M1 (1 month <br> Term SOFR + 1.714%, <br> Cap N/A, Floor 1.600%) <br> 144A <br>5.393%, 5/25/58<sup>(1)(6)</sup> <br>| 100 | &nbsp;&nbsp; 100 |
| 2020-MH1, A2 144A <br>2.500%, 2/25/60<sup>(1)(6)</sup> <br>| 405 | &nbsp;&nbsp; 392 |
| 2021-1, A2 144A <br>2.750%, 11/25/61<sup>(1)(6)</sup> <br>| 355 | &nbsp;&nbsp; 304 |
| 2023-1, A1 144A <br>3.750%, 1/25/63<sup>(1)</sup> <br>| 1134 | &nbsp;&nbsp; 1084 |
| 2024-1, A1 144A <br>4.903%, 3/25/64<sup>(1)(6)</sup> <br>| 639 | &nbsp;&nbsp; 650 |
| Tricon American Homes <br> Trust 2020-SFR2, D <br> 144A <br>2.281%, 11/17/39<sup>(1)</sup> <br>| 310 | &nbsp;&nbsp; 296 |
| Verus Securitization Trust <br> 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(1)(6)</sup> <br>| 837 | &nbsp;&nbsp; 841 |
| Visio Trust |  |  |
| 2020-1R, A2 144A <br>1.567%, 11/25/55<sup>(1)</sup> <br>| 21 | &nbsp;&nbsp; 20 |
| 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(1)</sup> <br>| 137 | &nbsp;&nbsp; 128 |
| 2022-1, A2 144A <br>5.850%, 8/25/57<sup>(1)(6)</sup> <br>| 307 | &nbsp;&nbsp; 306 |
| WSTN Trust 2023-MAUI, C <br> 144A <br>7.690%, 7/5/37<sup>(1)(6)</sup> <br>| 1350 | &nbsp;&nbsp; 1360 |
|  |  | &nbsp;&nbsp; 81616 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $183,285)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $183,285)** | &nbsp;&nbsp; **182800** |
| **Asset-Backed Securities—9.7%** | **Asset-Backed Securities—9.7%** | **Asset-Backed Securities—9.7%** |
| **Automobiles—2.9%** | **Automobiles—2.9%** |  |
| American Credit <br> Acceptance Receivables <br> Trust<br>|  |  |
| 2024-1, C 144A <br>5.630%, 1/14/30<sup>(1)</sup> <br>| 229 | &nbsp;&nbsp; 229 |
| 2024-4, C 144A <br>4.910%, 8/12/31<sup>(1)</sup> <br>| 1050 | &nbsp;&nbsp; 1053 |
| 2025-1, C 144A <br>5.090%, 8/12/31<sup>(1)</sup> <br>| 1320 | &nbsp;&nbsp; 1327 |
| Arivo Acceptance Auto <br> Loan Receivables Trust <br> 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(1)</sup> <br>| 704 | &nbsp;&nbsp; 716 |
| Avis Budget Rental Car <br> Funding LLC (AESOP) <br> 2023-3A, A 144A <br>5.440%, 2/22/28<sup>(1)</sup> <br>| 402 | &nbsp;&nbsp; 405 |
| Bridgecrest Lending Auto <br> Securitization Trust <br> 2025-1, C <br>5.150%, 12/17/29<br>| 935 | &nbsp;&nbsp; 940 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Carvana Auto Receivables <br> Trust 2021-N3, D <br>1.580%, 6/12/28<br>| $23 | &nbsp;&nbsp; $22 |
| Consumer Portfolio <br> Services Auto Trust <br> 2025-A, C 144A <br>5.250%, 4/15/31<sup>(1)</sup> <br>| 1220 | &nbsp;&nbsp; 1230 |
| CPS Auto Receivables Trust |  |  |
| 2023-D, C 144A <br>7.170%, 1/15/30<sup>(1)</sup> <br>| 350 | &nbsp;&nbsp; 354 |
| 2024-A, C 144A <br>5.740%, 4/15/30<sup>(1)</sup> <br>| 517 | &nbsp;&nbsp; 520 |
| Credit Acceptance Auto <br> Loan Trust 2024-1A, A <br> 144A <br>5.680%, 3/15/34<sup>(1)</sup> <br>| 488 | &nbsp;&nbsp; 490 |
| DT Auto Owner Trust <br> 2023-3A, C 144A <br>6.400%, 5/15/29<sup>(1)</sup> <br>| 177 | &nbsp;&nbsp; 179 |
| Exeter Automobile <br> Receivables Trust<br>|  |  |
| 2024-5A, B <br>4.480%, 4/16/29<br>| 1001 | &nbsp;&nbsp; 1002 |
| 2025-4A, B <br>4.400%, 5/15/30<br>| 1340 | &nbsp;&nbsp; 1338 |
| 2026-2A, C <br>4.910%, 8/16/32<br>| 1560 | &nbsp;&nbsp; 1556 |
| FHF Trust 2023-1A, A2 <br> 144A <br>6.570%, 6/15/28<sup>(1)</sup> <br>| 24 | &nbsp;&nbsp; 24 |
| First Investors Auto Owner <br> Trust 2022-1A, C 144A <br>3.130%, 5/15/28<sup>(1)</sup> <br>| 38 | &nbsp;&nbsp; 38 |
| Foursight Capital <br> Automobile Receivables <br> Trust 2023-2, A2 144A <br>5.990%, 5/15/28<sup>(1)</sup> <br>| 16 | &nbsp;&nbsp; 16 |
| GLS Auto Select <br> Receivables Trust<br>|  |  |
| 2023-1A, B 144A <br>6.090%, 3/15/29<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 391 |
| 2023-2A, A3 144A <br>6.380%, 2/15/29<sup>(1)</sup> <br>| 353 | &nbsp;&nbsp; 357 |
| LAD Auto Receivables Trust |  |  |
| 2023-2A, D 144A <br>6.300%, 2/15/31<sup>(1)</sup> <br>| 265 | &nbsp;&nbsp; 269 |
| 2023-4A, C 144A <br>6.760%, 3/15/29<sup>(1)</sup> <br>| 466 | &nbsp;&nbsp; 476 |
| Lendbuzz Securitization <br> Trust 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(1)</sup> <br>| 1379 | &nbsp;&nbsp; 1387 |
| Prestige Auto Receivables <br> Trust 2025-1A, C 144A <br>5.520%, 2/15/30<sup>(1)</sup> <br>| 1179 | &nbsp;&nbsp; 1185 |
| SAFCO Auto Receivables <br> Trust 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(1)</sup> <br>| 163 | &nbsp;&nbsp; 163 |
| SBNA Auto Receivables <br> Trust 2024-A, C 144A <br>5.590%, 1/15/30<sup>(1)</sup> <br>| 452 | &nbsp;&nbsp; 458 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Veridian Auto Receivables <br> Trust 2023-1A, A4 144A <br>5.590%, 12/15/28<sup>(1)</sup> <br>| $315 | &nbsp;&nbsp; $317 |
| Westlake Automobile <br> Receivables Trust<br>|  |  |
| 2024-1A, B 144A <br>5.550%, 11/15/27<sup>(1)</sup> <br>| 483 | &nbsp;&nbsp; 484 |
| 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(1)</sup> <br>| 870 | &nbsp;&nbsp; 875 |
|  |  | &nbsp;&nbsp; 17801 |
| **Consumer Loans—0.1%** | **Consumer Loans—0.1%** |  |
| Oportun Issuance Trust <br> 2021-C, A 144A <br>2.180%, 10/8/31<sup>(1)</sup> <br>| 69 | &nbsp;&nbsp; 68 |
| Reach ABS Trust 2024-1A, <br> B 144A <br>6.290%, 2/18/31<sup>(1)</sup> <br>| 413 | &nbsp;&nbsp; 416 |
|  |  | &nbsp;&nbsp; 484 |
| **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>(1)</sup> <br>| 720 | &nbsp;&nbsp; 721 |
| **Equipment—0.0%** | **Equipment—0.0%** |  |
| Post Road Equipment <br> Finance LLC 2024-1A, <br> A2 144A <br>5.590%, 11/15/29<sup>(1)</sup> <br>| 112 | &nbsp;&nbsp; 112 |
| **Other—6.6%** | **Other—6.6%** |  |
| ALLO Issuer LLC 2025-1A, <br> A2 144A <br>5.528%, 4/20/55<sup>(1)</sup> <br>| 1200 | &nbsp;&nbsp; 1204 |
| Amur Equipment Finance <br> Receivables XV LLC <br> 2025-1A, D 144A <br>5.680%, 8/20/32<sup>(1)</sup> <br>| 1340 | &nbsp;&nbsp; 1357 |
| Applebee's Funding LLC <br> 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(1)</sup> <br>| 1044 | &nbsp;&nbsp; 1052 |
| Aqua Finance Issuer Trust <br> 2025-A, A 144A <br>5.250%, 12/19/50<sup>(1)</sup> <br>| 835 | &nbsp;&nbsp; 845 |
| Aqua Finance Trust |  |  |
| 2019-A, A 144A <br>3.140%, 7/16/40<sup>(1)</sup> <br>| 23 | &nbsp;&nbsp; 23 |
| 2019-A, C 144A <br>4.010%, 7/16/40<sup>(1)</sup> <br>| 99 | &nbsp;&nbsp; 97 |
| 2020-AA, B 144A <br>2.790%, 7/17/46<sup>(1)</sup> <br>| 173 | &nbsp;&nbsp; 165 |
| 2024-A, B 144A <br>5.060%, 4/18/50<sup>(1)</sup> <br>| 1025 | &nbsp;&nbsp; 1027 |
| Auxilior Term Funding LLC <br> 2023-1A, C 144A <br>6.500%, 11/15/30<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 496 |
| Bojangles Issuer LLC <br> 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(1)</sup> <br>| 1045 | &nbsp;&nbsp; 1051 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| BXG Receivables <br> Note Trust 2023-A, A <br> 144A <br>5.770%, 11/15/38<sup>(1)</sup> <br>| $129 | &nbsp;&nbsp; $131 |
| CCG Receivables Trust |  |  |
| 2024-1, B 144A <br>5.080%, 3/15/32<sup>(1)</sup> <br>| 860 | &nbsp;&nbsp; 871 |
| 2025-1, C 144A <br>4.890%, 10/14/32<sup>(1)</sup> <br>| 1195 | &nbsp;&nbsp; 1200 |
| Commercial Equipment <br> Finance LLC<br>|  |  |
| 2024-1A, A 144A <br>5.970%, 7/16/29<sup>(1)</sup> <br>| 253 | &nbsp;&nbsp; 255 |
| 2025-1A, A 144A <br>4.830%, 5/15/31<sup>(1)</sup> <br>| 1091 | &nbsp;&nbsp; 1092 |
| DataBank Issuer 2026-1A, <br> A2 144A <br>5.811%, 2/25/56<sup>(1)</sup> <br>| 1250 | &nbsp;&nbsp; 1242 |
| Dext ABS LLC |  |  |
| 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(1)</sup> <br>| 21 | &nbsp;&nbsp; 21 |
| 2023-2, B 144A <br>6.410%, 5/15/34<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 470 |
| Foundation Finance Trust |  |  |
| 2021-1A, A 144A <br>1.270%, 5/15/41<sup>(1)</sup> <br>| 51 | &nbsp;&nbsp; 48 |
| 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 202 |
| 2024-2A, A 144A <br>4.600%, 3/15/50<sup>(1)</sup> <br>| 548 | &nbsp;&nbsp; 546 |
| Hardee's Funding LLC <br> 2024-1A, A2 144A <br>7.253%, 3/20/54<sup>(1)</sup> <br>| 1558 | &nbsp;&nbsp; 1590 |
| HINNT LLC 2025-A, B 144A <br>5.450%, 3/15/44<sup>(1)</sup> <br>| 698 | &nbsp;&nbsp; 707 |
| Jersey Mike's Funding LLC |  |  |
| 2024-1A, A2 144A <br>5.636%, 2/15/55<sup>(1)</sup> <br>| 1089 | &nbsp;&nbsp; 1101 |
| 2026-1A, A2I 144A <br>4.952%, 2/15/56<sup>(1)</sup> <br>| 600 | &nbsp;&nbsp; 592 |
| Lendmark Funding Trust <br> 2025-3A, A 144A <br>4.510%, 5/21/35<sup>(1)</sup> <br>| 1175 | &nbsp;&nbsp; 1167 |
| Libra Solutions LLC <br> 2024-1A, A 144A <br>5.880%, 9/30/38<sup>(1)</sup> <br>| 965 | &nbsp;&nbsp; 962 |
| MetroNet Infrastructure <br> Issuer LLC 2025-2A, A2 <br> 144A <br>5.400%, 8/20/55<sup>(1)</sup> <br>| 1065 | &nbsp;&nbsp; 1074 |
| Momnt Technologies Trust <br> 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(1)</sup> <br>| 38 | &nbsp;&nbsp; 38 |
| MVW LLC 2020-1A, A <br> 144A <br>1.740%, 10/20/37<sup>(1)</sup> <br>| 72 | &nbsp;&nbsp; 71 |
| Navient Private Education <br> Refi Loan Trust 2021-EA, <br> A 144A <br>0.970%, 12/16/69<sup>(1)</sup> <br>| 116 | &nbsp;&nbsp; 104 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| NMEF Funding LLC |  |  |
| 2023-A, B 144A <br>6.830%, 6/17/30<sup>(1)</sup> <br>| $1000 | &nbsp;&nbsp; $1014 |
| 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(1)</sup> <br>| 387 | &nbsp;&nbsp; 388 |
| Octane Receivables Trust <br> 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(1)</sup> <br>| 532 | &nbsp;&nbsp; 536 |
| OWN Equipment Fund I <br> LLC 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(1)</sup> <br>| 851 | &nbsp;&nbsp; 856 |
| PEAC Solutions <br> Receivables LLC <br> 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(1)</sup> <br>| 740 | &nbsp;&nbsp; 755 |
| PowerPay Issuance Trust <br> 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(1)</sup> <br>| 282 | &nbsp;&nbsp; 288 |
| Progress Residential Trust <br> 2021-SFR6, D 144A <br>2.225%, 7/17/38<sup>(1)</sup> <br>| 205 | &nbsp;&nbsp; 203 |
| RCO X Mortgage LLC <br> 2026-1, A1 144A <br>5.536%, 3/25/31<sup>(1)(6)(7)</sup> <br>| 1210 | &nbsp;&nbsp; 1206 |
| Reach ABS Trust |  |  |
| 2024-2A, B 144A <br>5.840%, 7/15/31<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1009 |
| 2025-2A, B 144A <br>5.120%, 8/18/32<sup>(1)</sup> <br>| 1315 | &nbsp;&nbsp; 1317 |
| Scalelogix ABS U.S. Issuer <br> LLC 2025-1A, A2 144A <br>5.673%, 7/25/55<sup>(1)</sup> <br>| 1350 | &nbsp;&nbsp; 1327 |
| Sierra Timeshare <br> Receivables <br> Funding LLC 2023-2A, B <br> 144A <br>6.280%, 4/20/40<sup>(1)</sup> <br>| 87 | &nbsp;&nbsp; 89 |
| Sotheby's Artfi Master <br> Trust 2026-1A, A1 144A <br>4.800%, 6/20/33<sup>(1)</sup> <br>| 1500 | &nbsp;&nbsp; 1498 |
| Switch ABS Issuer LLC <br> 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(1)</sup> <br>| 1260 | &nbsp;&nbsp; 1235 |
| Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(1)</sup> <br>| 1435 | &nbsp;&nbsp; 1413 |
| Towd Point Mortgage Trust <br> 2025-CES4, A1A 144A <br>5.091%, 10/25/65<sup>(1)(6)</sup> <br>| 1130 | &nbsp;&nbsp; 1125 |
| Trafigura Securitisation <br> Finance plc 2024-1A, A2 <br> 144A <br>5.980%, 11/15/27<sup>(1)</sup> <br>| 1205 | &nbsp;&nbsp; 1207 |
| TSC SPV Funding LLC <br> 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(1)</sup> <br>| 864 | &nbsp;&nbsp; 872 |
| UPX HIL Issuer Trust <br> 2025-1, A 144A <br>5.160%, 1/25/47<sup>(1)</sup> <br>| 421 | &nbsp;&nbsp; 420 |
| USQ Rail III LLC 2024-1A, <br> A 144A <br>4.990%, 9/28/54<sup>(1)</sup> <br>| 926 | &nbsp;&nbsp; 906 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| VFI ABS LLC 2025-1A, C <br> 144A <br>5.600%, 4/24/31<sup>(1)</sup> <br>| $1075 | &nbsp;&nbsp; $1076 |
| Zaxby's Funding LLC <br> 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(1)</sup> <br>| 2096 | &nbsp;&nbsp; 1989 |
|  |  | &nbsp;&nbsp; 41530 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $60,526)** | **Total Asset-Backed Securities** <br>**(Identified Cost $60,526)** | &nbsp;&nbsp; **60648** |
| **Corporate Bonds and Notes—33.9%** | **Corporate Bonds and Notes—33.9%** | **Corporate Bonds and Notes—33.9%** |
| **Communication Services—1.2%** | **Communication Services—1.2%** |  |
| CCO Holdings LLC |  |  |
| <br>144A 6.375%, 9/1/29<sup>(1)</sup> <br>| 23 | &nbsp;&nbsp; 23 |
| <br>144A 4.750%, 3/1/30<sup>(1)</sup> <br>| 670 | &nbsp;&nbsp; 636 |
| Charter Communications <br> Operating LLC <br>6.484%, 10/23/45<br>| 1440 | &nbsp;&nbsp; 1328 |
| CSC Holdings LLC 144A <br>11.750%, 1/31/29<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 220 |
| DIRECTV Financing LLC <br> 144A <br>5.875%, 8/15/27<sup>(1)</sup> <br>| 296 | &nbsp;&nbsp; 296 |
| Gray Media, Inc. 144A <br>7.250%, 8/15/33<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 469 |
| Meta Platforms, Inc. <br>5.750%, 11/15/65<br>| 1280 | &nbsp;&nbsp; 1189 |
| Omnicom Group, Inc. <br>5.375%, 6/15/33<br>| 790 | &nbsp;&nbsp; 790 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 605 | &nbsp;&nbsp; 615 |
| Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 635 | &nbsp;&nbsp; 755 |
| Univision <br> Communications, Inc. <br> 144A <br>8.000%, 8/15/28<sup>(1)</sup> <br>| 1025 | &nbsp;&nbsp; 1040 |
|  |  | &nbsp;&nbsp; 7361 |
| **Consumer Discretionary—1.4%** | **Consumer Discretionary—1.4%** |  |
| Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 100 | &nbsp;&nbsp; 101 |
| Ashtead Capital, Inc. |  |  |
| <br>144A 5.500%, 8/11/32<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 309 |
| <br>144A <br> 5.950%, 10/15/33<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 489 |
| <br>144A 5.800%, 4/15/34<sup>(1)</sup> <br>| 530 | &nbsp;&nbsp; 540 |
| Ashton Woods USA LLC <br> 144A <br>4.625%, 4/1/30<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 520 |
| Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 1550 | &nbsp;&nbsp; 1098 |
| Ford Motor Co. <br>4.750%, 1/15/43<br>| 110 | &nbsp;&nbsp; 83 |
| Ford Motor Credit Co. LLC |  |  |
| 6.054%, 11/5/31 | 255 | &nbsp;&nbsp; 256 |
| 6.500%, 2/7/35 | 495 | &nbsp;&nbsp; 499 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Meritage Homes Corp. <br> 144A <br>3.875%, 4/15/29<sup>(1)</sup> <br>| $893 | &nbsp;&nbsp; $869 |
| Newell Brands, Inc. <br>6.375%, 9/15/27<br>| 800 | &nbsp;&nbsp; 804 |
| Ontario Gaming GTA LP <br> 144A <br>8.000%, 8/1/30<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 240 |
| PulteGroup, Inc. <br>4.900%, 3/1/36<br>| 1515 | &nbsp;&nbsp; 1463 |
| Sodexo, Inc. 144A <br>5.800%, 8/15/35<sup>(1)</sup> <br>| 1290 | &nbsp;&nbsp; 1318 |
| Taylor Morrison <br> Communities, Inc. 144A <br>5.750%, 11/15/32<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 8629 |
| **Consumer Staples—1.4%** | **Consumer Staples—1.4%** |  |
| Albertsons Cos., Inc. |  |  |
| <br>144A 4.875%, 2/15/30<sup>(1)</sup> <br>| 965 | &nbsp;&nbsp; 945 |
| <br>144A 5.750%, 3/31/34<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 88 |
| Alimentation Couche-Tard, <br> Inc. 144A <br>5.077%, 9/29/35<sup>(1)</sup> <br>| 1495 | &nbsp;&nbsp; 1480 |
| BAT Capital Corp. |  |  |
| 7.750%, 10/19/32 | 398 | &nbsp;&nbsp; 457 |
| 4.390%, 8/15/37 | 245 | &nbsp;&nbsp; 223 |
| 4.758%, 9/6/49 | 245 | &nbsp;&nbsp; 203 |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(1)</sup> <br>| 490 | &nbsp;&nbsp; 486 |
| Mars, Inc. 144A <br>5.200%, 3/1/35<sup>(1)</sup> <br>| 1190 | &nbsp;&nbsp; 1201 |
| Philip Morris International, <br> Inc. <br>5.375%, 2/15/33<br>| 1020 | &nbsp;&nbsp; 1048 |
| Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 1122 | &nbsp;&nbsp; 1175 |
| Post Holdings, Inc. |  |  |
| <br>144A 6.250%, 2/15/32<sup>(1)</sup> <br>| 855 | &nbsp;&nbsp; 864 |
| <br>144A 6.375%, 3/1/33<sup>(1)</sup> <br>| 375 | &nbsp;&nbsp; 369 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 530 | &nbsp;&nbsp; 531 |
|  |  | &nbsp;&nbsp; 9070 |
| **Energy—3.6%** | **Energy—3.6%** |  |
| APA Corp. <br>6.750%, 2/15/55<br>| 1235 | &nbsp;&nbsp; 1238 |
| BP Capital Markets plc <br>4.875% <sup>(8)</sup> <br>| 1290 | &nbsp;&nbsp; 1273 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(1)</sup> <br>| 285 | &nbsp;&nbsp; 294 |
| Columbia Pipelines <br> Operating Co. LLC<br>|  |  |
| <br>144A <br> 6.036%, 11/15/33<sup>(1)</sup> <br>| 345 | &nbsp;&nbsp; 364 |
| <br>144A 5.439%, 2/15/35<sup>(1)</sup> <br>| 675 | &nbsp;&nbsp; 685 |
| Diamondback Energy, Inc. <br>5.900%, 4/18/64<br>| 955 | &nbsp;&nbsp; 904 |
| DT Midstream, Inc. 144A <br>4.375%, 6/15/31<sup>(1)</sup> <br>| 1420 | &nbsp;&nbsp; 1369 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Enbridge, Inc. <br>8.500%, 1/15/84<br>| $759 | &nbsp;&nbsp; $854 |
| Energy Transfer LP |  |  |
| Series G 7.125%<sup>(8)</sup> <br>| 215 | &nbsp;&nbsp; 219 |
| Series H 6.500%<sup>(8)</sup> <br>| 230 | &nbsp;&nbsp; 230 |
| EOG Resources, Inc. |  |  |
| 5.350%, 1/15/36 | 190 | &nbsp;&nbsp; 193 |
| 5.650%, 12/1/54 | 995 | &nbsp;&nbsp; 969 |
| Flex Intermediate <br> Holdco LLC 144A <br>3.363%, 6/30/31<sup>(1)</sup> <br>| 1240 | &nbsp;&nbsp; 1129 |
| Genesis Energy LP <br>8.875%, 4/15/30<br>| 515 | &nbsp;&nbsp; 538 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 1260 | &nbsp;&nbsp; 1291 |
| HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 1430 | &nbsp;&nbsp; 1476 |
| KazMunayGas National Co. <br> JSC 144A <br>5.750%, 4/19/47<sup>(1)</sup> <br>| 162 | &nbsp;&nbsp; 150 |
| Kinder Morgan Energy <br> Partners LP<br>|  |  |
| 6.950%, 1/15/38 | 400 | &nbsp;&nbsp; 447 |
| 7.500%, 11/15/40 | 215 | &nbsp;&nbsp; 249 |
| Kinder Morgan, Inc. <br>5.850%, 6/1/35<br>| 490 | &nbsp;&nbsp; 513 |
| Kodiak Gas Services LLC <br> 144A <br>6.750%, 10/1/35<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 361 |
| Occidental Petroleum Corp. |  |  |
| 6.200%, 3/15/40 | 610 | &nbsp;&nbsp; 623 |
| 6.050%, 10/1/54 | 815 | &nbsp;&nbsp; 792 |
| Pertamina Persero PT <br> 144A <br>6.450%, 5/30/44<sup>(1)</sup> <br>| 630 | &nbsp;&nbsp; 636 |
| Petroleos Mexicanos |  |  |
| 6.840%, 1/23/30 | 84 | &nbsp;&nbsp; 84 |
| 5.950%, 1/28/31 | 266 | &nbsp;&nbsp; 254 |
| 7.690%, 1/23/50 | 93 | &nbsp;&nbsp; 81 |
| 6.950%, 1/28/60 | 25 | &nbsp;&nbsp; 20 |
| 6.350%, 2/12/48 | 381 | &nbsp;&nbsp; 291 |
| Reliance Industries Ltd. <br> 144A <br>2.875%, 1/12/32<sup>(1)</sup> <br>| 530 | &nbsp;&nbsp; 477 |
| Saudi Arabian Oil Co. 144A <br>5.250%, 7/17/34<sup>(1)</sup> <br>| 850 | &nbsp;&nbsp; 844 |
| Sempra Infrastructure <br> Partners LP 144A <br>3.250%, 1/15/32<sup>(1)</sup> <br>| 339 | &nbsp;&nbsp; 300 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. <br>7.500%, 3/1/55<br>| 610 | &nbsp;&nbsp; 635 |
| Sunoco LP |  |  |
| <br>144A 5.625%, 3/15/31<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 383 |
| <br>144A 5.375%, 7/15/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| <br>144A 5.875%, 3/15/34<sup>(1)</sup> <br>| 245 | &nbsp;&nbsp; 242 |
| <br>144A 5.625%, 7/15/34<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 79 |
| Western Midstream <br> Operating LP <br>5.250%, 2/1/50<br>| 1585 | &nbsp;&nbsp; 1337 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Williams Cos., Inc. (The) <br>5.150%, 3/15/34<br>| $1010 | &nbsp;&nbsp; $1011 |
|  |  | &nbsp;&nbsp; 22885 |
| **Exploration & Production—0.1%** | **Exploration & Production—0.1%** |  |
| Petronas Capital Ltd. 144A <br>5.848%, 4/3/55<sup>(1)</sup> <br>| 346 | &nbsp;&nbsp; 354 |
| **Financials—15.2%** | **Financials—15.2%** |  |
| AerCap Ireland Capital DAC |  |  |
| 3.300%, 1/30/32 | 470 | &nbsp;&nbsp; 427 |
| 6.950%, 3/10/55 | 322 | &nbsp;&nbsp; 330 |
| 6.500%, 1/31/56 | 485 | &nbsp;&nbsp; 486 |
| Allianz SE |  |  |
| <br>144A 6.350%, 9/6/53<sup>(1)</sup> <br>| 600 | &nbsp;&nbsp; 625 |
| <br>144A 5.600%, 9/3/54<sup>(1)</sup> <br>| 380 | &nbsp;&nbsp; 377 |
| Ally Financial, Inc. <br>8.000%, 11/1/31<br>| 1295 | &nbsp;&nbsp; 1436 |
| American Express Co. |  |  |
| 5.625%, 7/28/34 | 1785 | &nbsp;&nbsp; 1824 |
| 5.412%, 2/8/41 | 345 | &nbsp;&nbsp; 342 |
| American National Group, <br> Inc. <br>7.000%, 12/1/55<br>| 202 | &nbsp;&nbsp; 192 |
| Apollo Debt Solutions BDC |  |  |
| 6.900%, 4/13/29 | 370 | &nbsp;&nbsp; 379 |
| 5.875%, 8/30/30 | 865 | &nbsp;&nbsp; 851 |
| Apollo Global <br> Management, Inc. <br>6.000%, 12/15/54<br>| 1420 | &nbsp;&nbsp; 1331 |
| Ascent Resources Utica <br> Holdings LLC 144A <br>6.625%, 7/15/33<sup>(1)</sup> <br>| 545 | &nbsp;&nbsp; 554 |
| Ascot Group Ltd. 144A <br>4.250%, 12/15/30<sup>(1)</sup> <br>| 650 | &nbsp;&nbsp; 605 |
| Atlas Warehouse Lending <br> Co. LP 144A <br>5.250%, 1/15/33<sup>(1)</sup> <br>| 1470 | &nbsp;&nbsp; 1424 |
| Australia & New Zealand <br> Banking Group Ltd. <br> 144A <br>5.816%, 6/18/36<sup>(1)</sup> <br>| 1410 | &nbsp;&nbsp; 1435 |
| Aviation Capital Group LLC <br> 144A <br>4.875%, 1/28/33<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 483 |
| Avolon Holdings Funding <br> Ltd. 144A <br>5.750%, 11/15/29<sup>(1)</sup> <br>| 1060 | &nbsp;&nbsp; 1084 |
| Banco de Credito del Peru <br> S.A. 144A <br>6.450%, 7/30/35<sup>(1)</sup> <br>| 148 | &nbsp;&nbsp; 149 |
| Banco de Credito e <br> Inversiones S.A. 144A <br>7.500% <sup>(1)(8)</sup> <br>| 244 | &nbsp;&nbsp; 254 |
| Banco Mercantil del Norte <br> S.A.<br>|  |  |
| <br>144A 5.875%<sup>(1)(8)</sup> <br>| 207 | &nbsp;&nbsp; 205 |
| <br>144A 8.375%<sup>(1)(8)</sup> <br>| 111 | &nbsp;&nbsp; 115 |
| Bank of America Corp. |  |  |
| 2.687%, 4/22/32 | 455 | &nbsp;&nbsp; 412 |
| 2.972%, 2/4/33 | 1270 | &nbsp;&nbsp; 1150 |
| 5.518%, 10/25/35 | 2260 | &nbsp;&nbsp; 2260 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Bank of New York Mellon <br> Corp. (The) <br>5.834%, 10/25/33<br>| $200 | &nbsp;&nbsp; $212 |
| Barclays plc |  |  |
| 7.437%, 11/2/33 | 945 | &nbsp;&nbsp; 1056 |
| 5.335%, 9/10/35 | 260 | &nbsp;&nbsp; 258 |
| BBVA Mexico S.A. <br> Institucion De Banca <br> Multiple Grupo <br> Financiero BBVA Mexico <br> 144A <br>8.125%, 1/8/39<sup>(1)</sup> <br>| 263 | &nbsp;&nbsp; 276 |
| BlackRock Funding, Inc. <br>5.250%, 3/14/54<br>| 1005 | &nbsp;&nbsp; 935 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 5.950%, 7/16/29 | 750 | &nbsp;&nbsp; 739 |
| 6.000%, 1/29/32 | 510 | &nbsp;&nbsp; 495 |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | 280 | &nbsp;&nbsp; 283 |
| <br>144A 6.000%, 8/15/33<sup>(1)</sup> <br>| 170 | &nbsp;&nbsp; 167 |
| Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 1575 | &nbsp;&nbsp; 1358 |
| BPCE S.A. |  |  |
| <br>144A <br> 7.003%, 10/19/34<sup>(1)</sup> <br>| 820 | &nbsp;&nbsp; 896 |
| <br>144A 6.915%, 1/14/46<sup>(1)</sup> <br>| 565 | &nbsp;&nbsp; 578 |
| Brookfield Asset <br> Management Ltd. <br>5.795%, 4/24/35<br>| 1060 | &nbsp;&nbsp; 1080 |
| Capital One Financial Corp. |  |  |
| 2.359%, 7/29/32 | 752 | &nbsp;&nbsp; 648 |
| 6.377%, 6/8/34 | 810 | &nbsp;&nbsp; 854 |
| Capital Power <br> U.S. Holdings, Inc. 144A <br>6.189%, 6/1/35<sup>(1)</sup> <br>| 1110 | &nbsp;&nbsp; 1137 |
| Charles Schwab Corp. <br> (The)<br>|  |  |
| 6.136%, 8/24/34 | 740 | &nbsp;&nbsp; 788 |
| Series H 4.000%<sup>(8)</sup> <br>| 559 | &nbsp;&nbsp; 517 |
| Citadel Finance LLC |  |  |
| <br>144A 4.750%, 2/14/29<sup>(1)</sup> <br>| 830 | &nbsp;&nbsp; 813 |
| <br>144A 5.150%, 2/14/31<sup>(1)</sup> <br>| 100 | &nbsp;&nbsp; 98 |
| Citigroup, Inc. |  |  |
| 3.980%, 3/20/30 | 465 | &nbsp;&nbsp; 458 |
| 6.270%, 11/17/33 | 705 | &nbsp;&nbsp; 754 |
| 6.174%, 5/25/34 | 503 | &nbsp;&nbsp; 521 |
| 5.174%, 9/11/36 | 840 | &nbsp;&nbsp; 833 |
| CompoSecure <br> Holdings LLC 144A <br>5.625%, 2/1/33<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Corebridge Financial, Inc. |  |  |
| 6.875%, 12/15/52 | 455 | &nbsp;&nbsp; 458 |
| 6.375%, 9/15/54 | 1035 | &nbsp;&nbsp; 1017 |
| DBR Land Holdings LLC <br> 144A <br>6.250%, 12/1/30<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 344 |
| Deutsche Bank AG <br>5.403%, 9/11/35<sup>(3)</sup> <br>| 1300 | &nbsp;&nbsp; 1293 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(1)</sup> <br>| $1125 | &nbsp;&nbsp; $1056 |
| EMD Finance LLC 144A <br>5.000%, 10/15/35<sup>(1)</sup> <br>| 1485 | &nbsp;&nbsp; 1465 |
| F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 935 | &nbsp;&nbsp; 939 |
| Fedex Freight Holding Co., <br> Inc. 144A <br>5.250%, 3/15/36<sup>(1)</sup> <br>| 1490 | &nbsp;&nbsp; 1442 |
| Fifth Third Bancorp <br>4.337%, 4/25/33<br>| 910 | &nbsp;&nbsp; 877 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(1)</sup> <br>| 1360 | &nbsp;&nbsp; 1347 |
| Foundry JV Holdco LLC <br> 144A <br>5.875%, 1/25/34<sup>(1)</sup> <br>| 995 | &nbsp;&nbsp; 1007 |
| Global Atlantic Fin Co. |  |  |
| <br>144A 7.950%, 6/15/33<sup>(1)</sup> <br>| 606 | &nbsp;&nbsp; 650 |
| <br>144A 6.750%, 3/15/54<sup>(1)</sup> <br>| 410 | &nbsp;&nbsp; 382 |
| <br>144A <br> 7.950%, 10/15/54<sup>(1)</sup> <br>| 170 | &nbsp;&nbsp; 164 |
| Global Payments, Inc. <br>5.550%, 11/15/35<br>| 1175 | &nbsp;&nbsp; 1132 |
| Goldman Sachs Group, Inc. <br> (The)<br>|  |  |
| 5.330%, 7/23/35 | 1215 | &nbsp;&nbsp; 1219 |
| 6.450%, 5/1/36 | 145 | &nbsp;&nbsp; 153 |
| 4.939%, 10/21/36 | 575 | &nbsp;&nbsp; 557 |
| 5.065%, 1/21/37 | 525 | &nbsp;&nbsp; 513 |
| HA Sustainable <br> Infrastructure Capital, <br> Inc. <br>6.375%, 7/1/34<br>| 1361 | &nbsp;&nbsp; 1370 |
| Huntington Bancshares, <br> Inc.<br>|  |  |
| 5.709%, 2/2/35 | 485 | &nbsp;&nbsp; 495 |
| 6.141%, 11/18/39 | 615 | &nbsp;&nbsp; 626 |
| Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 1290 | &nbsp;&nbsp; 1307 |
| Imperial Brands Finance <br> plc 144A <br>5.875%, 7/1/34<sup>(1)</sup> <br>| 870 | &nbsp;&nbsp; 895 |
| JH North America <br> Holdings, Inc. 144A <br>6.125%, 7/31/32<sup>(1)</sup> <br>| 1575 | &nbsp;&nbsp; 1569 |
| JPMorgan Chase & Co. |  |  |
| 2.956%, 5/13/31 | 545 | &nbsp;&nbsp; 508 |
| 5.717%, 9/14/33 | 435 | &nbsp;&nbsp; 450 |
| 5.350%, 6/1/34 | 455 | &nbsp;&nbsp; 464 |
| 6.254%, 10/23/34 | 1145 | &nbsp;&nbsp; 1231 |
| 5.576%, 7/23/36 | 525 | &nbsp;&nbsp; 532 |
| 1.953%, 2/4/32 | 685 | &nbsp;&nbsp; 603 |
| KeyCorp |  |  |
| 4.789%, 6/1/33 | 515 | &nbsp;&nbsp; 503 |
| 6.401%, 3/6/35 | 245 | &nbsp;&nbsp; 260 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 455 | &nbsp;&nbsp; 444 |
| Lseg U.S. Fin Corp. 144A <br>5.250%, 3/23/36<sup>(1)</sup> <br>| 810 | &nbsp;&nbsp; 802 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| M&T Bank Corp. <br>5.400%, 7/30/35<br>| $1110 | &nbsp;&nbsp; $1106 |
| Mizuho Financial Group, <br> Inc. <br>2.564%, 9/13/31<br>| 1320 | &nbsp;&nbsp; 1163 |
| Morgan Stanley |  |  |
| 5.250%, 4/21/34 | 1285 | &nbsp;&nbsp; 1289 |
| 5.424%, 7/21/34 | 1760 | &nbsp;&nbsp; 1786 |
| 5.948%, 1/19/38 | 378 | &nbsp;&nbsp; 387 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(1)</sup> <br>| 1586 | &nbsp;&nbsp; 1499 |
| NatWest Group plc <br>6.475%, 6/1/34<br>| 1005 | &nbsp;&nbsp; 1043 |
| NextEra Energy Capital <br> Holdings, Inc. <br>6.500%, 8/15/55<br>| 1425 | &nbsp;&nbsp; 1471 |
| Nippon Life Insurance Co. |  |  |
| <br>144A 6.250%, 9/13/53<sup>(1)</sup> <br>| 815 | &nbsp;&nbsp; 832 |
| <br>144A 6.500%, 4/30/55<sup>(1)</sup> <br>| 380 | &nbsp;&nbsp; 392 |
| Northern Trust Corp. |  |  |
| 3.375%, 5/8/32 | 1145 | &nbsp;&nbsp; 1129 |
| 5.117%, 11/19/40 | 650 | &nbsp;&nbsp; 633 |
| OAK-Eagle Acquireco, Inc. <br> 144A <br>7.250%, 7/1/33<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 119 |
| Omnis Funding Trust 144A <br>6.722%, 5/15/55<sup>(1)</sup> <br>| 1230 | &nbsp;&nbsp; 1243 |
| OneMain Finance Corp. <br>6.750%, 3/15/32<br>| 590 | &nbsp;&nbsp; 572 |
| PNC Financial Services <br> Group, Inc. (The)<br>|  |  |
| 5.575%, 1/29/36 | 800 | &nbsp;&nbsp; 817 |
| 5.423%, 1/25/41 | 335 | &nbsp;&nbsp; 328 |
| Prudential Financial, Inc. |  |  |
| 5.125%, 3/1/52 | 247 | &nbsp;&nbsp; 236 |
| 6.750%, 3/1/53 | 185 | &nbsp;&nbsp; 191 |
| 6.500%, 3/15/54 | 470 | &nbsp;&nbsp; 481 |
| Rivers Enterprise <br> Borrower LLC 144A <br>6.250%, 10/15/30<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 140 |
| Rocket Cos., Inc. 144A <br>6.375%, 8/1/33<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 521 |
| Societe Generale S.A. 144A <br>6.066%, 1/19/35<sup>(1)</sup> <br>| 995 | &nbsp;&nbsp; 1027 |
| South Bow USA <br> Infrastructure <br> Holdings LLC<br>|  |  |
| 5.584%, 10/1/34 | 610 | &nbsp;&nbsp; 606 |
| 6.176%, 10/1/54 | 435 | &nbsp;&nbsp; 414 |
| State Street Corp. |  |  |
| 6.123%, 11/21/34 | 1045 | &nbsp;&nbsp; 1104 |
| Series I 6.700%<sup>(8)</sup> <br>| 400 | &nbsp;&nbsp; 406 |
| Stellantis Finance U.S., Inc. <br> 144A <br>6.450%, 3/18/35<sup>(1)</sup> <br>| 1130 | &nbsp;&nbsp; 1113 |
| Sumitomo Life Insurance <br> Co. 144A <br>5.875%, 9/10/55<sup>(1)</sup> <br>| 1140 | &nbsp;&nbsp; 1115 |
| Texas Capital Bancshares, <br> Inc.<br>|  |  |
| 4.000%, 5/6/31 | 330 | &nbsp;&nbsp; 329 |
| 5.301%, 2/27/32 | 500 | &nbsp;&nbsp; 493 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Toronto-Dominion Bank <br> (The) <br>8.125%, 10/31/82<br>| $845 | &nbsp;&nbsp; $872 |
| Truist Financial Corp. |  |  |
| 5.122%, 1/26/34 | 654 | &nbsp;&nbsp; 652 |
| 5.867%, 6/8/34 | 580 | &nbsp;&nbsp; 604 |
| U.S. Bancorp |  |  |
| 4.967%, 7/22/33 | 510 | &nbsp;&nbsp; 504 |
| 5.424%, 2/12/36 | 1135 | &nbsp;&nbsp; 1160 |
| UBS Group AG |  |  |
| <br>144A 7.000%<sup>(1)(8)</sup> <br>| 875 | &nbsp;&nbsp; 846 |
| <br>144A 4.988%, 8/5/33<sup>(1)</sup> <br>| 820 | &nbsp;&nbsp; 816 |
| Wells Fargo & Co. |  |  |
| 6.125%<sup>(8)</sup> <br>| 945 | &nbsp;&nbsp; 949 |
| 5.389%, 4/24/34 | 480 | &nbsp;&nbsp; 487 |
| 6.491%, 10/23/34 | 1670 | &nbsp;&nbsp; 1808 |
|  |  | &nbsp;&nbsp; 95246 |
| **Health Care—2.9%** | **Health Care—2.9%** |  |
| 180 Medical, Inc. 144A <br>5.300%, 10/8/35<sup>(1)</sup> <br>| 1450 | &nbsp;&nbsp; 1421 |
| Abbott Laboratories <br>5.500%, 3/15/56<br>| 596 | &nbsp;&nbsp; 584 |
| Acadia Healthcare Co., Inc. <br> 144A <br>5.500%, 7/1/28<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| Amgen, Inc. <br>5.650%, 3/2/53<br>| 1478 | &nbsp;&nbsp; 1432 |
| Amneal <br> Pharmaceuticals LLC <br> 144A <br>6.875%, 8/1/32<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| Augusta SpinCo Corp. <br>5.245%, 3/23/36<br>| 285 | &nbsp;&nbsp; 285 |
| Baxter International, Inc. <br>3.132%, 12/1/51<br>| 2635 | &nbsp;&nbsp; 1508 |
| Community Health <br> Systems, Inc. 144A <br>5.250%, 5/15/30<sup>(1)</sup> <br>| 930 | &nbsp;&nbsp; 877 |
| CVS Health Corp. |  |  |
| 5.050%, 3/25/48 | 355 | &nbsp;&nbsp; 305 |
| 5.625%, 2/21/53 | 835 | &nbsp;&nbsp; 765 |
| 6.750%, 12/10/54 | 682 | &nbsp;&nbsp; 691 |
| Dentsply Sirona, Inc. <br>3.250%, 6/1/30<br>| 1535 | &nbsp;&nbsp; 1414 |
| GENMAB A/S 144A <br>6.250%, 12/15/32<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 56 |
| HCA, Inc. |  |  |
| 5.500%, 6/1/33 | 250 | &nbsp;&nbsp; 255 |
| 5.600%, 4/1/34 | 205 | &nbsp;&nbsp; 209 |
| 5.450%, 9/15/34 | 345 | &nbsp;&nbsp; 348 |
| 5.250%, 6/15/49 | 170 | &nbsp;&nbsp; 150 |
| 6.000%, 4/1/54 | 268 | &nbsp;&nbsp; 259 |
| IQVIA, Inc. |  |  |
| 5.700%, 5/15/28 | 479 | &nbsp;&nbsp; 488 |
| 6.250%, 2/1/29 | 730 | &nbsp;&nbsp; 759 |
| <br>144A 6.250%, 6/1/32<sup>(1)</sup> <br>| 545 | &nbsp;&nbsp; 553 |
| Medline Borrower LP 144A <br>3.875%, 4/1/29<sup>(1)</sup> <br>| 945 | &nbsp;&nbsp; 914 |
| Molina Healthcare, Inc. <br> 144A <br>6.250%, 1/15/33<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 228 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Royalty Pharma plc |  |  |
| 5.400%, 9/2/34 | $1450 | &nbsp;&nbsp; $1462 |
| 3.350%, 9/2/51 | 350 | &nbsp;&nbsp; 227 |
| Smith & Nephew plc <br>5.400%, 3/20/34<br>| 1275 | &nbsp;&nbsp; 1293 |
| Tenet Healthcare Corp. <br> 144A <br>5.500%, 11/15/32<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 357 |
| Universal Health Services, <br> Inc.<br>|  |  |
| 2.650%, 1/15/32 | 945 | &nbsp;&nbsp; 823 |
| 5.050%, 10/15/34 | 560 | &nbsp;&nbsp; 535 |
| Viatris, Inc. 144A <br>2.300%, 6/22/27<sup>(1)</sup> <br>| 2 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 18265 |
| **Industrials—2.9%** | **Industrials—2.9%** |  |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(1)</sup> <br>| 583 | &nbsp;&nbsp; 583 |
| Aviation Capital Group LLC |  |  |
| <br>144A <br> 6.750%, 10/25/28<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 73 |
| <br>144A 5.125%, 4/10/30<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 487 |
| <br>144A 6.375%, 7/15/30<sup>(1)</sup> <br>| 325 | &nbsp;&nbsp; 342 |
| Baker Hughes <br> Holdings LLC <br>5.850%, 6/15/56<br>| 1565 | &nbsp;&nbsp; 1531 |
| Boeing Co. (The) <br>5.930%, 5/1/60<br>| 1439 | &nbsp;&nbsp; 1381 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(1)</sup> <br>| 751 | &nbsp;&nbsp; 689 |
| Builders FirstSource, Inc. <br> 144A <br>6.375%, 3/1/34<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 469 |
| Carpenter Technology <br> Corp. 144A <br>5.625%, 3/1/34<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| Clarios Global LP 144A <br>6.750%, 2/15/30<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(1)</sup> <br>| 1250 | &nbsp;&nbsp; 1130 |
| Delta Air Lines <br> Pass-Through Trust <br> 2015-1, AA <br>3.625%, 1/30/29<br>| 334 | &nbsp;&nbsp; 330 |
| DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 186 |
| Esab Corp. 144A <br>5.625%, 4/1/31<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 96 |
| Flowserve Corp. <br>3.500%, 10/1/30<br>| 1215 | &nbsp;&nbsp; 1143 |
| Global Infrastructure <br> Solutions, Inc. 144A <br>7.500%, 4/15/32<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 224 |
| Herc Holdings, Inc. |  |  |
| <br>144A 7.250%, 6/15/33<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 231 |
| <br>144A 6.000%, 3/15/34<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 53 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Hilton Domestic Operating <br> Co., Inc. 144A <br>5.750%, 9/15/33<sup>(1)</sup> <br>| $560 | &nbsp;&nbsp; $557 |
| Icahn Enterprises LP <br>5.250%, 5/15/27<br>| 200 | &nbsp;&nbsp; 196 |
| L3Harris Technologies, Inc. <br>5.400%, 7/31/33<br>| 1030 | &nbsp;&nbsp; 1057 |
| Neptune Bidco U.S., Inc. <br> 144A <br>9.290%, 4/15/29<sup>(1)</sup> <br>| 970 | &nbsp;&nbsp; 973 |
| New York State Electric & <br> Gas Corp. 144A <br>5.850%, 8/15/33<sup>(1)</sup> <br>| 540 | &nbsp;&nbsp; 563 |
| Quikrete Holdings, Inc. <br> 144A <br>6.375%, 3/1/32<sup>(1)</sup> <br>| 120 | &nbsp;&nbsp; 122 |
| Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| 1035 | &nbsp;&nbsp; 1094 |
| Science Applications <br> International Corp. 144A <br>4.875%, 4/1/28<sup>(1)</sup> <br>| 285 | &nbsp;&nbsp; 280 |
| Stanley Black & Decker, <br> Inc. <br>6.707%, 3/15/60<br>| 830 | &nbsp;&nbsp; 811 |
| TransDigm, Inc. |  |  |
| <br>144A <br> 6.875%, 12/15/30<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 282 |
| <br>144A 6.625%, 3/1/32<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 163 |
| United Airlines Holdings, <br> Inc.<br>|  |  |
| 4.875%, 3/1/29 | 165 | &nbsp;&nbsp; 161 |
| 5.375%, 3/1/31 | 50 | &nbsp;&nbsp; 49 |
| United Airlines <br> Pass-Through Trust <br> 2023-1, A <br>5.800%, 7/15/37<br>| 640 | &nbsp;&nbsp; 659 |
| United Airlines <br> Pass-Through-Trust <br> 2024-1, AA <br>5.450%, 8/15/38<br>| 564 | &nbsp;&nbsp; 575 |
| Veralto Corp. <br>5.450%, 9/18/33<br>| 1110 | &nbsp;&nbsp; 1133 |
| Vertiv Holdings Co. <br>5.650%, 3/15/46<br>| 280 | &nbsp;&nbsp; 267 |
| WESCO Distribution, Inc. <br> 144A <br>5.500%, 4/15/34<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 335 |
|  |  | &nbsp;&nbsp; 18286 |
| **Information Technology—1.6%** | **Information Technology—1.6%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| 5.950%, 8/4/33 | 555 | &nbsp;&nbsp; 566 |
| <br>144A 3.875%, 9/1/28<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 453 |
| <br>144A 4.000%, 7/1/29<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 266 |
| Broadcom, Inc. |  |  |
| 5.150%, 11/15/31 | 535 | &nbsp;&nbsp; 549 |
| <br>144A <br> 3.137%, 11/15/35<sup>(1)</sup> <br>| 720 | &nbsp;&nbsp; 612 |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(1)</sup> <br>| 1010 | &nbsp;&nbsp; 974 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Flex Ltd. <br>5.375%, 11/13/35<br>| $1480 | &nbsp;&nbsp; $1448 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(1)</sup> <br>| 1590 | &nbsp;&nbsp; 1446 |
| Marvell Technology, Inc. <br>5.450%, 7/15/35<br>| 1035 | &nbsp;&nbsp; 1052 |
| Nokia Oyj <br>6.625%, 5/15/39<br>| 185 | &nbsp;&nbsp; 194 |
| Oracle Corp. |  |  |
| 6.900%, 11/9/52 | 890 | &nbsp;&nbsp; 840 |
| 5.550%, 2/6/53 | 380 | &nbsp;&nbsp; 303 |
| 3.850%, 4/1/60 | 60 | &nbsp;&nbsp; 35 |
| Roper Technologies, Inc. <br>5.100%, 9/15/35<br>| 1075 | &nbsp;&nbsp; 1045 |
|  |  | &nbsp;&nbsp; 9783 |
| **Materials—1.2%** | **Materials—1.2%** |  |
| Bayport Polymers LLC <br> 144A <br>5.140%, 4/14/32<sup>(1)</sup> <br>| 855 | &nbsp;&nbsp; 846 |
| Berry Global, Inc. <br>5.650%, 1/15/34<br>| 1350 | &nbsp;&nbsp; 1381 |
| Corp. Nacional del Cobre <br> de Chile 144A <br>5.950%, 1/8/34<sup>(1)</sup> <br>| 776 | &nbsp;&nbsp; 794 |
| Eagle Materials, Inc. <br>5.000%, 3/15/36<br>| 1110 | &nbsp;&nbsp; 1063 |
| Glencore Funding LLC |  |  |
| <br>144A 2.850%, 4/27/31<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 205 |
| <br>144A 5.634%, 4/4/34<sup>(1)</sup> <br>| 1085 | &nbsp;&nbsp; 1111 |
| Smurfit Kappa Treasury <br> ULC <br>5.777%, 4/3/54<br>| 1270 | &nbsp;&nbsp; 1226 |
| Solstice Advanced <br> Materials, Inc. 144A <br>5.625%, 9/30/33<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 39 |
| Sonoco Products Co. <br>5.000%, 9/1/34<br>| 995 | &nbsp;&nbsp; 973 |
| Windsor Holdings III LLC <br> 144A <br>8.500%, 6/15/30<sup>(1)</sup> <br>| 180 | &nbsp;&nbsp; 187 |
|  |  | &nbsp;&nbsp; 7825 |
| **Real Estate—0.2%** | **Real Estate—0.2%** |  |
| Iron Mountain, Inc. 144A <br>6.250%, 1/15/33<sup>(1)</sup> <br>| 590 | &nbsp;&nbsp; 588 |
| Millrose Properties, Inc. <br> 144A <br>6.250%, 9/15/32<sup>(1)</sup> <br>| 490 | &nbsp;&nbsp; 481 |
|  |  | &nbsp;&nbsp; 1069 |
| **Utilities—2.2%** | **Utilities—2.2%** |  |
| AES Corp. (The) <br>7.600%, 1/15/55<br>| 335 | &nbsp;&nbsp; 332 |
| Black Hills Corp. <br>6.150%, 5/15/34<br>| 925 | &nbsp;&nbsp; 973 |
| Brooklyn Union Gas Co. <br> (The) 144A <br>4.866%, 8/5/32<sup>(1)</sup> <br>| 355 | &nbsp;&nbsp; 347 |
| CMS Energy Corp. <br>4.750%, 6/1/50<br>| 1190 | &nbsp;&nbsp; 1154 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Constellation Energy <br> Generation LLC <br>5.875%, 1/15/66<br>| $1170 | &nbsp;&nbsp; $1123 |
| Dominion Energy, Inc. |  |  |
| 6.200%, 2/15/56 | 560 | &nbsp;&nbsp; 555 |
| Series B 7.000%, 6/1/54 | 380 | &nbsp;&nbsp; 402 |
| Electricite de France S.A. |  |  |
| <br>144A 6.250%, 5/23/33<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 214 |
| <br>144A 6.900%, 5/23/53<sup>(1)</sup> <br>| 1155 | &nbsp;&nbsp; 1236 |
| ENEL Finance International <br> N.V.<br>|  |  |
| <br>144A <br> 7.500%, 10/14/32<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 450 |
| <br>144A 5.500%, 6/26/34<sup>(1)</sup> <br>| 535 | &nbsp;&nbsp; 544 |
| Entergy Corp. <br>7.125%, 12/1/54<br>| 715 | &nbsp;&nbsp; 733 |
| Entergy Mississippi LLC <br>5.050%, 4/15/36<br>| 445 | &nbsp;&nbsp; 439 |
| Entergy Texas, Inc. <br>5.800%, 9/1/53<br>| 455 | &nbsp;&nbsp; 450 |
| Ferrellgas LP 144A <br>5.875%, 4/1/29<sup>(1)</sup> <br>| 815 | &nbsp;&nbsp; 779 |
| KeySpan Gas East Corp. <br> 144A <br>5.994%, 3/6/33<sup>(1)</sup> <br>| 695 | &nbsp;&nbsp; 726 |
| NGL Energy Operating LLC |  |  |
| <br>144A 8.125%, 2/15/29<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 82 |
| <br>144A 8.375%, 2/15/32<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 129 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(1)</sup> <br>| 645 | &nbsp;&nbsp; 698 |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara 144A <br>5.450%, 5/21/28<sup>(1)</sup> <br>| 146 | &nbsp;&nbsp; 147 |
| Puget Energy, Inc. |  |  |
| 2.379%, 6/15/28 | 204 | &nbsp;&nbsp; 194 |
| 4.224%, 3/15/32 | 973 | &nbsp;&nbsp; 928 |
| Vistra Corp. 144A <br>8.000% <sup>(1)(8)</sup> <br>| 163 | &nbsp;&nbsp; 165 |
| Vistra Operations Co. LLC <br> 144A <br>5.700%, 12/30/34<sup>(1)</sup> <br>| 880 | &nbsp;&nbsp; 885 |
|  |  | &nbsp;&nbsp; 13685 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $212,794)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $212,794)** | &nbsp;&nbsp; **212458** |
| **Leveraged Loans—4.3%** | **Leveraged Loans—4.3%** | **Leveraged Loans—4.3%** |
| **Aerospace—0.2%** | **Aerospace—0.2%** |  |
| AAdvantage Loyality IP Ltd. <br> (3 month Term SOFR + <br> 2.250%) <br>5.918%, 4/20/28<sup>(6)</sup> <br>| 332 | &nbsp;&nbsp; 329 |
| Dynasty Acquisition Co., <br> Inc.<br>|  |  |
| Tranche B-1 (1 month <br> Term SOFR + 2.000%) <br>5.668%, 10/31/31<sup>(6)</sup> <br>| 286 | &nbsp;&nbsp; 285 |
| Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>5.668%, 10/31/31<sup>(6)</sup> <br>| 109 | &nbsp;&nbsp; 109 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| TransDigm, Inc. |  |  |
| Tranche J (1 month Term <br> SOFR + 2.500%) <br>6.168%, 2/28/31<sup>(6)</sup> <br>| $312 | &nbsp;&nbsp; $312 |
| Tranche K (1 month <br> Term SOFR + 2.250%) <br>5.918%, 3/22/30<sup>(6)</sup> <br>| 159 | &nbsp;&nbsp; 159 |
|  |  | &nbsp;&nbsp; 1194 |
| **Chemicals—0.0%** | **Chemicals—0.0%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 2/19/30<sup>(6)</sup> <br>| 193 | &nbsp;&nbsp; 167 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| Resideo Funding, Inc. (3 <br> month Term SOFR + <br> 2.000%) <br>5.674%, 8/13/32<sup>(6)</sup> <br>| 328 | &nbsp;&nbsp; 327 |
| Skechers U.S.A., Inc. <br> Tranche B-1 (3 month <br> Term SOFR + 3.250%) <br>6.950%, 9/13/32<sup>(6)</sup> <br>| 140 | &nbsp;&nbsp; 140 |
|  |  | &nbsp;&nbsp; 467 |
| **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>5.675%, 3/13/32<sup>(6)</sup> <br>| 178 | &nbsp;&nbsp; 177 |
| **Energy—0.5%** | **Energy—0.5%** |  |
| Blackfin Pipeline LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.688%, 9/29/32<sup>(6)</sup> <br>| 524 | &nbsp;&nbsp; 526 |
| CQP Holdco LP Tranche B <br> (3 month Term SOFR + <br> 1.750%) <br>5.450%, 12/31/32<sup>(6)</sup> <br>| 420 | &nbsp;&nbsp; 418 |
| Freeport LNG <br> Investments LLP <br> Tranche B (3 month <br> Term SOFR + 3.250%) <br>6.893%, 2/11/33<sup>(6)</sup> <br>| 315 | &nbsp;&nbsp; 315 |
| GIP Pilot Acquisition <br> Partners LP (3 month <br> Term SOFR + 2.000%) <br>5.646%, 10/4/30<sup>(6)</sup> <br>| 495 | &nbsp;&nbsp; 494 |
| Hilcorp Energy I LP (1 <br> month Term SOFR + <br> 1.750%) <br>5.425%, 2/11/30<sup>(6)</sup> <br>| 153 | &nbsp;&nbsp; 153 |
| Oryx Midstream Services <br> Permian Basin LLC <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.926%, 10/5/28<sup>(6)</sup> <br>| 454 | &nbsp;&nbsp; 454 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Whitewater DBR <br> Holdco LLC Tranche C (3 <br> month Term SOFR + <br> 2.250%) <br>6.000%, 3/3/31<sup>(6)</sup> <br>| $123 | &nbsp;&nbsp; $123 |
| Whitewater Matterhorn <br> Holdings LLC Tranche B <br> (3 month Term SOFR + <br> 1.750%) <br>5.500%, 6/16/32<sup>(6)</sup> <br>| 675 | &nbsp;&nbsp; 671 |
|  |  | &nbsp;&nbsp; 3154 |
| **Financials—0.2%** | **Financials—0.2%** |  |
| Citadel Securities LP 2024 <br> (3 month Term SOFR + <br> 2.000%) <br>5.700%, 10/31/31<sup>(6)</sup> <br>| 486 | &nbsp;&nbsp; 486 |
| Finco I LLC 2025 (1 month <br> Term SOFR + 1.750%) <br>5.418%, 6/27/29<sup>(6)</sup> <br>| 373 | &nbsp;&nbsp; 362 |
| Truist Insurance <br> Holdings LLC 2024, <br> Tranche B (3 month <br> Term SOFR + 2.750%) <br>6.450%, 5/6/31<sup>(6)</sup> <br>| 535 | &nbsp;&nbsp; 527 |
|  |  | &nbsp;&nbsp; 1375 |
| **Food / Tobacco—0.3%** | **Food / Tobacco—0.3%** |  |
| Del Monte Foods, Inc. |  |  |
| (1 month Term SOFR + <br> 4.350%) <br>8.011% - 8.028%, <br> 8/2/28<sup>(7)(9)</sup> <br>| 63 | &nbsp;&nbsp; 2 |
| (1 month Term SOFR + <br> 4.850%) <br>8.528%, 8/2/28<sup>(7)(9)</sup> <br>| 145 | &nbsp;&nbsp; 1 |
| (1 month Term SOFR + <br> 8.100%) <br>11.767%, 8/2/28<sup>(7)(9)</sup> <br>| 28 | &nbsp;&nbsp; 13 |
| (1 month Term SOFR + <br> 9.600%) <br>13.265%, 6/1/26<sup>(6)(7)</sup> <br>| 32 | &nbsp;&nbsp; 25 |
| Froneri International Ltd. <br> Tranche B-4 (6 month <br> Term SOFR + 2.250%) <br>5.877%, 9/30/31<sup>(6)</sup> <br>| 549 | &nbsp;&nbsp; 538 |
| Pegasus Bidco B.V. 2025 (2 <br> month Term SOFR + <br> 2.750%) <br>0.000%, 7/12/29<sup>(6)(10)</sup> <br>| 264 | &nbsp;&nbsp; 263 |
| Red SPV LLC (1 month <br> Term SOFR + 2.250%) <br>5.925%, 3/15/32<sup>(6)</sup> <br>| 462 | &nbsp;&nbsp; 460 |
| Sazerac Co., Inc. Tranche <br> B-2 (1 month Term <br> SOFR + 2.000%) <br>5.670%, 7/9/32<sup>(6)</sup> <br>| 254 | &nbsp;&nbsp; 254 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| Triton Water Holdings, Inc. <br> 2026 <br>0.000%, 3/19/31<sup>(6)(10)</sup> <br>| $480 | &nbsp;&nbsp; $481 |
|  |  | &nbsp;&nbsp; 2037 |
| **Gaming / Leisure—0.6%** | **Gaming / Leisure—0.6%** |  |
| Caesars Entertainment, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.918%, 2/6/30<sup>(6)</sup> <br>| 339 | &nbsp;&nbsp; 330 |
| Flutter Entertainment plc |  |  |
| 2024, Tranche B (3 <br> month Term SOFR + <br> 1.750%) <br>5.450%, 11/30/30<sup>(6)</sup> <br>| 269 | &nbsp;&nbsp; 266 |
| Tranche B (3 month <br> Term SOFR + 2.000%) <br>5.700%, 6/4/32<sup>(6)</sup> <br>| 233 | &nbsp;&nbsp; 230 |
| Life Time, Inc. 2025, <br> Tranche B, First Lien (1 <br> month Term SOFR + <br> 2.000%) <br>5.671%, 11/5/31<sup>(6)</sup> <br>| 351 | &nbsp;&nbsp; 350 |
| Light & Wonder <br> International, Inc. <br> Tranche B-3 (1 month <br> Term SOFR + 2.000%) <br>5.675%, 4/16/29<sup>(6)</sup> <br>| 320 | &nbsp;&nbsp; 320 |
| Live Nation Entertainment, <br> Inc. Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.675%, 10/21/32<sup>(6)</sup> <br>| 429 | &nbsp;&nbsp; 428 |
| Oak-Eagle Acquireco, Inc. <br> Tranche B <br>0.000%, 3/24/33<sup>(6)(10)</sup> <br>| 540 | &nbsp;&nbsp; 537 |
| Playtika Holding Corp. <br> Tranche B-1 (1 month <br> Term SOFR + 2.864%) <br>6.532%, 3/13/28<sup>(6)</sup> <br>| 565 | &nbsp;&nbsp; 531 |
| UFC Holdings LLC Tranche <br> B-5 (3 month Term <br> SOFR + 2.000%) <br>5.664%, 11/21/31<sup>(6)</sup> <br>| 464 | &nbsp;&nbsp; 463 |
|  |  | &nbsp;&nbsp; 3455 |
| **Health Care—0.4%** | **Health Care—0.4%** |  |
| Biomarin Pharmaceutical, <br> Inc. Tranche B <br>0.000%, 1/28/33<sup>(6)(10)</sup> <br>| 55 | &nbsp;&nbsp; 55 |
| Genmab A/S Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>6.700%, 12/10/32<sup>(6)</sup> <br>| 98 | &nbsp;&nbsp; 98 |
| Grifols Worldwide <br> Operations USA, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.100%) <br>5.768%, 11/15/27<sup>(6)</sup> <br>| 580 | &nbsp;&nbsp; 579 |
| Hologic, Inc. Tranche B <br>0.000%, 1/14/33<sup>(6)(10)</sup> <br>| 395 | &nbsp;&nbsp; 390 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Medline Borrower LP 2030 <br> (1 month Term SOFR + <br> 1.750%) <br>5.418%, 10/23/30<sup>(6)</sup> <br>| $463 | &nbsp;&nbsp; $464 |
| Phoenix Guarantor, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.168%, 2/21/31<sup>(6)</sup> <br>| 333 | &nbsp;&nbsp; 333 |
| Select Medical Corp. <br> Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>5.668%, 12/3/31<sup>(6)</sup> <br>| 375 | &nbsp;&nbsp; 372 |
|  |  | &nbsp;&nbsp; 2291 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| Frontdoor, Inc. 2024, <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.918%, 12/17/31<sup>(6)</sup> <br>| 242 | &nbsp;&nbsp; 242 |
| Green Infrastructure <br> Partners, Inc. (3 month <br> Term SOFR + 2.750%) <br>6.450%, 9/24/32<sup>(6)</sup> <br>| 180 | &nbsp;&nbsp; 180 |
| Quikrete Holdings, Inc. <br> Tranche B-1 (1 month <br> Term SOFR + 2.250%) <br>5.918%, 4/14/31<sup>(6)</sup> <br>| 338 | &nbsp;&nbsp; 337 |
|  |  | &nbsp;&nbsp; 759 |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| CACI International, Inc. <br> Tranche B-2 (1 month <br> Term SOFR + 1.750%) <br>5.418%, 2/25/33<sup>(6)</sup> <br>| 160 | &nbsp;&nbsp; 160 |
| Composecure <br> Holdings LLC (1 month <br> Term SOFR + 2.250%) <br>5.928%, 1/14/33<sup>(6)</sup> <br>| 125 | &nbsp;&nbsp; 124 |
| SS&C Technologies <br> Holdings, Inc. Tranche <br> B-8 (1 month Term <br> SOFR + 2.000%) <br>5.668%, 5/9/31<sup>(6)</sup> <br>| 571 | &nbsp;&nbsp; 569 |
| UKG, Inc. Tranche B (3 <br> month Term SOFR + <br> 2.500%) <br>6.167%, 2/10/31<sup>(6)</sup> <br>| 367 | &nbsp;&nbsp; 350 |
|  |  | &nbsp;&nbsp; 1203 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| Construction Partners, Inc. <br> (1 month Term SOFR + <br> 2.500%) <br>6.168%, 11/3/31<sup>(6)</sup> <br>| 479 | &nbsp;&nbsp; 479 |
| Gates Corp. Tranche B-5 (1 <br> month Term SOFR + <br> 1.750%) <br>5.418%, 6/4/31<sup>(6)</sup> <br>| 463 | &nbsp;&nbsp; 462 |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| MV Holding GmbH Tranche <br> B (1 month Term SOFR + <br> 2.000%) <br>5.668%, 3/17/32<sup>(6)</sup> <br>| $377 | &nbsp;&nbsp; $377 |
|  |  | &nbsp;&nbsp; 1318 |
| **Media / Telecom - Broadcasting—0.2%** | **Media / Telecom - Broadcasting—0.2%** |  |
| EOC Borrower LLC Tranche <br> B (1 month Term SOFR + <br> 2.750%) <br>6.418%, 3/24/32<sup>(6)</sup> <br>| 193 | &nbsp;&nbsp; 193 |
| Nexstar Media, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.168%, 6/28/32<sup>(6)</sup> <br>| 766 | &nbsp;&nbsp; 757 |
| Univision <br> Communications, Inc. <br> 2024, First Lien (1 <br> month Term SOFR + <br> 3.500%) <br>7.282%, 1/31/29<sup>(6)</sup> <br>| 511 | &nbsp;&nbsp; 505 |
|  |  | &nbsp;&nbsp; 1455 |
| **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>5.911%, 12/15/31<sup>(6)</sup> <br>| 464 | &nbsp;&nbsp; 463 |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term <br> SOFR + 3.250%) <br>6.918%, 9/18/30<sup>(6)</sup> <br>| 393 | &nbsp;&nbsp; 372 |
| DIRECTV Financing LLC <br> 2024, Tranche B (3 <br> month Term SOFR + <br> 5.512%) <br>9.178%, 8/2/29<sup>(6)</sup> <br>| 250 | &nbsp;&nbsp; 250 |
| Eagle Broadband <br> Investments LLC (3 <br> month Term SOFR + <br> 3.262%) <br>6.961%, 11/12/27<sup>(6)</sup> <br>| 560 | &nbsp;&nbsp; 533 |
|  |  | &nbsp;&nbsp; 1618 |
| **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> 1.750%) <br>5.450%, 9/30/31<sup>(6)</sup> <br>| 405 | &nbsp;&nbsp; 404 |
| **Retail—0.0%** | **Retail—0.0%** |  |
| Harbor Freight Tools USA, <br> Inc. (1 month Term <br> SOFR + 2.250%) <br>5.918%, 6/11/31<sup>(6)</sup> <br>| 161 | &nbsp;&nbsp; 159 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—0.4%** | **Service—0.4%** |  |
| AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 8/12/32<sup>(6)</sup> <br>| $284 | &nbsp;&nbsp; $282 |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 9/29/31<sup>(6)</sup> <br>| 398 | &nbsp;&nbsp; 397 |
| BrightView <br> Landscapes LLC Tranche <br> B (3 month Term SOFR + <br> 2.000%) <br>5.667%, 4/20/29<sup>(6)</sup> <br>| 590 | &nbsp;&nbsp; 588 |
| Iron Mountain Information <br> Management LLC <br> Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.668%, 1/31/31<sup>(6)</sup> <br>| 434 | &nbsp;&nbsp; 431 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.200%, 11/24/28<sup>(6)</sup> <br>| 448 | &nbsp;&nbsp; 408 |
| Prime Security Services <br> Borrower LLC Tranche <br> B-1 (1 month Term <br> SOFR + 2.000%) <br>5.664%, 10/13/30<sup>(6)</sup> <br>| 336 | &nbsp;&nbsp; 334 |
|  |  | &nbsp;&nbsp; 2440 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| American Axle & <br> Manufacturing, Inc. <br> Tranche C (3 month <br> Term SOFR + 3.350%) <br>6.912%, 2/3/33<sup>(6)</sup> <br>| 282 | &nbsp;&nbsp; 280 |
| Belron Finance 2019 LLC (3 <br> month Term SOFR + <br> 2.000%) <br>5.660%, 10/16/31<sup>(6)</sup> <br>| 333 | &nbsp;&nbsp; 333 |
| Clarios Global LP (1 month <br> Term SOFR + 2.750%) <br>6.418%, 1/28/32<sup>(6)</sup> <br>| 403 | &nbsp;&nbsp; 402 |
|  |  | &nbsp;&nbsp; 1015 |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| Astoria Energy LLC Tranche <br> B (1-3 month Term <br> SOFR + 2.750%) <br>5.923% - 5.966%, <br> 6/23/32<sup>(6)</sup> <br>| 276 | &nbsp;&nbsp; 276 |
| Cornerstone <br> Generation LLC Tranche <br> B (3 month Term SOFR + <br> 2.250%) <br>5.917%, 8/11/32<sup>(6)</sup> <br>| 403 | &nbsp;&nbsp; 403 |
| Hunterstown <br> Generation LLC (3 <br> month Term SOFR + <br> 3.000% - 3 month <br> PRIME + 2.000%) <br>6.700% - 8.750%, <br> 11/6/31<sup>(6)</sup> <br>| 507 | &nbsp;&nbsp; 507 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Indeck Niles LLC Tranche B <br> (3 month Term SOFR + <br> 2.750%) <br>6.419%, 3/9/33<sup>(6)</sup> <br>| $200 | &nbsp;&nbsp; $200 |
| Talen Energy Supply LLC <br> 2025, Tranche B (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 11/25/32<sup>(6)</sup> <br>| 165 | &nbsp;&nbsp; 164 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 1/27/31<sup>(6)</sup> <br>| 525 | &nbsp;&nbsp; 524 |
|  |  | &nbsp;&nbsp; 2074 |
| **Total Leveraged Loans** <br>**(Identified Cost $27,170)** | **Total Leveraged Loans** <br>**(Identified Cost $27,170)** | &nbsp;&nbsp; **26762** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** |
| **Financials—0.8%** | **Financials—0.8%** |  |
| Virtus Newfleet Securitized <br> Income ETF<sup>(11)(12)</sup> <br>| 209046 | &nbsp;&nbsp; 5055 |
| **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $5,112)** | **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $5,112)** | &nbsp;&nbsp; **5055** |
| **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $606,955)** | **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $606,955)** | &nbsp;&nbsp; **597585** |
| **Short-Term Investment—3.5%** | **Short-Term Investment—3.5%** | **Short-Term Investment—3.5%** |
| **Money Market Mutual Fund—3.5%** | **Money Market Mutual Fund—3.5%** | **Money Market Mutual Fund—3.5%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 3.531%)<sup>(12)</sup> <br>| 21730529 | &nbsp;&nbsp; 21731 |
| **Total Short-Term Investment** <br>**(Identified Cost $21,731)** | **Total Short-Term Investment** <br>**(Identified Cost $21,731)** | &nbsp;&nbsp; **21731** |
| **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** | **Securities Lending Collateral—0.1%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 3.531%)<sup>(12)(13)</sup> <br>| 959439 | &nbsp;&nbsp; 959 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $959)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $959)** | &nbsp;&nbsp; **959** |
| **TOTAL INVESTMENTS—99.0%** <br>**(Identified Cost $629,645)** | **TOTAL INVESTMENTS—99.0%** <br>**(Identified Cost $629,645)** | &nbsp;&nbsp; **$620275** |
| Other assets and liabilities, net—1.0% | Other assets and liabilities, net—1.0% | &nbsp;&nbsp; 6309 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$626584** |

---

*See Notes to Financial Statements*

------

**Newfleet Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

&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 |
| 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 March 31, 2026, these <br> securities amounted to a value of $228,247 or <br> 36.4% 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>| All or a portion of security is on loan. |

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(4)</sup> Represents step coupon bond. Rate shown reflects the rate in effect as of March 31, 2026. 

<sup>(5)</sup> Amount is less than $500 (not in thousands).

<sup>(6)</sup> Variable rate security. Rate disclosed is as of March 31, 2026. 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> 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>(8)</sup> No contractual maturity date.

<sup>(9)</sup> Security in default; interest payments are being received. 

<sup>(10)</sup> This loan will settle after March 31, 2026, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. 

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(11)</sup> Affiliated investment. See Note 4I 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;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 90<br> %<br>|
| United Kingdom | 2 |
| Ireland | 1 |
| Canada | 1 |
| France | 1 |
| Japan | 1 |
| Mexico | 1 |
| Other | 3 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** | **Exchange-traded futures contracts as of March 31, 2026 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contracts** <br>**Purchased/(Sold)**<br>| **Notional Value** | &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Depreciation**<br>|
| **Long Contracts:** |  |  |  |  |  |
| 30 Year U.S. Treasury Bond Future | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; $14462 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(477)<br>|
| **Short Contracts:** |  |  |  |  |  |
| U.S. Treasury Ultra Bond Future | June 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (5828)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (39)<br>|
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $(516)<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 (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<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; $92602 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $92602 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 17260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17260 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 182800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182800 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 60648 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59442 | &nbsp;&nbsp;&nbsp;&nbsp; 1206 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 212458 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 212458 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 26762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26721 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5055 | &nbsp;&nbsp;&nbsp;&nbsp; 5055 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 21731 | &nbsp;&nbsp;&nbsp;&nbsp; 21731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 620275 | &nbsp;&nbsp;&nbsp;&nbsp; 27745 | &nbsp;&nbsp;&nbsp;&nbsp; 591283 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (516)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $619759 | &nbsp;&nbsp;&nbsp;&nbsp; $27229 | &nbsp;&nbsp;&nbsp;&nbsp; $591283 | &nbsp;&nbsp;&nbsp;&nbsp; $1247 |

---

Securities held by the Fund with an end of period value of $39 were 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 March 31, 2026.

*See Notes to Financial Statements*

------

**Newfleet High Yield Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—92.1%** | **Corporate Bonds and Notes—92.1%** | **Corporate Bonds and Notes—92.1%** |
| **Communication Services—9.7%** | **Communication Services—9.7%** |  |
| Altice France S.A. 144A <br>6.500%, 4/15/32<sup>(1)</sup> <br>| $305 | &nbsp;&nbsp; $289 |
| 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; 1049 |
| CMG Media Corp. 144A <br>8.875%, 6/18/29<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 484 |
| CSC Holdings LLC |  |  |
| <br>144A 11.750%, 1/31/29<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 289 |
| <br>144A 4.125%, 12/1/30<sup>(1)</sup> <br>| 535 | &nbsp;&nbsp; 321 |
| DIRECTV Financing LLC |  |  |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 269 |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| Discovery Global Holdings, <br> Inc. <br>5.141%, 3/15/52<br>| 180 | &nbsp;&nbsp; 109 |
| DISH Network Corp. 144A <br>11.750%, 11/15/27<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 201 |
| Gray Media, Inc. 144A <br>9.625%, 7/15/32<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 240 |
| Millennium Escrow Corp. <br> 144A <br>6.625%, 8/1/26<sup>(1)</sup> <br>| 470 | &nbsp;&nbsp; 438 |
| Rackspace Technology <br> Global, Inc. 144A <br>5.375%, 12/1/28<sup>(1)</sup> <br>| 365 | &nbsp;&nbsp; 146 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 295 |
| Snap, Inc. |  |  |
| <br>144A 6.875%, 3/1/33<sup>(1)</sup> <br>| 280 | &nbsp;&nbsp; 264 |
| <br>144A 6.875%, 3/15/34<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 108 |
| Telesat Canada 144A <br>6.500%, 10/15/27<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 81 |
| Univision Communications, <br> Inc. 144A <br>8.000%, 8/15/28<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 366 |
|  |  | &nbsp;&nbsp; 4996 |
| **Consumer Discretionary—6.7%** | **Consumer Discretionary—6.7%** |  |
| Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 265 | &nbsp;&nbsp; 268 |
| Ashton Woods USA LLC <br> 144A <br>4.625%, 4/1/30<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 316 |
| Carnival Corp. 144A <br>5.750%, 3/15/30<sup>(1)</sup> <br>| 245 | &nbsp;&nbsp; 247 |
| Churchill Downs, Inc. 144A <br>6.750%, 5/1/31<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 295 |
| Ford Motor Credit Co. LLC <br>6.500%, 2/7/35<br>| 245 | &nbsp;&nbsp; 247 |
| Forvia SE 144A <br>6.750%, 9/15/33<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 225 |
| Hilton Grand Vacations <br> Borrower LLC 144A <br>5.000%, 6/1/29<sup>(1)</sup> <br>| 100 | &nbsp;&nbsp; 95 |
| Installed Building Products, <br> Inc. 144A <br>5.625%, 2/1/34<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Newell Brands, Inc. <br>6.625%, 9/15/29<br>| 485 | &nbsp;&nbsp; 473 |

---

---

| | | |
|:---|:---|:---|
|  | **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; $292 |
| Risewell Homes, Inc. |  |  |
| <br>144A 9.250%, 10/1/29<sup>(1)</sup> <br>| 215 | &nbsp;&nbsp; 217 |
| <br>144A 8.500%, 11/1/30<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 24 |
| Taylor Morrison <br> Communities, Inc. 144A <br>5.750%, 11/15/32<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| Under Armour, Inc. 144A <br>7.250%, 7/15/30<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 197 |
| Wayfair LLC |  |  |
| <br>144A 7.250%, 10/31/29<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| <br>144A 6.750%, 11/15/32<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 86 |
| Weekley Homes LLC 144A <br>4.875%, 9/15/28<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 470 |
|  |  | &nbsp;&nbsp; 3477 |
| **Consumer Staples—2.8%** | **Consumer Staples—2.8%** |  |
| Albertsons Cos., Inc. |  |  |
| <br>144A 4.875%, 2/15/30<sup>(1)</sup> <br>| 345 | &nbsp;&nbsp; 338 |
| <br>144A 5.750%, 3/31/34<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 29 |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(1)</sup> <br>| 330 | &nbsp;&nbsp; 327 |
| Post Holdings, Inc. |  |  |
| <br>144A 6.250%, 2/15/32<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 202 |
| <br>144A 6.375%, 3/1/33<sup>(1)</sup> <br>| 230 | &nbsp;&nbsp; 227 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 310 | &nbsp;&nbsp; 310 |
|  |  | &nbsp;&nbsp; 1433 |
| **Energy—15.1%** | **Energy—15.1%** |  |
| Alliance Resource Operating <br> Partners LP 144A <br>8.625%, 6/15/29<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 280 |
| Antero Midstream <br> Partners LP 144A <br>5.750%, 7/1/34<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Bristow Group, Inc. 144A <br>6.750%, 2/1/33<sup>(1)</sup> <br>| 105 | &nbsp;&nbsp; 106 |
| 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>| 265 | &nbsp;&nbsp; 275 |
| DT Midstream, Inc. 144A <br>4.125%, 6/15/29<sup>(1)</sup> <br>| 420 | &nbsp;&nbsp; 411 |
| Enbridge, Inc. <br>8.500%, 1/15/84<br>| 545 | &nbsp;&nbsp; 613 |
| Energy Transfer LP |  |  |
| Series G 7.125%<sup>(2)</sup> <br>| 160 | &nbsp;&nbsp; 163 |
| Series H 6.500%<sup>(2)</sup> <br>| 495 | &nbsp;&nbsp; 494 |
| Genesis Energy LP |  |  |
| 8.875%, 4/15/30 | 390 | &nbsp;&nbsp; 407 |
| 6.750%, 3/15/34 | 45 | &nbsp;&nbsp; 45 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(1)</sup> <br>| 300 | &nbsp;&nbsp; 307 |
| 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 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| <br>144A 6.000%, 2/1/31<sup>(1)</sup> <br>| $245 | &nbsp;&nbsp; $238 |
| Kodiak Gas Services LLC |  |  |
| <br>144A 5.875%, 4/1/31<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 80 |
| <br>144A 6.750%, 10/1/35<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 127 |
| Magnolia Oil & Gas <br> Operating LLC 144A <br>6.875%, 12/1/32<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 479 |
| Mesquite Energy, Inc. 144A <br>7.250%, 7/15/26<sup>(1)(3)</sup> <br>| 115 | &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
| Prairie Acquiror LP 144A <br>9.000%, 8/1/29<sup>(1)</sup> <br>| 130 | &nbsp;&nbsp; 134 |
| SM Energy Co. |  |  |
| <br>144A 8.750%, 7/1/31<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 167 |
| <br>144A 6.625%, 4/15/34<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 45 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. <br>7.500%, 3/1/55<br>| 390 | &nbsp;&nbsp; 406 |
| Sunoco LP |  |  |
| <br>144A 5.625%, 3/15/31<sup>(1)</sup> <br>| 111 | &nbsp;&nbsp; 111 |
| <br>144A 5.375%, 7/15/31<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 35 |
| <br>144A 5.875%, 3/15/34<sup>(1)</sup> <br>| 74 | &nbsp;&nbsp; 73 |
| <br>144A 5.625%, 7/15/34<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 54 |
| Teine Energy Ltd. 144A <br>6.875%, 4/15/29<sup>(1)</sup> <br>| 380 | &nbsp;&nbsp; 380 |
| Tidewater, Inc. 144A <br>9.125%, 7/15/30<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 149 |
| Transocean International <br> Ltd.<br>|  |  |
| <br>144A 8.250%, 5/15/29<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 72 |
| <br>144A 7.875%, 10/15/32<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 80 |
| Transocean, Inc. |  |  |
| <br>144A 8.750%, 2/15/30<sup>(1)</sup> <br>| 172 | &nbsp;&nbsp; 179 |
| <br>144A 8.500%, 5/15/31<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 115 |
| 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; 464 |
| Venture Global LNG, Inc. |  |  |
| <br>144A 9.000%<sup>(1)(2)</sup> <br>| 110 | &nbsp;&nbsp; 110 |
| <br>144A 9.875%, 2/1/32<sup>(1)</sup> <br>| 365 | &nbsp;&nbsp; 392 |
|  |  | &nbsp;&nbsp; 7787 |
| **Financials—24.3%** | **Financials—24.3%** |  |
| Acrisure LLC |  |  |
| <br>144A 8.250%, 2/1/29<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 163 |
| <br>144A 6.000%, 8/1/29<sup>(1)</sup> <br>| 450 | &nbsp;&nbsp; 423 |
| Albion Financing 1 S.a.r.l. <br> 144A <br>7.000%, 5/21/30<sup>(1)</sup> <br>| 295 | &nbsp;&nbsp; 302 |
| Ally Financial, Inc. <br>8.000%, 11/1/31<br>| 225 | &nbsp;&nbsp; 249 |
| Altice Financing S.A. 144A <br>5.000%, 1/15/28<sup>(1)</sup> <br>| 695 | &nbsp;&nbsp; 483 |
| Altice France Lux 3 144A <br>10.000%, 1/15/33<sup>(1)</sup> <br>| 81 | &nbsp;&nbsp; 74 |
| American National Group, <br> Inc. <br>7.000%, 12/1/55<br>| 75 | &nbsp;&nbsp; 71 |
| Apollo Debt Solutions BDC |  |  |
| 6.900%, 4/13/29 | 195 | &nbsp;&nbsp; 200 |
| 5.875%, 8/30/30 | 235 | &nbsp;&nbsp; 231 |

---

*See Notes to Financial Statements*

------

**Newfleet High Yield Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Ardonagh Group Finance <br> Ltd. 144A <br>8.875%, 2/15/32<sup>(1)</sup> <br>| $5 | &nbsp;&nbsp; $5 |
| Arsenal AIC Parent LLC <br> 144A <br>11.500%, 10/1/31<sup>(1)</sup> <br>| 135 | &nbsp;&nbsp; 146 |
| Ascent Resources Utica <br> Holdings LLC 144A <br>6.625%, 7/15/33<sup>(1)</sup> <br>| 490 | &nbsp;&nbsp; 498 |
| Azorra Finance Ltd. |  |  |
| <br>144A 7.250%, 1/15/31<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 242 |
| <br>144A 6.250%, 2/15/34<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 74 |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | 205 | &nbsp;&nbsp; 207 |
| <br>144A 6.000%, 8/15/33<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 64 |
| Blue Owl Credit Income <br> Corp. <br>6.650%, 3/15/31<br>| 416 | &nbsp;&nbsp; 410 |
| BNP Paribas S.A. 144A <br>7.450% <sup>(1)(2)</sup> <br>| 500 | &nbsp;&nbsp; 502 |
| Broadstreet Partners <br> Group LLC 144A <br>5.875%, 4/15/29<sup>(1)</sup> <br>| 375 | &nbsp;&nbsp; 365 |
| Chobani Holdco II LLC <br> (8.750% Cash or 9.500% <br> PIK) 144A <br>8.750%, 10/1/29<sup>(1)</sup> <br>| — <br><sup>(4)</sup><br>| &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
| Cipher Compute LLC 144A <br>7.125%, 11/15/30<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 78 |
| Citadel Finance LLC 144A <br>5.150%, 2/14/31<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 44 |
| Coronado Finance Pty Ltd. <br> 144A <br>9.250%, 10/1/29<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 244 |
| DBR Land Holdings LLC <br> 144A <br>6.250%, 12/1/30<sup>(1)</sup> <br>| 130 | &nbsp;&nbsp; 132 |
| Endo Finance Holdings LP <br> 144A <br>8.500%, 4/15/31<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 262 |
| Focus Financial <br> Partners LLC 144A <br>6.750%, 9/15/31<sup>(1)</sup> <br>| 270 | &nbsp;&nbsp; 268 |
| Froneri Lux FinCo S.a.r.l. <br> 144A <br>6.000%, 8/1/32<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 244 |
| Global Atlantic Fin Co. |  |  |
| <br>144A 7.950%, 6/15/33<sup>(1)</sup> <br>| 128 | &nbsp;&nbsp; 137 |
| <br>144A 7.950%, 10/15/54<sup>(1)</sup> <br>| 180 | &nbsp;&nbsp; 173 |
| Grifols S.A. 144A <br>4.750%, 10/15/28<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 377 |
| Gulfport Energy Operating <br> Corp. 144A <br>6.750%, 9/1/29<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 143 |
| HUB International Ltd. 144A <br>7.375%, 1/31/32<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 245 |
| ION Platform Finance U.S., <br> Inc.<br>|  |  |
| <br>144A 8.750%, 5/1/29<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 47 |
| <br>144A 9.500%, 5/30/29<sup>(1)</sup> <br>| 130 | &nbsp;&nbsp; 122 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| JH North America Holdings, <br> Inc. 144A <br>6.125%, 7/31/32<sup>(1)</sup> <br>| $245 | &nbsp;&nbsp; $244 |
| Ladder Capital Finance <br> Holdings LLLP 144A <br>4.250%, 2/1/27<sup>(1)</sup> <br>| 485 | &nbsp;&nbsp; 479 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 555 | &nbsp;&nbsp; 542 |
| Lloyds Banking Group plc <br>6.625% <sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 119 |
| Maxam Prill S.a.r.l. 144A <br>7.750%, 7/15/30<sup>(1)</sup> <br>| 250 | &nbsp;&nbsp; 254 |
| Midcap Financial Issuer <br> Trust 144A <br>6.500%, 5/1/28<sup>(1)</sup> <br>| 470 | &nbsp;&nbsp; 456 |
| Nationstar Mortgage <br> Holdings, Inc. 144A <br>5.750%, 11/15/31<sup>(1)</sup> <br>| 660 | &nbsp;&nbsp; 667 |
| OAK-Eagle Acquireco, Inc. <br> 144A <br>8.750%, 7/1/34<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 63 |
| OneMain Finance Corp. |  |  |
| 7.125%, 11/15/31 | 405 | &nbsp;&nbsp; 401 |
| 6.500%, 3/15/33 | 160 | &nbsp;&nbsp; 153 |
| 6.750%, 9/15/33 | 45 | &nbsp;&nbsp; 43 |
| Opal Bidco SAS 144A <br>6.500%, 3/31/32<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| Organon & Co. |  |  |
| <br>144A 4.125%, 4/30/28<sup>(1)</sup> <br>| 315 | &nbsp;&nbsp; 306 |
| <br>144A 5.125%, 4/30/31<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 45 |
| <br>144A 7.875%, 5/15/34<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 45 |
| Park River Holdings, Inc. <br> 144A <br>8.000%, 3/15/31<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| Phoenix Aviation Capital Ltd. <br> 144A <br>9.250%, 7/15/30<sup>(1)</sup> <br>| 280 | &nbsp;&nbsp; 282 |
| Reinsurance Group of <br> America, Inc. <br>6.650%, 9/15/55<br>| 365 | &nbsp;&nbsp; 363 |
| Rivers Enterprise <br> Borrower LLC 144A <br>6.250%, 10/15/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Rocket Cos., Inc. 144A <br>6.375%, 8/1/33<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 243 |
| Saks Global Enterprises LLC <br> 144A <br>11.000%, 12/15/29<sup>(1)(3)(5)</sup> <br>| 98 | &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
| Standard Building Solutions, <br> Inc. 144A <br>5.875%, 3/15/34<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 159 |
| Surgery Center Holdings, <br> Inc. 144A <br>7.250%, 4/15/32<sup>(1)</sup> <br>| 155 | &nbsp;&nbsp; 152 |
| SV RNO Property Owner 1 <br> LLC 144A <br>5.875%, 3/1/31<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Synergy Infrastructure <br> Holdings LLC 144A <br>7.875%, 12/1/30<sup>(1)</sup> <br>| $150 | &nbsp;&nbsp; $153 |
|  |  | &nbsp;&nbsp; 12544 |
| **Health Care—5.9%** | **Health Care—5.9%** |  |
| Acadia Healthcare Co., Inc. <br> 144A <br>5.500%, 7/1/28<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 258 |
| Amneal <br> Pharmaceuticals LLC <br> 144A <br>6.875%, 8/1/32<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| BioMarin Pharmaceutical, <br> Inc. 144A <br>5.500%, 2/15/34<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Charles River Laboratories <br> International, Inc. 144A <br>4.250%, 5/1/28<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 83 |
| Community Health Systems, <br> Inc.<br>|  |  |
| <br>144A 5.250%, 5/15/30<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 245 |
| <br>144A 4.750%, 2/15/31<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 147 |
| CVS Health Corp. <br>6.750%, 12/10/54<br>| 240 | &nbsp;&nbsp; 243 |
| DaVita, Inc. 144A <br>4.625%, 6/1/30<sup>(1)</sup> <br>| 265 | &nbsp;&nbsp; 255 |
| DENTSPLY SIRONA, Inc. <br>8.375%, 9/12/55<br>| 255 | &nbsp;&nbsp; 249 |
| GENMAB A/S |  |  |
| <br>144A 6.250%, 12/15/32<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| <br>144A 7.250%, 12/15/33<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 16 |
| LifePoint Health, Inc. |  |  |
| <br>144A 9.875%, 8/15/30<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 275 |
| <br>144A 10.000%, 6/1/32<sup>(1)</sup> <br>| 155 | &nbsp;&nbsp; 158 |
| Medline Borrower LP 144A <br>5.250%, 10/1/29<sup>(1)</sup> <br>| 565 | &nbsp;&nbsp; 560 |
| Prime Healthcare Services, <br> Inc. 144A <br>9.375%, 9/1/29<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 270 |
| Tenet Healthcare Corp. 144A <br>6.000%, 11/15/33<sup>(1)(6)</sup> <br>| 250 | &nbsp;&nbsp; 253 |
|  |  | &nbsp;&nbsp; 3042 |
| **Industrials—11.0%** | **Industrials—11.0%** |  |
| Carpenter Technology Corp. <br> 144A <br>5.625%, 3/1/34<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Chart Industries, Inc. 144A <br>9.500%, 1/1/31<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 289 |
| Cimpress plc 144A <br>7.375%, 9/15/32<sup>(1)</sup> <br>| 370 | &nbsp;&nbsp; 367 |
| Clarios Global LP 144A <br>6.750%, 9/15/32<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 66 |
| Esab Corp. 144A <br>5.625%, 4/1/31<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| FTAI Aviation Investors LLC |  |  |
| <br>144A 7.000%, 5/1/31<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 282 |
| <br>144A 7.000%, 6/15/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Garda World Security Corp. <br> 144A <br>8.375%, 11/15/32<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 275 |

---

*See Notes to Financial Statements*

------

**Newfleet High Yield Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Global Infrastructure <br> Solutions, Inc. 144A <br>7.500%, 4/15/32<sup>(1)</sup> <br>| $430 | &nbsp;&nbsp; $448 |
| Global Medical Response, <br> Inc. 144A <br>7.375%, 10/1/32<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 130 |
| Herc Holdings, Inc. |  |  |
| <br>144A 7.250%, 6/15/33<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 87 |
| <br>144A 6.000%, 3/15/34<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 106 |
| Icahn Enterprises LP |  |  |
| 5.250%, 5/15/27 | 280 | &nbsp;&nbsp; 274 |
| <br>144A <br> 10.000%, 11/15/29<sup>(1)</sup> <br>| 210 | &nbsp;&nbsp; 207 |
| LBM Acquisition LLC 144A <br>6.250%, 1/15/29<sup>(1)</sup> <br>| 445 | &nbsp;&nbsp; 325 |
| Madison IAQ LLC 144A <br>5.875%, 6/30/29<sup>(1)</sup> <br>| 150 | &nbsp;&nbsp; 147 |
| Neptune Bidco U.S., Inc. |  |  |
| <br>144A 9.290%, 4/15/29<sup>(1)</sup> <br>| 365 | &nbsp;&nbsp; 366 |
| <br>144A 10.375%, 5/15/31<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Science Applications <br> International Corp. 144A <br>4.875%, 4/1/28<sup>(1)</sup> <br>| 435 | &nbsp;&nbsp; 428 |
| Shift4 Payments LLC 144A <br>6.750%, 8/15/32<sup>(1)</sup> <br>| 150 | &nbsp;&nbsp; 148 |
| TransDigm, Inc. |  |  |
| <br>144A 6.875%, 12/15/30<sup>(1)</sup> <br>| 300 | &nbsp;&nbsp; 307 |
| <br>144A 6.625%, 3/1/32<sup>(1)</sup> <br>| 315 | &nbsp;&nbsp; 321 |
| <br>144A 6.125%, 7/31/34<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| United Airlines Holdings, <br> Inc.<br>|  |  |
| 4.875%, 3/1/29 | 60 | &nbsp;&nbsp; 59 |
| 5.375%, 3/1/31 | 15 | &nbsp;&nbsp; 15 |
| VistaJet Malta Finance plc <br> 144A <br>9.500%, 6/1/28<sup>(1)</sup> <br>| 547 | &nbsp;&nbsp; 534 |
| VoltaGrid LLC 144A <br>7.375%, 11/1/30<sup>(1)</sup> <br>| 145 | &nbsp;&nbsp; 150 |
| WESCO Distribution, Inc. <br> 144A <br>5.500%, 4/15/34<sup>(1)</sup> <br>| 115 | &nbsp;&nbsp; 113 |
| White Cap Supply <br> Holdings LLC 144A <br>7.375%, 11/15/30<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 73 |
|  |  | &nbsp;&nbsp; 5658 |
| **Information Technology—3.5%** | **Information Technology—3.5%** |  |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 347 |
| Consensus Cloud Solutions, <br> Inc. 144A <br>6.500%, 10/15/28<sup>(1)</sup> <br>| 340 | &nbsp;&nbsp; 337 |
| Insight Enterprises, Inc. <br> 144A <br>6.625%, 5/15/32<sup>(1)</sup> <br>| 145 | &nbsp;&nbsp; 140 |
| Intel Corp. <br>3.100%, 2/15/60<br>| 450 | &nbsp;&nbsp; 248 |
| Oracle Corp. <br>6.700%, 2/4/56<br>| 130 | &nbsp;&nbsp; 121 |
| Rocket Software, Inc. 144A <br>9.000%, 11/28/28<sup>(1)</sup> <br>| 255 | &nbsp;&nbsp; 255 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| UKG, Inc. 144A <br>6.875%, 2/1/31<sup>(1)</sup> <br>| $155 | &nbsp;&nbsp; $151 |
| WULF Compute LLC 144A <br>7.750%, 10/15/30<sup>(1)</sup> <br>| 170 | &nbsp;&nbsp; 180 |
|  |  | &nbsp;&nbsp; 1779 |
| **Materials—5.4%** | **Materials—5.4%** |  |
| ASP Unifrax Holdings, Inc. <br> 144A <br>5.250%, 9/30/28<sup>(1)(3)</sup> <br>| 568 | &nbsp;&nbsp; 26 |
| Capstone Copper Corp. <br> 144A <br>6.750%, 3/31/33<sup>(1)</sup> <br>| 410 | &nbsp;&nbsp; 407 |
| Cleveland-Cliffs, Inc. 144A <br>7.625%, 1/15/34<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 190 |
| Fortescue Treasury Pty Ltd. <br> 144A <br>5.875%, 4/15/30<sup>(1)</sup> <br>| 303 | &nbsp;&nbsp; 307 |
| Illuminate Buyer LLC 144A <br>9.000%, 7/1/28<sup>(1)</sup> <br>| 88 | &nbsp;&nbsp; 88 |
| LSB Industries, Inc. 144A <br>6.250%, 10/15/28<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 472 |
| Mauser Packaging Solutions <br> Holding Co. 144A <br>9.250%, 4/15/30<sup>(1)</sup> <br>| 245 | &nbsp;&nbsp; 228 |
| Solstice Advanced Materials, <br> Inc. 144A <br>5.625%, 9/30/33<sup>(1)</sup> <br>| 155 | &nbsp;&nbsp; 153 |
| Taseko Mines Ltd. 144A <br>8.250%, 5/1/30<sup>(1)</sup> <br>| 170 | &nbsp;&nbsp; 177 |
| Trivium Packaging Finance <br> B.V. 144A <br>12.250%, 1/15/31<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 135 |
| Windsor Holdings III LLC <br> 144A <br>8.500%, 6/15/30<sup>(1)</sup> <br>| 234 | &nbsp;&nbsp; 242 |
| WR Grace Holdings LLC <br> 144A <br>5.625%, 8/15/29<sup>(1)</sup> <br>| 413 | &nbsp;&nbsp; 380 |
|  |  | &nbsp;&nbsp; 2805 |
| **Real Estate—0.8%** | **Real Estate—0.8%** |  |
| Iron Mountain, Inc. 144A <br>6.250%, 1/15/33<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 239 |
| Millrose Properties, Inc. <br> 144A <br>6.250%, 9/15/32<sup>(1)</sup> <br>| 150 | &nbsp;&nbsp; 148 |
|  |  | &nbsp;&nbsp; 387 |
| **Utilities—6.9%** | **Utilities—6.9%** |  |
| AES Corp. (The) <br>7.600%, 1/15/55<br>| 250 | &nbsp;&nbsp; 248 |
| Alexander Funding Trust II <br> 144A <br>7.467%, 7/31/28<sup>(1)</sup> <br>| 285 | &nbsp;&nbsp; 300 |
| Alpha Generation LLC 144A <br>6.250%, 1/15/34<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 157 |
| American Electric Power <br> Co., Inc. <br>6.950%, 12/15/54<br>| 530 | &nbsp;&nbsp; 562 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Dominion Energy, Inc. <br> Series B <br>7.000%, 6/1/54<br>| $115 | &nbsp;&nbsp; $122 |
| Entergy Corp. <br>7.125%, 12/1/54<br>| 270 | &nbsp;&nbsp; 277 |
| Ferrellgas LP 144A <br>5.875%, 4/1/29<sup>(1)</sup> <br>| 265 | &nbsp;&nbsp; 253 |
| NGL Energy Operating LLC |  |  |
| <br>144A 8.125%, 2/15/29<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 62 |
| <br>144A 8.375%, 2/15/32<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 314 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(1)</sup> <br>| 235 | &nbsp;&nbsp; 254 |
| Sempra <br>6.375%, 4/1/56<br>| 125 | &nbsp;&nbsp; 126 |
| Suburban Propane <br> Partners LP 144A <br>6.500%, 12/15/35<sup>(1)</sup> <br>| 211 | &nbsp;&nbsp; 205 |
| Vistra Corp. 144A <br>8.000% <sup>(1)(2)</sup> <br>| 278 | &nbsp;&nbsp; 281 |
| Vistra Operations Co. LLC <br> 144A <br>6.875%, 4/15/32<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 285 |
| XPLR Infrastructure <br> Operating Partners LP <br> 144A <br>7.750%, 4/15/34<sup>(1)</sup> <br>| 125 | &nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp; 3575 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $48,296)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $48,296)** | &nbsp;&nbsp; **47483** |
| **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** | **Leveraged Loans—0.0%** |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Lannett Co., Inc. First Lien <br>2.000%, 6/16/30<sup>(3)(7)</sup> <br>| 14 | &nbsp;&nbsp; 11 |
| **Total Leveraged Loans** <br>**(Identified Cost $—)**<sup>(4)</sup>  | **Total Leveraged Loans** <br>**(Identified Cost $—)**<sup>(4)</sup>  | &nbsp;&nbsp; **11** |

---

&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, 8.393%<sup>(1)</sup> <br>| 250 <br><sup>(8)</sup><br>| &nbsp;&nbsp; 248 |
| **Total Preferred Stock** <br>**(Identified Cost $250)** | **Total Preferred Stock** <br>**(Identified Cost $250)** | &nbsp;&nbsp; **248** |
| **Common Stocks—0.5%** | **Common Stocks—0.5%** | **Common Stocks—0.5%** |
| **Communication Services—0.2%** | **Communication Services—0.2%** |  |
| Altice Luxembourg S.A.<sup>(3)(9)</sup> <br>| 338 | &nbsp;&nbsp; 5 |
| Atento Luxco 1 S.A.<sup>(3)(9)</sup> <br>| 5366 | &nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp; 94 |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| MYT Holding LLC <br> Class B<sup>(3)(9)</sup> <br>| 33144 | &nbsp;&nbsp; 8 |

---

*See Notes to Financial Statements*

------

**Newfleet High Yield Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| NMG Parent LLC <br> Escrow<sup>(3)(9)</sup> <br>| 116 | &nbsp;&nbsp; $— |
|  |  | &nbsp;&nbsp; 8 |
| **Health Care—0.2%** | **Health Care—0.2%** |  |
| Endo GUC Trust Class A <br> Escrow<sup>(3)(9)</sup> <br>| 3813 | &nbsp;&nbsp; — |
| Envision Healthcare <br> Corp.<sup>(3)(9)</sup> <br>| 720 | &nbsp;&nbsp; 12 |
| Keenova Therapeutics <br> plc<sup>(3)(9)</sup> <br>| 654 | &nbsp;&nbsp; 55 |
| Lannett Co., Inc.<sup>(3)(9)</sup> <br>| 2911 | &nbsp;&nbsp; 47 |
| Par Health<sup>(3)(9)</sup> <br>| 654 | &nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp; 118 |
| **Materials—0.1%** | **Materials—0.1%** |  |
| Klockner Pentaplast<sup>(9)</sup> <br>| 37827 | &nbsp;&nbsp; 45 |
| **Total Common Stocks** <br>**(Identified Cost $255)** | **Total Common Stocks** <br>**(Identified Cost $255)** | &nbsp;&nbsp; **265** |
| **Total Long-Term** <br> **Investments—93.1%** <br>**(Identified Cost $48,801)** | **Total Long-Term** <br> **Investments—93.1%** <br>**(Identified Cost $48,801)** | &nbsp;&nbsp; **48007** |
| **Short-Term Investment—2.9%** | **Short-Term Investment—2.9%** | **Short-Term Investment—2.9%** |
| **Money Market Mutual Fund—2.9%** | **Money Market Mutual Fund—2.9%** | **Money Market Mutual Fund—2.9%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 3.531%)<sup>(10)</sup> <br>| 1498145 | &nbsp;&nbsp; 1498 |
| **Total Short-Term Investment** <br>**(Identified Cost $1,498)** | **Total Short-Term Investment** <br>**(Identified Cost $1,498)** | &nbsp;&nbsp; **1498** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.5%** | **Securities Lending Collateral—0.5%** | **Securities Lending Collateral—0.5%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 3.531%)<sup>(10)(11)</sup> <br>| 259702 | &nbsp;&nbsp; $260 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $260)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $260)** | &nbsp;&nbsp; **260** |
| **TOTAL INVESTMENTS—96.5%** <br>**(Identified Cost $50,559)** | **TOTAL INVESTMENTS—96.5%** <br>**(Identified Cost $50,559)** | &nbsp;&nbsp; **$49765** |
| Other assets and liabilities, net—3.5% | Other assets and liabilities, net—3.5% | &nbsp;&nbsp; 1800 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$51565** |

---

&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 |

---

&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 March 31, 2026, these <br> securities amounted to a value of $39,515 or <br> 76.6% of net assets.<br>|
| <sup>(2)</sup> <br>| No contractual maturity date. |
| <sup>(3)</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>|

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(4)</sup> Amount is less than $500 (not in thousands).

<sup>(5)</sup> Security in default; no interest payments are being received. 

<sup>(6)</sup> All or a portion of security is on loan.

<sup>(7)</sup> Variable rate security. Rate disclosed is as of March 31, 2026. 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> Value shown as par value.

<sup>(9)</sup> Non-income producing.

<sup>(10)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. 

<sup>(11)</sup> Represents security purchased with cash collateral received for securities on loan. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 83<br> %<br>|
| Canada | 5 |
| Luxembourg | 3 |
| France | 2 |
| Cayman Islands | 2 |
| Ireland | 1 |
| Australia | 1 |
| Other | 3 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

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 (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<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; $47483 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $47457 | &nbsp;&nbsp;&nbsp;&nbsp; $26 |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Equity Securities: |  |  |  |  |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 220 <br><sup>(1)</sup><br>|
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1498 | &nbsp;&nbsp;&nbsp;&nbsp; 1498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $49765 | &nbsp;&nbsp;&nbsp;&nbsp; $1758 | &nbsp;&nbsp;&nbsp;&nbsp; $47750 | &nbsp;&nbsp;&nbsp;&nbsp; $257 |

---

&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 $38 were 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total | Corporate <br>Bonds and Notes<br>| Leveraged <br>Loans<br>| Common <br>stock<br>|
| **Investments in Securities** |  |  |  |  |
| **Balance as of September 30, 2025:** | &nbsp;&nbsp;&nbsp; $17 | &nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $10 | &nbsp;&nbsp;&nbsp; $7 |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 151 |
| Purchases | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 50 |
| Transfers into Level 3<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 |
| **Balance as of March 31, 2026** | &nbsp;&nbsp;&nbsp; $257 | &nbsp;&nbsp;&nbsp; $26 | &nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp; $220 |

---

<sup>(a)</sup> Amount is less than $500 (not in thousands).

<sup>(b)</sup> The change in unrealized appreciation (depreciation) on investments still held at March 31, 2026, was $(54).

<sup>(c)</sup> Transfers into and/or from represent the ending value as of March 31, 2026, 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*

------

**Newfleet High Yield Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

The following table presents additional information about valuation techniques and inputs used for investments that are measured at fair value and categorized within Level 3 at March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in** <br>**Securities – Assets**<br>| **Ending** <br>**Balance at** <br>**March 31, 2026**<br>| **Valuation Technique** <br>**Used**<br>| **Unobservable** <br>**Inputs**<br>| **Input** <br>**Values**<br>| **Impact to Valuation** <br>**from an Increase in** <br>**Unobservable Inputs**<sup>(a)</sup> <br>|
| **Common Stocks:** |  |  |  |  |  |
| Lannett Co., Inc. | &nbsp;&nbsp;&nbsp; $47 | &nbsp;&nbsp;&nbsp; Market and Company <br>Comparables<br>| EV Multiples | 1.84x (1.69x - 2.81x) | Increase |
|  |  |  |  | 0.76x (0.75x - 1.74x) |  |
|  |  |  | &nbsp;&nbsp;&nbsp; Illiquidity Discount&nbsp;&nbsp;&nbsp;&nbsp; | 40.00% | Decrease |
| **Leveraged Loans:** |  |  |  |  |  |
| Lannett Co., Inc. | &nbsp;&nbsp;&nbsp; $11 | Discounted cash flows | Discount rate | 13.10% (12.60% - 13.60%) | Decrease |
|  |  |  |  | 11.60% (11.10% - 12.10%) |  |

---

<sup>(a)</sup> A significant change in unobservable inputs could result in a significantly higher or lower fair value.

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—9.5%** | **U.S. Government Securities—9.5%** | **U.S. Government Securities—9.5%** |
| U.S. Treasury Notes |  |  |
| 4.625%, 6/30/26 | $10590 | &nbsp;&nbsp; $10613 |
| 4.375%, 8/15/26 | 11350 | &nbsp;&nbsp; 11374 |
| 3.875%, 3/31/27 | 405 | &nbsp;&nbsp; 406 |
| 3.500%, 10/31/27 | 6815 | &nbsp;&nbsp; 6778 |
| 3.375%, 12/31/27 | 4140 | &nbsp;&nbsp; 4108 |
| 3.500%, 2/15/29 | 2100 | &nbsp;&nbsp; 2082 |
| 4.000%, 7/31/29 | 3790 | &nbsp;&nbsp; 3807 |
| **Total U.S. Government Securities** <br>**(Identified Cost $39,153)** | **Total U.S. Government Securities** <br>**(Identified Cost $39,153)** | &nbsp;&nbsp; **39168** |
| **Foreign Government Securities—0.7%** | **Foreign Government Securities—0.7%** | **Foreign Government Securities—0.7%** |
| Dominican Republic |  |  |
| 144A <br>5.500%, 2/22/29<sup>(1)</sup> <br>| 287 | &nbsp;&nbsp; 284 |
| RegS <br>6.950%, 3/15/37<sup>(2)</sup> <br>| 311 | &nbsp;&nbsp; 316 |
| Federative Republic of Brazil <br>6.625%, 3/15/35<br>| 386 | &nbsp;&nbsp; 395 |
| Republic of Guatemala 144A <br>6.600%, 6/13/36<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 84 |
| Republic of Philippines |  |  |
| <br>4.375%, 3/5/30 | 140 | &nbsp;&nbsp; 139 |
| <br>4.750%, 3/5/35 | 140 | &nbsp;&nbsp; 135 |
| Republic of South Africa <br> 144A <br>6.125%, 12/11/37<sup>(1)</sup> <br>| 208 | &nbsp;&nbsp; 193 |
| Romanian Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(1)</sup> <br>| 1005 | &nbsp;&nbsp; 1010 |
| 144A <br>7.125%, 1/17/33<sup>(1)</sup> <br>| 223 | &nbsp;&nbsp; 234 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $2,795)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $2,795)** | &nbsp;&nbsp; **2790** |
| **Mortgage-Backed Securities—27.1%** | **Mortgage-Backed Securities—27.1%** | **Mortgage-Backed Securities—27.1%** |
| **Agency—8.0%** | **Agency—8.0%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #SB8269 <br>6.000%, 10/1/38<br>| 1887 | &nbsp;&nbsp; 1946 |
| Pool #SD3238 <br>5.500%, 12/1/52<br>| 946 | &nbsp;&nbsp; 954 |
| Pool #SD8309 <br>6.000%, 3/1/53<br>| 2514 | &nbsp;&nbsp; 2576 |
| Pool #SD8492 <br>5.000%, 1/1/55<br>| 1565 | &nbsp;&nbsp; 1545 |
| Pool #SD8494 <br>5.500%, 1/1/55<br>| 4170 | &nbsp;&nbsp; 4191 |
| Pool #SD8505 <br>5.000%, 2/1/55<br>| 2154 | &nbsp;&nbsp; 2125 |
| Pool #SL1127 <br>6.000%, 12/1/54<br>| 3682 | &nbsp;&nbsp; 3753 |
| Pool #SL2922 <br>5.500%, 10/1/55<br>| 1953 | &nbsp;&nbsp; 1966 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Federal National Mortgage <br> Association<br>|  |  |
| Pool #AC3654 <br>5.000%, 10/1/39<br>| $44 | &nbsp;&nbsp; $44 |
| Pool #AD3841 <br>4.500%, 4/1/40<br>| 13 | &nbsp;&nbsp; 13 |
| Pool #AL7532 <br>3.000%, 11/1/27<br>| 21 | &nbsp;&nbsp; 21 |
| Pool #AO5149 <br>3.000%, 6/1/27<br>| 7 | &nbsp;&nbsp; 7 |
| Pool #AS5730 <br>3.000%, 9/1/30<br>| 145 | &nbsp;&nbsp; 142 |
| Pool #FA0685 <br>6.000%, 1/1/55<br>| 2125 | &nbsp;&nbsp; 2171 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 3985 | &nbsp;&nbsp; 4079 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 1783 | &nbsp;&nbsp; 1767 |
| Pool #FS8791 <br>6.000%, 8/1/54<br>| 1546 | &nbsp;&nbsp; 1577 |
| Pool #MA0908 <br>4.000%, 11/1/31<br>| 47 | &nbsp;&nbsp; 47 |
| Pool #MA3663 <br>3.500%, 5/1/49<br>| 134 | &nbsp;&nbsp; 124 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 1849 | &nbsp;&nbsp; 1791 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 1615 | &nbsp;&nbsp; 1628 |
| Government National <br> Mortgage Association <br> 2025-125, JA <br>5.000%, 11/16/50<sup>(3)</sup> <br>| 568 | &nbsp;&nbsp; 571 |
|  |  | &nbsp;&nbsp; 33038 |
| **Non-Agency—19.1%** | **Non-Agency—19.1%** |  |
| Ajax Mortgage Loan Trust <br> 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(1)(3)</sup> <br>| 675 | &nbsp;&nbsp; 651 |
| ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.416%, 6/15/40<sup>(1)(3)</sup> <br>| 1525 | &nbsp;&nbsp; 1529 |
| Angel Oak Mortgage Trust |  |  |
| 2020-4, A1 144A <br>1.469%, 6/25/65<sup>(1)(3)</sup> <br>| 317 | &nbsp;&nbsp; 309 |
| 2020-R1, A2 144A <br>1.247%, 4/25/53<sup>(1)(3)</sup> <br>| 236 | &nbsp;&nbsp; 228 |
| Arroyo Mortgage Trust |  |  |
| 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(1)(3)</sup> <br>| 662 | &nbsp;&nbsp; 646 |
| 2020-1, A1B 144A <br>2.100%, 3/25/55<sup>(1)</sup> <br>| 324 | &nbsp;&nbsp; 316 |
| Aspire Mortgage Trust <br> 2026-1, A1 144A <br>4.855%, 1/25/66<sup>(1)(3)</sup> <br>| 1251 | &nbsp;&nbsp; 1242 |
| BBCMS Trust 2018-CBM, A <br> (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor <br> 1.250%) 144A <br>4.970%, 7/15/37<sup>(1)(3)</sup> <br>| 1350 | &nbsp;&nbsp; 1313 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Bunker Hill Loan Depositary <br> Trust 2019-2, A1 144A <br>2.879%, 7/25/49<sup>(1)(3)</sup> <br>| $107 | &nbsp;&nbsp; $105 |
| 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>5.064%, 3/15/41<sup>(1)(3)</sup> <br>| 764 | &nbsp;&nbsp; 765 |
| BX Trust |  |  |
| 2019-OC11, D 144A <br>3.944%, 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>| 891 | &nbsp;&nbsp; 894 |
| 2025-ROIC, C (1 month <br> Term SOFR + 1.543%, <br> Cap N/A, Floor 1.543%) <br> 144A <br>5.216%, 3/15/30<sup>(1)(3)</sup> <br>| 873 | &nbsp;&nbsp; 866 |
| Chase Mortgage Finance <br> Corp. 2016-SH2, M2 <br> 144A <br>3.750%, 12/25/45<sup>(1)(3)</sup> <br>| 259 | &nbsp;&nbsp; 242 |
| Citigroup Mortgage Loan <br> Trust, Inc.<br>|  |  |
| 2019-RP1, A1 144A <br>3.500%, 1/25/66<sup>(1)(3)</sup> <br>| 1283 | &nbsp;&nbsp; 1257 |
| 2025-INV1, A2 144A <br>6.000%, 1/25/55<sup>(1)(3)</sup> <br>| 635 | &nbsp;&nbsp; 642 |
| COLT Mortgage Loan Trust |  |  |
| 2022-3, A1 144A <br>3.901%, 2/25/67<sup>(1)(3)</sup> <br>| 1114 | &nbsp;&nbsp; 1090 |
| 2023-3, A1 144A <br>7.180%, 9/25/68<sup>(1)(3)</sup> <br>| 628 | &nbsp;&nbsp; 632 |
| 2023-4, A1 144A <br>7.163%, 10/25/68<sup>(1)(3)</sup> <br>| 553 | &nbsp;&nbsp; 557 |
| 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(1)(3)</sup> <br>| 819 | &nbsp;&nbsp; 818 |
| CoreVest American Finance <br> Trust 2018-1, D 144A <br>4.920%, 6/15/51<sup>(1)</sup> <br>| 629 | &nbsp;&nbsp; 625 |
| Deephaven Residential <br> Mortgage Trust 2022-1, <br> A1 144A <br>2.205%, 1/25/67<sup>(1)(3)</sup> <br>| 67 | &nbsp;&nbsp; 62 |
| Ellington Financial Mortgage <br> Trust<br>|  |  |
| 2019-2, A3 144A <br>3.046%, 11/25/59<sup>(1)(3)</sup> <br>| 80 | &nbsp;&nbsp; 79 |
| 2020-2, A1 144A <br>1.178%, 10/25/65<sup>(1)(3)</sup> <br>| 1261 | &nbsp;&nbsp; 1200 |
| 2021-1, A2 144A <br>1.003%, 2/25/66<sup>(1)(3)</sup> <br>| 338 | &nbsp;&nbsp; 296 |
| ELM Trust 2024-ELM, A10 <br> 144A <br>5.414%, 6/10/39<sup>(1)(3)</sup> <br>| 907 | &nbsp;&nbsp; 909 |
| FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(1)</sup> <br>| 870 | &nbsp;&nbsp; 860 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| FS 2026-ORL, A (1 month <br> Term SOFR + 1.350%, <br> Cap N/A, Floor 1.350%) <br> 144A <br>5.023%, 2/15/41<sup>(1)(3)</sup> <br>| $860 | &nbsp;&nbsp; $858 |
| GCAT Trust |  |  |
| 2020-NQM1, A1 144A <br>3.247%, 1/25/60<sup>(1)(3)</sup> <br>| 916 | &nbsp;&nbsp; 906 |
| 2023-NQM2, A1 144A <br>5.837%, 11/25/67<sup>(1)(3)</sup> <br>| 750 | &nbsp;&nbsp; 748 |
| Homes Trust 2023-NQM2, <br> A1 144A <br>6.456%, 2/25/68<sup>(1)(3)</sup> <br>| 1145 | &nbsp;&nbsp; 1143 |
| Hudson Yards Mortgage <br> Trust 2025-SPRL, A 144A <br>5.467%, 1/13/40<sup>(1)(3)</sup> <br>| 1720 | &nbsp;&nbsp; 1760 |
| JP Morgan Seasoned <br> Mortgage Trust Series <br> 2024-1, A4 144A <br>4.337%, 1/25/63<sup>(1)(3)</sup> <br>| 640 | &nbsp;&nbsp; 626 |
| JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| 2014-1, 2A12 144A <br>3.500%, 1/25/44<sup>(1)(3)</sup> <br>| 81 | &nbsp;&nbsp; 77 |
| 2015-1, AM1 144A <br>5.016%, 12/25/44<sup>(1)(3)</sup> <br>| 22 | &nbsp;&nbsp; 21 |
| 2015-5, A2 144A <br>5.217%, 5/25/45<sup>(1)(3)</sup> <br>| 110 | &nbsp;&nbsp; 109 |
| 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(1)(3)</sup> <br>| 121 | &nbsp;&nbsp; 106 |
| 2017-5, A1 144A <br>4.702%, 10/26/48<sup>(1)(3)</sup> <br>| 56 | &nbsp;&nbsp; 55 |
| 2024-CES1, A1A 144A <br>5.919%, 6/25/54<sup>(1)(3)</sup> <br>| 454 | &nbsp;&nbsp; 456 |
| 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(1)(3)</sup> <br>| 602 | &nbsp;&nbsp; 605 |
| 2025-CES2, A1 144A <br>5.592%, 6/25/55<sup>(1)(3)</sup> <br>| 748 | &nbsp;&nbsp; 750 |
| 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(1)(3)</sup> <br>| 754 | &nbsp;&nbsp; 758 |
| 2025-NQM5, A1 144A <br>4.879%, 5/25/66<sup>(1)(3)</sup> <br>| 732 | &nbsp;&nbsp; 726 |
| 2026-ACES1, A1 144A <br>4.894%, 4/25/66<sup>(1)(3)</sup> <br>| 667 | &nbsp;&nbsp; 663 |
| MetLife Securitization Trust <br> 2019-1A, A1A 144A <br>3.750%, 4/25/58<sup>(1)(3)</sup> <br>| 904 | &nbsp;&nbsp; 894 |
| MFA Trust |  |  |
| 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(1)(3)</sup> <br>| 1056 | &nbsp;&nbsp; 1053 |
| 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(1)(3)</sup> <br>| 668 | &nbsp;&nbsp; 667 |
| 2025-NQM5, A1 144A <br>5.186%, 11/25/70<sup>(1)(3)</sup> <br>| 571 | &nbsp;&nbsp; 569 |
| 2021-INV1, A1 144A <br>0.852%, 1/25/56<sup>(1)(3)</sup> <br>| 128 | &nbsp;&nbsp; 124 |
| Mill City Mortgage Loan <br> Trust<br>|  |  |
| 2017-1, M2 144A <br>3.250%, 11/25/58<sup>(1)(3)</sup> <br>| 461 | &nbsp;&nbsp; 458 |
| 2018-4, A1B 144A <br>3.500%, 4/25/66<sup>(1)(3)</sup> <br>| 1048 | &nbsp;&nbsp; 1030 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2019-GS2, A1 144A <br>2.750%, 8/25/59<sup>(1)(3)</sup> <br>| $1217 | &nbsp;&nbsp; $1186 |
| 2021-NMR1, A1 144A <br>1.125%, 11/25/60<sup>(1)(3)</sup> <br>| 246 | &nbsp;&nbsp; 237 |
| MIRA Trust 2023-MILE, A <br> 144A <br>6.755%, 6/10/38<sup>(1)</sup> <br>| 775 | &nbsp;&nbsp; 796 |
| Morgan Stanley Residential <br> Mortgage Loan Trust<br>|  |  |
| 2014-1A, B2 144A <br>5.884%, 6/25/44<sup>(1)(3)</sup> <br>| 75 | &nbsp;&nbsp; 75 |
| 2024-INV4, A1 144A <br>6.000%, 9/25/54<sup>(1)(3)</sup> <br>| 365 | &nbsp;&nbsp; 368 |
| MSSG Trust 2017-237P, A <br> 144A <br>3.397%, 9/13/39<sup>(1)</sup> <br>| 1200 | &nbsp;&nbsp; 1147 |
| New Residential Mortgage <br> Loan Trust<br>|  |  |
| 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(1)(3)</sup> <br>| 293 | &nbsp;&nbsp; 285 |
| 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(1)(3)</sup> <br>| 313 | &nbsp;&nbsp; 304 |
| 2016-4A, A1 144A <br>3.750%, 11/25/56<sup>(1)(3)</sup> <br>| 801 | &nbsp;&nbsp; 768 |
| 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(1)(3)</sup> <br>| 510 | &nbsp;&nbsp; 494 |
| 2026-NQM3, A1 144A <br>4.833%, 2/25/66<sup>(1)(3)</sup> <br>| 734 | &nbsp;&nbsp; 727 |
| 2016-2A, A1 144A <br>3.750%, 11/26/35<sup>(1)(3)</sup> <br>| 406 | &nbsp;&nbsp; 394 |
| 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(1)(3)</sup> <br>| 1373 | &nbsp;&nbsp; 1339 |
| NYC Commercial Mortgage <br> Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(1)(3)</sup> <br>| 1600 | &nbsp;&nbsp; 1590 |
| NYMT Loan Trust 2022-CP1, <br> A1 144A <br>2.042%, 7/25/61<sup>(1)</sup> <br>| 1317 | &nbsp;&nbsp; 1237 |
| OBX Trust |  |  |
| 2023-NQM10, A1 144A <br>6.465%, 10/25/63<sup>(1)(3)</sup> <br>| 264 | &nbsp;&nbsp; 265 |
| 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(1)(3)</sup> <br>| 743 | &nbsp;&nbsp; 743 |
| 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(1)(3)</sup> <br>| 1388 | &nbsp;&nbsp; 1398 |
| 2024-HYB1, A1 144A <br>3.620%, 3/25/53<sup>(1)(3)</sup> <br>| 757 | &nbsp;&nbsp; 758 |
| 2024-HYB2, A1 144A <br>3.703%, 4/25/53<sup>(1)(3)</sup> <br>| 733 | &nbsp;&nbsp; 730 |
| 2024-NQM1, A1 144A <br>5.928%, 11/25/63<sup>(1)(3)</sup> <br>| 267 | &nbsp;&nbsp; 268 |
| 2024-NQM3, A1 144A <br>6.129%, 12/25/63<sup>(1)(3)</sup> <br>| 584 | &nbsp;&nbsp; 587 |
| 2026-NQM5, A1 <br>5.321%, 1/25/66<sup>(3)</sup> <br>| 925 | &nbsp;&nbsp; 925 |
| 2018-1, A2 (1 month <br> Term SOFR + 0.764%) <br> 144A <br>4.443%, 6/25/57<sup>(1)(3)</sup> <br>| 53 | &nbsp;&nbsp; 52 |
| PMT Loan Trust |  |  |
| 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(1)(3)</sup> <br>| 627 | &nbsp;&nbsp; 634 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(1)(3)</sup> <br>| $916 | &nbsp;&nbsp; $924 |
| Progress Residential Trust <br> 2021-SFR3, C 144A <br>2.088%, 5/17/26<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 498 |
| Provident Funding Mortgage <br> Trust 2025-1, A3 144A <br>5.500%, 2/25/55<sup>(1)(3)</sup> <br>| 434 | &nbsp;&nbsp; 434 |
| RCKT Mortgage Trust |  |  |
| 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(1)(3)</sup> <br>| 295 | &nbsp;&nbsp; 297 |
| 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(1)(3)</sup> <br>| 985 | &nbsp;&nbsp; 992 |
| 2024-CES3, A1A 144A <br>6.591%, 5/25/44<sup>(1)(3)</sup> <br>| 1334 | &nbsp;&nbsp; 1347 |
| 2024-CES6, A1A 144A <br>5.344%, 9/25/44<sup>(1)(3)</sup> <br>| 1040 | &nbsp;&nbsp; 1040 |
| 2024-CES8, A1A 144A <br>5.490%, 11/25/44<sup>(1)(3)</sup> <br>| 495 | &nbsp;&nbsp; 497 |
| 2024-CES9, A1A 144A <br>5.582%, 12/25/44<sup>(1)(3)</sup> <br>| 699 | &nbsp;&nbsp; 702 |
| 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(1)(3)</sup> <br>| 896 | &nbsp;&nbsp; 902 |
| Residential Mortgage Loan <br> Trust 2020-1, A1 144A <br>2.376%, 1/26/60<sup>(1)(3)</sup> <br>| 69 | &nbsp;&nbsp; 68 |
| RFR Trust 2025-SGRM, A <br> 144A <br>5.379%, 3/11/41<sup>(1)(3)</sup> <br>| 1150 | &nbsp;&nbsp; 1164 |
| RIDE 2025-SHRE, B 144A <br>5.438%, 2/14/47<sup>(1)(3)</sup> <br>| 900 | &nbsp;&nbsp; 916 |
| ROCK Trust |  |  |
| 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(1)</sup> <br>| 1155 | &nbsp;&nbsp; 1174 |
| 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(1)</sup> <br>| 465 | &nbsp;&nbsp; 479 |
| Sequoia Mortgage Trust <br> 2026-4, A4 144A <br>5.500%, 3/25/56<sup>(1)(3)</sup> <br>| 795 | &nbsp;&nbsp; 797 |
| Starwood Mortgage <br> Residential Trust<br>|  |  |
| 2020-1, A1 144A <br>2.275%, 2/25/50<sup>(1)(3)</sup> <br>| 45 | &nbsp;&nbsp; 43 |
| 2021-3, A1 144A <br>1.127%, 6/25/56<sup>(1)(3)</sup> <br>| 961 | &nbsp;&nbsp; 835 |
| THPT Mortgage Trust <br> 2023-THL, A 144A <br>6.996%, 12/10/34<sup>(1)(3)</sup> <br>| 1325 | &nbsp;&nbsp; 1335 |
| Towd Point Mortgage Trust |  |  |
| 2016-2, M2 144A <br>3.000%, 8/25/55<sup>(1)(3)</sup> <br>| 3370 | &nbsp;&nbsp; 3250 |
| 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(1)(3)</sup> <br>| 1565 | &nbsp;&nbsp; 1527 |
| 2018-3, A1 144A <br>3.750%, 5/25/58<sup>(1)(3)</sup> <br>| 1070 | &nbsp;&nbsp; 1049 |
| 2018-6, A1A 144A <br>3.750%, 3/25/58<sup>(1)(3)</sup> <br>| 130 | &nbsp;&nbsp; 130 |
| 2019-1, A1 144A <br>3.750%, 3/25/58<sup>(1)(3)</sup> <br>| 181 | &nbsp;&nbsp; 175 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2019-HY2, M1 (1 month <br> Term SOFR + 1.714%, <br> Cap N/A, Floor 1.600%) <br> 144A <br>5.393%, 5/25/58<sup>(1)(3)</sup> <br>| $1450 | &nbsp;&nbsp; $1451 |
| 2024-1, A1 144A <br>4.903%, 3/25/64<sup>(1)(3)</sup> <br>| 633 | &nbsp;&nbsp; 643 |
| 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(1)(3)</sup> <br>| 232 | &nbsp;&nbsp; 232 |
| 2017-6, A2 144A <br>3.000%, 10/25/57<sup>(1)(3)</sup> <br>| 1170 | &nbsp;&nbsp; 1126 |
| Tricon Residential Trust <br> 2021-SFR1, B 144A <br>2.244%, 7/17/38<sup>(1)</sup> <br>| 850 | &nbsp;&nbsp; 843 |
| Verus Securitization Trust |  |  |
| 2024-3, A1 144A <br>6.338%, 4/25/69<sup>(1)(3)</sup> <br>| 792 | &nbsp;&nbsp; 799 |
| 2025-11, A1 144A <br>4.914%, 11/25/70<sup>(1)(3)</sup> <br>| 770 | &nbsp;&nbsp; 766 |
| 2021-R1, A1 144A <br>0.820%, 10/25/63<sup>(1)(3)</sup> <br>| 248 | &nbsp;&nbsp; 240 |
| Visio Trust |  |  |
| 2019-2, A1 144A <br>2.722%, 11/25/54<sup>(1)(3)</sup> <br>| 53 | &nbsp;&nbsp; 53 |
| 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(1)</sup> <br>| 681 | &nbsp;&nbsp; 637 |
| Wells Fargo Mortgage <br> Backed Securities Trust <br> 2020-4, A1 144A <br>3.000%, 7/25/50<sup>(1)(3)</sup> <br>| 219 | &nbsp;&nbsp; 191 |
|  |  | &nbsp;&nbsp; 78829 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $112,422)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $112,422)** | &nbsp;&nbsp; **111867** |
| **Asset-Backed Securities—31.3%** | **Asset-Backed Securities—31.3%** | **Asset-Backed Securities—31.3%** |
| **Automobiles—15.7%** | **Automobiles—15.7%** |  |
| ACM Auto Trust |  |  |
| 2024-2A, A 144A <br>6.060%, 2/20/29<sup>(1)</sup> <br>| 8 | &nbsp;&nbsp; 8 |
| 2025-3A, A 144A <br>5.010%, 1/22/30<sup>(1)</sup> <br>| 602 | &nbsp;&nbsp; 601 |
| American Credit Acceptance <br> Receivables Trust<br>|  |  |
| 2024-4, C 144A <br>4.910%, 8/12/31<sup>(1)</sup> <br>| 1080 | &nbsp;&nbsp; 1083 |
| 2025-1, C 144A <br>5.090%, 8/12/31<sup>(1)</sup> <br>| 1320 | &nbsp;&nbsp; 1327 |
| 2026-1, C 144A <br>4.550%, 1/12/33<sup>(1)</sup> <br>| 860 | &nbsp;&nbsp; 857 |
| Arivo Acceptance Auto Loan <br> Receivables Trust<br>|  |  |
| 2022-2A, A 144A <br>6.900%, 1/16/29<sup>(1)</sup> <br>| 77 | &nbsp;&nbsp; 78 |
| 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(1)</sup> <br>| 1169 | &nbsp;&nbsp; 1188 |
| 2025-1A, A2 144A <br>4.920%, 5/15/29<sup>(1)</sup> <br>| 1017 | &nbsp;&nbsp; 1020 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Avis Budget Rental Car <br> Funding LLC<br>|  |  |
| (AESOP) 2021-1A, D <br> 144A <br>4.080%, 2/20/28<sup>(1)</sup> <br>| $1185 | &nbsp;&nbsp; $1172 |
| (AESOP) 2023-3A, A <br> 144A <br>5.440%, 2/22/28<sup>(1)</sup> <br>| 1181 | &nbsp;&nbsp; 1190 |
| 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; 1159 |
| 2026-1, C <br>4.440%, 11/17/31<br>| 1240 | &nbsp;&nbsp; 1230 |
| Carmax Select Receivables <br> Trust 2025-B, C <br>4.830%, 6/16/31<br>| 1300 | &nbsp;&nbsp; 1302 |
| Carvana Auto Receivables <br> Trust<br>|  |  |
| 2021-N1, C <br>1.300%, 1/10/28<br>| 96 | &nbsp;&nbsp; 95 |
| 2021-N2, C <br>1.070%, 3/10/28<br>| 136 | &nbsp;&nbsp; 133 |
| 2021-N3, D <br>1.580%, 6/12/28<br>| 155 | &nbsp;&nbsp; 152 |
| 2021-P3, B <br>1.420%, 8/10/27<br>| 700 | &nbsp;&nbsp; 691 |
| 2022-N1, C 144A <br>3.320%, 12/11/28<sup>(1)</sup> <br>| 148 | &nbsp;&nbsp; 146 |
| 2022-N1, D 144A <br>4.130%, 12/11/28<sup>(1)</sup> <br>| 161 | &nbsp;&nbsp; 160 |
| 2023-N1, C 144A <br>5.920%, 7/10/29<sup>(1)</sup> <br>| 797 | &nbsp;&nbsp; 800 |
| 2023-N4, C 144A <br>6.590%, 2/11/30<sup>(1)</sup> <br>| 1005 | &nbsp;&nbsp; 1028 |
| 2024-N1, B 144A <br>5.630%, 5/10/30<sup>(1)</sup> <br>| 1330 | &nbsp;&nbsp; 1338 |
| 2024-N2, A3 144A <br>5.710%, 7/10/28<sup>(1)</sup> <br>| 504 | &nbsp;&nbsp; 505 |
| Consumer Portfolio Services <br> Auto Trust 2025-A, C <br> 144A <br>5.250%, 4/15/31<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1008 |
| CPS Auto Receivables Trust |  |  |
| 2023-D, C 144A <br>7.170%, 1/15/30<sup>(1)</sup> <br>| 794 | &nbsp;&nbsp; 801 |
| 2024-A, C 144A <br>5.740%, 4/15/30<sup>(1)</sup> <br>| 949 | &nbsp;&nbsp; 953 |
| 2024-C, C 144A <br>5.760%, 10/15/30<sup>(1)</sup> <br>| 1045 | &nbsp;&nbsp; 1055 |
| Credit Acceptance Auto Loan <br> Trust 2024-1A, A 144A <br>5.680%, 3/15/34<sup>(1)</sup> <br>| 800 | &nbsp;&nbsp; 804 |
| Drive Auto Receivables Trust <br> 2024-1, C <br>5.430%, 11/17/31<br>| 1035 | &nbsp;&nbsp; 1045 |
| DT Auto Owner Trust <br> 2023-3A, C 144A <br>6.400%, 5/15/29<sup>(1)</sup> <br>| 972 | &nbsp;&nbsp; 979 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Exeter Automobile <br> Receivables Trust<br>|  |  |
| 2024-5A, B <br>4.480%, 4/16/29<br>| $1070 | &nbsp;&nbsp; $1071 |
| 2025-4A, B <br>4.400%, 5/15/30<br>| 1130 | &nbsp;&nbsp; 1129 |
| 2026-2A, C <br>4.910%, 8/16/32<br>| 1060 | &nbsp;&nbsp; 1057 |
| Exeter Select Automobile <br> Receivables Trust 2025-2, <br> C <br>4.910%, 12/15/31<br>| 1135 | &nbsp;&nbsp; 1139 |
| FHF Issuer Trust |  |  |
| 2024-1A, A2 144A <br>5.690%, 2/15/30<sup>(1)</sup> <br>| 469 | &nbsp;&nbsp; 472 |
| 2024-1A, B 144A <br>6.260%, 3/15/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1011 |
| FHF Trust 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(1)</sup> <br>| 113 | &nbsp;&nbsp; 114 |
| FinBe USA Trust 2025-1A, A <br> 144A <br>5.700%, 12/15/28<sup>(1)</sup> <br>| 598 | &nbsp;&nbsp; 598 |
| First Investors Auto Owner <br> Trust 2021-2A, C 144A <br>1.470%, 11/15/27<sup>(1)</sup> <br>| 169 | &nbsp;&nbsp; 168 |
| Flagship Credit Auto Trust <br> 2024-3, B 144A <br>5.350%, 7/16/29<sup>(1)</sup> <br>| 1070 | &nbsp;&nbsp; 1072 |
| Foursight Capital <br> Automobile Receivables <br> Trust 2023-2, A2 144A <br>5.990%, 5/15/28<sup>(1)</sup> <br>| 39 | &nbsp;&nbsp; 39 |
| GLS Auto Receivables Issuer <br> Trust<br>|  |  |
| 2021-3A, E 144A <br>3.200%, 10/16/28<sup>(1)</sup> <br>| 1180 | &nbsp;&nbsp; 1179 |
| 2025-1A, D 144A <br>5.610%, 11/15/30<sup>(1)</sup> <br>| 1150 | &nbsp;&nbsp; 1165 |
| 2025-3A, C 144A <br>4.690%, 5/15/31<sup>(1)</sup> <br>| 1250 | &nbsp;&nbsp; 1242 |
| GLS Auto Select Receivables <br> Trust<br>|  |  |
| 2023-1A, B 144A <br>6.090%, 3/15/29<sup>(1)</sup> <br>| 1315 | &nbsp;&nbsp; 1336 |
| 2023-2A, A3 144A <br>6.380%, 2/15/29<sup>(1)</sup> <br>| 805 | &nbsp;&nbsp; 813 |
| 2024-3A, B 144A <br>5.640%, 8/15/30<sup>(1)</sup> <br>| 840 | &nbsp;&nbsp; 855 |
| 2025-1A, A2 144A <br>4.710%, 4/15/30<sup>(1)</sup> <br>| 982 | &nbsp;&nbsp; 986 |
| Huntington Bank Auto <br> Credit-Linked Notes <br> 2024-1, B1 144A <br>6.153%, 5/20/32<sup>(1)</sup> <br>| 317 | &nbsp;&nbsp; 322 |
| LAD Auto Receivables Trust |  |  |
| 2023-2A, D 144A <br>6.300%, 2/15/31<sup>(1)</sup> <br>| 825 | &nbsp;&nbsp; 837 |
| 2023-3A, D 144A <br>6.920%, 12/16/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1023 |
| 2023-4A, C 144A <br>6.760%, 3/15/29<sup>(1)</sup> <br>| 1023 | &nbsp;&nbsp; 1046 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2024-3A, C 144A <br>4.930%, 3/15/30<sup>(1)</sup> <br>| $1295 | &nbsp;&nbsp; $1303 |
| 2025-1A, D 144A <br>5.520%, 5/17/32<sup>(1)</sup> <br>| 1225 | &nbsp;&nbsp; 1241 |
| Lendbuzz Auto Receivables <br> Trust <br>5.570%, 11/15/27<sup>(4)</sup> <br>| 718 | &nbsp;&nbsp; 719 |
| Lendbuzz Securitization <br> Trust<br>|  |  |
| 2024-1A, A2 144A <br>6.190%, 8/15/29<sup>(1)</sup> <br>| 259 | &nbsp;&nbsp; 261 |
| 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(1)</sup> <br>| 459 | &nbsp;&nbsp; 462 |
| 2024-3A, A2 144A <br>4.970%, 10/15/29<sup>(1)</sup> <br>| 534 | &nbsp;&nbsp; 535 |
| 2025-1A, A2 144A <br>5.100%, 10/15/30<sup>(1)</sup> <br>| 644 | &nbsp;&nbsp; 645 |
| 2025-1A, B 144A <br>5.470%, 11/15/30<sup>(1)</sup> <br>| 1110 | &nbsp;&nbsp; 1113 |
| Merchants Fleet <br> Funding LLC 2023-1A, A <br> 144A <br>7.210%, 5/20/36<sup>(1)</sup> <br>| 214 | &nbsp;&nbsp; 214 |
| Octane Receivables Trust |  |  |
| 2025-1A, A2 144A <br>4.250%, 2/20/31<sup>(1)</sup> <br>| 1160 | &nbsp;&nbsp; 1158 |
| 2025-RVM1, A 144A <br>4.480%, 12/20/46<sup>(1)</sup> <br>| 928 | &nbsp;&nbsp; 924 |
| OneMain Direct Auto <br> Receivables Trust<br>|  |  |
| 2022-1A, C 144A <br>5.310%, 6/14/29<sup>(1)</sup> <br>| 1210 | &nbsp;&nbsp; 1212 |
| 2026-1A, A 144A <br>4.490%, 12/14/33<sup>(1)</sup> <br>| 1050 | &nbsp;&nbsp; 1042 |
| Oscar U.S. Funding XV LLC <br> 2023-1A, A3 144A <br>5.810%, 12/10/27<sup>(1)</sup> <br>| 461 | &nbsp;&nbsp; 463 |
| Prestige Auto Receivables <br> Trust 2023-2A, B 144A <br>6.640%, 12/15/27<sup>(1)</sup> <br>| 114 | &nbsp;&nbsp; 114 |
| SAFCO Auto Receivables <br> Trust<br>|  |  |
| 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(1)</sup> <br>| 298 | &nbsp;&nbsp; 298 |
| 2025-1A, A 144A <br>5.460%, 9/10/29<sup>(1)</sup> <br>| 681 | &nbsp;&nbsp; 680 |
| Santander Drive Auto <br> Receivables Trust<br>|  |  |
| 2022-5, C <br>4.740%, 10/16/28<br>| 27 | &nbsp;&nbsp; 27 |
| 2025-4, C <br>4.520%, 1/15/32<br>| 850 | &nbsp;&nbsp; 846 |
| SBNA Auto Receivables <br> Trust 2024-A, C 144A <br>5.590%, 1/15/30<sup>(1)</sup> <br>| 722 | &nbsp;&nbsp; 732 |
| United Auto Credit <br> Securitization Trust <br> 2022-2, D 144A <br>6.840%, 1/10/28<sup>(1)</sup> <br>| 299 | &nbsp;&nbsp; 300 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Veros Auto Receivables <br> Trust<br>|  |  |
| 2025-1, B 144A <br>5.540%, 7/16/29<sup>(1)</sup> <br>| $1140 | &nbsp;&nbsp; $1148 |
| 2026-1, B 144A <br>4.840%, 5/15/29<sup>(1)</sup> <br>| 1240 | &nbsp;&nbsp; 1239 |
| Westlake Automobile <br> Receivables Trust<br>|  |  |
| 2023-1A, C 144A <br>5.740%, 8/15/28<sup>(1)</sup> <br>| 546 | &nbsp;&nbsp; 547 |
| 2024-1A, B 144A <br>5.550%, 11/15/27<sup>(1)</sup> <br>| 815 | &nbsp;&nbsp; 817 |
| 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1006 |
| 2025-3A, A3 144A <br>4.220%, 6/15/29<sup>(1)</sup> <br>| 1150 | &nbsp;&nbsp; 1150 |
| 2026-1A, C 144A <br>4.370%, 6/16/31<sup>(1)</sup> <br>| 1025 | &nbsp;&nbsp; 1017 |
|  |  | &nbsp;&nbsp; 64755 |
| **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>5.168%, 4/20/37<sup>(1)(3)(4)</sup> <br>| 1300 | &nbsp;&nbsp; 1300 |
| **Consumer Loans—0.9%** | **Consumer Loans—0.9%** |  |
| ACHV ABS Trust |  |  |
| 2024-1PL, A 144A <br>5.900%, 4/25/31<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 85 |
| 2025-1PL, B 144A <br>5.040%, 4/26/32<sup>(1)</sup> <br>| 439 | &nbsp;&nbsp; 440 |
| Marlette Funding Trust <br> 2024-1A, B 144A <br>6.070%, 7/17/34<sup>(1)</sup> <br>| 399 | &nbsp;&nbsp; 400 |
| OneMain Financial Issuance <br> Trust<br>|  |  |
| 2022-3A, A 144A <br>5.940%, 5/15/34<sup>(1)</sup> <br>| 120 | &nbsp;&nbsp; 120 |
| 2025-1A, B 144A <br>5.050%, 7/14/38<sup>(1)</sup> <br>| 1130 | &nbsp;&nbsp; 1133 |
| Oportun Issuance Trust <br> 2021-C, A 144A <br>2.180%, 10/8/31<sup>(1)</sup> <br>| 504 | &nbsp;&nbsp; 498 |
| Reach ABS Trust |  |  |
| 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(1)</sup> <br>| 737 | &nbsp;&nbsp; 742 |
| 2025-1A, A 144A <br>4.960%, 8/16/32<sup>(1)</sup> <br>| 418 | &nbsp;&nbsp; 418 |
|  |  | &nbsp;&nbsp; 3836 |
| **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>| 196 | &nbsp;&nbsp; 196 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—14.3%** | **Other—14.3%** |  |
| Affirm Asset Securitization <br> Trust 2025-X1, A 144A <br>5.080%, 4/15/30<sup>(1)</sup> <br>| $125 | &nbsp;&nbsp; $125 |
| Affirm Master Trust Series <br> 2025-3A, A 144A <br>4.450%, 10/16/34<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 996 |
| Amur Equipment Finance <br> Receivables XII LLC <br> 2023-1A, A2 144A <br>6.090%, 12/20/29<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 241 |
| Aqua Finance Issuer Trust <br> 2026-A, A 144A <br>4.760%, 4/17/51<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 995 |
| Aqua Finance Trust |  |  |
| 2019-A, A 144A <br>3.140%, 7/16/40<sup>(1)</sup> <br>| 138 | &nbsp;&nbsp; 135 |
| 2019-A, C 144A <br>4.010%, 7/16/40<sup>(1)</sup> <br>| 810 | &nbsp;&nbsp; 793 |
| 2024-A, B 144A <br>5.060%, 4/18/50<sup>(1)</sup> <br>| 1080 | &nbsp;&nbsp; 1082 |
| BHG Securitization Trust <br> 2021-B, B 144A <br>1.670%, 10/17/34<sup>(1)</sup> <br>| 387 | &nbsp;&nbsp; 384 |
| Business Jet Securities LLC <br> 2024-2A, A 144A <br>5.364%, 9/15/39<sup>(1)</sup> <br>| 842 | &nbsp;&nbsp; 840 |
| BXG Receivables Note Trust <br> 2020-A, B 144A <br>2.490%, 2/28/36<sup>(1)</sup> <br>| 202 | &nbsp;&nbsp; 198 |
| Castlelake Aircraft <br> Structured Trust 2025-1A, <br> A 144A <br>5.783%, 2/15/50<sup>(1)(4)</sup> <br>| 1211 | &nbsp;&nbsp; 1220 |
| CCG Receivables Trust |  |  |
| 2024-1, B 144A <br>5.080%, 3/15/32<sup>(1)</sup> <br>| 1250 | &nbsp;&nbsp; 1266 |
| 2025-1, C 144A <br>4.890%, 10/14/32<sup>(1)</sup> <br>| 1165 | &nbsp;&nbsp; 1170 |
| COOPR Residential <br> Mortgage Trust <br> 2025-CES3, A1A 144A <br>4.840%, 9/25/60<sup>(1)(3)</sup> <br>| 850 | &nbsp;&nbsp; 844 |
| DB Master Finance LLC <br> 2025-1A, A2I 144A <br>4.891%, 8/20/55<sup>(1)</sup> <br>| 648 | &nbsp;&nbsp; 642 |
| Dext ABS LLC |  |  |
| 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(1)</sup> <br>| 78 | &nbsp;&nbsp; 78 |
| 2023-2, B 144A <br>6.410%, 5/15/34<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1011 |
| 2025-1, B 144A <br>4.980%, 8/15/35<sup>(1)</sup> <br>| 1170 | &nbsp;&nbsp; 1179 |
| EFMT 2025-CES4, A1 144A <br>5.431%, 6/25/60<sup>(1)(3)</sup> <br>| 611 | &nbsp;&nbsp; 612 |
| Elara HGV Timeshare <br> Issuer LLC 2023-A, A <br> 144A <br>6.160%, 2/25/38<sup>(1)</sup> <br>| 425 | &nbsp;&nbsp; 437 |
| Foundation Finance Trust |  |  |
| 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(1)</sup> <br>| 476 | &nbsp;&nbsp; 493 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| 2024-2A, A 144A <br>4.600%, 3/15/50<sup>(1)</sup> <br>| $637 | &nbsp;&nbsp; $634 |
| GreenSky Home <br> Improvement Issuer Trust<br>|  |  |
| 2024-2, A2 144A <br>5.250%, 10/27/59<sup>(1)</sup> <br>| 58 | &nbsp;&nbsp; 58 |
| 2025-3A, B 144A <br>4.660%, 12/27/60<sup>(1)</sup> <br>| 1240 | &nbsp;&nbsp; 1238 |
| Hilton Grand Vacations Trust <br> 2024-2A, A 144A <br>5.500%, 3/25/38<sup>(1)</sup> <br>| 423 | &nbsp;&nbsp; 429 |
| HINNT LLC |  |  |
| 2024-A, A 144A <br>5.490%, 3/15/43<sup>(1)</sup> <br>| 1241 | &nbsp;&nbsp; 1256 |
| 2025-A, B 144A <br>5.450%, 3/15/44<sup>(1)</sup> <br>| 687 | &nbsp;&nbsp; 695 |
| JP Morgan Mortgage Trust <br> 2026-CES1, A1A 144A <br>4.909%, 6/25/56<sup>(1)(3)</sup> <br>| 970 | &nbsp;&nbsp; 963 |
| Lendmark Funding Trust <br> 2025-3A, A 144A <br>4.510%, 5/21/35<sup>(1)</sup> <br>| 1250 | &nbsp;&nbsp; 1241 |
| Mariner Finance Issuance <br> Trust 2025-AA, A 144A <br>4.980%, 5/20/38<sup>(1)</sup> <br>| 1120 | &nbsp;&nbsp; 1128 |
| MetroNet Infrastructure <br> Issuer LLC 2025-2A, A2 <br> 144A <br>5.400%, 8/20/55<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1009 |
| MMP Capital LLC 2025-A, B <br> 144A <br>5.720%, 12/15/31<sup>(1)</sup> <br>| 1365 | &nbsp;&nbsp; 1378 |
| MVW LLC |  |  |
| 2020-1A, A 144A <br>1.740%, 10/20/37<sup>(1)</sup> <br>| 438 | &nbsp;&nbsp; 433 |
| 2021-1WA, B 144A <br>1.440%, 1/22/41<sup>(1)</sup> <br>| 212 | &nbsp;&nbsp; 205 |
| 2024-1A, A 144A <br>5.320%, 2/20/43<sup>(1)</sup> <br>| 594 | &nbsp;&nbsp; 600 |
| NMEF Funding LLC |  |  |
| 2023-A, B 144A <br>6.830%, 6/17/30<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 1014 |
| 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(1)</sup> <br>| 454 | &nbsp;&nbsp; 456 |
| 2025-A, B 144A <br>5.180%, 7/15/32<sup>(1)</sup> <br>| 1160 | &nbsp;&nbsp; 1167 |
| Oaktree ABF Equipment <br> ST LLC 2026-1A, B 144A <br>4.910%, 10/17/33<sup>(1)</sup> <br>| 1160 | &nbsp;&nbsp; 1158 |
| Octane Receivables Trust |  |  |
| 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(1)</sup> <br>| 1179 | &nbsp;&nbsp; 1189 |
| 2024-1A, B 144A <br>5.660%, 5/20/30<sup>(1)</sup> <br>| 1045 | &nbsp;&nbsp; 1055 |
| OWN Equipment Fund I LLC <br> 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(1)</sup> <br>| 1006 | &nbsp;&nbsp; 1012 |
| PEAC Solutions <br> Receivables LLC<br>|  |  |
| 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(1)</sup> <br>| 1050 | &nbsp;&nbsp; 1071 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| 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>| 1034 | &nbsp;&nbsp; 1041 |
| PowerPay Issuance Trust <br> 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(1)</sup> <br>| 449 | &nbsp;&nbsp; 458 |
| Progress Residential Trust <br> 2021-SFR3, D 144A <br>2.288%, 5/17/26<sup>(1)</sup> <br>| 1010 | &nbsp;&nbsp; 1006 |
| RCKT Trust 2025-1A, B <br> 144A <br>4.990%, 7/25/34<sup>(1)</sup> <br>| 1365 | &nbsp;&nbsp; 1368 |
| Reach ABS Trust 2025-2A, B <br> 144A <br>5.120%, 8/18/32<sup>(1)</sup> <br>| 1135 | &nbsp;&nbsp; 1137 |
| Regional Management <br> Issuance Trust 2024-2, A <br> 144A <br>5.110%, 12/15/33<sup>(1)</sup> <br>| 1065 | &nbsp;&nbsp; 1069 |
| Santander Mortgage Asset <br> Receivable Trust <br> 2025-CES1, A1A 144A <br>5.036%, 9/25/55<sup>(1)(3)</sup> <br>| 708 | &nbsp;&nbsp; 704 |
| Sierra Timeshare <br> Receivables Funding LLC<br>|  |  |
| 2023-2A, B 144A <br>6.280%, 4/20/40<sup>(1)</sup> <br>| 240 | &nbsp;&nbsp; 245 |
| 2024-2A, A 144A <br>5.140%, 6/20/41<sup>(1)</sup> <br>| 348 | &nbsp;&nbsp; 350 |
| 2025-3A, A 144A <br>4.440%, 8/22/44<sup>(1)</sup> <br>| 763 | &nbsp;&nbsp; 759 |
| 2026-1A, B 144A <br>4.800%, 12/22/42<sup>(1)</sup> <br>| 1060 | &nbsp;&nbsp; 1056 |
| SoFi Consumer Loan <br> Program Trust<br>|  |  |
| 2025-1, A 144A <br>4.800%, 2/27/34<sup>(1)</sup> <br>| 372 | &nbsp;&nbsp; 373 |
| 2025-4, B 144A <br>4.600%, 8/25/35<sup>(1)</sup> <br>| 1000 | &nbsp;&nbsp; 997 |
| 2026-1, C 144A <br>4.740%, 12/26/35<sup>(1)</sup> <br>| 1240 | &nbsp;&nbsp; 1231 |
| Subway Funding LLC <br> 2024-1A, A2II 144A <br>6.268%, 7/30/54<sup>(1)</sup> <br>| 1037 | &nbsp;&nbsp; 1046 |
| Switch ABS Issuer LLC <br> 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(1)</sup> <br>| 1355 | &nbsp;&nbsp; 1328 |
| Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(1)</sup> <br>| 1145 | &nbsp;&nbsp; 1127 |
| TIC Home Improvement <br> Trust 2024-A, A 144A <br>6.670%, 10/15/46<sup>(1)</sup> <br>| 478 | &nbsp;&nbsp; 486 |
| Towd Point Mortgage Trust <br> 2025-CES4, A1A 144A <br>5.091%, 10/25/65<sup>(1)(3)</sup> <br>| 995 | &nbsp;&nbsp; 990 |
| Upgrade Receivables Trust <br> 2024-1A, B 144A <br>5.770%, 2/18/31<sup>(1)</sup> <br>| 375 | &nbsp;&nbsp; 376 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Upstart Securitization Trust |  |  |
| 2025-2, A2 144A <br>5.220%, 6/20/35<sup>(1)</sup> <br>| $743 | &nbsp;&nbsp; $745 |
| 2026-1, B 144A <br>4.980%, 3/20/36<sup>(1)</sup> <br>| 1060 | &nbsp;&nbsp; 1053 |
| UPX HIL Issuer Trust <br> 2025-1, A 144A <br>5.160%, 1/25/47<sup>(1)</sup> <br>| 531 | &nbsp;&nbsp; 528 |
| VCAT LLC 2026-NPL2, A1 <br> 144A <br>5.062%, 2/25/56<sup>(1)(3)</sup> <br>| 822 | &nbsp;&nbsp; 818 |
| VFI ABS LLC 2025-1A, A <br> 144A <br>4.780%, 6/24/30<sup>(1)</sup> <br>| 325 | &nbsp;&nbsp; 326 |
| Wingspire Equipment <br> Finance LLC 2025-1A, A2 <br> 144A <br>4.330%, 9/20/33<sup>(1)</sup> <br>| 1140 | &nbsp;&nbsp; 1139 |
| Wingstop Funding LLC <br> 2020-1A, A2 144A <br>2.841%, 12/5/50<sup>(1)</sup> <br>| 1256 | &nbsp;&nbsp; 1216 |
| Zaxby's Funding LLC <br> 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(1)</sup> <br>| 1265 | &nbsp;&nbsp; 1200 |
|  |  | &nbsp;&nbsp; 59112 |
| **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>| 39 | &nbsp;&nbsp; 37 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $128,982)** | **Total Asset-Backed Securities** <br>**(Identified Cost $128,982)** | &nbsp;&nbsp; **129236** |
| **Corporate Bonds and Notes—24.7%** | **Corporate Bonds and Notes—24.7%** | **Corporate Bonds and Notes—24.7%** |
| **Communication Services—1.0%** | **Communication Services—1.0%** |  |
| CCO Holdings LLC 144A <br>6.375%, 9/1/29<sup>(1)</sup> <br>| 616 | &nbsp;&nbsp; 618 |
| DIRECTV Financing LLC <br> 144A <br>5.875%, 8/15/27<sup>(1)</sup> <br>| 207 | &nbsp;&nbsp; 207 |
| Gray Media, Inc. 144A <br>7.250%, 8/15/33<sup>(1)</sup> <br>| 400 | &nbsp;&nbsp; 403 |
| Nexstar Media, Inc. |  |  |
| <br>144A 5.625%, 7/15/27<sup>(1)</sup> <br>| 580 | &nbsp;&nbsp; 580 |
| <br>144A 6.500%, 9/15/33<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 176 |
| <br>144A 7.250%, 4/15/34<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 95 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 435 | &nbsp;&nbsp; 442 |
| T-Mobile USA, Inc. <br>3.875%, 4/15/30<br>| 842 | &nbsp;&nbsp; 820 |
| Univision Communications, <br> Inc. 144A <br>8.000%, 8/15/28<sup>(1)</sup> <br>| 650 | &nbsp;&nbsp; 660 |
|  |  | &nbsp;&nbsp; 4001 |
| **Consumer Discretionary—1.0%** | **Consumer Discretionary—1.0%** |  |
| Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 70 | &nbsp;&nbsp; 71 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Ashtead Capital, Inc. 144A <br>4.375%, 8/15/27<sup>(1)</sup> <br>| $933 | &nbsp;&nbsp; $928 |
| Meritage Homes Corp. 144A <br>3.875%, 4/15/29<sup>(1)</sup> <br>| 952 | &nbsp;&nbsp; 926 |
| Newell Brands, Inc. <br>6.375%, 9/15/27<br>| 515 | &nbsp;&nbsp; 517 |
| Sodexo, Inc. 144A <br>5.150%, 8/15/30<sup>(1)</sup> <br>| 791 | &nbsp;&nbsp; 802 |
| Taylor Morrison <br> Communities, Inc. 144A <br>5.750%, 11/15/32<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Tractor Supply Co. <br>1.750%, 11/1/30<br>| 920 | &nbsp;&nbsp; 811 |
|  |  | &nbsp;&nbsp; 4080 |
| **Consumer Staples—0.7%** | **Consumer Staples—0.7%** |  |
| Albertsons Cos., Inc. |  |  |
| <br>144A 4.875%, 2/15/30<sup>(1)</sup> <br>| 665 | &nbsp;&nbsp; 651 |
| <br>144A 5.500%, 3/31/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(1)</sup> <br>| 395 | &nbsp;&nbsp; 392 |
| Mars, Inc. 144A <br>4.800%, 3/1/30<sup>(1)</sup> <br>| 640 | &nbsp;&nbsp; 647 |
| Pilgrim's Pride Corp. <br>4.250%, 4/15/31<br>| 430 | &nbsp;&nbsp; 411 |
| Post Holdings, Inc. 144A <br>6.250%, 2/15/32<sup>(1)</sup> <br>| 345 | &nbsp;&nbsp; 348 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 501 |
|  |  | &nbsp;&nbsp; 2999 |
| **Energy—1.8%** | **Energy—1.8%** |  |
| Adnoc Murban Rsc Ltd. <br> 144A <br>4.250%, 9/11/29<sup>(1)</sup> <br>| 90 | &nbsp;&nbsp; 89 |
| BP Capital Markets plc <br>4.875% <sup>(5)</sup> <br>| 799 | &nbsp;&nbsp; 789 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 299 |
| Enbridge, Inc. <br>7.375%, 1/15/83<br>| 710 | &nbsp;&nbsp; 721 |
| Energy Transfer LP |  |  |
| 8.000%, 5/15/54 | 115 | &nbsp;&nbsp; 120 |
| Series G 7.125%<sup>(5)</sup> <br>| 325 | &nbsp;&nbsp; 331 |
| HF Sinclair Corp. <br>5.750%, 1/15/31<br>| 626 | &nbsp;&nbsp; 640 |
| Korea National Oil Corp. <br> 144A <br>4.875%, 4/3/28<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 202 |
| NGPL PipeCo LLC 144A <br>4.875%, 8/15/27<sup>(1)</sup> <br>| 853 | &nbsp;&nbsp; 855 |
| Occidental Petroleum Corp. <br>7.875%, 9/15/31<br>| 350 | &nbsp;&nbsp; 397 |
| Petroleos Mexicanos |  |  |
| 6.840%, 1/23/30 | 81 | &nbsp;&nbsp; 81 |
| 5.950%, 1/28/31 | 278 | &nbsp;&nbsp; 266 |
| 7.690%, 1/23/50 | 88 | &nbsp;&nbsp; 76 |
| 6.350%, 2/12/48 | 517 | &nbsp;&nbsp; 395 |
| Sabine Pass <br> Liquefaction LLC <br>4.500%, 5/15/30<br>| 955 | &nbsp;&nbsp; 948 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. <br>7.625%, 3/1/55<br>| $560 | &nbsp;&nbsp; $577 |
| Sunoco LP 144A <br>5.375%, 7/15/31<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 69 |
| Venture Global Calcasieu <br> Pass LLC 144A <br>4.125%, 8/15/31<sup>(1)</sup> <br>| 635 | &nbsp;&nbsp; 589 |
|  |  | &nbsp;&nbsp; 7444 |
| **Financials—11.7%** | **Financials—11.7%** |  |
| AerCap Ireland Capital DAC |  |  |
| 6.950%, 3/10/55 | 367 | &nbsp;&nbsp; 376 |
| 6.500%, 1/31/56 | 427 | &nbsp;&nbsp; 427 |
| Allstate Corp. (The) Series B <br> (3 month Term SOFR + <br> 3.200%) <br>6.852%, 8/15/53<sup>(3)</sup> <br>| 435 | &nbsp;&nbsp; 435 |
| Ally Financial, Inc. <br>8.000%, 11/1/31<br>| 710 | &nbsp;&nbsp; 787 |
| American Express Co. |  |  |
| 5.085%, 1/30/31 | 354 | &nbsp;&nbsp; 360 |
| (SOFR + 0.750%) <br> 4.416%, 4/23/27<sup>(3)</sup> <br>| 368 | &nbsp;&nbsp; 368 |
| (SOFR + 0.930%) <br> 4.596%, 7/26/28<sup>(3)</sup> <br>| 86 | &nbsp;&nbsp; 86 |
| American National Group, <br> Inc. <br>7.000%, 12/1/55<br>| 171 | &nbsp;&nbsp; 162 |
| Apollo Debt Solutions BDC <br> 144A <br>5.200%, 12/8/28<sup>(1)</sup> <br>| 615 | &nbsp;&nbsp; 607 |
| Atlas Warehouse Lending <br> Co. LP 144A <br>4.625%, 11/15/28<sup>(1)</sup> <br>| 580 | &nbsp;&nbsp; 571 |
| Avolon Holdings Funding <br> Ltd.<br>|  |  |
| <br>144A 5.750%, 11/15/29<sup>(1)</sup> <br>| 704 | &nbsp;&nbsp; 720 |
| <br>144A 5.375%, 5/30/30<sup>(1)</sup> <br>| 212 | &nbsp;&nbsp; 214 |
| <br>144A 4.850%, 4/1/33<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 72 |
| Bank of America Corp. |  |  |
| 6.125%<sup>(5)</sup> <br>| 445 | &nbsp;&nbsp; 446 |
| 1.734%, 7/22/27 | 1045 | &nbsp;&nbsp; 1036 |
| 2.551%, 2/4/28 | 413 | &nbsp;&nbsp; 407 |
| Bank of New York Mellon <br> Corp. (The) Series F <br>4.625% <sup>(5)</sup> <br>| 930 | &nbsp;&nbsp; 926 |
| Barclays plc <br>7.385%, 11/2/28<br>| 318 | &nbsp;&nbsp; 331 |
| Blackstone Private Credit <br> Fund <br>5.950%, 7/16/29<br>| 640 | &nbsp;&nbsp; 631 |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | 540 | &nbsp;&nbsp; 545 |
| <br>144A 5.625%, 8/15/30<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 1029 | &nbsp;&nbsp; 887 |
| Capital One Financial Corp. <br>4.493%, 9/11/31<br>| 817 | &nbsp;&nbsp; 802 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Charles Schwab Corp. (The) <br> Series H <br>4.000% <sup>(5)</sup> <br>| $947 | &nbsp;&nbsp; $876 |
| Citadel Finance LLC 144A <br>4.750%, 2/14/29<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 505 |
| Citigroup, Inc. |  |  |
| 4.503%, 9/11/31 | 704 | &nbsp;&nbsp; 696 |
| (SOFR + 1.280%) <br> 4.936%, 2/24/28<sup>(3)</sup> <br>| 861 | &nbsp;&nbsp; 865 |
| CompoSecure Holdings LLC <br> 144A <br>5.625%, 2/1/33<sup>(1)</sup> <br>| 5 | &nbsp;&nbsp; 5 |
| Corebridge Financial, Inc. <br>6.875%, 12/15/52<br>| 870 | &nbsp;&nbsp; 877 |
| Daimler Truck Finance North <br> America LLC 144A <br>4.500%, 4/12/31<sup>(1)</sup> <br>| 120 | &nbsp;&nbsp; 118 |
| DBR Land Holdings LLC <br> 144A <br>6.250%, 12/1/30<sup>(1)</sup> <br>| 220 | &nbsp;&nbsp; 223 |
| Deutsche Bank AG |  |  |
| 2.311%, 11/16/27 | 147 | &nbsp;&nbsp; 145 |
| 6.819%, 11/20/29 | 136 | &nbsp;&nbsp; 143 |
| 4.999%, 9/11/30 | 593 | &nbsp;&nbsp; 596 |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(1)</sup> <br>| 770 | &nbsp;&nbsp; 723 |
| F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 776 | &nbsp;&nbsp; 779 |
| Fedex Freight Holding Co., <br> Inc. 144A <br>4.650%, 3/15/31<sup>(1)</sup> <br>| 80 | &nbsp;&nbsp; 79 |
| Fifth Third Bancorp <br>4.055%, 4/25/28<br>| 226 | &nbsp;&nbsp; 225 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(1)</sup> <br>| 930 | &nbsp;&nbsp; 921 |
| Foundry JV Holdco LLC <br> 144A <br>5.900%, 1/25/30<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 398 |
| Global Atlantic Fin Co. 144A <br>7.950%, 10/15/54<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 188 |
| Global Payments, Inc. <br>4.875%, 11/15/30<br>| 820 | &nbsp;&nbsp; 805 |
| Goldman Sachs Group, Inc. <br> (The)<br>|  |  |
| (3 month Term SOFR + <br> 2.012%) <br> 5.683%, 10/28/27<sup>(3)</sup> <br>| 1551 | &nbsp;&nbsp; 1562 |
| (SOFR + 0.960%) <br> 4.627%, 1/21/32<sup>(3)(6)</sup> <br>| 415 | &nbsp;&nbsp; 412 |
| Goldman Sachs Private <br> Credit Corp. 144A <br>5.050%, 2/23/28<sup>(1)</sup> <br>| 535 | &nbsp;&nbsp; 527 |
| HA Sustainable <br> Infrastructure Capital, Inc. <br>6.150%, 1/15/31<br>| 420 | &nbsp;&nbsp; 427 |
| Huntington Bancshares, Inc. |  |  |
| 6.208%, 8/21/29 | 331 | &nbsp;&nbsp; 343 |
| 5.272%, 1/15/31 | 454 | &nbsp;&nbsp; 461 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Imperial Brands Finance plc <br> 144A <br>5.500%, 2/1/30<sup>(1)</sup> <br>| $586 | &nbsp;&nbsp; $601 |
| JH North America Holdings, <br> Inc. 144A <br>5.875%, 1/31/31<sup>(1)</sup> <br>| 875 | &nbsp;&nbsp; 868 |
| JPMorgan Chase & Co. |  |  |
| 1.578%, 4/22/27 | 460 | &nbsp;&nbsp; 459 |
| 2.956%, 5/13/31 | 696 | &nbsp;&nbsp; 649 |
| (SOFR + 1.180%) <br> 4.836%, 2/24/28<sup>(3)</sup> <br>| 1447 | &nbsp;&nbsp; 1455 |
| KeyCorp <br>5.121%, 4/4/31<br>| 804 | &nbsp;&nbsp; 812 |
| Ladder Capital Finance <br> Holdings LLLP 144A <br>4.250%, 2/1/27<sup>(1)</sup> <br>| 1110 | &nbsp;&nbsp; 1097 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 1385 | &nbsp;&nbsp; 1353 |
| Lseg U.S. Fin Corp. 144A <br>4.500%, 3/23/31<sup>(1)</sup> <br>| 845 | &nbsp;&nbsp; 834 |
| Morgan Stanley |  |  |
| 2.475%, 1/21/28 | 906 | &nbsp;&nbsp; 892 |
| 5.123%, 2/1/29 | 1062 | &nbsp;&nbsp; 1074 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(1)</sup> <br>| 884 | &nbsp;&nbsp; 836 |
| NextEra Energy Capital <br> Holdings, Inc. <br>6.375%, 8/15/55<br>| 779 | &nbsp;&nbsp; 794 |
| Northern Trust Corp. <br>3.375%, 5/8/32<br>| 695 | &nbsp;&nbsp; 685 |
| OAK-Eagle Acquireco, Inc. <br> 144A <br>7.250%, 7/1/33<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 67 |
| OneMain Finance Corp. |  |  |
| 6.625%, 1/15/28 | 185 | &nbsp;&nbsp; 186 |
| 6.750%, 3/15/32 | 340 | &nbsp;&nbsp; 330 |
| PNC Financial Services <br> Group, Inc. (The) <br>5.222%, 1/29/31<br>| 1019 | &nbsp;&nbsp; 1039 |
| RGA Global Funding 144A <br>4.600%, 11/25/30<sup>(1)</sup> <br>| 815 | &nbsp;&nbsp; 805 |
| Rocket Cos., Inc. 144A <br>6.125%, 8/1/30<sup>(1)</sup> <br>| 160 | &nbsp;&nbsp; 161 |
| Societe Generale S.A. 144A <br>5.634%, 1/19/30<sup>(1)</sup> <br>| 560 | &nbsp;&nbsp; 573 |
| South Bow USA <br> Infrastructure <br> Holdings LLC <br>5.026%, 10/1/29<br>| 693 | &nbsp;&nbsp; 697 |
| State Street Corp. |  |  |
| 5.684%, 11/21/29 | 394 | &nbsp;&nbsp; 408 |
| Series I 6.700%<sup>(5)</sup> <br>| 390 | &nbsp;&nbsp; 396 |
| Stellantis Finance U.S., Inc. <br> 144A <br>5.750%, 3/18/30<sup>(1)</sup> <br>| 633 | &nbsp;&nbsp; 630 |
| Synchrony Financial <br>2.875%, 10/28/31<br>| 340 | &nbsp;&nbsp; 297 |
| Texas Capital Bancshares, <br> Inc.<br>|  |  |
| 4.000%, 5/6/31 | 1020 | &nbsp;&nbsp; 1018 |
| 5.301%, 2/27/32 | 335 | &nbsp;&nbsp; 330 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Toronto-Dominion Bank <br> (The) <br>8.125%, 10/31/82<br>| $771 | &nbsp;&nbsp; $795 |
| Truist Bank <br>4.632%, 9/17/29<br>| 641 | &nbsp;&nbsp; 636 |
| Truist Financial Corp. <br>7.161%, 10/30/29<br>| 540 | &nbsp;&nbsp; 574 |
| U.S. Bancorp |  |  |
| 5.046%, 2/12/31 | 604 | &nbsp;&nbsp; 613 |
| 4.967%, 7/22/33 | 439 | &nbsp;&nbsp; 434 |
| UBS AG <br>5.650%, 9/11/28<br>| 535 | &nbsp;&nbsp; 552 |
| Wells Fargo & Co. |  |  |
| 3.526%, 3/24/28 | 342 | &nbsp;&nbsp; 339 |
| 6.303%, 10/23/29 | 647 | &nbsp;&nbsp; 674 |
| 5.150%, 4/23/31 | 399 | &nbsp;&nbsp; 406 |
|  |  | &nbsp;&nbsp; 48514 |
| **Health Care—2.5%** | **Health Care—2.5%** |  |
| 180 Medical, Inc. 144A <br>3.875%, 10/15/29<sup>(1)</sup> <br>| 940 | &nbsp;&nbsp; 913 |
| Acadia Healthcare Co., Inc. <br> 144A <br>5.500%, 7/1/28<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| Augusta SpinCo Corp. <br>4.656%, 3/23/31<br>| 400 | &nbsp;&nbsp; 398 |
| Baxter International, Inc. <br>4.900%, 12/15/30<br>| 825 | &nbsp;&nbsp; 814 |
| Charles River Laboratories <br> International, Inc. 144A <br>4.250%, 5/1/28<sup>(1)</sup> <br>| 140 | &nbsp;&nbsp; 137 |
| Community Health Systems, <br> Inc. 144A <br>5.250%, 5/15/30<sup>(1)</sup> <br>| 435 | &nbsp;&nbsp; 410 |
| CVS Health Corp. <br>7.000%, 3/10/55<br>| 555 | &nbsp;&nbsp; 572 |
| Dentsply Sirona, Inc. <br>3.250%, 6/1/30<sup>(6)</sup> <br>| 952 | &nbsp;&nbsp; 877 |
| GENMAB A/S 144A <br>6.250%, 12/15/32<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| HCA, Inc. <br>5.450%, 4/1/31<br>| 857 | &nbsp;&nbsp; 878 |
| IQVIA, Inc. |  |  |
| 5.700%, 5/15/28 | 493 | &nbsp;&nbsp; 502 |
| 6.250%, 2/1/29 | 391 | &nbsp;&nbsp; 406 |
| <br>144A 6.250%, 6/1/32<sup>(1)</sup> <br>| 440 | &nbsp;&nbsp; 447 |
| Medline Borrower LP 144A <br>3.875%, 4/1/29<sup>(1)</sup> <br>| 850 | &nbsp;&nbsp; 822 |
| Royalty Pharma plc <br>5.150%, 9/2/29<br>| 919 | &nbsp;&nbsp; 936 |
| Smith & Nephew plc <br>2.032%, 10/14/30<br>| 1121 | &nbsp;&nbsp; 998 |
| Tenet Healthcare Corp. 144A <br>5.500%, 11/15/32<sup>(1)</sup> <br>| 225 | &nbsp;&nbsp; 223 |
| Universal Health Services, <br> Inc. <br>1.650%, 9/1/26<br>| 1034 | &nbsp;&nbsp; 1022 |
| Viatris, Inc. 144A <br>2.300%, 6/22/27<sup>(1)</sup> <br>| — <br><sup>(7)</sup><br>| &nbsp;&nbsp; — <br><sup>(7)</sup><br>|
|  |  | &nbsp;&nbsp; 10401 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—1.9%** | **Industrials—1.9%** |  |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(1)</sup> <br>| $947 | &nbsp;&nbsp; $947 |
| Aviation Capital Group LLC |  |  |
| <br>144A 5.375%, 7/15/29<sup>(1)</sup> <br>| 544 | &nbsp;&nbsp; 553 |
| <br>144A 6.375%, 7/15/30<sup>(1)</sup> <br>| 184 | &nbsp;&nbsp; 194 |
| Boeing Co. (The) <br>6.388%, 5/1/31<br>| 292 | &nbsp;&nbsp; 311 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(1)</sup> <br>| 711 | &nbsp;&nbsp; 652 |
| Builders FirstSource, Inc. <br> 144A <br>4.250%, 2/1/32<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 331 |
| Carpenter Technology Corp. <br> 144A <br>5.625%, 3/1/34<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| Clarios Global LP 144A <br>6.750%, 2/15/30<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(1)</sup> <br>| 975 | &nbsp;&nbsp; 882 |
| Esab Corp. 144A <br>5.625%, 4/1/31<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 50 |
| Flowserve Corp. <br>3.500%, 10/1/30<br>| 690 | &nbsp;&nbsp; 649 |
| Herc Holdings, Inc. |  |  |
| <br>144A 7.000%, 6/15/30<sup>(1)</sup> <br>| 470 | &nbsp;&nbsp; 482 |
| <br>144A 5.750%, 3/15/31<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Hexcel Corp. <br>4.200%, 2/15/27<br>| 1075 | &nbsp;&nbsp; 1071 |
| Hilton Domestic Operating <br> Co., Inc. 144A <br>5.750%, 9/15/33<sup>(1)</sup> <br>| 480 | &nbsp;&nbsp; 478 |
| Huntington Ingalls <br> Industries, Inc. <br>2.043%, 8/16/28<br>| 420 | &nbsp;&nbsp; 398 |
| Quikrete Holdings, Inc. 144A <br>6.375%, 3/1/32<sup>(1)</sup> <br>| 95 | &nbsp;&nbsp; 96 |
| Stanley Black & Decker, Inc. <br>6.707%, 3/15/60<br>| 610 | &nbsp;&nbsp; 596 |
| United Airlines Holdings, <br> Inc.<br>|  |  |
| 4.875%, 3/1/29 | 90 | &nbsp;&nbsp; 88 |
| 5.375%, 3/1/31 | 25 | &nbsp;&nbsp; 24 |
| WESCO Distribution, Inc. <br> 144A <br>5.250%, 4/15/31<sup>(1)</sup> <br>| 70 | &nbsp;&nbsp; 70 |
|  |  | &nbsp;&nbsp; 7943 |
| **Information Technology—1.2%** | **Information Technology—1.2%** |  |
| Booz Allen Hamilton, Inc. <br> 144A <br>4.000%, 7/1/29<sup>(1)</sup> <br>| 832 | &nbsp;&nbsp; 805 |
| Broadcom, Inc. <br>4.350%, 2/15/30<br>| 764 | &nbsp;&nbsp; 761 |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(1)</sup> <br>| 515 | &nbsp;&nbsp; 497 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(1)</sup> <br>| 860 | &nbsp;&nbsp; 782 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Kyndryl Holdings, Inc. <br>2.700%, 10/15/28<br>| $613 | &nbsp;&nbsp; $567 |
| Oracle Corp. |  |  |
| 6.150%, 11/9/29 | 200 | &nbsp;&nbsp; 206 |
| 6.250%, 11/9/32 | 409 | &nbsp;&nbsp; 420 |
| Vontier Corp. <br>2.400%, 4/1/28<br>| 732 | &nbsp;&nbsp; 702 |
|  |  | &nbsp;&nbsp; 4740 |
| **Materials—1.0%** | **Materials—1.0%** |  |
| Bayport Polymers LLC 144A <br>4.743%, 4/14/27<sup>(1)</sup> <br>| 1051 | &nbsp;&nbsp; 1052 |
| Berry Global, Inc. <br>5.800%, 6/15/31<br>| 827 | &nbsp;&nbsp; 856 |
| Fortescue Treasury Pty Ltd. <br> 144A <br>5.875%, 4/15/30<sup>(1)</sup> <br>| 308 | &nbsp;&nbsp; 312 |
| Smurfit Kappa Treasury ULC <br>5.200%, 1/15/30<br>| 789 | &nbsp;&nbsp; 803 |
| Solstice Advanced Materials, <br> Inc. 144A <br>5.625%, 9/30/33<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Sonoco Products Co. <br>4.600%, 9/1/29<br>| 967 | &nbsp;&nbsp; 964 |
|  |  | &nbsp;&nbsp; 4012 |
| **Real Estate—0.3%** | **Real Estate—0.3%** |  |
| EPR Properties <br>4.750%, 11/15/30<br>| 660 | &nbsp;&nbsp; 644 |
| Iron Mountain, Inc. 144A <br>5.250%, 7/15/30<sup>(1)</sup> <br>| 475 | &nbsp;&nbsp; 461 |
| Millrose Properties, Inc. <br> 144A <br>6.375%, 8/1/30<sup>(1)</sup> <br>| 290 | &nbsp;&nbsp; 290 |
|  |  | &nbsp;&nbsp; 1395 |
| **Utilities—1.6%** | **Utilities—1.6%** |  |
| AES Corp. (The) <br>7.600%, 1/15/55<br>| 395 | &nbsp;&nbsp; 392 |
| Electricite de France S.A. <br> 144A <br>5.700%, 5/23/28<sup>(1)</sup> <br>| 626 | &nbsp;&nbsp; 641 |
| Entergy Corp. <br>7.125%, 12/1/54<br>| 760 | &nbsp;&nbsp; 779 |
| Ferrellgas LP 144A <br>5.875%, 4/1/29<sup>(1)</sup> <br>| 520 | &nbsp;&nbsp; 497 |
| National Grid plc <br>5.602%, 6/12/28<br>| 611 | &nbsp;&nbsp; 626 |
| NiSource, Inc. <br>6.950%, 11/30/54<br>| 464 | &nbsp;&nbsp; 477 |
| Puget Energy, Inc. <br>2.379%, 6/15/28<br>| 735 | &nbsp;&nbsp; 700 |
| Southern Co. (The) Series <br> 21-A <br>3.750%, 9/15/51<br>| 1108 | &nbsp;&nbsp; 1097 |
| Spire, Inc. <br>6.250%, 6/1/56<br>| 530 | &nbsp;&nbsp; 524 |
| Venture Global Plaquemines <br> LNG LLC<br>|  |  |
| <br>144A 7.500%, 5/1/33<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 38 |
| <br>144A 6.500%, 1/15/34<sup>(1)</sup> <br>| 85 | &nbsp;&nbsp; 89 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Vistra Operations Co. LLC <br> 144A <br>6.875%, 4/15/32<sup>(1)</sup> <br>| $705 | &nbsp;&nbsp; $730 |
|  |  | &nbsp;&nbsp; 6590 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $101,942)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $101,942)** | &nbsp;&nbsp; **102119** |
| **Leveraged Loans—3.1%** | **Leveraged Loans—3.1%** | **Leveraged Loans—3.1%** |
| **Aerospace—0.2%** | **Aerospace—0.2%** |  |
| AAdvantage Loyality IP Ltd. <br> (3 month Term SOFR + <br> 2.250%) <br>5.918%, 4/20/28<sup>(3)</sup> <br>| 323 | &nbsp;&nbsp; 319 |
| Dynasty Acquisition Co., Inc. |  |  |
| Tranche B-1 (1 month <br> Term SOFR + 2.000%) <br>5.668%, 10/31/31<sup>(3)</sup> <br>| 195 | &nbsp;&nbsp; 195 |
| Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>5.668%, 10/31/31<sup>(3)</sup> <br>| 74 | &nbsp;&nbsp; 74 |
| TransDigm, Inc. Tranche J (1 <br> month Term SOFR + <br> 2.500%) <br>6.168%, 2/28/31<sup>(3)</sup> <br>| 349 | &nbsp;&nbsp; 349 |
|  |  | &nbsp;&nbsp; 937 |
| **Chemicals—0.0%** | **Chemicals—0.0%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 2/19/30<sup>(3)</sup> <br>| 113 | &nbsp;&nbsp; 98 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| Resideo Funding, Inc. (3 <br> month Term SOFR + <br> 2.000%) <br>5.674%, 8/13/32<sup>(3)</sup> <br>| 273 | &nbsp;&nbsp; 272 |
| Skechers U.S.A., Inc. <br> Tranche B-1 (3 month <br> Term SOFR + 3.250%) <br>6.950%, 9/13/32<sup>(3)</sup> <br>| 125 | &nbsp;&nbsp; 125 |
|  |  | &nbsp;&nbsp; 397 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Blackfin Pipeline LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.688%, 9/29/32<sup>(3)</sup> <br>| 424 | &nbsp;&nbsp; 426 |
| CQP Holdco LP Tranche B (3 <br> month Term SOFR + <br> 1.750%) <br>5.450%, 12/31/32<sup>(3)</sup> <br>| 60 | &nbsp;&nbsp; 60 |
| Freeport LNG <br> Investments LLP Tranche <br> B (3 month Term SOFR + <br> 3.250%) <br>6.893%, 2/11/33<sup>(3)</sup> <br>| 210 | &nbsp;&nbsp; 210 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| GIP Pilot Acquisition <br> Partners LP (3 month <br> Term SOFR + 2.000%) <br>5.646%, 10/4/30<sup>(3)</sup> <br>| $311 | &nbsp;&nbsp; $311 |
| Hilcorp Energy I LP (1 <br> month Term SOFR + <br> 1.750%) <br>5.425%, 2/11/30<sup>(3)</sup> <br>| 159 | &nbsp;&nbsp; 158 |
| Oryx Midstream Services <br> Permian Basin LLC <br> Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.926%, 10/5/28<sup>(3)</sup> <br>| 226 | &nbsp;&nbsp; 226 |
| Paragon Offshore Finance <br> Co. (6 month PRIME + <br> 0.000%) <br>3.750%, 7/19/27<sup>(4)(8)</sup> <br>| — <br><sup>(7)</sup><br>| &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 1391 |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Citadel Securities LP 2024 (3 <br> month Term SOFR + <br> 2.000%) <br>5.700%, 10/31/31<sup>(3)</sup> <br>| 380 | &nbsp;&nbsp; 380 |
| **Food / Tobacco—0.2%** | **Food / Tobacco—0.2%** |  |
| Froneri International Ltd. <br> Tranche B-4 (6 month <br> Term SOFR + 2.250%) <br>5.877%, 9/30/31<sup>(3)</sup> <br>| 302 | &nbsp;&nbsp; 295 |
| Red SPV LLC (1 month Term <br> SOFR + 2.250%) <br>5.925%, 3/15/32<sup>(3)</sup> <br>| 357 | &nbsp;&nbsp; 356 |
|  |  | &nbsp;&nbsp; 651 |
| **Gaming / Leisure—0.5%** | **Gaming / Leisure—0.5%** |  |
| Caesars Entertainment, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.918%, 2/6/30<sup>(3)</sup> <br>| 211 | &nbsp;&nbsp; 204 |
| Flutter Entertainment plc <br> 2024, Tranche B (3 month <br> Term SOFR + 1.750%) <br>5.450%, 11/30/30<sup>(3)</sup> <br>| 463 | &nbsp;&nbsp; 457 |
| Life Time, Inc. 2025, Tranche <br> B, First Lien (1 month <br> Term SOFR + 2.000%) <br>5.671%, 11/5/31<sup>(3)</sup> <br>| 331 | &nbsp;&nbsp; 331 |
| Light & Wonder <br> International, Inc. Tranche <br> B-3 (1 month Term SOFR <br> + 2.000%) <br>5.675%, 4/16/29<sup>(3)</sup> <br>| 215 | &nbsp;&nbsp; 215 |
| Live Nation Entertainment, <br> Inc. Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.675%, 10/21/32<sup>(3)</sup> <br>| 344 | &nbsp;&nbsp; 344 |
| Playtika Holding Corp. <br> Tranche B-1 (1 month <br> Term SOFR + 2.864%) <br>6.532%, 3/13/28<sup>(3)</sup> <br>| 410 | &nbsp;&nbsp; 385 |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| UFC Holdings LLC Tranche <br> B-5 (3 month Term SOFR <br> + 2.000%) <br>5.664%, 11/21/31<sup>(3)</sup> <br>| $319 | &nbsp;&nbsp; $319 |
|  |  | &nbsp;&nbsp; 2255 |
| **Health Care—0.2%** | **Health Care—0.2%** |  |
| Biomarin Pharmaceutical, <br> Inc. Tranche B <br>0.000%, 1/28/33<sup>(3)(9)</sup> <br>| 35 | &nbsp;&nbsp; 35 |
| Medline Borrower LP 2030 <br> (1 month Term SOFR + <br> 1.750%) <br>5.418%, 10/23/30<sup>(3)</sup> <br>| 348 | &nbsp;&nbsp; 348 |
| Phoenix Guarantor, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.168%, 2/21/31<sup>(3)</sup> <br>| 327 | &nbsp;&nbsp; 327 |
|  |  | &nbsp;&nbsp; 710 |
| **Housing—0.1%** | **Housing—0.1%** |  |
| Quikrete Holdings, Inc. <br> 2029, Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.918%, 3/19/29<sup>(3)</sup> <br>| 362 | &nbsp;&nbsp; 362 |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| CACI International, Inc. <br> Tranche B-2 (1 month <br> Term SOFR + 1.750%) <br>5.418%, 2/25/33<sup>(3)</sup> <br>| 110 | &nbsp;&nbsp; 110 |
| SS&C Technologies <br> Holdings, Inc. Tranche <br> B-8 (1 month Term SOFR <br> + 2.000%) <br>5.668%, 5/9/31<sup>(3)</sup> <br>| 420 | &nbsp;&nbsp; 418 |
| UKG, Inc. Tranche B (3 <br> month Term SOFR + <br> 2.500%) <br>6.167%, 2/10/31<sup>(3)</sup> <br>| 299 | &nbsp;&nbsp; 286 |
|  |  | &nbsp;&nbsp; 814 |
| **Manufacturing—0.2%** | **Manufacturing—0.2%** |  |
| Construction Partners, Inc. <br> (1 month Term SOFR + <br> 2.500%) <br>6.168%, 11/3/31<sup>(3)</sup> <br>| 246 | &nbsp;&nbsp; 245 |
| Gates Corp. Tranche B-5 (1 <br> month Term SOFR + <br> 1.750%) <br>5.418%, 6/4/31<sup>(3)</sup> <br>| 429 | &nbsp;&nbsp; 428 |
|  |  | &nbsp;&nbsp; 673 |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| Univision Communications, <br> Inc. 2024, First Lien (1 <br> month Term SOFR + <br> 3.500%) <br>7.282%, 1/31/29<sup>(3)</sup> <br>| 357 | &nbsp;&nbsp; 354 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless** <br> **Video—0.2%** | **Media / Telecom - Cable/Wireless** <br> **Video—0.2%** |  |
| Charter Communications <br> Operating LLC Tranche <br> B-5 (3 month Term SOFR <br> + 2.250%) <br>5.911%, 12/15/31<sup>(3)</sup> <br>| $340 | &nbsp;&nbsp; $339 |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term SOFR <br> + 3.250%) <br>6.918%, 9/18/30<sup>(3)</sup> <br>| 351 | &nbsp;&nbsp; 332 |
| DIRECTV Financing LLC <br> 2024, Tranche B (3 month <br> Term SOFR + 5.512%) <br>9.178%, 8/2/29<sup>(3)</sup> <br>| 230 | &nbsp;&nbsp; 231 |
|  |  | &nbsp;&nbsp; 902 |
| **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 + 1.750%) <br>5.450%, 9/30/31<sup>(3)</sup> <br>| 350 | &nbsp;&nbsp; 349 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| Harbor Freight Tools USA, <br> Inc. (1 month Term SOFR <br> + 2.250%) <br>5.918%, 6/11/31<sup>(3)</sup> <br>| 244 | &nbsp;&nbsp; 242 |
| **Service—0.3%** | **Service—0.3%** |  |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 9/29/31<sup>(3)</sup> <br>| 325 | &nbsp;&nbsp; 325 |
| Iron Mountain Information <br> Management LLC Tranche <br> B (1 month Term SOFR + <br> 2.000%) <br>5.668%, 1/31/31<sup>(3)</sup> <br>| 246 | &nbsp;&nbsp; 244 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.200%, 11/24/28<sup>(3)</sup> <br>| 429 | &nbsp;&nbsp; 391 |
| Prime Security Services <br> Borrower LLC Tranche <br> B-1 (1 month Term SOFR <br> + 2.000%) <br>5.664%, 10/13/30<sup>(3)</sup> <br>| 286 | &nbsp;&nbsp; 285 |
|  |  | &nbsp;&nbsp; 1245 |
| **Transportation - Automotive—0.0%** | **Transportation - Automotive—0.0%** |  |
| Belron Finance 2019 LLC (3 <br> month Term SOFR + <br> 2.000%) <br>5.660%, 10/16/31<sup>(3)</sup> <br>| 225 | &nbsp;&nbsp; 225 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—0.2%** | **Utilities—0.2%** |  |
| Astoria Energy LLC Tranche <br> B (1-3 month Term SOFR <br> + 2.750%) <br>5.923% - 5.966%, <br> 6/23/32<sup>(3)</sup> <br>| $244 | &nbsp;&nbsp; $243 |
| Cornerstone Generation LLC <br> Tranche B (3 month Term <br> SOFR + 2.250%) <br>5.917%, 8/11/32<sup>(3)</sup> <br>| 298 | &nbsp;&nbsp; 298 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 1/27/31<sup>(3)</sup> <br>| 231 | &nbsp;&nbsp; 231 |
|  |  | &nbsp;&nbsp; 772 |
| **Total Leveraged Loans** <br>**(Identified Cost $12,879)** | **Total Leveraged Loans** <br>**(Identified Cost $12,879)** | &nbsp;&nbsp; **12757** |

---

&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 Securitized <br> Income ETF<sup>(6)(10)(11)</sup> <br>| 167104 | &nbsp;&nbsp; 4041 |
| Virtus Newfleet Short <br> Duration High Yield Bond <br> ETF<sup>(10)(11)</sup> <br>| 103000 | &nbsp;&nbsp; 2215 |
|  |  | &nbsp;&nbsp; 6256 |
| **Total Affiliated Exchange-Traded** <br> **Funds** <br>**(Identified Cost $6,341)** | **Total Affiliated Exchange-Traded** <br> **Funds** <br>**(Identified Cost $6,341)** | &nbsp;&nbsp; **6256** |
| **Total Long-Term** <br> **Investments—97.9%** <br>**(Identified Cost $404,514)** | **Total Long-Term** <br> **Investments—97.9%** <br>**(Identified Cost $404,514)** | &nbsp;&nbsp; **404193** |
| **Securities Lending Collateral—0.3%** | **Securities Lending Collateral—0.3%** | **Securities Lending Collateral—0.3%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective yield <br> 3.531%)<sup>(11)(12)</sup> <br>| 1255360 | &nbsp;&nbsp; 1255 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $1,255)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $1,255)** | &nbsp;&nbsp; **1255** |
| **TOTAL INVESTMENTS—98.2%** <br>**(Identified Cost $405,769)** | **TOTAL INVESTMENTS—98.2%** <br>**(Identified Cost $405,769)** | &nbsp;&nbsp; **$405448** |
| Other assets and liabilities, net—1.8% | Other assets and liabilities, net—1.8% | &nbsp;&nbsp; 7534 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$412982** |

---

*See Notes to Financial Statements*

------

**Newfleet Low Duration Core Plus Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| BDC | Business Development Companies |
| 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 March 31, 2026, these <br> securities amounted to a value of $234,512 or <br> 56.8% of net assets.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(2)</sup> Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. 

<sup>(3)</sup> Variable rate security. Rate disclosed is as of March 31, 2026. 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>(4)</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>(5)</sup> No contractual maturity date.

<sup>(6)</sup> All or a portion of security is on loan.

<sup>(7)</sup> Amount is less than $500 (not in thousands).

<sup>(8)</sup> Security in default; no interest payments are being received. 

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(9)</sup> This loan will settle after March 31, 2026, 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> Affiliated investment. See Note 4I 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**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 95<br> %<br>|
| United Kingdom | 1 |
| Ireland | 1 |
| Cayman Islands | 1 |
| Canada | 1 |
| Romania | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<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; $39168 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $39168 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 2790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2790 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 111867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 111867 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 129236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125997 | &nbsp;&nbsp;&nbsp;&nbsp; 3239 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 102119 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102119 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 12757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12757 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 6256 | &nbsp;&nbsp;&nbsp;&nbsp; 6256 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $405448 | &nbsp;&nbsp;&nbsp;&nbsp; $7511 | &nbsp;&nbsp;&nbsp;&nbsp; $394698 | &nbsp;&nbsp;&nbsp;&nbsp; $3239 |

---

&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 $3,239 were 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.

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 (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | Total | Asset-Backed <br>Securities<br>| Leveraged <br>Loans<br>|
| **Investments in Securities** |  |  |  |
| **Balance as of September 30, 2025:** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $—<br> <sup>(a)</sup><br>|
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Sales<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| Transfers into Level 3<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3239 | &nbsp;&nbsp;&nbsp; 3239 | &nbsp;&nbsp;&nbsp; — |
| **Balance as of March 31, 2026** | &nbsp;&nbsp;&nbsp; $3239 | &nbsp;&nbsp;&nbsp; $3239 | &nbsp;&nbsp;&nbsp; $—<br> <sup>(a)</sup><br>|

---

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

<sup>(b)</sup> The net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026, was $(18).

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

<sup>(d)</sup> Transfers into and/or from represent the ending value as of March 31, 2026, for any investment security where a change in the pricing level occured from the beginning to the end of the period.

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> <br>| **Value** |
| **U.S. Government Securities—4.3%** | **U.S. Government Securities—4.3%** | **U.S. Government Securities—4.3%** |
| U.S. Treasury Bonds |  |  |
| 4.000%, 11/15/52 | $2140 | &nbsp;&nbsp; $1839 |
| 3.625%, 5/15/53 | 1070 | &nbsp;&nbsp; 858 |
| 4.250%, 2/15/54 | 2195 | &nbsp;&nbsp; 1966 |
| 4.250%, 8/15/54 | 1010 | &nbsp;&nbsp; 904 |
| 4.500%, 11/15/54 | 6420 | &nbsp;&nbsp; 5998 |
| 4.625%, 2/15/55 | 19465 | &nbsp;&nbsp; 18565 |
| U.S. Treasury Notes |  |  |
| 3.875%, 7/31/30 | 4320 | &nbsp;&nbsp; 4313 |
| 4.625%, 2/15/35 | 6150 | &nbsp;&nbsp; 6310 |
| **Total U.S. Government Securities** <br>**(Identified Cost $42,226)** | **Total U.S. Government Securities** <br>**(Identified Cost $42,226)** | &nbsp;&nbsp; **40753** |
| **Foreign Government Securities—15.7%** | **Foreign Government Securities—15.7%** | **Foreign Government Securities—15.7%** |
| Arab Republic of Egypt |  |  |
| 144A <br>8.625%, 2/4/30<sup>(2)</sup> <br>| 243 | &nbsp;&nbsp; 251 |
| 144A <br>5.875%, 2/16/31<sup>(2)</sup> <br>| 1204 | &nbsp;&nbsp; 1107 |
| 144A <br>7.053%, 1/15/32<sup>(2)</sup> <br>| 459 | &nbsp;&nbsp; 434 |
| 144A <br>6.875%, 4/30/40<sup>(2)</sup> <br>| 433 | &nbsp;&nbsp; 358 |
| 144A <br>8.500%, 1/31/47<sup>(2)</sup> <br>| 1654 | &nbsp;&nbsp; 1426 |
| 144A <br>8.750%, 9/30/51<sup>(2)</sup> <br>| 758 | &nbsp;&nbsp; 662 |
| RegS <br>8.700%, 3/1/49<sup>(3)</sup> <br>| 396 | &nbsp;&nbsp; 346 |
| Benin Government <br> International Bond 144A <br>7.960%, 2/13/38<sup>(2)</sup> <br>| 545 | &nbsp;&nbsp; 533 |
| Bolivarian Republic of <br> Venezuela RegS <br>12.750%, 8/23/22<sup>(3)(4)</sup> <br>| 2135 | &nbsp;&nbsp; 1074 |
| Brazil Notas do Tesouro <br> Nacional<br>|  |  |
| Series F <br>10.000%, 1/1/29<br>| 10560 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 1880 |
| Series F <br>10.000%, 1/1/31<br>| 20810 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 3510 |
| Bulgaria Government <br> International Bond RegS <br>5.000%, 3/5/37<sup>(3)</sup> <br>| 232 | &nbsp;&nbsp; 223 |
| Costa Rica Government |  |  |
| 144A <br>6.550%, 4/3/34<sup>(2)</sup> <br>| 373 | &nbsp;&nbsp; 393 |
| 144A <br>7.300%, 11/13/54<sup>(2)</sup> <br>| 603 | &nbsp;&nbsp; 654 |
| Czech Republic <br> Government Bond <br>1.750%, 6/23/32<br>| 126040 <br><sup>CZK</sup><br>| &nbsp;&nbsp; 5018 |
| Dominican Republic |  |  |
| 144A <br>5.875%, 10/28/35<sup>(2)</sup> <br>| 1236 | &nbsp;&nbsp; 1177 |
| 144A <br>6.600%, 6/1/36<sup>(2)</sup> <br>| 627 | &nbsp;&nbsp; 629 |
| 144A <br>6.950%, 3/15/37<sup>(2)(5)</sup> <br>| 892 | &nbsp;&nbsp; 907 |
| RegS <br>6.950%, 3/15/37<sup>(3)</sup> <br>| 1743 | &nbsp;&nbsp; 1773 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Dubai Government <br> International Bonds <br> RegS <br>3.900%, 9/9/50<sup>(3)</sup> <br>| $480 | &nbsp;&nbsp; $330 |
| Eagle Funding Luxco S.a.r.l. <br> 144A <br>5.500%, 8/17/30<sup>(2)</sup> <br>| 1338 | &nbsp;&nbsp; 1341 |
| Federal Republic of <br> Ethiopia 144A <br>6.625%, 12/11/26<sup>(2)(4)</sup> <br>| 260 | &nbsp;&nbsp; 265 |
| Federative Republic of <br> Brazil<br>|  |  |
| <br>6.000%, 10/20/33 | 1458 | &nbsp;&nbsp; 1459 |
| <br>6.625%, 3/15/35 | 1917 | &nbsp;&nbsp; 1961 |
| <br>6.250%, 5/22/36 | 780 | &nbsp;&nbsp; 766 |
| Hungary Government <br> International Bond<br>|  |  |
| 144A <br>6.250%, 9/22/32<sup>(2)</sup> <br>| 1082 | &nbsp;&nbsp; 1126 |
| 144A <br>5.500%, 6/16/34<sup>(2)</sup> <br>| 550 | &nbsp;&nbsp; 543 |
| 144A <br>6.000%, 9/26/35<sup>(2)</sup> <br>| 897 | &nbsp;&nbsp; 909 |
| 144A <br>5.500%, 3/26/36<sup>(2)</sup> <br>| 1784 | &nbsp;&nbsp; 1735 |
| RegS <br>2.125%, 9/22/31<sup>(3)</sup> <br>| 315 | &nbsp;&nbsp; 267 |
| Islamic Republic of <br> Pakistan 144A <br>7.375%, 4/8/31<sup>(2)</sup> <br>| 888 | &nbsp;&nbsp; 823 |
| Kingdom of Bahrain |  |  |
| 144A <br>7.375%, 5/14/30<sup>(2)</sup> <br>| 907 | &nbsp;&nbsp; 909 |
| 144A <br>5.625%, 5/18/34<sup>(2)</sup> <br>| 305 | &nbsp;&nbsp; 269 |
| 144A <br>7.500%, 7/7/37<sup>(2)</sup> <br>| 661 | &nbsp;&nbsp; 643 |
| 144A <br>6.625%, 10/6/37<sup>(2)</sup> <br>| 939 | &nbsp;&nbsp; 851 |
| 144A <br>7.100%, 2/3/38<sup>(2)</sup> <br>| 2766 | &nbsp;&nbsp; 2593 |
| KSA Ijarah Sukuk Ltd. 144A <br>4.875%, 9/9/35<sup>(2)(5)</sup> <br>| 659 | &nbsp;&nbsp; 641 |
| Lebanon Government <br> International Bond<br>|  |  |
| RegS <br>8.250%, 4/12/21<sup>(3)(4)</sup> <br>| 842 | &nbsp;&nbsp; 201 |
| RegS <br>7.000%, 3/23/32<sup>(3)(4)</sup> <br>| 1029 | &nbsp;&nbsp; 244 |
| Malaysia Government Bond <br>2.632%, 4/15/31<br>| 22180 <br><sup>MYR</sup><br>| &nbsp;&nbsp; 5273 |
| Mex Bonos Desarr |  |  |
| <br>8.500%, 5/31/29 | 60970 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 3395 |
| <br>7.750%, 11/13/42 | 36100 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 1672 |
| Oman Government <br> International Bond<br>|  |  |
| 144A <br>6.250%, 1/25/31<sup>(2)</sup> <br>| 1926 | &nbsp;&nbsp; 2008 |
| 144A <br>6.500%, 3/8/47<sup>(2)</sup> <br>| 2526 | &nbsp;&nbsp; 2580 |
| Republic of Angola |  |  |
| 144A <br>8.000%, 11/26/29<sup>(2)</sup> <br>| 569 | &nbsp;&nbsp; 561 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| 144A <br>8.750%, 4/14/32<sup>(2)</sup> <br>| $519 | &nbsp;&nbsp; $504 |
| Republic of Argentina |  |  |
| <br>0.750%, 7/9/30<sup>(6)</sup> <br>| 1610 | &nbsp;&nbsp; 1349 |
| <br>4.125%, 7/9/35<sup>(6)</sup> <br>| 3083 | &nbsp;&nbsp; 2229 |
| <br>3.500%, 7/9/41<sup>(6)</sup> <br>| 1665 | &nbsp;&nbsp; 1114 |
| <br>4.125%, 7/9/46<sup>(6)</sup> <br>| 2439 | &nbsp;&nbsp; 1675 |
| Republic of Azerbaijan <br> RegS <br>3.500%, 9/1/32<sup>(3)</sup> <br>| 388 | &nbsp;&nbsp; 355 |
| Republic of Cameroon <br> RegS <br>9.500%, 7/31/31<sup>(3)</sup> <br>| 200 | &nbsp;&nbsp; 195 |
| Republic of Chile |  |  |
| <br>4.350%, 4/13/31 | 431 | &nbsp;&nbsp; 423 |
| <br>3.500%, 1/31/34 | 365 | &nbsp;&nbsp; 329 |
| <br>4.950%, 1/5/36 | 2853 | &nbsp;&nbsp; 2822 |
| <br>3.100%, 5/7/41 | 539 | &nbsp;&nbsp; 407 |
| Republic of Colombia |  |  |
| <br>7.375%, 4/25/30 | 531 | &nbsp;&nbsp; 551 |
| <br>8.000%, 11/14/35 | 3097 | &nbsp;&nbsp; 3243 |
| <br>7.750%, 11/7/36 | 768 | &nbsp;&nbsp; 786 |
| Republic of Ecuador |  |  |
| 144A <br>9.250%, 1/29/39<sup>(2)</sup> <br>| 1501 | &nbsp;&nbsp; 1472 |
| RegS <br>6.900%, 7/31/35<sup>(3)(6)</sup> <br>| 1026 | &nbsp;&nbsp; 900 |
| RegS <br>5.000%, 7/31/40<sup>(3)(6)</sup> <br>| 258 | &nbsp;&nbsp; 201 |
| Republic of El Salvador |  |  |
| RegS <br>7.650%, 6/15/35<sup>(3)</sup> <br>| 1620 | &nbsp;&nbsp; 1586 |
| RegS <br>7.625%, 2/1/41<sup>(3)</sup> <br>| 785 | &nbsp;&nbsp; 744 |
| Republic of Ghana |  |  |
| 144A <br>0.000%, 7/3/26<sup>(2)(7)</sup> <br>| 4 | &nbsp;&nbsp; 4 |
| 144A <br>0.000%, 1/3/30<sup>(2)(7)</sup> <br>| 23 | &nbsp;&nbsp; 19 |
| RegS <br>0.000%, 7/3/26<sup>(3)(7)</sup> <br>| 2 | &nbsp;&nbsp; 2 |
| RegS <br>0.000%, 1/3/30<sup>(3)(7)</sup> <br>| 10 | &nbsp;&nbsp; 8 |
| RegS <br>5.000%, 7/3/35<sup>(3)(6)</sup> <br>| 1457 | &nbsp;&nbsp; 1238 |
| Republic of Guatemala <br> RegS <br>4.650%, 10/7/41<sup>(3)</sup> <br>| 512 | &nbsp;&nbsp; 430 |
| Republic of Indonesia |  |  |
| <br>4.550%, 1/11/28 | 325 | &nbsp;&nbsp; 326 |
| <br>2.850%, 2/14/30 | 1050 | &nbsp;&nbsp; 974 |
| <br>4.750%, 9/10/34 | 720 | &nbsp;&nbsp; 692 |
| <br>5.600%, 1/15/35 | 1964 | &nbsp;&nbsp; 1993 |
| <br>4.200%, 10/15/50 | 673 | &nbsp;&nbsp; 522 |
| <br>5.100%, 2/10/54<sup>(5)</sup> <br>| 182 | &nbsp;&nbsp; 165 |
| Republic of Ivory Coast |  |  |
| 144A <br>6.125%, 6/15/33<sup>(2)</sup> <br>| 219 | &nbsp;&nbsp; 206 |
| 144A <br>8.075%, 4/1/36<sup>(2)</sup> <br>| 255 | &nbsp;&nbsp; 259 |
| 144A <br>8.250%, 1/30/37<sup>(2)</sup> <br>| 678 | &nbsp;&nbsp; 694 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Kazakhstan |  |  |
| 144A <br>4.412%, 10/28/30<sup>(2)</sup> <br>| $464 | &nbsp;&nbsp; $454 |
| 144A <br>5.500%, 7/1/37<sup>(2)</sup> <br>| 1126 | &nbsp;&nbsp; 1128 |
| Republic of Kenya |  |  |
| 144A <br>7.875%, 10/9/33<sup>(2)</sup> <br>| 484 | &nbsp;&nbsp; 450 |
| 144A <br>7.875%, 2/26/34<sup>(2)</sup> <br>| 646 | &nbsp;&nbsp; 587 |
| 144A <br>9.500%, 3/5/36<sup>(2)</sup> <br>| 707 | &nbsp;&nbsp; 688 |
| 144A <br>8.700%, 2/26/39<sup>(2)</sup> <br>| 838 | &nbsp;&nbsp; 757 |
| Republic of Mozambique <br> 144A <br>9.000%, 9/15/31<sup>(2)(6)</sup> <br>| 299 | &nbsp;&nbsp; 224 |
| Republic of Nigeria |  |  |
| 144A <br>9.625%, 6/9/31<sup>(2)</sup> <br>| 263 | &nbsp;&nbsp; 288 |
| 144A <br>7.375%, 9/28/33<sup>(2)(5)</sup> <br>| 1012 | &nbsp;&nbsp; 988 |
| 144A <br>10.375%, 12/9/34<sup>(2)</sup> <br>| 1080 | &nbsp;&nbsp; 1236 |
| 144A <br>8.631%, 1/13/36<sup>(2)</sup> <br>| 299 | &nbsp;&nbsp; 310 |
| 144A <br>9.130%, 1/13/46<sup>(2)</sup> <br>| 257 | &nbsp;&nbsp; 268 |
| Republic of Panama |  |  |
| <br>3.875%, 3/17/28 | 655 | &nbsp;&nbsp; 644 |
| <br>7.500%, 3/1/31 | 199 | &nbsp;&nbsp; 219 |
| <br>5.227%, 2/23/34 | 272 | &nbsp;&nbsp; 263 |
| <br>6.700%, 1/26/36 | 326 | &nbsp;&nbsp; 344 |
| <br>5.662%, 2/23/38 | 901 | &nbsp;&nbsp; 864 |
| <br>8.000%, 3/1/38 | 259 | &nbsp;&nbsp; 297 |
| Republic of Peru |  |  |
| <br>2.783%, 1/23/31 | 271 | &nbsp;&nbsp; 247 |
| <br>5.375%, 2/8/35 | 1463 | &nbsp;&nbsp; 1459 |
| <br>5.875%, 8/8/54 | 833 | &nbsp;&nbsp; 802 |
| <br>3.600%, 1/15/72 | 831 | &nbsp;&nbsp; 513 |
| Republic of Philippines |  |  |
| <br>5.500%, 2/4/35 | 623 | &nbsp;&nbsp; 630 |
| <br>4.750%, 3/5/35 | 568 | &nbsp;&nbsp; 545 |
| Republic of Poland |  |  |
| <br>4.875%, 10/4/33 | 464 | &nbsp;&nbsp; 463 |
| <br>5.125%, 9/18/34 | 544 | &nbsp;&nbsp; 545 |
| <br>5.375%, 2/12/35 | 1688 | &nbsp;&nbsp; 1716 |
| <br>5.500%, 4/4/53 | 207 | &nbsp;&nbsp; 190 |
| Republic of Senegal 144A <br>6.250%, 5/23/33<sup>(2)</sup> <br>| 526 | &nbsp;&nbsp; 278 |
| Republic of South Africa |  |  |
| <br>5.875%, 6/22/30 | 326 | &nbsp;&nbsp; 329 |
| <br>5.375%, 7/24/44 | 203 | &nbsp;&nbsp; 159 |
| <br>5.650%, 9/27/47 | 2109 | &nbsp;&nbsp; 1640 |
| <br>8.750%, 2/28/48 | 84900 <br><sup>ZAR</sup><br>| &nbsp;&nbsp; 4535 |
| 144A <br>7.100%, 11/19/36<sup>(2)</sup> <br>| 1280 | &nbsp;&nbsp; 1312 |
| 144A <br>6.125%, 12/11/37<sup>(2)</sup> <br>| 962 | &nbsp;&nbsp; 893 |
| 144A <br>7.950%, 11/19/54<sup>(2)</sup> <br>| 599 | &nbsp;&nbsp; 592 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Sri Lanka |  |  |
| 144A <br>3.350%, 3/15/33<sup>(2)(6)</sup> <br>| $180 | &nbsp;&nbsp; $150 |
| 144A <br>3.600%, 6/15/35<sup>(2)(6)</sup> <br>| 1388 | &nbsp;&nbsp; 1052 |
| 144A <br>3.600%, 2/15/38<sup>(2)(6)</sup> <br>| 637 | &nbsp;&nbsp; 569 |
| Republic of Turkiye |  |  |
| <br>9.125%, 7/13/30 | 1463 | &nbsp;&nbsp; 1597 |
| <br>7.125%, 2/12/32 | 456 | &nbsp;&nbsp; 457 |
| <br>7.250%, 5/29/32 | 457 | &nbsp;&nbsp; 458 |
| <br>7.625%, 5/15/34 | 2359 | &nbsp;&nbsp; 2392 |
| <br>6.950%, 9/16/35 | 1032 | &nbsp;&nbsp; 989 |
| <br>6.800%, 11/4/36 | 750 | &nbsp;&nbsp; 708 |
| <br>6.625%, 2/17/45 | 953 | &nbsp;&nbsp; 808 |
| Republic of Zambia 144A <br>5.750%, 6/30/33<sup>(2)(6)</sup> <br>| 441 | &nbsp;&nbsp; 414 |
| Republica Orient Uruguay <br>5.100%, 6/18/50<br>| 1581 | &nbsp;&nbsp; 1451 |
| Romanian Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(2)</sup> <br>| 1632 | &nbsp;&nbsp; 1640 |
| 144A <br>7.125%, 1/17/33<sup>(2)</sup> <br>| 501 | &nbsp;&nbsp; 524 |
| 144A <br>6.375%, 1/30/34<sup>(2)</sup> <br>| 2497 | &nbsp;&nbsp; 2482 |
| 144A <br>6.000%, 5/25/34<sup>(2)</sup> <br>| 257 | &nbsp;&nbsp; 249 |
| 144A <br>5.750%, 3/24/35<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 104 |
| 144A <br>5.750%, 7/4/36<sup>(2)</sup> <br>| 470 | &nbsp;&nbsp; 435 |
| Saudi International Bond |  |  |
| 144A <br>5.625%, 1/13/35<sup>(2)</sup> <br>| 1842 | &nbsp;&nbsp; 1901 |
| 144A <br>4.875%, 1/12/36<sup>(2)</sup> <br>| 2279 | &nbsp;&nbsp; 2209 |
| 144A <br>4.500%, 10/26/46<sup>(2)</sup> <br>| 2181 | &nbsp;&nbsp; 1767 |
| 144A <br>3.750%, 1/21/55<sup>(2)</sup> <br>| 1600 | &nbsp;&nbsp; 1078 |
| RegS <br>5.625%, 1/13/35<sup>(3)</sup> <br>| 770 | &nbsp;&nbsp; 795 |
| Suriname Government <br> International Bond 144A <br>8.500%, 11/6/35<sup>(2)</sup> <br>| 689 | &nbsp;&nbsp; 712 |
| Trinidad & Tobago <br> Government <br> International Bond<br>|  |  |
| 144A <br>5.950%, 1/14/31<sup>(2)</sup> <br>| 315 | &nbsp;&nbsp; 316 |
| 144A <br>6.400%, 6/26/34<sup>(2)</sup> <br>| 93 | &nbsp;&nbsp; 92 |
| 144A <br>6.500%, 1/28/36<sup>(2)</sup> <br>| 542 | &nbsp;&nbsp; 537 |
| Ukraine Government Bond |  |  |
| 144A <br>4.500%, 2/1/29<sup>(2)(6)</sup> <br>| 779 | &nbsp;&nbsp; 545 |
| 144A <br>0.000%, 2/1/30<sup>(2)(6)</sup> <br>| 4 | &nbsp;&nbsp; 3 |
| 144A <br>4.000%, 2/1/32<sup>(2)(6)</sup> <br>| 427 | &nbsp;&nbsp; 307 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| 144A <br>4.500%, 2/1/35<sup>(2)(6)</sup> <br>| $96 | &nbsp;&nbsp; $50 |
| 144A <br>0.000%, 2/1/36<sup>(2)(6)</sup> <br>| 356 | &nbsp;&nbsp; 163 |
| 144A <br>4.500%, 2/1/36<sup>(2)(6)</sup> <br>| 8 | &nbsp;&nbsp; 4 |
| RegS <br>4.500%, 2/1/29<sup>(3)(6)</sup> <br>| 98 | &nbsp;&nbsp; 69 |
| RegS <br>0.000%, 2/1/30<sup>(3)(6)</sup> <br>| 30 | &nbsp;&nbsp; 18 |
| RegS <br>4.000%, 2/1/32<sup>(3)(6)</sup> <br>| 2854 | &nbsp;&nbsp; 2055 |
| RegS <br>0.000%, 2/1/34<sup>(3)(6)</sup> <br>| 113 | &nbsp;&nbsp; 48 |
| RegS <br>4.500%, 2/1/36<sup>(3)(6)</sup> <br>| 62 | &nbsp;&nbsp; 32 |
| United Mexican States |  |  |
| <br>5.850%, 7/2/32 | 875 | &nbsp;&nbsp; 884 |
| <br>5.375%, 3/22/33 | 1081 | &nbsp;&nbsp; 1056 |
| <br>3.500%, 2/12/34 | 384 | &nbsp;&nbsp; 327 |
| <br>6.000%, 5/7/36 | 1082 | &nbsp;&nbsp; 1075 |
| <br>6.625%, 1/29/38 | 908 | &nbsp;&nbsp; 923 |
| <br>6.125%, 2/9/38 | 626 | &nbsp;&nbsp; 612 |
| <br>6.338%, 5/4/53 | 1210 | &nbsp;&nbsp; 1127 |
| <br>3.771%, 5/24/61 | 398 | &nbsp;&nbsp; 237 |
| Uzbekistan International <br> Bond<br>|  |  |
| 144A <br>3.700%, 11/25/30<sup>(2)</sup> <br>| 304 | &nbsp;&nbsp; 276 |
| 144A <br>6.900%, 2/28/32<sup>(2)</sup> <br>| 709 | &nbsp;&nbsp; 736 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $146,484)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $146,484)** | &nbsp;&nbsp; **147427** |
| **Mortgage-Backed Securities—22.5%** | **Mortgage-Backed Securities—22.5%** | **Mortgage-Backed Securities—22.5%** |
| **Agency—10.6%** | **Agency—10.6%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #SD3238 <br>5.500%, 12/1/52<br>| 229 | &nbsp;&nbsp; 231 |
| Pool #SD5594 <br>5.500%, 7/1/53<br>| 4515 | &nbsp;&nbsp; 4551 |
| Pool #SD6322 <br>4.500%, 8/1/53<br>| 4955 | &nbsp;&nbsp; 4820 |
| Pool #SD8289 <br>5.500%, 1/1/53<br>| 1769 | &nbsp;&nbsp; 1784 |
| Pool #SD8309 <br>6.000%, 3/1/53<br>| 2561 | &nbsp;&nbsp; 2624 |
| Pool #SD8317 <br>6.000%, 4/1/53<br>| 832 | &nbsp;&nbsp; 853 |
| Pool #SD8382 <br>5.000%, 12/1/53<br>| 5958 | &nbsp;&nbsp; 5891 |
| Pool #SD8492 <br>5.000%, 1/1/55<br>| 11409 | &nbsp;&nbsp; 11261 |
| Pool #SD8494 <br>5.500%, 1/1/55<br>| 7129 | &nbsp;&nbsp; 7165 |
| Pool #SL0019 <br>5.500%, 1/1/55<br>| 7887 | &nbsp;&nbsp; 7927 |
| Pool #SL0627 <br>6.000%, 10/1/54<br>| 6372 | &nbsp;&nbsp; 6508 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #SL1127 <br>6.000%, 12/1/54<br>| $7052 | &nbsp;&nbsp; $7189 |
| Pool #SL2922 <br>5.500%, 10/1/55<br>| 4575 | &nbsp;&nbsp; 4606 |
| Pool #SL3344 <br>5.000%, 3/1/55<br>| 4398 | &nbsp;&nbsp; 4340 |
| Federal National Mortgage <br> Association<br>|  |  |
| Pool #CB0534 <br>3.000%, 5/1/51<br>| 5105 | &nbsp;&nbsp; 4493 |
| Pool #CB6857 <br>4.500%, 8/1/53<br>| 2031 | &nbsp;&nbsp; 1967 |
| Pool #FA1378 <br>4.000%, 3/1/55<br>| 1283 | &nbsp;&nbsp; 1215 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 6144 | &nbsp;&nbsp; 6288 |
| Pool #FA1731 <br>6.000%, 1/1/55<br>| 3083 | &nbsp;&nbsp; 3146 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 814 | &nbsp;&nbsp; 807 |
| Pool #FS7751 <br>4.000%, 3/1/53<br>| 4948 | &nbsp;&nbsp; 4679 |
| Pool #FS8479 <br>5.500%, 8/1/53<br>| 3221 | &nbsp;&nbsp; 3248 |
| Pool #MA4785 <br>5.000%, 10/1/52<br>| 1469 | &nbsp;&nbsp; 1456 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 1258 | &nbsp;&nbsp; 1220 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 1084 | &nbsp;&nbsp; 1093 |
|  |  | &nbsp;&nbsp; 99362 |
| **Non-Agency—11.9%** | **Non-Agency—11.9%** |  |
| A&D Mortgage Trust |  |  |
| 2023-NQM3, A1 144A <br>6.733%, 7/25/68<sup>(2)(8)</sup> <br>| 1272 | &nbsp;&nbsp; 1276 |
| 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(2)(8)</sup> <br>| 934 | &nbsp;&nbsp; 939 |
| ADMT 2024-NQM6, A1 <br> 144A <br>5.666%, 1/25/70<sup>(2)(8)</sup> <br>| 1143 | &nbsp;&nbsp; 1147 |
| Ajax Mortgage Loan Trust <br> 2022-B, A1 144A <br>3.500%, 3/27/62<sup>(2)(8)</sup> <br>| 1052 | &nbsp;&nbsp; 1018 |
| ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.416%, 6/15/40<sup>(2)(8)</sup> <br>| 2200 | &nbsp;&nbsp; 2206 |
| AMSR Trust 2021-SFR3, D <br> 144A <br>2.177%, 10/17/38<sup>(2)</sup> <br>| 540 | &nbsp;&nbsp; 531 |
| Angel Oak Mortgage Trust |  |  |
| 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(2)(8)</sup> <br>| 2712 | &nbsp;&nbsp; 2700 |
| 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(2)(8)</sup> <br>| 3006 | &nbsp;&nbsp; 2997 |
| Arroyo Mortgage Trust |  |  |
| 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(2)(8)</sup> <br>| 48 | &nbsp;&nbsp; 47 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| $115 | &nbsp;&nbsp; $112 |
| 2020-1, A3 144A <br>3.328%, 3/25/55<sup>(2)</sup> <br>| 2163 | &nbsp;&nbsp; 1997 |
| BBCMS Trust 2018-CBM, A <br> (1 month Term SOFR + <br> 1.297%, Cap N/A, Floor <br> 1.250%) 144A <br>4.970%, 7/15/37<sup>(2)(8)</sup> <br>| 2296 | &nbsp;&nbsp; 2232 |
| Bunker Hill Loan <br> Depositary Trust 2019-2, <br> A1 144A <br>2.879%, 7/25/49<sup>(2)(8)</sup> <br>| 70 | &nbsp;&nbsp; 69 |
| 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>5.064%, 3/15/41<sup>(2)(8)</sup> <br>| 1223 | &nbsp;&nbsp; 1224 |
| BX Trust |  |  |
| 2019-OC11, B 144A <br>3.605%, 12/9/41<sup>(2)</sup> <br>| 1130 | &nbsp;&nbsp; 1071 |
| 2019-OC11, D 144A <br>3.944%, 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; 1779 |
| CENT 2025-CITY, A 144A <br>4.920%, 7/10/40<sup>(2)(8)</sup> <br>| 2010 | &nbsp;&nbsp; 2024 |
| Chase Mortgage Finance <br> Corp.<br>|  |  |
| 2016-SH2, M2 144A <br>3.750%, 12/25/45<sup>(2)(8)</sup> <br>| 292 | &nbsp;&nbsp; 273 |
| 2016-SH2, M4 144A <br>3.750%, 12/25/45<sup>(2)(8)</sup> <br>| 1298 | &nbsp;&nbsp; 1198 |
| CIM Trust 2022-R2, A1 <br> 144A <br>3.750%, 12/25/61<sup>(2)(8)</sup> <br>| 730 | &nbsp;&nbsp; 690 |
| Citigroup Mortgage Loan <br> Trust, Inc. 2018-RP1, A1 <br> 144A <br>3.000%, 9/25/64<sup>(2)(8)</sup> <br>| 261 | &nbsp;&nbsp; 258 |
| COLT Mortgage Loan Trust |  |  |
| 2022-3, A1 144A <br>3.901%, 2/25/67<sup>(2)(8)</sup> <br>| 484 | &nbsp;&nbsp; 474 |
| 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(2)(8)</sup> <br>| 1092 | &nbsp;&nbsp; 1090 |
| COOPR Residential <br> Mortgage Trust <br> 2025-CES2, A1A 144A <br>5.502%, 6/25/60<sup>(2)(8)</sup> <br>| 1427 | &nbsp;&nbsp; 1432 |
| CoreVest American Finance <br> Trust 2019-3, C 144A <br>3.265%, 10/15/52<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp; 234 |
| Credit Suisse Mortgage <br> Capital Trust <br> 2020-RPL4, A1 144A <br>2.000%, 1/25/60<sup>(2)(8)</sup> <br>| 1439 | &nbsp;&nbsp; 1297 |
| Deephaven Residential <br> Mortgage Trust<br>|  |  |
| 2022-1, A1 144A <br>2.205%, 1/25/67<sup>(2)(8)</sup> <br>| 224 | &nbsp;&nbsp; 207 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2025-INV1, A1 144A <br>5.087%, 11/25/60<sup>(2)(8)</sup> <br>| $1205 | &nbsp;&nbsp; $1201 |
| EFMT 2025-NQM2, A1 <br> 144A <br>5.596%, 6/25/70<sup>(2)(8)</sup> <br>| 1281 | &nbsp;&nbsp; 1286 |
| Ellington Financial <br> Mortgage Trust 2019-2, <br> A3 144A <br>3.046%, 11/25/59<sup>(2)(8)</sup> <br>| 13 | &nbsp;&nbsp; 12 |
| ELM Trust 2024-ELM, A10 <br> 144A <br>5.414%, 6/10/39<sup>(2)(8)</sup> <br>| 1719 | &nbsp;&nbsp; 1722 |
| Fashion Show Mall LLC <br> 2024-SHOW, A 144A <br>4.764%, 10/10/41<sup>(2)(8)</sup> <br>| 2870 | &nbsp;&nbsp; 2887 |
| FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(2)</sup> <br>| 460 | &nbsp;&nbsp; 455 |
| 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>5.123%, 12/15/39<sup>(2)(8)</sup> <br>| 1100 | &nbsp;&nbsp; 1100 |
| Homes Trust 2023-NQM2, <br> A1 144A <br>6.456%, 2/25/68<sup>(2)(8)</sup> <br>| 267 | &nbsp;&nbsp; 266 |
| Houston Galleria Mall Trust <br> 2025-HGLR, A 144A <br>5.462%, 2/5/45<sup>(2)(8)</sup> <br>| 1770 | &nbsp;&nbsp; 1809 |
| Hudson Yards Mortgage <br> Trust 2025-SPRL, A <br> 144A <br>5.467%, 1/13/40<sup>(2)(8)</sup> <br>| 1500 | &nbsp;&nbsp; 1535 |
| Imperial Fund Mortgage <br> Trust 2022-NQM3, A1 <br> 144A <br>4.380%, 5/25/67<sup>(2)(8)</sup> <br>| 1223 | &nbsp;&nbsp; 1218 |
| IRV Trust 2025-200P, B <br> 144A <br>5.440%, 3/14/47<sup>(2)(8)</sup> <br>| 780 | &nbsp;&nbsp; 775 |
| JP Morgan Seasoned <br> Mortgage Trust Series <br> 2024-1, A4 144A <br>4.337%, 1/25/63<sup>(2)(8)</sup> <br>| 1122 | &nbsp;&nbsp; 1097 |
| JPMorgan Chase <br> Commercial Mortgage <br> Securities Trust <br> 2024-OMNI, A 144A <br>5.797%, 10/5/39<sup>(2)(8)</sup> <br>| 1285 | &nbsp;&nbsp; 1297 |
| JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| 2014-5, B2 144A <br>2.526%, 10/25/29<sup>(2)(8)</sup> <br>| 238 | &nbsp;&nbsp; 229 |
| 2017-4, A13 144A <br>3.500%, 11/25/48<sup>(2)(8)</sup> <br>| 2062 | &nbsp;&nbsp; 1879 |
| 2024-NQM1, A3 144A <br>5.947%, 2/25/64<sup>(2)(8)</sup> <br>| 691 | &nbsp;&nbsp; 693 |
| 2025-CES2, A1 144A <br>5.592%, 6/25/55<sup>(2)(8)</sup> <br>| 1360 | &nbsp;&nbsp; 1364 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **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>| $1258 | &nbsp;&nbsp; $1263 |
| MetLife Securitization Trust <br> 2017-1A, M1 144A <br>3.349%, 4/25/55<sup>(2)(8)</sup> <br>| 425 | &nbsp;&nbsp; 385 |
| MFA Trust |  |  |
| 2022-INV1, A1 144A <br>4.907%, 4/25/66<sup>(2)(8)</sup> <br>| 1000 | &nbsp;&nbsp; 988 |
| 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(2)(8)</sup> <br>| 2020 | &nbsp;&nbsp; 2015 |
| 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(2)(8)</sup> <br>| 1194 | &nbsp;&nbsp; 1170 |
| 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(2)(8)</sup> <br>| 1362 | &nbsp;&nbsp; 1361 |
| 2021-INV1, A1 144A <br>0.852%, 1/25/56<sup>(2)(8)</sup> <br>| 23 | &nbsp;&nbsp; 23 |
| Mill City Mortgage Loan <br> Trust<br>|  |  |
| 2017-1, M2 144A <br>3.250%, 11/25/58<sup>(2)(8)</sup> <br>| 134 | &nbsp;&nbsp; 133 |
| 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(2)(8)</sup> <br>| 779 | &nbsp;&nbsp; 722 |
| MIRA Trust 2023-MILE, A <br> 144A <br>6.755%, 6/10/38<sup>(2)</sup> <br>| 1290 | &nbsp;&nbsp; 1324 |
| Morgan Stanley Residential <br> Mortgage Loan Trust <br> 2024-INV4, A1 144A <br>6.000%, 9/25/54<sup>(2)(8)</sup> <br>| 616 | &nbsp;&nbsp; 623 |
| MSSG Trust 2017-237P, A <br> 144A <br>3.397%, 9/13/39<sup>(2)</sup> <br>| 2411 | &nbsp;&nbsp; 2304 |
| New Residential Mortgage <br> Loan Trust<br>|  |  |
| 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(2)(8)</sup> <br>| 967 | &nbsp;&nbsp; 937 |
| 2018-2A, A1 144A <br>4.500%, 2/25/58<sup>(2)(8)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| 2021-NQ2R, A1 144A <br>0.941%, 10/25/58<sup>(2)(8)</sup> <br>| 257 | &nbsp;&nbsp; 247 |
| 2022-NQM2, A1 144A <br>3.854%, 3/27/62<sup>(2)(8)</sup> <br>| 1297 | &nbsp;&nbsp; 1224 |
| 2026-NQM3, A1 144A <br>4.833%, 2/25/66<sup>(2)(8)</sup> <br>| 1656 | &nbsp;&nbsp; 1640 |
| NY Commercial Mortgage <br> Trust 2025-299P, A 144A <br>5.664%, 2/10/47<sup>(2)(8)</sup> <br>| 1660 | &nbsp;&nbsp; 1720 |
| NYC Commercial Mortgage <br> Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(2)(8)</sup> <br>| 2000 | &nbsp;&nbsp; 1988 |
| NYMT Loan Trust |  |  |
| 2024-CP1, A1 144A <br>3.750%, 2/25/68<sup>(2)(8)</sup> <br>| 2422 | &nbsp;&nbsp; 2241 |
| 2026-INV2, A1 144A <br>5.475%, 4/25/61<sup>(2)(8)</sup> <br>| 1700 | &nbsp;&nbsp; 1705 |
| OBX Trust |  |  |
| 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(2)(8)</sup> <br>| 990 | &nbsp;&nbsp; 991 |
| 2024-NQM9, A1 144A <br>6.030%, 1/25/64<sup>(2)(8)</sup> <br>| 595 | &nbsp;&nbsp; 599 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| $35 | &nbsp;&nbsp; $35 |
| PMT Loan Trust |  |  |
| 2024-INV1, A2 144A <br>6.000%, 10/25/59<sup>(2)(8)</sup> <br>| 1145 | &nbsp;&nbsp; 1159 |
| 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(2)(8)</sup> <br>| 728 | &nbsp;&nbsp; 736 |
| 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(2)(8)</sup> <br>| 1387 | &nbsp;&nbsp; 1400 |
| PRET Trust 2024-RPL1, A1 <br> 144A <br>3.900%, 10/25/63<sup>(2)(8)</sup> <br>| 1293 | &nbsp;&nbsp; 1234 |
| RCKT Mortgage Trust |  |  |
| 2023-CES1, A1A 144A <br>6.515%, 6/25/43<sup>(2)(8)</sup> <br>| 399 | &nbsp;&nbsp; 398 |
| 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(2)(8)</sup> <br>| 384 | &nbsp;&nbsp; 386 |
| 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(2)(8)</sup> <br>| 875 | &nbsp;&nbsp; 882 |
| 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(2)(8)</sup> <br>| 627 | &nbsp;&nbsp; 630 |
| 2024-CES3, A1A 144A <br>6.591%, 5/25/44<sup>(2)(8)</sup> <br>| 1171 | &nbsp;&nbsp; 1182 |
| 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(2)(8)</sup> <br>| 1496 | &nbsp;&nbsp; 1505 |
| RFR Trust 2025-SGRM, A <br> 144A <br>5.379%, 3/11/41<sup>(2)(8)</sup> <br>| 1500 | &nbsp;&nbsp; 1518 |
| RIDE 2025-SHRE, B 144A <br>5.438%, 2/14/47<sup>(2)(8)</sup> <br>| 1500 | &nbsp;&nbsp; 1526 |
| ROCK Trust |  |  |
| 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(2)</sup> <br>| 760 | &nbsp;&nbsp; 773 |
| 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(2)</sup> <br>| 1595 | &nbsp;&nbsp; 1644 |
| Sequoia Mortgage Trust <br> 2013-8, B1 <br>3.478%, 6/25/43<sup>(8)</sup> <br>| 94 | &nbsp;&nbsp; 91 |
| SG Residential Mortgage <br> Trust 2021-1, A1 144A <br>1.160%, 7/25/61<sup>(2)(8)</sup> <br>| 1956 | &nbsp;&nbsp; 1646 |
| Starwood Mortgage <br> Residential Trust <br> 2021-5, A2 144A <br>2.178%, 9/25/66<sup>(2)(8)</sup> <br>| 1790 | &nbsp;&nbsp; 1547 |
| THPT Mortgage Trust <br> 2023-THL, A 144A <br>6.996%, 12/10/34<sup>(2)(8)</sup> <br>| 1526 | &nbsp;&nbsp; 1536 |
| Towd Point Mortgage Trust |  |  |
| 2016-4, B1 144A <br>3.914%, 7/25/56<sup>(2)(8)</sup> <br>| 485 | &nbsp;&nbsp; 471 |
| 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(2)(8)</sup> <br>| 1124 | &nbsp;&nbsp; 1111 |
| 2017-4, A2 144A <br>3.000%, 6/25/57<sup>(2)(8)</sup> <br>| 850 | &nbsp;&nbsp; 811 |
| 2018-6, A1A 144A <br>3.750%, 3/25/58<sup>(2)(8)</sup> <br>| 8 | &nbsp;&nbsp; 8 |
| 2018-6, A2 144A <br>3.750%, 3/25/58<sup>(2)(8)</sup> <br>| 1925 | &nbsp;&nbsp; 1776 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(2)(8)</sup> <br>| $2628 | &nbsp;&nbsp; $2377 |
| 2019-4, A2 144A <br>3.250%, 10/25/59<sup>(2)(8)</sup> <br>| 1780 | &nbsp;&nbsp; 1627 |
| 2023-1, A1 144A <br>3.750%, 1/25/63<sup>(2)</sup> <br>| 1292 | &nbsp;&nbsp; 1234 |
| 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(2)(8)</sup> <br>| 702 | &nbsp;&nbsp; 703 |
| Tricon American Homes <br> Trust 2020-SFR2, D <br> 144A <br>2.281%, 11/17/39<sup>(2)</sup> <br>| 840 | &nbsp;&nbsp; 801 |
| Verus Securitization Trust <br> 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(2)(8)</sup> <br>| 797 | &nbsp;&nbsp; 801 |
| Visio Trust |  |  |
| 2020-1R, A2 144A <br>1.567%, 11/25/55<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 34 |
| 2022-1, A2 144A <br>5.850%, 8/25/57<sup>(2)(8)</sup> <br>| 665 | &nbsp;&nbsp; 664 |
| WSTN Trust 2023-MAUI, C <br> 144A <br>7.690%, 7/5/37<sup>(2)(8)</sup> <br>| 2150 | &nbsp;&nbsp; 2167 |
|  |  | &nbsp;&nbsp; 112183 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $212,416)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $212,416)** | &nbsp;&nbsp; **211545** |
| **Asset-Backed Securities—12.6%** | **Asset-Backed Securities—12.6%** | **Asset-Backed Securities—12.6%** |
| **Automobiles—4.2%** | **Automobiles—4.2%** |  |
| Arivo Acceptance Auto <br> Loan Receivables Trust<br>|  |  |
| 2024-1A, B 144A <br>6.870%, 6/17/30<sup>(2)</sup> <br>| 1510 | &nbsp;&nbsp; 1535 |
| 2025-1A, A2 144A <br>4.920%, 5/15/29<sup>(2)</sup> <br>| 1612 | &nbsp;&nbsp; 1616 |
| Avis Budget Rental Car <br> Funding LLC<br>|  |  |
| (AESOP) 2023-3A, A <br> 144A <br>5.440%, 2/22/28<sup>(2)</sup> <br>| 841 | &nbsp;&nbsp; 847 |
| (AESOP) 2024-1A, A <br> 144A <br>5.360%, 6/20/30<sup>(2)</sup> <br>| 1450 | &nbsp;&nbsp; 1482 |
| (AESOP) 2024-2A, D <br> 144A <br>7.430%, 10/20/28<sup>(2)</sup> <br>| 1959 | &nbsp;&nbsp; 1989 |
| 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>| 817 | &nbsp;&nbsp; 824 |
| DT Auto Owner Trust |  |  |
| 2023-1A, D 144A <br>6.440%, 11/15/28<sup>(2)</sup> <br>| 777 | &nbsp;&nbsp; 787 |
| 2023-3A, C 144A <br>6.400%, 5/15/29<sup>(2)</sup> <br>| 430 | &nbsp;&nbsp; 434 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Exeter Automobile <br> Receivables Trust<br>|  |  |
| 2023-3A, D <br>6.680%, 4/16/29<br>| $920 | &nbsp;&nbsp; $937 |
| 2024-5A, B <br>4.480%, 4/16/29<br>| 1785 | &nbsp;&nbsp; 1787 |
| FHF Issuer Trust |  |  |
| 2024-1A, B 144A <br>6.260%, 3/15/30<sup>(2)</sup> <br>| 1100 | &nbsp;&nbsp; 1112 |
| 2024-3A, C 144A <br>5.430%, 3/17/31<sup>(2)</sup> <br>| 1700 | &nbsp;&nbsp; 1623 |
| FHF Trust 2023-1A, A2 <br> 144A <br>6.570%, 6/15/28<sup>(2)</sup> <br>| 71 | &nbsp;&nbsp; 71 |
| FinBe USA Trust 2025-1A, <br> B 144A <br>6.600%, 12/16/30<sup>(2)</sup> <br>| 2025 | &nbsp;&nbsp; 2021 |
| Flagship Credit Auto Trust |  |  |
| 2023-1, D 144A <br>6.460%, 5/15/29<sup>(2)</sup> <br>| 1780 | &nbsp;&nbsp; 1791 |
| 2024-1, D 144A <br>6.300%, 4/15/30<sup>(2)</sup> <br>| 1575 | &nbsp;&nbsp; 1545 |
| GLS Auto Receivables <br> Issuer Trust<br>|  |  |
| 2021-3A, E 144A <br>3.200%, 10/16/28<sup>(2)</sup> <br>| 1960 | &nbsp;&nbsp; 1959 |
| 2022-2A, D 144A <br>6.150%, 4/17/28<sup>(2)</sup> <br>| 432 | &nbsp;&nbsp; 435 |
| Huntington Bank Auto <br> Credit-Linked Notes <br> 2024-1, B1 144A <br>6.153%, 5/20/32<sup>(2)</sup> <br>| 438 | &nbsp;&nbsp; 444 |
| LAD Auto Receivables Trust |  |  |
| 2023-1A, D 144A <br>7.300%, 6/17/30<sup>(2)</sup> <br>| 780 | &nbsp;&nbsp; 787 |
| 2023-2A, D 144A <br>6.300%, 2/15/31<sup>(2)</sup> <br>| 750 | &nbsp;&nbsp; 761 |
| Lendbuzz Securitization <br> Trust 2024-3A, B 144A <br>5.030%, 11/15/30<sup>(2)</sup> <br>| 1865 | &nbsp;&nbsp; 1865 |
| Merchants Fleet <br> Funding LLC 2023-1A, A <br> 144A <br>7.210%, 5/20/36<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp; 221 |
| Octane Receivables Trust <br> 2025-1A, A2 144A <br>4.250%, 2/20/31<sup>(2)</sup> <br>| 2120 | &nbsp;&nbsp; 2117 |
| OneMain Direct Auto <br> Receivables Trust <br> 2022-1A, C 144A <br>5.310%, 6/14/29<sup>(2)</sup> <br>| 1220 | &nbsp;&nbsp; 1222 |
| Prestige Auto Receivables <br> Trust 2025-1A, C 144A <br>5.520%, 2/15/30<sup>(2)</sup> <br>| 1815 | &nbsp;&nbsp; 1824 |
| SAFCO Auto Receivables <br> Trust 2024-1A, C 144A <br>6.960%, 1/18/30<sup>(2)</sup> <br>| 1200 | &nbsp;&nbsp; 1205 |
| U.S. Bank N.A. 2023-1, B <br> 144A <br>6.789%, 8/25/32<sup>(2)</sup> <br>| 184 | &nbsp;&nbsp; 185 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| United Auto Credit <br> Securitization Trust <br> 2023-1, D 144A <br>8.000%, 7/10/28<sup>(2)</sup> <br>| $394 | &nbsp;&nbsp; $396 |
| Veros Auto Receivables <br> Trust 2024-1, C 144A <br>7.570%, 12/15/28<sup>(2)</sup> <br>| 1600 | &nbsp;&nbsp; 1641 |
| Westlake Automobile <br> Receivables Trust <br> 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(2)</sup> <br>| 1860 | &nbsp;&nbsp; 1871 |
|  |  | &nbsp;&nbsp; 39018 |
| **Consumer Loans—0.2%** | **Consumer Loans—0.2%** |  |
| ACHV ABS Trust 2024-1PL, <br> A 144A <br>5.900%, 4/25/31<sup>(2)</sup> <br>| 110 | &nbsp;&nbsp; 111 |
| BHG Securitization Trust <br> 2021-B, D 144A <br>3.170%, 10/17/34<sup>(2)</sup> <br>| 875 | &nbsp;&nbsp; 842 |
| Reach ABS Trust 2024-1A, <br> B 144A <br>6.290%, 2/18/31<sup>(2)</sup> <br>| 955 | &nbsp;&nbsp; 960 |
|  |  | &nbsp;&nbsp; 1913 |
| **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>| 1430 | &nbsp;&nbsp; 1432 |
| **Other—8.0%** | **Other—8.0%** |  |
| Applebee's Funding LLC <br> 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(2)</sup> <br>| 1926 | &nbsp;&nbsp; 1942 |
| Aqua Finance Issuer Trust <br> 2025-A, A 144A <br>5.250%, 12/19/50<sup>(2)</sup> <br>| 1322 | &nbsp;&nbsp; 1339 |
| Aqua Finance Trust |  |  |
| 2019-A, C 144A <br>4.010%, 7/16/40<sup>(2)</sup> <br>| 342 | &nbsp;&nbsp; 335 |
| 2024-A, B 144A <br>5.060%, 4/18/50<sup>(2)</sup> <br>| 1820 | &nbsp;&nbsp; 1823 |
| Auxilior Term Funding LLC <br> 2024-1A, B 144A <br>5.690%, 7/15/31<sup>(2)</sup> <br>| 1520 | &nbsp;&nbsp; 1548 |
| Bojangles Issuer LLC <br> 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(2)</sup> <br>| 1826 | &nbsp;&nbsp; 1837 |
| Business Jet <br> Securities LLC 2024-2A, <br> A 144A <br>5.364%, 9/15/39<sup>(2)</sup> <br>| 1256 | &nbsp;&nbsp; 1253 |
| Commercial Equipment <br> Finance LLC<br>|  |  |
| 2024-1A, A 144A <br>5.970%, 7/16/29<sup>(2)</sup> <br>| 522 | &nbsp;&nbsp; 525 |
| 2025-1A, A 144A <br>4.830%, 5/15/31<sup>(2)</sup> <br>| 1639 | &nbsp;&nbsp; 1639 |

---

---

| | | |
|:---|:---|:---|
|  | **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>| $1597 | &nbsp;&nbsp; $1585 |
| 2026-CES1, A1A 144A <br>4.874%, 1/1/61<sup>(2)(8)</sup> <br>| 740 | &nbsp;&nbsp; 734 |
| DataBank Issuer 2026-1A, <br> A2 144A <br>5.811%, 2/25/56<sup>(2)</sup> <br>| 1875 | &nbsp;&nbsp; 1863 |
| DB Master Finance LLC <br> 2025-1A, A2I 144A <br>4.891%, 8/20/55<sup>(2)</sup> <br>| 1272 | &nbsp;&nbsp; 1260 |
| Dext ABS LLC 2023-1, A2 <br> 144A <br>5.990%, 3/15/32<sup>(2)</sup> <br>| 94 | &nbsp;&nbsp; 95 |
| EFMT 2025-CES4, A1 144A <br>5.431%, 6/25/60<sup>(2)(8)</sup> <br>| 1379 | &nbsp;&nbsp; 1381 |
| Elara HGV Timeshare <br> Issuer LLC 2023-A, A <br> 144A <br>6.160%, 2/25/38<sup>(2)</sup> <br>| 426 | &nbsp;&nbsp; 438 |
| Foundation Finance Trust <br> 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(2)</sup> <br>| 480 | &nbsp;&nbsp; 497 |
| Jersey Mike's Funding LLC |  |  |
| 2024-1A, A2 144A <br>5.636%, 2/15/55<sup>(2)</sup> <br>| 1881 | &nbsp;&nbsp; 1902 |
| 2026-1A, A2I 144A <br>4.952%, 2/15/56<sup>(2)</sup> <br>| 910 | &nbsp;&nbsp; 898 |
| Lafayette Federal Credit <br> Union Asset Trust <br> 2026-1, H 144A <br>5.375%, 1/1/46<sup>(2)</sup> <br>| 2197 | &nbsp;&nbsp; 2181 |
| Lendmark Funding Trust <br> 2025-3A, A 144A <br>4.510%, 5/21/35<sup>(2)</sup> <br>| 1300 | &nbsp;&nbsp; 1291 |
| Libra Solutions LLC <br> 2024-1A, A 144A <br>5.880%, 9/30/38<sup>(2)</sup> <br>| 1720 | &nbsp;&nbsp; 1715 |
| MAPS Trust 2026-1A, A <br> 144A <br>5.201%, 1/15/51<sup>(2)</sup> <br>| 2420 | &nbsp;&nbsp; 2364 |
| Mariner Finance Issuance <br> Trust 2025-AA, A 144A <br>4.980%, 5/20/38<sup>(2)</sup> <br>| 2070 | &nbsp;&nbsp; 2085 |
| MetroNet Infrastructure <br> Issuer LLC 2025-2A, A2 <br> 144A <br>5.400%, 8/20/55<sup>(2)</sup> <br>| 1635 | &nbsp;&nbsp; 1649 |
| MMP Capital LLC 2025-A, <br> B 144A <br>5.720%, 12/15/31<sup>(2)</sup> <br>| 1562 | &nbsp;&nbsp; 1577 |
| Momnt Technologies Trust <br> 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(2)</sup> <br>| 101 | &nbsp;&nbsp; 101 |
| MVW LLC 2024-1A, A <br> 144A <br>5.320%, 2/20/43<sup>(2)</sup> <br>| 763 | &nbsp;&nbsp; 771 |
| NMEF Funding LLC <br> 2026-A, C 144A <br>4.710%, 2/15/34<sup>(2)</sup> <br>| 2285 | &nbsp;&nbsp; 2266 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Octane Receivables Trust <br> 2023-3A, C 144A <br>6.740%, 8/20/29<sup>(2)</sup> <br>| $780 | &nbsp;&nbsp; $794 |
| Oportun Issuance Trust <br> 2024-2, B 144A <br>5.830%, 2/9/32<sup>(2)</sup> <br>| 888 | &nbsp;&nbsp; 889 |
| Pawneee Equipment <br> Receivables LLC 2022-1, <br> B 144A <br>5.400%, 7/17/28<sup>(2)</sup> <br>| 389 | &nbsp;&nbsp; 389 |
| Planet Fitness Master <br> Issuer LLC 2024-1A, A2I <br> 144A <br>5.765%, 6/5/54<sup>(2)</sup> <br>| 1714 | &nbsp;&nbsp; 1725 |
| PowerPay Issuance Trust <br> 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(2)</sup> <br>| 589 | &nbsp;&nbsp; 600 |
| PRET LLC |  |  |
| 2026-NPL2, A1 144A <br>5.151%, 2/25/56<sup>(2)(8)</sup> <br>| 616 | &nbsp;&nbsp; 611 |
| 2026-NPL3, A1 144A <br>4.968%, 2/25/56<sup>(2)(8)</sup> <br>| 2722 | &nbsp;&nbsp; 2699 |
| RCO X Mortgage LLC <br> 2026-1, A1 144A <br>5.536%, 3/25/31<sup>(2)(8)(9)</sup> <br>| 1810 | &nbsp;&nbsp; 1804 |
| Scalelogix ABS U.S. Issuer <br> LLC 2025-1A, A2 144A <br>5.673%, 7/25/55<sup>(2)</sup> <br>| 2055 | &nbsp;&nbsp; 2021 |
| Sierra Timeshare <br> Receivables <br> Funding LLC 2023-2A, B <br> 144A <br>6.280%, 4/20/40<sup>(2)</sup> <br>| 211 | &nbsp;&nbsp; 216 |
| Subway Funding LLC <br> 2024-1A, A2II 144A <br>6.268%, 7/30/54<sup>(2)</sup> <br>| 1817 | &nbsp;&nbsp; 1833 |
| Switch ABS Issuer LLC |  |  |
| 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(2)</sup> <br>| 1925 | &nbsp;&nbsp; 1887 |
| 2025-1A, A2 144A <br>5.036%, 3/25/55<sup>(2)</sup> <br>| 400 | &nbsp;&nbsp; 385 |
| Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(2)</sup> <br>| 2100 | &nbsp;&nbsp; 2068 |
| TIC Home Improvement <br> Trust 2024-A, A 144A <br>6.670%, 10/15/46<sup>(2)</sup> <br>| 583 | &nbsp;&nbsp; 592 |
| Towd Point Mortgage Trust <br> 2025-CES4, A1A 144A <br>5.091%, 10/25/65<sup>(2)(8)</sup> <br>| 1926 | &nbsp;&nbsp; 1916 |
| Trafigura Securitisation <br> Finance plc 2024-1A, A2 <br> 144A <br>5.980%, 11/15/27<sup>(2)</sup> <br>| 1400 | &nbsp;&nbsp; 1402 |
| TSC SPV Funding LLC <br> 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(2)</sup> <br>| 1531 | &nbsp;&nbsp; 1545 |
| U.S. Bank N.A. <br> 2026-RVM1, C 144A <br>5.595%, 12/25/46<sup>(2)</sup> <br>| 1775 | &nbsp;&nbsp; 1767 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Upgrade Master <br> Pass-Through Trust<br>|  |  |
| 2025-ST3, A 144A <br>5.981%, 6/15/32<sup>(2)</sup> <br>| $1042 | &nbsp;&nbsp; $1049 |
| 2025-ST4, A 144A <br>5.495%, 8/16/32<sup>(2)</sup> <br>| 1427 | &nbsp;&nbsp; 1431 |
| UPX HIL Issuer Trust <br> 2025-1, A 144A <br>5.160%, 1/25/47<sup>(2)</sup> <br>| 1287 | &nbsp;&nbsp; 1282 |
| USQ Rail III LLC 2024-1A, <br> A 144A <br>4.990%, 9/28/54<sup>(2)</sup> <br>| 1661 | &nbsp;&nbsp; 1626 |
| VCAT LLC 2026-NPL2, A1 <br> 144A <br>5.062%, 2/25/56<sup>(2)(8)</sup> <br>| 1823 | &nbsp;&nbsp; 1815 |
| Westgate Resorts LLC <br> 2024-1A, A 144A <br>6.060%, 1/20/38<sup>(2)</sup> <br>| 659 | &nbsp;&nbsp; 666 |
| Zaxby's Funding LLC <br> 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(2)</sup> <br>| 3309 | &nbsp;&nbsp; 3139 |
|  |  | &nbsp;&nbsp; 75045 |
| **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>| 1292 | &nbsp;&nbsp; 1307 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $118,596)** | **Total Asset-Backed Securities** <br>**(Identified Cost $118,596)** | &nbsp;&nbsp; **118715** |
| **Convertible Bonds and Notes—0.2%** | **Convertible Bonds and Notes—0.2%** | **Convertible Bonds and Notes—0.2%** |
| **Financials—0.0%** | **Financials—0.0%** |  |
| EZCORP, Inc. 144A <br>3.750%, 12/15/29<sup>(2)</sup> <br>| 95 | &nbsp;&nbsp; 224 |
| **Industrials—0.1%** | **Industrials—0.1%** |  |
| Granite Construction, Inc. <br>3.250%, 6/15/30<br>| 143 | &nbsp;&nbsp; 235 |
| **Information Technology—0.1%** | **Information Technology—0.1%** |  |
| Lumentum Holdings, Inc. <br>1.500%, 12/15/29<br>| 49 | &nbsp;&nbsp; 496 |
| Seagate HDD Cayman <br>3.500%, 6/1/28<br>| 44 | &nbsp;&nbsp; 209 |
| Western Digital Corp. <br>3.000%, 11/15/28<br>| 44 | &nbsp;&nbsp; 315 |
|  |  | &nbsp;&nbsp; 1020 |
| **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $1,530)** | **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $1,530)** | &nbsp;&nbsp; **1479** |
| **Corporate Bonds and Notes—33.5%** | **Corporate Bonds and Notes—33.5%** | **Corporate Bonds and Notes—33.5%** |
| **Communication Services—2.0%** | **Communication Services—2.0%** |  |
| Altice France S.A. 144A <br>6.500%, 4/15/32<sup>(2)</sup> <br>| 556 | &nbsp;&nbsp; 527 |
| CCO Holdings LLC 144A <br>4.750%, 3/1/30<sup>(2)</sup> <br>| 1985 | &nbsp;&nbsp; 1883 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| CMG Media Corp. 144A <br>8.875%, 6/18/29<sup>(2)</sup> <br>| $2220 | &nbsp;&nbsp; $1920 |
| CSC Holdings LLC |  |  |
| <br>144A <br> 11.750%, 1/31/29<sup>(2)</sup> <br>| 1380 | &nbsp;&nbsp; 998 |
| <br>144A 4.125%, 12/1/30<sup>(2)</sup> <br>| 795 | &nbsp;&nbsp; 477 |
| 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>| 870 | &nbsp;&nbsp; 866 |
| <br>144A 8.875%, 2/1/30<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 125 |
| DISH Network Corp. 144A <br>11.750%, 11/15/27<sup>(2)</sup> <br>| 875 | &nbsp;&nbsp; 901 |
| Gray Media, Inc. 144A <br>9.625%, 7/15/32<sup>(2)</sup> <br>| 1165 | &nbsp;&nbsp; 1165 |
| IHS Holding Ltd. |  |  |
| <br>144A <br> 6.250%, 11/29/28<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 99 |
| <br>144A <br> 8.250%, 11/29/31<sup>(2)</sup> <br>| 189 | &nbsp;&nbsp; 194 |
| Meta Platforms, Inc. <br>5.750%, 11/15/65<br>| 1475 | &nbsp;&nbsp; 1370 |
| Millennium Escrow Corp. <br> 144A <br>6.625%, 8/1/26<sup>(2)</sup> <br>| 1960 | &nbsp;&nbsp; 1828 |
| Rackspace Technology <br> Global, Inc. 144A <br>5.375%, 12/1/28<sup>(2)</sup> <br>| 555 | &nbsp;&nbsp; 222 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(2)</sup> <br>| 1145 | &nbsp;&nbsp; 1164 |
| Snap, Inc. |  |  |
| <br>144A 6.875%, 3/1/33<sup>(2)</sup> <br>| 975 | &nbsp;&nbsp; 921 |
| <br>144A 6.875%, 3/15/34<sup>(2)</sup> <br>| 490 | &nbsp;&nbsp; 461 |
| Sprint Capital Corp. <br>8.750%, 3/15/32<br>| 645 | &nbsp;&nbsp; 767 |
| Telesat Canada 144A <br>6.500%, 10/15/27<sup>(2)</sup> <br>| 365 | &nbsp;&nbsp; 169 |
| Turkcell Iletisim Hizmetleri <br> AS 144A <br>7.650%, 1/24/32<sup>(2)</sup> <br>| 450 | &nbsp;&nbsp; 457 |
| Univision <br> Communications, Inc. <br> 144A <br>8.000%, 8/15/28<sup>(2)</sup> <br>| 1565 | &nbsp;&nbsp; 1588 |
|  |  | &nbsp;&nbsp; 18434 |
| **Consumer Discretionary—1.5%** | **Consumer Discretionary—1.5%** |  |
| Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 150 | &nbsp;&nbsp; 151 |
| Ashtead Capital, Inc. |  |  |
| <br>144A 5.500%, 8/11/32<sup>(2)</sup> <br>| 620 | &nbsp;&nbsp; 629 |
| <br>144A 5.800%, 4/15/34<sup>(2)</sup> <br>| 890 | &nbsp;&nbsp; 907 |
| Ashton Woods USA LLC <br> 144A <br>4.625%, 4/1/30<sup>(2)</sup> <br>| 1270 | &nbsp;&nbsp; 1179 |
| Churchill Downs, Inc. 144A <br>6.750%, 5/1/31<sup>(2)</sup> <br>| 515 | &nbsp;&nbsp; 525 |
| Dick's Sporting Goods, Inc. <br>4.100%, 1/15/52<br>| 2615 | &nbsp;&nbsp; 1852 |
| Ford Motor Co. <br>4.750%, 1/15/43<br>| 475 | &nbsp;&nbsp; 359 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Ford Motor Credit Co. LLC <br>6.500%, 2/7/35<br>| $810 | &nbsp;&nbsp; $817 |
| Forvia SE 144A <br>6.750%, 9/15/33<sup>(2)</sup> <br>| 970 | &nbsp;&nbsp; 947 |
| Installed Building <br> Products, Inc. 144A <br>5.625%, 2/1/34<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 19 |
| Meritage Homes Corp. <br> 144A <br>3.875%, 4/15/29<sup>(2)</sup> <br>| 1377 | &nbsp;&nbsp; 1340 |
| Newell Brands, Inc. |  |  |
| 6.375%, 9/15/27 | 750 | &nbsp;&nbsp; 754 |
| 6.625%, 9/15/29 | 1332 | &nbsp;&nbsp; 1300 |
| Ontario Gaming GTA LP <br> 144A <br>8.000%, 8/1/30<sup>(2)</sup> <br>| 630 | &nbsp;&nbsp; 604 |
| Risewell Homes, Inc. |  |  |
| <br>144A 9.250%, 10/1/29<sup>(2)</sup> <br>| 955 | &nbsp;&nbsp; 965 |
| <br>144A 8.500%, 11/1/30<sup>(2)</sup> <br>| 115 | &nbsp;&nbsp; 112 |
| Taylor Morrison <br> Communities, Inc. 144A <br>5.750%, 11/15/32<sup>(2)</sup> <br>| 65 | &nbsp;&nbsp; 65 |
| Under Armour, Inc. 144A <br>7.250%, 7/15/30<sup>(2)</sup> <br>| 645 | &nbsp;&nbsp; 652 |
| Wayfair LLC |  |  |
| <br>144A <br> 7.250%, 10/31/29<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| <br>144A <br> 6.750%, 11/15/32<sup>(2)</sup> <br>| 390 | &nbsp;&nbsp; 393 |
| Weekley Homes LLC 144A <br>4.875%, 9/15/28<sup>(2)</sup> <br>| 1105 | &nbsp;&nbsp; 1070 |
|  |  | &nbsp;&nbsp; 14650 |
| **Consumer Staples—0.8%** | **Consumer Staples—0.8%** |  |
| Albertsons Cos., Inc. |  |  |
| <br>144A 4.875%, 2/15/30<sup>(2)</sup> <br>| 1615 | &nbsp;&nbsp; 1581 |
| <br>144A 5.750%, 3/31/34<sup>(2)</sup> <br>| 130 | &nbsp;&nbsp; 127 |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(2)</sup> <br>| 720 | &nbsp;&nbsp; 714 |
| Pilgrim's Pride Corp. <br>6.250%, 7/1/33<br>| 1505 | &nbsp;&nbsp; 1576 |
| Post Holdings, Inc. 144A <br>6.375%, 3/1/33<sup>(2)</sup> <br>| 1630 | &nbsp;&nbsp; 1606 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(2)</sup> <br>| 1580 | &nbsp;&nbsp; 1583 |
|  |  | &nbsp;&nbsp; 7187 |
| **Energy—5.1%** | **Energy—5.1%** |  |
| Alliance Resource <br> Operating Partners LP <br> 144A <br>8.625%, 6/15/29<sup>(2)</sup> <br>| 1125 | &nbsp;&nbsp; 1169 |
| Antero Midstream <br> Partners LP 144A <br>5.750%, 7/1/34<sup>(2)</sup> <br>| 105 | &nbsp;&nbsp; 104 |
| APA Corp. <br>6.750%, 2/15/55<br>| 1845 | &nbsp;&nbsp; 1849 |
| BP Capital Markets plc <br>4.875% <sup>(10)</sup> <br>| 1650 | &nbsp;&nbsp; 1629 |
| Bristow Group, Inc. 144A <br>6.750%, 2/1/33<sup>(2)</sup> <br>| 360 | &nbsp;&nbsp; 364 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(2)</sup> <br>| $510 | &nbsp;&nbsp; $526 |
| Caturus Energy LLC 144A <br>8.500%, 2/15/30<sup>(2)</sup> <br>| 1220 | &nbsp;&nbsp; 1266 |
| Columbia Pipelines <br> Operating Co. LLC 144A <br>6.036%, 11/15/33<sup>(2)</sup> <br>| 1270 | &nbsp;&nbsp; 1338 |
| Ecopetrol S.A. <br>4.625%, 11/2/31<br>| 539 | &nbsp;&nbsp; 478 |
| Enbridge, Inc. <br>8.500%, 1/15/84<br>| 1115 | &nbsp;&nbsp; 1254 |
| Energy Transfer LP |  |  |
| Series G 7.125%<sup>(10)</sup> <br>| 345 | &nbsp;&nbsp; 351 |
| Series H 6.500%<sup>(10)</sup> <br>| 660 | &nbsp;&nbsp; 659 |
| Flex Intermediate <br> Holdco LLC 144A <br>3.363%, 6/30/31<sup>(2)</sup> <br>| 2150 | &nbsp;&nbsp; 1958 |
| Genesis Energy LP |  |  |
| 8.875%, 4/15/30 | 1545 | &nbsp;&nbsp; 1613 |
| 6.750%, 3/15/34 | 205 | &nbsp;&nbsp; 204 |
| Geopark Ltd. 144A <br>8.750%, 1/31/30<sup>(2)(5)</sup> <br>| 462 | &nbsp;&nbsp; 455 |
| Harbour Energy plc 144A <br>6.327%, 4/1/35<sup>(2)</sup> <br>| 1555 | &nbsp;&nbsp; 1594 |
| Helix Energy Solutions <br> Group, Inc. 144A <br>9.750%, 3/1/29<sup>(2)</sup> <br>| 700 | &nbsp;&nbsp; 736 |
| HF Sinclair Corp. <br>6.250%, 1/15/35<br>| 1995 | &nbsp;&nbsp; 2060 |
| 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; 471 |
| <br>144A 7.250%, 2/15/35<sup>(2)</sup> <br>| 795 | &nbsp;&nbsp; 793 |
| Kodiak Gas Services LLC |  |  |
| <br>144A 5.875%, 4/1/31<sup>(2)</sup> <br>| 560 | &nbsp;&nbsp; 563 |
| <br>144A 6.750%, 10/1/35<sup>(2)</sup> <br>| 520 | &nbsp;&nbsp; 528 |
| Magnolia Oil & Gas <br> Operating LLC 144A <br>6.875%, 12/1/32<sup>(2)</sup> <br>| 1550 | &nbsp;&nbsp; 1595 |
| Mesquite Energy, Inc. 144A <br>7.250%, 7/15/26<sup>(2)(9)</sup> <br>| 375 | &nbsp;&nbsp; — <br><sup>(11)</sup><br>|
| Occidental Petroleum Corp. |  |  |
| 5.550%, 10/1/34 | 890 | &nbsp;&nbsp; 905 |
| 6.200%, 3/15/40 | 865 | &nbsp;&nbsp; 883 |
| Pertamina Persero PT |  |  |
| <br>144A 2.300%, 2/9/31<sup>(2)</sup> <br>| 591 | &nbsp;&nbsp; 519 |
| <br>144A 6.450%, 5/30/44<sup>(2)</sup> <br>| 378 | &nbsp;&nbsp; 382 |
| Petroleos de Venezuela <br> S.A. RegS <br>9.000%, 11/17/21<sup>(3)(4)</sup> <br>| 6020 | &nbsp;&nbsp; 2321 |
| Petroleos del Peru S.A. <br> RegS <br>4.750%, 6/19/32<sup>(3)</sup> <br>| 417 | &nbsp;&nbsp; 328 |
| Petroleos Mexicanos |  |  |
| 6.840%, 1/23/30 | 1143 | &nbsp;&nbsp; 1147 |
| 5.950%, 1/28/31 | 330 | &nbsp;&nbsp; 316 |
| 6.700%, 2/16/32 | 1043 | &nbsp;&nbsp; 1021 |
| 6.950%, 1/28/60 | 1012 | &nbsp;&nbsp; 796 |
| 6.350%, 2/12/48 | 1117 | &nbsp;&nbsp; 854 |
| Petronas Capital Ltd. 144A <br>5.848%, 4/3/55<sup>(2)</sup> <br>| 1180 | &nbsp;&nbsp; 1207 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Prairie Acquiror LP 144A <br>9.000%, 8/1/29<sup>(2)</sup> <br>| $755 | &nbsp;&nbsp; $780 |
| Sempra Infrastructure <br> Partners LP 144A <br>3.250%, 1/15/32<sup>(2)</sup> <br>| 814 | &nbsp;&nbsp; 719 |
| SM Energy Co. 144A <br>6.625%, 4/15/34<sup>(2)</sup> <br>| 205 | &nbsp;&nbsp; 204 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. <br>7.500%, 3/1/55<br>| 1755 | &nbsp;&nbsp; 1827 |
| Sunoco LP |  |  |
| <br>144A 5.625%, 3/15/31<sup>(2)</sup> <br>| 575 | &nbsp;&nbsp; 572 |
| <br>144A 5.375%, 7/15/31<sup>(2)</sup> <br>| 75 | &nbsp;&nbsp; 74 |
| <br>144A 5.875%, 3/15/34<sup>(2)</sup> <br>| 370 | &nbsp;&nbsp; 366 |
| <br>144A 5.625%, 7/15/34<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 123 |
| Teine Energy Ltd. 144A <br>6.875%, 4/15/29<sup>(2)</sup> <br>| 415 | &nbsp;&nbsp; 415 |
| Tidewater, Inc. 144A <br>9.125%, 7/15/30<sup>(2)</sup> <br>| 740 | &nbsp;&nbsp; 788 |
| Transocean International <br> Ltd.<br>|  |  |
| <br>144A 8.250%, 5/15/29<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp; 181 |
| <br>144A 8.750%, 2/15/30<sup>(2)</sup> <br>| 280 | &nbsp;&nbsp; 292 |
| <br>144A 8.500%, 5/15/31<sup>(2)</sup> <br>| 875 | &nbsp;&nbsp; 918 |
| <br>144A <br> 7.875%, 10/15/32<sup>(2)</sup> <br>| 305 | &nbsp;&nbsp; 326 |
| Uzbekneftegaz JSC 144A <br>8.750%, 5/7/30<sup>(2)</sup> <br>| 280 | &nbsp;&nbsp; 294 |
| Venture Global Calcasieu <br> Pass LLC 144A <br>4.125%, 8/15/31<sup>(2)</sup> <br>| 485 | &nbsp;&nbsp; 450 |
| Venture Global LNG, Inc. |  |  |
| <br>144A 9.000%<sup>(2)(10)</sup> <br>| 440 | &nbsp;&nbsp; 438 |
| <br>144A 9.875%, 2/1/32<sup>(2)</sup> <br>| 1150 | &nbsp;&nbsp; 1235 |
| Western Midstream <br> Operating LP <br>5.250%, 2/1/50<br>| 1990 | &nbsp;&nbsp; 1678 |
| Williams Cos., Inc. (The) <br>5.150%, 3/15/34<br>| 1430 | &nbsp;&nbsp; 1432 |
| YPF S.A. 144A <br>9.500%, 1/17/31<sup>(2)</sup> <br>| 353 | &nbsp;&nbsp; 371 |
|  |  | &nbsp;&nbsp; 48197 |
| **Financials—13.3%** | **Financials—13.3%** |  |
| Acrisure LLC |  |  |
| <br>144A 8.250%, 2/1/29<sup>(2)</sup> <br>| 380 | &nbsp;&nbsp; 376 |
| <br>144A 6.000%, 8/1/29<sup>(2)</sup> <br>| 1585 | &nbsp;&nbsp; 1488 |
| AerCap Ireland Capital DAC |  |  |
| 6.950%, 3/10/55 | 577 | &nbsp;&nbsp; 591 |
| 6.500%, 1/31/56 | 775 | &nbsp;&nbsp; 776 |
| Albion Financing 1 S.a.r.l. <br> 144A <br>7.000%, 5/21/30<sup>(2)</sup> <br>| 1310 | &nbsp;&nbsp; 1339 |
| Allianz SE |  |  |
| <br>144A 6.350%, 9/6/53<sup>(2)</sup> <br>| 1000 | &nbsp;&nbsp; 1041 |
| <br>144A 5.600%, 9/3/54<sup>(2)</sup> <br>| 450 | &nbsp;&nbsp; 446 |
| Ally Financial, Inc. <br>8.000%, 11/1/31<br>| 1575 | &nbsp;&nbsp; 1746 |
| Altice Financing S.A. 144A <br>5.000%, 1/15/28<sup>(2)</sup> <br>| 2575 | &nbsp;&nbsp; 1790 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Altice France Lux 3 144A <br>10.000%, 1/15/33<sup>(2)</sup> <br>| $132 | &nbsp;&nbsp; $120 |
| American Express Co. <br>5.625%, 7/28/34<br>| 1725 | &nbsp;&nbsp; 1763 |
| American National Group, <br> Inc. <br>7.000%, 12/1/55<br>| 309 | &nbsp;&nbsp; 293 |
| Apollo Debt Solutions BDC |  |  |
| 6.900%, 4/13/29 | 715 | &nbsp;&nbsp; 732 |
| 5.875%, 8/30/30 | 868 | &nbsp;&nbsp; 854 |
| Apollo Global <br> Management, Inc. <br>6.000%, 12/15/54<br>| 1935 | &nbsp;&nbsp; 1814 |
| Ardonagh Group Finance <br> Ltd. 144A <br>8.875%, 2/15/32<sup>(2)</sup> <br>| 35 | &nbsp;&nbsp; 34 |
| Arsenal AIC Parent LLC <br> 144A <br>11.500%, 10/1/31<sup>(2)</sup> <br>| 825 | &nbsp;&nbsp; 891 |
| 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; 949 |
| Atlas Warehouse Lending <br> Co. LP 144A <br>5.250%, 1/15/33<sup>(2)</sup> <br>| 1795 | &nbsp;&nbsp; 1738 |
| Avolon Holdings Funding <br> Ltd. 144A <br>5.750%, 11/15/29<sup>(2)</sup> <br>| 905 | &nbsp;&nbsp; 926 |
| Azorra Finance Ltd. |  |  |
| <br>144A 7.250%, 1/15/31<sup>(2)</sup> <br>| 830 | &nbsp;&nbsp; 838 |
| <br>144A 6.250%, 2/15/34<sup>(2)</sup> <br>| 345 | &nbsp;&nbsp; 321 |
| Azule Energy Finance plc <br> 144A <br>8.125%, 1/23/30<sup>(2)</sup> <br>| 400 | &nbsp;&nbsp; 404 |
| Banco de Credito del Peru <br> S.A. 144A <br>6.450%, 7/30/35<sup>(2)</sup> <br>| 648 | &nbsp;&nbsp; 653 |
| Banco de Credito e <br> Inversiones S.A. 144A <br>7.500% <sup>(2)(10)</sup> <br>| 515 | &nbsp;&nbsp; 537 |
| Banco Mercantil del Norte <br> S.A.<br>|  |  |
| <br>144A 5.875%<sup>(2)(10)</sup> <br>| 311 | &nbsp;&nbsp; 307 |
| <br>144A 8.375%<sup>(2)(10)</sup> <br>| 210 | &nbsp;&nbsp; 217 |
| Bank of America Corp. <br>5.518%, 10/25/35<br>| 2915 | &nbsp;&nbsp; 2915 |
| Barclays plc <br>7.437%, 11/2/33<br>| 1245 | &nbsp;&nbsp; 1392 |
| BBVA Mexico S.A. <br> Institucion De Banca <br> Multiple Grupo <br> Financiero BBVA Mexico <br> 144A <br>8.125%, 1/8/39<sup>(2)</sup> <br>| 395 | &nbsp;&nbsp; 415 |
| Blackstone Private Credit <br> Fund<br>|  |  |
| 5.950%, 7/16/29 | 445 | &nbsp;&nbsp; 438 |
| 6.000%, 1/29/32 | 935 | &nbsp;&nbsp; 907 |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | 1105 | &nbsp;&nbsp; 1115 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| <br>144A 6.000%, 8/15/33<sup>(2)</sup> <br>| $260 | &nbsp;&nbsp; $256 |
| Blue Owl Credit Income <br> Corp. <br>6.650%, 3/15/31<br>| 1195 | &nbsp;&nbsp; 1179 |
| Blue Owl Finance LLC <br>3.125%, 6/10/31<br>| 1760 | &nbsp;&nbsp; 1518 |
| BPCE S.A. |  |  |
| <br>144A <br> 7.003%, 10/19/34<sup>(2)</sup> <br>| 1100 | &nbsp;&nbsp; 1202 |
| <br>144A 6.915%, 1/14/46<sup>(2)</sup> <br>| 235 | &nbsp;&nbsp; 240 |
| Broadstreet Partners <br> Group LLC 144A <br>5.875%, 4/15/29<sup>(2)</sup> <br>| 665 | &nbsp;&nbsp; 648 |
| Capital One Financial Corp. |  |  |
| 2.359%, 7/29/32 | 720 | &nbsp;&nbsp; 621 |
| 6.377%, 6/8/34 | 960 | &nbsp;&nbsp; 1012 |
| Capital Power <br> U.S. Holdings, Inc. 144A <br>6.189%, 6/1/35<sup>(2)</sup> <br>| 1285 | &nbsp;&nbsp; 1316 |
| Charles Schwab Corp. <br> (The)<br>|  |  |
| 6.136%, 8/24/34 | 1020 | &nbsp;&nbsp; 1086 |
| Series H 4.000%<sup>(10)</sup> <br>| 849 | &nbsp;&nbsp; 785 |
| Series I 4.000%<sup>(10)</sup> <br>| 535 | &nbsp;&nbsp; 531 |
| Chobani Holdco II LLC <br> (8.750% Cash or <br> 9.500% PIK) 144A <br>8.750%, 10/1/29<sup>(2)(12)</sup> <br>| 1 | &nbsp;&nbsp; 1 |
| Cipher Compute LLC 144A <br>7.125%, 11/15/30<sup>(2)</sup> <br>| 340 | &nbsp;&nbsp; 352 |
| Citadel Finance LLC |  |  |
| <br>144A 4.750%, 2/14/29<sup>(2)</sup> <br>| 1225 | &nbsp;&nbsp; 1200 |
| <br>144A 5.150%, 2/14/31<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp; 146 |
| Citigroup, Inc. |  |  |
| 6.270%, 11/17/33 | 615 | &nbsp;&nbsp; 657 |
| 6.174%, 5/25/34 | 719 | &nbsp;&nbsp; 744 |
| CompoSecure <br> Holdings LLC 144A <br>5.625%, 2/1/33<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Constellation Oil Services <br> Holding S.A. 144A <br>9.375%, 11/7/29<sup>(2)</sup> <br>| 334 | &nbsp;&nbsp; 346 |
| Corebridge Financial, Inc. <br>6.375%, 9/15/54<br>| 1959 | &nbsp;&nbsp; 1925 |
| Coronado Finance Pty Ltd. <br> 144A <br>9.250%, 10/1/29<sup>(2)</sup> <br>| 1305 | &nbsp;&nbsp; 1177 |
| DBR Land Holdings LLC <br> 144A <br>6.250%, 12/1/30<sup>(2)</sup> <br>| 520 | &nbsp;&nbsp; 526 |
| Deutsche Bank AG <br>5.403%, 9/11/35<br>| 1260 | &nbsp;&nbsp; 1254 |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(2)</sup> <br>| 1410 | &nbsp;&nbsp; 1324 |
| Endo Finance Holdings LP <br> 144A <br>8.500%, 4/15/31<sup>(2)</sup> <br>| 1505 | &nbsp;&nbsp; 1576 |
| F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 1525 | &nbsp;&nbsp; 1531 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Fifth Third Bancorp <br>4.337%, 4/25/33<br>| $965 | &nbsp;&nbsp; $930 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(2)</sup> <br>| 2090 | &nbsp;&nbsp; 2071 |
| Focus Financial <br> Partners LLC 144A <br>6.750%, 9/15/31<sup>(2)</sup> <br>| 1165 | &nbsp;&nbsp; 1157 |
| Foundry JV Holdco LLC <br> 144A <br>5.875%, 1/25/34<sup>(2)</sup> <br>| 1130 | &nbsp;&nbsp; 1144 |
| Froneri Lux FinCo S.a.r.l. <br> 144A <br>6.000%, 8/1/32<sup>(2)</sup> <br>| 1155 | &nbsp;&nbsp; 1126 |
| FS Luxembourg S.a.r.l. <br> 144A <br>8.625%, 6/25/33<sup>(2)</sup> <br>| 325 | &nbsp;&nbsp; 320 |
| Global Atlantic Fin Co. |  |  |
| <br>144A 7.950%, 6/15/33<sup>(2)</sup> <br>| 907 | &nbsp;&nbsp; 973 |
| <br>144A <br> 7.950%, 10/15/54<sup>(2)</sup> <br>| 330 | &nbsp;&nbsp; 318 |
| Global Payments, Inc. <br>5.550%, 11/15/35<br>| 1750 | &nbsp;&nbsp; 1686 |
| Goldman Sachs Group, Inc. <br> (The)<br>|  |  |
| 5.330%, 7/23/35 | 980 | &nbsp;&nbsp; 983 |
| 6.450%, 5/1/36 | 355 | &nbsp;&nbsp; 375 |
| 5.065%, 1/21/37 | 690 | &nbsp;&nbsp; 675 |
| Grifols S.A. 144A <br>4.750%, 10/15/28<sup>(2)</sup> <br>| 1380 | &nbsp;&nbsp; 1352 |
| Gulfport Energy Operating <br> Corp. 144A <br>6.750%, 9/1/29<sup>(2)</sup> <br>| 490 | &nbsp;&nbsp; 501 |
| HA Sustainable <br> Infrastructure Capital, <br> Inc. <br>6.375%, 7/1/34<br>| 1756 | &nbsp;&nbsp; 1768 |
| Huntington Bancshares, <br> Inc.<br>|  |  |
| 5.709%, 2/2/35 | 575 | &nbsp;&nbsp; 587 |
| 6.141%, 11/18/39 | 995 | &nbsp;&nbsp; 1013 |
| Icon Investments Six DAC <br>6.000%, 5/8/34<br>| 1695 | &nbsp;&nbsp; 1717 |
| Imperial Brands Finance <br> plc 144A <br>5.625%, 7/1/35<sup>(2)</sup> <br>| 1615 | &nbsp;&nbsp; 1629 |
| ION Platform Finance U.S., <br> Inc. 144A <br>9.500%, 5/30/29<sup>(2)</sup> <br>| 485 | &nbsp;&nbsp; 457 |
| JH North America <br> Holdings, Inc. 144A <br>6.125%, 7/31/32<sup>(2)</sup> <br>| 2030 | &nbsp;&nbsp; 2022 |
| JPMorgan Chase & Co. |  |  |
| 5.717%, 9/14/33 | 570 | &nbsp;&nbsp; 590 |
| 5.350%, 6/1/34 | 600 | &nbsp;&nbsp; 612 |
| 6.254%, 10/23/34 | 820 | &nbsp;&nbsp; 882 |
| 5.576%, 7/23/36 | 1210 | &nbsp;&nbsp; 1225 |
| KeyCorp |  |  |
| 4.789%, 6/1/33 | 680 | &nbsp;&nbsp; 665 |
| 6.401%, 3/6/35 | 415 | &nbsp;&nbsp; 440 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(2)</sup> <br>| 2040 | &nbsp;&nbsp; 1993 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Maxam Prill S.a.r.l. 144A <br>7.750%, 7/15/30<sup>(2)</sup> <br>| $1095 | &nbsp;&nbsp; $1113 |
| Melco Resorts Finance Ltd. <br> (Macau) 144A <br>5.375%, 12/4/29<sup>(2)</sup> <br>| 680 | &nbsp;&nbsp; 652 |
| Midcap Financial Issuer <br> Trust 144A <br>6.500%, 5/1/28<sup>(2)</sup> <br>| 1080 | &nbsp;&nbsp; 1048 |
| Morgan Stanley |  |  |
| 6.342%, 10/18/33 | 710 | &nbsp;&nbsp; 760 |
| 5.250%, 4/21/34 | 930 | &nbsp;&nbsp; 933 |
| 5.424%, 7/21/34 | 345 | &nbsp;&nbsp; 350 |
| 5.948%, 1/19/38 | 352 | &nbsp;&nbsp; 361 |
| Movida Europe S.A. 144A <br>7.850%, 4/11/29<sup>(2)(5)</sup> <br>| 416 | &nbsp;&nbsp; 404 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(2)</sup> <br>| 1911 | &nbsp;&nbsp; 1806 |
| 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; 1230 |
| NCR Atleos Corp. 144A <br>9.500%, 4/1/29<sup>(2)</sup> <br>| 510 | &nbsp;&nbsp; 546 |
| NextEra Energy Capital <br> Holdings, Inc. <br>6.500%, 8/15/55<br>| 1740 | &nbsp;&nbsp; 1796 |
| Nippon Life Insurance Co. |  |  |
| <br>144A 6.250%, 9/13/53<sup>(2)</sup> <br>| 1335 | &nbsp;&nbsp; 1362 |
| <br>144A 6.500%, 4/30/55<sup>(2)</sup> <br>| 140 | &nbsp;&nbsp; 144 |
| Northern Trust Corp. |  |  |
| 3.375%, 5/8/32 | 600 | &nbsp;&nbsp; 592 |
| 5.117%, 11/19/40 | 800 | &nbsp;&nbsp; 779 |
| OAK-Eagle Acquireco, Inc. <br> 144A <br>8.750%, 7/1/34<sup>(2)</sup> <br>| 265 | &nbsp;&nbsp; 277 |
| Omnis Funding Trust 144A <br>6.722%, 5/15/55<sup>(2)</sup> <br>| 515 | &nbsp;&nbsp; 521 |
| OneMain Finance Corp. |  |  |
| 6.125%, 5/15/30 | 190 | &nbsp;&nbsp; 186 |
| 7.125%, 11/15/31 | 1575 | &nbsp;&nbsp; 1561 |
| 6.750%, 9/15/33 | 195 | &nbsp;&nbsp; 187 |
| Opal Bidco SAS 144A <br>6.500%, 3/31/32<sup>(2)</sup> <br>| 120 | &nbsp;&nbsp; 120 |
| Park River Holdings, Inc. <br> 144A <br>8.000%, 3/15/31<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp; 164 |
| Phoenix Aviation Capital <br> Ltd. 144A <br>9.250%, 7/15/30<sup>(2)</sup> <br>| 690 | &nbsp;&nbsp; 694 |
| PNC Financial Services <br> Group, Inc. (The)<br>|  |  |
| 5.575%, 1/29/36 | 1475 | &nbsp;&nbsp; 1506 |
| 5.423%, 1/25/41 | 500 | &nbsp;&nbsp; 490 |
| Prudential Financial, Inc. |  |  |
| 5.125%, 3/1/52 | 344 | &nbsp;&nbsp; 329 |
| 6.750%, 3/1/53 | 560 | &nbsp;&nbsp; 579 |
| 6.500%, 3/15/54 | 610 | &nbsp;&nbsp; 625 |
| Reinsurance Group of <br> America, Inc. <br>6.650%, 9/15/55<br>| 1260 | &nbsp;&nbsp; 1254 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Rivers Enterprise <br> Borrower LLC 144A <br>6.250%, 10/15/30<sup>(2)</sup> <br>| $205 | &nbsp;&nbsp; $204 |
| Rocket Cos., Inc. 144A <br>6.375%, 8/1/33<sup>(2)</sup> <br>| 785 | &nbsp;&nbsp; 793 |
| Saks Global <br> Enterprises LLC 144A <br>11.000%, 12/15/29<sup>(2)(4)(9)</sup> <br>| 330 | &nbsp;&nbsp; — <br><sup>(11)</sup><br>|
| Societe Generale S.A. 144A <br>6.066%, 1/19/35<sup>(2)</sup> <br>| 1275 | &nbsp;&nbsp; 1317 |
| South Bow USA <br> Infrastructure <br> Holdings LLC <br>5.584%, 10/1/34<br>| 525 | &nbsp;&nbsp; 521 |
| Standard Building <br> Solutions, Inc. 144A <br>5.875%, 3/15/34<sup>(2)</sup> <br>| 750 | &nbsp;&nbsp; 723 |
| State Street Corp. |  |  |
| 6.123%, 11/21/34 | 700 | &nbsp;&nbsp; 740 |
| Series I 6.700%<sup>(10)</sup> <br>| 550 | &nbsp;&nbsp; 559 |
| Stellantis Finance U.S., Inc. <br> 144A <br>6.450%, 3/18/35<sup>(2)</sup> <br>| 1475 | &nbsp;&nbsp; 1453 |
| Sumitomo Life Insurance <br> Co. 144A <br>5.875%, 9/10/55<sup>(2)</sup> <br>| 1655 | &nbsp;&nbsp; 1619 |
| Surgery Center Holdings, <br> Inc. 144A <br>7.250%, 4/15/32<sup>(2)</sup> <br>| 725 | &nbsp;&nbsp; 712 |
| SV RNO Property Owner 1 <br> LLC 144A <br>5.875%, 3/1/31<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 124 |
| Synergy Infrastructure <br> Holdings LLC 144A <br>7.875%, 12/1/30<sup>(2)</sup> <br>| 885 | &nbsp;&nbsp; 902 |
| Texas Capital Bancshares, <br> Inc.<br>|  |  |
| 4.000%, 5/6/31 | 945 | &nbsp;&nbsp; 943 |
| 5.301%, 2/27/32 | 495 | &nbsp;&nbsp; 488 |
| Toronto-Dominion Bank <br> (The) <br>8.125%, 10/31/82<br>| 995 | &nbsp;&nbsp; 1027 |
| Truist Financial Corp. |  |  |
| 5.122%, 1/26/34 | 770 | &nbsp;&nbsp; 768 |
| 5.867%, 6/8/34 | 390 | &nbsp;&nbsp; 406 |
| UBS Group AG |  |  |
| <br>144A 7.000%<sup>(2)(10)</sup> <br>| 1340 | &nbsp;&nbsp; 1295 |
| <br>144A 4.988%, 8/5/33<sup>(2)</sup> <br>| 1090 | &nbsp;&nbsp; 1085 |
| Wells Fargo & Co. |  |  |
| 6.125%<sup>(10)</sup> <br>| 935 | &nbsp;&nbsp; 939 |
| 5.389%, 4/24/34 | 425 | &nbsp;&nbsp; 431 |
| 6.491%, 10/23/34 | 310 | &nbsp;&nbsp; 336 |
| Wrangler Holdco Corp. <br> 144A <br>6.625%, 4/1/32<sup>(2)</sup> <br>| 495 | &nbsp;&nbsp; 510 |
|  |  | &nbsp;&nbsp; 124638 |
| **Health Care—2.2%** | **Health Care—2.2%** |  |
| 180 Medical, Inc. 144A <br>5.300%, 10/8/35<sup>(2)</sup> <br>| 1885 | &nbsp;&nbsp; 1848 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Acadia Healthcare Co., Inc. <br> 144A <br>5.500%, 7/1/28<sup>(2)</sup> <br>| $1220 | &nbsp;&nbsp; $1211 |
| Amneal <br> Pharmaceuticals LLC <br> 144A <br>6.875%, 8/1/32<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| Baxter International, Inc. <br>3.132%, 12/1/51<br>| 3920 | &nbsp;&nbsp; 2244 |
| BioMarin Pharmaceutical, <br> Inc. 144A <br>5.500%, 2/15/34<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 49 |
| Charles River Laboratories <br> International, Inc. 144A <br>4.250%, 5/1/28<sup>(2)</sup> <br>| 410 | &nbsp;&nbsp; 401 |
| Community Health <br> Systems, Inc.<br>|  |  |
| <br>144A 5.250%, 5/15/30<sup>(2)</sup> <br>| 680 | &nbsp;&nbsp; 641 |
| <br>144A 4.750%, 2/15/31<sup>(2)</sup> <br>| 1510 | &nbsp;&nbsp; 1392 |
| CVS Health Corp. <br>6.750%, 12/10/54<br>| 1025 | &nbsp;&nbsp; 1038 |
| Dentsply Sirona, Inc. <br>3.250%, 6/1/30<sup>(5)</sup> <br>| 1630 | &nbsp;&nbsp; 1501 |
| GENMAB A/S |  |  |
| <br>144A <br> 6.250%, 12/15/32<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| <br>144A <br> 7.250%, 12/15/33<sup>(2)</sup> <br>| 80 | &nbsp;&nbsp; 84 |
| HCA, Inc. |  |  |
| 5.500%, 6/1/33 | 740 | &nbsp;&nbsp; 755 |
| 5.600%, 4/1/34 | 530 | &nbsp;&nbsp; 541 |
| 5.450%, 9/15/34 | 305 | &nbsp;&nbsp; 308 |
| LifePoint Health, Inc. |  |  |
| <br>144A 9.875%, 8/15/30<sup>(2)</sup> <br>| 1115 | &nbsp;&nbsp; 1179 |
| <br>144A 10.000%, 6/1/32<sup>(2)</sup> <br>| 425 | &nbsp;&nbsp; 434 |
| Molina Healthcare, Inc. <br> 144A <br>6.250%, 1/15/33<sup>(2)</sup> <br>| 405 | &nbsp;&nbsp; 393 |
| Organon & Co. |  |  |
| <br>144A 4.125%, 4/30/28<sup>(2)</sup> <br>| 1125 | &nbsp;&nbsp; 1092 |
| <br>144A 5.125%, 4/30/31<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 163 |
| <br>144A 7.875%, 5/15/34<sup>(2)</sup> <br>| 190 | &nbsp;&nbsp; 156 |
| Prime Healthcare Services, <br> Inc. 144A <br>9.375%, 9/1/29<sup>(2)</sup> <br>| 1120 | &nbsp;&nbsp; 1161 |
| Smith & Nephew plc <br>5.400%, 3/20/34<br>| 1530 | &nbsp;&nbsp; 1552 |
| Tenet Healthcare Corp. <br> 144A <br>6.000%, 11/15/33<sup>(2)(5)</sup> <br>| 735 | &nbsp;&nbsp; 744 |
| Universal Health Services, <br> Inc.<br>|  |  |
| 2.650%, 1/15/32 | 631 | &nbsp;&nbsp; 550 |
| 5.050%, 10/15/34 | 1315 | &nbsp;&nbsp; 1255 |
|  |  | &nbsp;&nbsp; 20794 |
| **Industrials—3.5%** | **Industrials—3.5%** |  |
| Adani Ports & Special <br> Economic Zone Ltd. <br> 144A <br>4.375%, 7/3/29<sup>(2)</sup> <br>| 700 | &nbsp;&nbsp; 668 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(2)</sup> <br>| $653 | &nbsp;&nbsp; $653 |
| Aviation Capital Group LLC |  |  |
| <br>144A <br> 6.750%, 10/25/28<sup>(2)</sup> <br>| 150 | &nbsp;&nbsp; 157 |
| <br>144A 5.125%, 4/10/30<sup>(2)</sup> <br>| 620 | &nbsp;&nbsp; 623 |
| <br>144A 6.375%, 7/15/30<sup>(2)</sup> <br>| 325 | &nbsp;&nbsp; 342 |
| <br>144A 4.875%, 1/28/33<sup>(2)</sup> <br>| 760 | &nbsp;&nbsp; 733 |
| Boeing Co. (The) |  |  |
| 5.805%, 5/1/50 | 325 | &nbsp;&nbsp; 314 |
| 5.930%, 5/1/60 | 1355 | &nbsp;&nbsp; 1301 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(2)</sup> <br>| 1040 | &nbsp;&nbsp; 954 |
| Builders FirstSource, Inc. <br> 144A <br>6.375%, 3/1/34<sup>(2)</sup> <br>| 1290 | &nbsp;&nbsp; 1274 |
| Carpenter Technology <br> Corp. 144A <br>5.625%, 3/1/34<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| 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; 1680 |
| Clarios Global LP |  |  |
| <br>144A 6.750%, 2/15/30<sup>(2)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| <br>144A 6.750%, 9/15/32<sup>(2)</sup> <br>| 280 | &nbsp;&nbsp; 282 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(2)</sup> <br>| 1935 | &nbsp;&nbsp; 1750 |
| DP World Ltd. 144A <br>6.850%, 7/2/37<sup>(2)</sup> <br>| 200 | &nbsp;&nbsp; 212 |
| Esab Corp. 144A <br>5.625%, 4/1/31<sup>(2)</sup> <br>| 145 | &nbsp;&nbsp; 146 |
| FTAI Aviation Investors LLC |  |  |
| <br>144A 7.000%, 5/1/31<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp; 169 |
| <br>144A 7.000%, 6/15/32<sup>(2)</sup> <br>| 1510 | &nbsp;&nbsp; 1548 |
| Garda World Security Corp. <br> 144A <br>8.375%, 11/15/32<sup>(2)</sup> <br>| 945 | &nbsp;&nbsp; 946 |
| Global Infrastructure <br> Solutions, Inc. 144A <br>7.500%, 4/15/32<sup>(2)</sup> <br>| 1400 | &nbsp;&nbsp; 1460 |
| Global Medical Response, <br> Inc. 144A <br>7.375%, 10/1/32<sup>(2)</sup> <br>| 630 | &nbsp;&nbsp; 654 |
| Herc Holdings, Inc. |  |  |
| <br>144A 7.250%, 6/15/33<sup>(2)</sup> <br>| 345 | &nbsp;&nbsp; 354 |
| <br>144A 6.000%, 3/15/34<sup>(2)</sup> <br>| 570 | &nbsp;&nbsp; 551 |
| Icahn Enterprises LP |  |  |
| 5.250%, 5/15/27 | 365 | &nbsp;&nbsp; 358 |
| <br>144A <br> 10.000%, 11/15/29<sup>(2)</sup> <br>| 1130 | &nbsp;&nbsp; 1113 |
| LBM Acquisition LLC 144A <br>6.250%, 1/15/29<sup>(2)</sup> <br>| 1695 | &nbsp;&nbsp; 1239 |
| Madison IAQ LLC 144A <br>5.875%, 6/30/29<sup>(2)</sup> <br>| 910 | &nbsp;&nbsp; 892 |
| Neptune Bidco U.S., Inc. |  |  |
| <br>144A 9.290%, 4/15/29<sup>(2)</sup> <br>| 1480 | &nbsp;&nbsp; 1484 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| <br>144A <br> 10.375%, 5/15/31<sup>(2)</sup> <br>| $110 | &nbsp;&nbsp; $111 |
| Regal Rexnord Corp. <br>6.400%, 4/15/33<br>| 1333 | &nbsp;&nbsp; 1409 |
| Science Applications <br> International Corp.<br>|  |  |
| <br>144A 4.875%, 4/1/28<sup>(2)</sup> <br>| 650 | &nbsp;&nbsp; 640 |
| <br>144A 5.875%, 11/1/33<sup>(2)</sup> <br>| 305 | &nbsp;&nbsp; 298 |
| Stanley Black & Decker, <br> Inc. <br>6.707%, 3/15/60<br>| 1235 | &nbsp;&nbsp; 1206 |
| TransDigm, Inc. |  |  |
| <br>144A <br> 6.875%, 12/15/30<sup>(2)</sup> <br>| 885 | &nbsp;&nbsp; 907 |
| <br>144A 6.625%, 3/1/32<sup>(2)</sup> <br>| 630 | &nbsp;&nbsp; 643 |
| <br>144A 6.125%, 7/31/34<sup>(2)</sup> <br>| 100 | &nbsp;&nbsp; 98 |
| United Airlines Holdings, <br> Inc.<br>|  |  |
| 4.875%, 3/1/29 | 255 | &nbsp;&nbsp; 249 |
| 5.375%, 3/1/31 | 70 | &nbsp;&nbsp; 69 |
| United Airlines <br> Pass-Through Trust <br> 2023-1, A <br>5.800%, 7/15/37<br>| 536 | &nbsp;&nbsp; 552 |
| United Airlines <br> Pass-Through-Trust <br> 2024-1, AA <br>5.450%, 8/15/38<br>| 850 | &nbsp;&nbsp; 867 |
| VistaJet Malta Finance plc <br> 144A <br>9.500%, 6/1/28<sup>(2)</sup> <br>| 1645 | &nbsp;&nbsp; 1607 |
| VoltaGrid LLC 144A <br>7.375%, 11/1/30<sup>(2)</sup> <br>| 850 | &nbsp;&nbsp; 878 |
| WESCO Distribution, Inc. |  |  |
| <br>144A 6.625%, 3/15/32<sup>(2)</sup> <br>| 435 | &nbsp;&nbsp; 445 |
| <br>144A 5.500%, 4/15/34<sup>(2)</sup> <br>| 505 | &nbsp;&nbsp; 497 |
| White Cap Supply <br> Holdings LLC 144A <br>7.375%, 11/15/30<sup>(2)</sup> <br>| 330 | &nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp; 32754 |
| **Information Technology—1.2%** | **Information Technology—1.2%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| 5.950%, 8/4/33 | 1195 | &nbsp;&nbsp; 1220 |
| <br>144A 4.000%, 7/1/29<sup>(2)</sup> <br>| 600 | &nbsp;&nbsp; 581 |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(2)</sup> <br>| 1565 | &nbsp;&nbsp; 1510 |
| Consensus Cloud <br> Solutions, Inc. 144A <br>6.500%, 10/15/28<sup>(2)</sup> <br>| 635 | &nbsp;&nbsp; 629 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(2)</sup> <br>| 1925 | &nbsp;&nbsp; 1750 |
| Insight Enterprises, Inc. <br> 144A <br>6.625%, 5/15/32<sup>(2)</sup> <br>| 860 | &nbsp;&nbsp; 830 |
| Nokia Oyj <br>6.625%, 5/15/39<br>| 535 | &nbsp;&nbsp; 560 |
| Oracle Corp. |  |  |
| 6.250%, 11/9/32 | 590 | &nbsp;&nbsp; 605 |
| 5.500%, 8/3/35 | 760 | &nbsp;&nbsp; 726 |
| 6.900%, 11/9/52 | 640 | &nbsp;&nbsp; 604 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Rocket Software, Inc. 144A <br>9.000%, 11/28/28<sup>(2)</sup> <br>| $1750 | &nbsp;&nbsp; $1747 |
| WULF Compute LLC 144A <br>7.750%, 10/15/30<sup>(2)</sup> <br>| 730 | &nbsp;&nbsp; 771 |
|  |  | &nbsp;&nbsp; 11533 |
| **Materials—1.7%** | **Materials—1.7%** |  |
| ASP Unifrax Holdings, Inc. <br> 144A <br>5.250%, 9/30/28<sup>(2)(9)</sup> <br>| 1235 | &nbsp;&nbsp; 56 |
| Bayport Polymers LLC <br> 144A <br>5.140%, 4/14/32<sup>(2)</sup> <br>| 1460 | &nbsp;&nbsp; 1445 |
| Capstone Copper Corp. <br> 144A <br>6.750%, 3/31/33<sup>(2)</sup> <br>| 1760 | &nbsp;&nbsp; 1748 |
| Cleveland-Cliffs, Inc. 144A <br>7.625%, 1/15/34<sup>(2)</sup> <br>| 955 | &nbsp;&nbsp; 933 |
| Corp. Nacional del Cobre <br> de Chile RegS <br>6.440%, 1/26/36<sup>(3)(5)</sup> <br>| 1087 | &nbsp;&nbsp; 1144 |
| Illuminate Buyer LLC 144A <br>9.000%, 7/1/28<sup>(2)</sup> <br>| 462 | &nbsp;&nbsp; 462 |
| LSB Industries, Inc. 144A <br>6.250%, 10/15/28<sup>(2)</sup> <br>| 2255 | &nbsp;&nbsp; 2241 |
| Mauser Packaging <br> Solutions Holding Co. <br> 144A <br>9.250%, 4/15/30<sup>(2)</sup> <br>| 1085 | &nbsp;&nbsp; 1008 |
| New Enterprise Stone & <br> Lime Co., Inc. 144A <br>9.750%, 7/15/28<sup>(2)</sup> <br>| 591 | &nbsp;&nbsp; 590 |
| Samarco Mineracao S.A. <br> (9.500% PIK) 144A <br>9.500%, 6/30/31<sup>(2)(12)</sup> <br>| 392 | &nbsp;&nbsp; 386 |
| Solstice Advanced <br> Materials, Inc. 144A <br>5.625%, 9/30/33<sup>(2)</sup> <br>| 60 | &nbsp;&nbsp; 59 |
| Sonoco Products Co. <br>5.000%, 9/1/34<br>| 980 | &nbsp;&nbsp; 959 |
| Taseko Mines Ltd. 144A <br>8.250%, 5/1/30<sup>(2)</sup> <br>| 515 | &nbsp;&nbsp; 537 |
| Trivium Packaging Finance <br> B.V.<br>|  |  |
| <br>144A 8.250%, 7/15/30<sup>(2)</sup> <br>| 105 | &nbsp;&nbsp; 110 |
| <br>144A <br> 12.250%, 1/15/31<sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 574 |
| Westlake Corp. <br>5.550%, 11/15/35<br>| 1755 | &nbsp;&nbsp; 1749 |
| WR Grace Holdings LLC <br> 144A <br>5.625%, 8/15/29<sup>(2)</sup> <br>| 1737 | &nbsp;&nbsp; 1598 |
|  |  | &nbsp;&nbsp; 15599 |
| **Real Estate—0.2%** | **Real Estate—0.2%** |  |
| Iron Mountain, Inc. 144A <br>6.250%, 1/15/33<sup>(2)</sup> <br>| 1050 | &nbsp;&nbsp; 1047 |
| Millrose Properties, Inc. <br> 144A <br>6.250%, 9/15/32<sup>(2)</sup> <br>| 740 | &nbsp;&nbsp; 726 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Real Estate—continued** | **Real Estate—continued** |  |
| Port of Spain Waterfront <br> Development RegS <br>7.875%, 2/19/40<sup>(3)</sup> <br>| $299 | &nbsp;&nbsp; $297 |
| Service Properties Trust <br>4.950%, 2/15/27<br>| 113 | &nbsp;&nbsp; 113 |
|  |  | &nbsp;&nbsp; 2183 |
| **Utilities—2.0%** | **Utilities—2.0%** |  |
| AES Corp. (The) <br>7.600%, 1/15/55<br>| 660 | &nbsp;&nbsp; 655 |
| Alpha Generation LLC 144A <br>6.250%, 1/15/34<sup>(2)</sup> <br>| 740 | &nbsp;&nbsp; 727 |
| CMS Energy Corp. <br>4.750%, 6/1/50<br>| 1485 | &nbsp;&nbsp; 1440 |
| Comision Ejecutiva <br> Hidroelectrica del Rio <br> Lempa 144A <br>8.650%, 1/24/33<sup>(2)</sup> <br>| 324 | &nbsp;&nbsp; 333 |
| Dominion Energy, Inc. |  |  |
| 6.200%, 2/15/56 | 820 | &nbsp;&nbsp; 813 |
| Series B 7.000%, 6/1/54 | 630 | &nbsp;&nbsp; 666 |
| Electricite de France S.A. <br> 144A <br>6.900%, 5/23/53<sup>(2)</sup> <br>| 1615 | &nbsp;&nbsp; 1728 |
| ENEL Finance International <br> N.V.<br>|  |  |
| <br>144A <br> 7.500%, 10/14/32<sup>(2)</sup> <br>| 585 | &nbsp;&nbsp; 659 |
| <br>144A 5.500%, 6/26/34<sup>(2)</sup> <br>| 585 | &nbsp;&nbsp; 594 |
| Entergy Corp. <br>7.125%, 12/1/54<br>| 1420 | &nbsp;&nbsp; 1455 |
| Eskom Holdings 144A <br>8.450%, 8/10/28<sup>(2)</sup> <br>| 595 | &nbsp;&nbsp; 624 |
| Ferrellgas LP 144A <br>5.875%, 4/1/29<sup>(2)</sup> <br>| 1360 | &nbsp;&nbsp; 1300 |
| KeySpan Gas East Corp. <br> 144A <br>5.994%, 3/6/33<sup>(2)</sup> <br>| 1460 | &nbsp;&nbsp; 1524 |
| Limak Yenilenebilir Enerji <br> AS 144A <br>9.625%, 8/12/30<sup>(2)</sup> <br>| 300 | &nbsp;&nbsp; 290 |
| NGL Energy Operating LLC |  |  |
| <br>144A 8.125%, 2/15/29<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp; 170 |
| <br>144A 8.375%, 2/15/32<sup>(2)</sup> <br>| 1330 | &nbsp;&nbsp; 1371 |
| NRG Energy, Inc. 144A <br>7.000%, 3/15/33<sup>(2)</sup> <br>| 1007 | &nbsp;&nbsp; 1090 |
| Suburban Propane <br> Partners LP 144A <br>6.500%, 12/15/35<sup>(2)</sup> <br>| 1075 | &nbsp;&nbsp; 1045 |
| Vistra Corp. 144A <br>8.000% <sup>(2)(10)</sup> <br>| 902 | &nbsp;&nbsp; 912 |
| Vistra Operations Co. LLC <br> 144A <br>6.875%, 4/15/32<sup>(2)</sup> <br>| 1130 | &nbsp;&nbsp; 1169 |
|  |  | &nbsp;&nbsp; 18565 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $315,274)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $315,274)** | &nbsp;&nbsp; **314534** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Leveraged Loans—8.0%** | **Leveraged Loans—8.0%** | **Leveraged Loans—8.0%** |
| **Aerospace—0.1%** | **Aerospace—0.1%** |  |
| Brown Group Holding LLC <br> Tranche B-2 (1-3 month <br> Term SOFR + 2.500%) <br>6.167% - 6.173%, <br> 7/1/31<sup>(8)</sup> <br>| $195 | &nbsp;&nbsp; $195 |
| Karman Holdings LLC <br> 2026, Tranche B (3 <br> month Term SOFR + <br> 2.750%) <br>6.461%, 4/1/32<sup>(8)</sup> <br>| 145 | &nbsp;&nbsp; 145 |
| Rand Parent LLC 2025, <br> Tranche B (3 month <br> Term SOFR + 3.000%) <br>6.700%, 3/18/30<sup>(8)</sup> <br>| 442 | &nbsp;&nbsp; 441 |
| Vista Management <br> Holding, Inc. (3 month <br> Term SOFR + 3.750%) <br>7.411%, 4/1/31<sup>(8)</sup> <br>| 168 | &nbsp;&nbsp; 166 |
|  |  | &nbsp;&nbsp; 947 |
| **Chemicals—0.3%** | **Chemicals—0.3%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 2/19/30<sup>(8)</sup> <br>| 839 | &nbsp;&nbsp; 729 |
| Lummus Technology <br> Holdings V LLC Tranche <br> B (1 month Term SOFR + <br> 2.500%) <br>6.168%, 12/31/29<sup>(8)</sup> <br>| 861 | &nbsp;&nbsp; 853 |
| Nouryon Finance B.V. <br> 2024, Tranche B-1 (3-6 <br> month Term SOFR + <br> 3.250%) <br>7.036%, 4/3/28<sup>(8)</sup> <br>| 554 | &nbsp;&nbsp; 542 |
| USALCO LLC |  |  |
| 2025 (1 month Term <br> SOFR + 3.500%) <br>7.168%, 9/30/31<sup>(8)</sup> <br>| 468 | &nbsp;&nbsp; 466 |
| 2025 (1 month Term <br> SOFR + 3.500%) <br>7.176%, 9/30/31<sup>(8)</sup> <br>| 49 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 2639 |
| **Consumer Durables—0.3%** | **Consumer Durables—0.3%** |  |
| Gloves Buyer, Inc. (1 <br> month Term SOFR + <br> 4.000%) <br>7.668%, 5/21/32<sup>(8)</sup> <br>| 723 | &nbsp;&nbsp; 720 |
| Skechers U.S.A., Inc. <br> Tranche B-1 (3 month <br> Term SOFR + 3.250%) <br>6.950%, 9/13/32<sup>(8)</sup> <br>| 723 | &nbsp;&nbsp; 724 |
| White Cap Supply <br> Holdings LLC<br>|  |  |
| Tranche C (1 month <br> Term SOFR + 3.250%) <br>6.918%, 10/19/29<sup>(8)</sup> <br>| 756 | &nbsp;&nbsp; 725 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Durables—continued** | **Consumer Durables—continued** |  |
| Tranche D (1 month <br> Term SOFR + 3.500%) <br>7.168%, 2/10/33<sup>(8)</sup> <br>| $620 | &nbsp;&nbsp; $588 |
|  |  | &nbsp;&nbsp; 2757 |
| **Consumer Non-Durables—0.2%** | **Consumer Non-Durables—0.2%** |  |
| AI Aqua Merger Sub, Inc. <br> 2026, Tranche B (1-3 <br> month Term SOFR + <br> 2.500%) <br>6.161%, 7/31/28<sup>(8)</sup> <br>| 666 | &nbsp;&nbsp; 665 |
| Albion Financing 3 S.a.r.l. <br> 2025, Tranche A (3 <br> month Term SOFR + <br> 3.000%) <br>6.664%, 5/21/31<sup>(8)</sup> <br>| 1013 | &nbsp;&nbsp; 1011 |
|  |  | &nbsp;&nbsp; 1676 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| AL GCX Holdings LLC <br> Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.673%, 1/30/32<sup>(8)</sup> <br>| 477 | &nbsp;&nbsp; 476 |
| Blackfin Pipeline LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.688%, 9/29/32<sup>(8)</sup> <br>| 778 | &nbsp;&nbsp; 781 |
| Freeport LNG <br> Investments LLP <br> Tranche B (3 month <br> Term SOFR + 3.250%) <br>6.893%, 2/11/33<sup>(8)</sup> <br>| 715 | &nbsp;&nbsp; 714 |
| M6 ETX Holdings II <br> Midco LLC Tranche B (1 <br> month Term SOFR + <br> 2.500%) <br>6.168%, 4/1/32<sup>(8)</sup> <br>| 536 | &nbsp;&nbsp; 538 |
| Traverse Midstream <br> Partners LLC Tranche B <br> (3 month Term SOFR + <br> 2.500%) <br>6.167%, 2/16/28<sup>(8)</sup> <br>| 489 | &nbsp;&nbsp; 489 |
|  |  | &nbsp;&nbsp; 2998 |
| **Financials—0.3%** | **Financials—0.3%** |  |
| Acrisure LLC 2024, <br> Tranche B-6 (1 month <br> Term SOFR + 3.000%) <br>6.668%, 11/6/30<sup>(8)</sup> <br>| 595 | &nbsp;&nbsp; 576 |
| Ardonagh Group FinCo Pty <br> Ltd. 2025, Tranche B <br> (3-6 month Term SOFR + <br> 2.750%) <br>6.370% - 6.450%, <br> 2/15/31<sup>(8)</sup> <br>| 440 | &nbsp;&nbsp; 429 |
| Broadstreet Partners, Inc. <br> 2024, Tranche B (1 <br> month Term SOFR + <br> 2.500%) <br>6.168%, 6/13/31<sup>(8)</sup> <br>| 828 | &nbsp;&nbsp; 807 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Focus Financial <br> Partners LLC Tranche B <br> (1 month Term SOFR + <br> 2.500%) <br>6.168%, 9/15/31<sup>(8)</sup> <br>| $814 | &nbsp;&nbsp; $786 |
|  |  | &nbsp;&nbsp; 2598 |
| **Food / Tobacco—0.4%** | **Food / Tobacco—0.4%** |  |
| Aspire Bakeries <br> Holdings LLC 2025, <br> Tranche B (1 month <br> Term SOFR + 3.000%) <br>6.668%, 12/23/30<sup>(8)</sup> <br>| 777 | &nbsp;&nbsp; 777 |
| Del Monte Foods, Inc. |  |  |
| (1 month Term SOFR + <br> 4.350%) <br>8.011% - 8.028%, <br> 8/2/28<sup>(8)(9)(13)</sup> <br>| 202 | &nbsp;&nbsp; 6 |
| (1 month Term SOFR + <br> 4.850%) <br>8.528%, 8/2/28<sup>(8)(9)(13)</sup> <br>| 464 | &nbsp;&nbsp; 5 |
| (1 month Term SOFR + <br> 8.100%) <br>11.767%, 8/2/28<sup>(8)(9)(13)</sup> <br>| 89 | &nbsp;&nbsp; 42 |
| (1 month Term SOFR + <br> 9.600%) <br>13.265%, 6/1/26<sup>(8)(9)</sup> <br>| 102 | &nbsp;&nbsp; 80 |
| Nourish Buyer I, Inc. 2026 <br> (1 month Term SOFR + <br> 4.000%) <br>7.669%, 7/9/32<sup>(8)</sup> <br>| 215 | &nbsp;&nbsp; 215 |
| Pegasus Bidco B.V. 2025 (2 <br> month Term SOFR + <br> 2.750%) <br>0.000%, 7/12/29<sup>(8)(14)</sup> <br>| 584 | &nbsp;&nbsp; 581 |
| Red SPV LLC (1 month <br> Term SOFR + 2.250%) <br>5.925%, 3/15/32<sup>(8)</sup> <br>| 749 | &nbsp;&nbsp; 747 |
| Snacking Investments <br> Bidco Pty Ltd. (3 month <br> Term SOFR + 3.000%) <br>6.667%, 10/29/32<sup>(8)</sup> <br>| 205 | &nbsp;&nbsp; 205 |
| Star Parent, Inc. Tranche B <br> (3 month Term SOFR + <br> 4.000%) <br>7.700%, 9/27/30<sup>(8)</sup> <br>| 549 | &nbsp;&nbsp; 542 |
| Treehouse Foods, Inc. (1 <br> month Term SOFR + <br> 4.250%) <br>7.918%, 2/4/33<sup>(8)</sup> <br>| 500 | &nbsp;&nbsp; 497 |
|  |  | &nbsp;&nbsp; 3697 |
| **Food and Drug—0.1%** | **Food and Drug—0.1%** |  |
| Dechra Pharmaceuticals <br> Holdings Ltd. Tranche <br> B-3 (6 month Term <br> SOFR + 2.750%) <br>6.387%, 1/27/32<sup>(8)</sup> <br>| 675 | &nbsp;&nbsp; 674 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **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>6.843%, 4/13/29<sup>(8)</sup> <br>| $555 | &nbsp;&nbsp; $528 |
| Graham Packaging Co., <br> Inc. (1 month Term <br> SOFR + 2.250%) <br>5.918%, 1/26/33<sup>(8)</sup> <br>| 195 | &nbsp;&nbsp; 193 |
|  |  | &nbsp;&nbsp; 721 |
| **Gaming / Leisure—0.3%** | **Gaming / Leisure—0.3%** |  |
| Catawba Nation Gaming <br> Authority Tranche B (3 <br> month Term SOFR + <br> 4.750%) <br>8.417%, 3/29/32<sup>(8)</sup> <br>| 575 | &nbsp;&nbsp; 583 |
| ECL Entertainment LLC <br> 2025, Tranche B (1 <br> month Term SOFR + <br> 3.000%) <br>6.668%, 8/30/30<sup>(8)</sup> <br>| 510 | &nbsp;&nbsp; 506 |
| Motion Finco LLC Tranche <br> B-3 (3 month Term <br> SOFR + 3.500%) <br>7.200%, 11/12/29<sup>(8)</sup> <br>| 652 | &nbsp;&nbsp; 567 |
| Oak-Eagle Acquireco, Inc. <br> Tranche B <br>0.000%, 3/24/33<sup>(8)(14)</sup> <br>| 920 | &nbsp;&nbsp; 914 |
| Turquoise Topco Ltd. (3 <br> month Term SOFR + <br> 3.250%) <br>6.951%, 12/30/32<sup>(8)</sup> <br>| 440 | &nbsp;&nbsp; 426 |
|  |  | &nbsp;&nbsp; 2996 |
| **Health Care—1.1%** | **Health Care—1.1%** |  |
| Agiliti Health, Inc. 2023, <br> Tranche B (3 month <br> Term SOFR + 3.000%) <br>6.576%, 5/1/30<sup>(8)</sup> <br>| 426 | &nbsp;&nbsp; 413 |
| Amneal <br> Pharmaceuticals LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.668%, 8/2/32<sup>(8)</sup> <br>| 294 | &nbsp;&nbsp; 294 |
| Argent Finco LLC <br>0.000%, 11/12/32<sup>(8)(14)</sup> <br>| 605 | &nbsp;&nbsp; 605 |
| Bausch & Lomb Corp. <br> 2025 (1 month Term <br> SOFR + 3.750%) <br>7.418%, 1/15/31<sup>(8)</sup> <br>| 499 | &nbsp;&nbsp; 499 |
| Cotiviti, Inc. (1 month Term <br> SOFR + 2.750%) <br>6.418%, 5/1/31<sup>(8)</sup> <br>| 490 | &nbsp;&nbsp; 451 |
| Endo Finance Holdings, <br> Inc. Tranche B (1 month <br> Term SOFR + 3.750%) <br>7.418%, 4/23/31<sup>(8)</sup> <br>| 197 | &nbsp;&nbsp; 196 |
| Financiere Mendel (2 <br> month Term SOFR + <br> 2.750%) <br>6.389%, 11/8/30<sup>(8)</sup> <br>| 178 | &nbsp;&nbsp; 179 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Gainwell Acquisition Corp. <br> Tranche B (3 month <br> Term SOFR + 4.100%) <br>7.800%, 10/1/27<sup>(8)</sup> <br>| $836 | &nbsp;&nbsp; $810 |
| Genmab A/S Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>6.700%, 12/10/32<sup>(8)</sup> <br>| 195 | &nbsp;&nbsp; 196 |
| Global Medical Response, <br> Inc. (3 month Term <br> SOFR + 3.500%) <br>7.170%, 10/1/32<sup>(8)</sup> <br>| 896 | &nbsp;&nbsp; 892 |
| Grifols Worldwide <br> Operations USA, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.100%) <br>5.768%, 11/15/27<sup>(8)</sup> <br>| 865 | &nbsp;&nbsp; 864 |
| Hanger, Inc. |  |  |
| (1 month Term SOFR + <br> 3.500%) <br>7.168%, 10/23/31<sup>(8)</sup> <br>| 59 | &nbsp;&nbsp; 59 |
| (1 month Term SOFR + <br> 3.500%) <br>7.168%, 10/23/31<sup>(8)</sup> <br>| 726 | &nbsp;&nbsp; 727 |
| Hologic, Inc. Tranche B <br>0.000%, 1/14/33<sup>(8)(14)</sup> <br>| 650 | &nbsp;&nbsp; 642 |
| IVC Acquisition Ltd. <br> Tranche B-12 (3 month <br> Term SOFR + 3.750%) <br>7.450%, 12/12/28<sup>(8)</sup> <br>| 341 | &nbsp;&nbsp; 338 |
| Lannett Co., Inc. First Lien <br>2.000%, 6/16/30<sup>(8)(9)</sup> <br>| 21 | &nbsp;&nbsp; 17 |
| LifePoint Health, Inc. |  |  |
| Tranche B (3 month <br> Term SOFR + 3.750%) <br>7.422%, 5/16/31<sup>(8)</sup> <br>| 764 | &nbsp;&nbsp; 764 |
| Tranche B-2 (3 month <br> Term SOFR + 3.500%) <br>7.152%, 5/16/31<sup>(8)</sup> <br>| 108 | &nbsp;&nbsp; 108 |
| Lumexa Imaging, Inc. (3 <br> month Term SOFR + <br> 3.000%) <br>6.700%, 12/17/32<sup>(8)</sup> <br>| 339 | &nbsp;&nbsp; 340 |
| Modivcare, Inc. (3 month <br> Term SOFR + 5.000%) <br>8.701%, 12/2/30<sup>(8)</sup> <br>| 35 | &nbsp;&nbsp; 33 |
| Parexel International, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.418%, 12/12/31<sup>(8)</sup> <br>| 239 | &nbsp;&nbsp; 238 |
| Radiology Partners, Inc. <br> Tranche B (3 month <br> Term SOFR + 4.500%) <br>8.200%, 6/30/32<sup>(8)</sup> <br>| 542 | &nbsp;&nbsp; 533 |
| Southern Veterinary <br> Partners LLC 2025 (1 <br> month Term SOFR + <br> 2.500%) <br>6.181%, 12/4/31<sup>(8)</sup> <br>| 900 | &nbsp;&nbsp; 891 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Upstream Newco, Inc. <br> 2025 (3 month Term <br> SOFR + 4.512%) <br>8.179%, 11/20/29<sup>(8)</sup> <br>| $340 | &nbsp;&nbsp; $313 |
|  |  | &nbsp;&nbsp; 10402 |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Chariot Buyer LLC 2025, <br> Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.418%, 9/8/32<sup>(8)</sup> <br>| 836 | &nbsp;&nbsp; 828 |
| Green Infrastructure <br> Partners, Inc. (3 month <br> Term SOFR + 2.750%) <br>6.450%, 9/24/32<sup>(8)</sup> <br>| 400 | &nbsp;&nbsp; 399 |
| Hunter Douglas Holding <br> B.V. Tranche B-1 (3 <br> month Term SOFR + <br> 3.000%) <br>6.700%, 1/17/32<sup>(8)</sup> <br>| 431 | &nbsp;&nbsp; 428 |
| LBM Acquisition LLC <br> Tranche B <br>0.000%, 6/6/31<sup>(8)(14)</sup> <br>| 559 | &nbsp;&nbsp; 445 |
|  |  | &nbsp;&nbsp; 2100 |
| **Information Technology—1.1%** | **Information Technology—1.1%** |  |
| Applied Systems, Inc. |  |  |
| 2024, Second Lien (3 <br> month Term SOFR + <br> 4.500%) <br>8.200%, 2/23/32<sup>(8)</sup> <br>| 80 | &nbsp;&nbsp; 79 |
| Tranche B-1 (3 month <br> Term SOFR + 2.250%) <br>5.950%, 2/24/31<sup>(8)</sup> <br>| 803 | &nbsp;&nbsp; 786 |
| Central Parent LLC 2024 (3 <br> month Term SOFR + <br> 3.250%) <br>6.950%, 7/6/29<sup>(8)</sup> <br>| 753 | &nbsp;&nbsp; 535 |
| Cloud Software Group, Inc. <br> Tranche B-2 (3 month <br> Term SOFR + 3.250%) <br>6.950%, 3/21/31<sup>(8)</sup> <br>| 742 | &nbsp;&nbsp; 678 |
| Composecure <br> Holdings LLC (1 month <br> Term SOFR + 2.250%) <br>5.928%, 1/14/33<sup>(8)</sup> <br>| 290 | &nbsp;&nbsp; 289 |
| ConnectWise LLC (3 month <br> Term SOFR + 3.762%) <br>7.461%, 9/29/28<sup>(8)</sup> <br>| 437 | &nbsp;&nbsp; 402 |
| Epicor Software Corp. <br> Tranche F (1 month Term <br> SOFR + 2.500%) <br>6.168%, 5/30/31<sup>(8)</sup> <br>| 474 | &nbsp;&nbsp; 464 |
| Finastra USA, Inc. (3 month <br> Term SOFR + 4.000%) <br>7.671%, 9/15/32<sup>(8)</sup> <br>| 495 | &nbsp;&nbsp; 464 |
| Genesys Cloud Services <br> Holdings II LLC 2025 (1 <br> month Term SOFR + <br> 2.500%) <br>6.168%, 1/30/32<sup>(8)</sup> <br>| 747 | &nbsp;&nbsp; 714 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Ion Platform Finance U.S., <br> Inc. (3 month Term <br> SOFR + 3.750%) <br>7.450%, 10/7/32<sup>(8)</sup> <br>| $600 | &nbsp;&nbsp; $480 |
| Javelin Buyer, Inc. (3 <br> month Term SOFR + <br> 2.750%) <br>6.417%, 12/5/31<sup>(8)</sup> <br>| 524 | &nbsp;&nbsp; 498 |
| Project Ruby Ultimate <br> Parent Corp. Tranche <br> B-5 <br>6.532%, 3/10/28<sup>(8)</sup> <br>| 851 | &nbsp;&nbsp; 847 |
| Proofpoint, Inc. 2025, <br> Tranche B, First Lien (3 <br> month Term SOFR + <br> 3.000%) <br>6.700%, 8/31/28<sup>(8)</sup> <br>| 982 | &nbsp;&nbsp; 949 |
| RealPage, Inc. First Lien (3 <br> month Term SOFR + <br> 3.262%) <br>6.961%, 4/24/28<sup>(8)</sup> <br>| 484 | &nbsp;&nbsp; 463 |
| Rocket Software, Inc. (1 <br> month Term SOFR + <br> 3.750%) <br>7.418%, 11/28/28<sup>(8)</sup> <br>| 600 | &nbsp;&nbsp; 574 |
| Trio Bidco, Inc. Tranche B <br> (3 month Term SOFR + <br> 4.000%) <br>7.700%, 10/29/32<sup>(8)</sup> <br>| 394 | &nbsp;&nbsp; 380 |
| UKG, Inc. Tranche B (3 <br> month Term SOFR + <br> 2.500%) <br>6.167%, 2/10/31<sup>(8)</sup> <br>| 635 | &nbsp;&nbsp; 606 |
| Vantor Holdings, Inc. (6 <br> month Term SOFR + <br> 4.500%) <br>8.118%, 3/3/33<sup>(8)</sup> <br>| 885 | &nbsp;&nbsp; 866 |
|  |  | &nbsp;&nbsp; 10074 |
| **Manufacturing—0.6%** | **Manufacturing—0.6%** |  |
| Arcline FM Holdings LLC <br> 2025 <br>6.450%, 6/23/30<sup>(8)</sup> <br>| 904 | &nbsp;&nbsp; 904 |
| Columbus McKinnon Corp. <br> Tranche B (3 month <br> Term SOFR + 3.500%) <br>7.200%, 2/3/33<sup>(8)</sup> <br>| 305 | &nbsp;&nbsp; 303 |
| CPM Holdings, Inc. (1 <br> month Term SOFR + <br> 4.500%) <br>8.168%, 9/28/28<sup>(8)</sup> <br>| 765 | &nbsp;&nbsp; 765 |
| Dynamo U.S. Bidco, Inc. <br> Tranche B-1 (1 month <br> Term SOFR + 3.250%) <br>6.921%, 9/30/31<sup>(8)</sup> <br>| 157 | &nbsp;&nbsp; 137 |
| Glatfelter Corp. Tranche B <br> (3 month Term SOFR + <br> 4.250%) <br>7.923%, 11/4/31<sup>(8)</sup> <br>| 625 | &nbsp;&nbsp; 598 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| Indicor LLC Tranche E (3 <br> month Term SOFR + <br> 2.500%) <br>6.200%, 11/22/29<sup>(8)</sup> <br>| $692 | &nbsp;&nbsp; $691 |
| Lsf12 Crown <br> U.S. Commercial <br> Bidco LLC 2026 (1 <br> month Term SOFR + <br> 3.000%) <br>6.668%, 12/2/31<sup>(8)</sup> <br>| 804 | &nbsp;&nbsp; 804 |
| Resilience Parent LLC (3 <br> month Term SOFR + <br> 2.500%) <br>6.126%, 2/28/33<sup>(8)</sup> <br>| 435 | &nbsp;&nbsp; 433 |
| TK Elevator Midco Gmbh <br> Tranche B-2 <br>0.000%, 4/30/30<sup>(8)(14)</sup> <br>| 330 | &nbsp;&nbsp; 330 |
| TK Elevator Midco GmbH <br> Tranche B (6 month <br> Term SOFR + 2.750%) <br>6.377%, 4/30/30<sup>(8)</sup> <br>| 668 | &nbsp;&nbsp; 669 |
|  |  | &nbsp;&nbsp; 5634 |
| **Media / Telecom - Broadcasting—0.3%** | **Media / Telecom - Broadcasting—0.3%** |  |
| CMG Media Corp. (3 month <br> Term SOFR + 3.600%) <br>7.300%, 6/18/29<sup>(8)</sup> <br>| 807 | &nbsp;&nbsp; 753 |
| EOC Borrower LLC Tranche <br> B (1 month Term SOFR + <br> 2.750%) <br>6.418%, 3/24/32<sup>(8)</sup> <br>| 506 | &nbsp;&nbsp; 504 |
| Gray Television, Inc. <br> Tranche D (1 month <br> Term SOFR + 3.114%) <br>6.782%, 12/1/28<sup>(8)</sup> <br>| 369 | &nbsp;&nbsp; 369 |
| Sinclair Television Group, <br> Inc. Tranche B-7 (1 <br> month Term SOFR + <br> 4.200%) <br>7.868%, 12/31/30<sup>(8)</sup> <br>| 539 | &nbsp;&nbsp; 479 |
| Univision <br> Communications, Inc. <br> 2024, First Lien (1 <br> month Term SOFR + <br> 3.500%) <br>7.282%, 1/31/29<sup>(8)</sup> <br>| 739 | &nbsp;&nbsp; 732 |
|  |  | &nbsp;&nbsp; 2837 |
| **Media / Telecom - Cable/Wireless** <br> **Video—0.3%** | **Media / Telecom - Cable/Wireless** <br> **Video—0.3%** |  |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term <br> SOFR + 3.250%) <br>6.918%, 9/18/30<sup>(8)</sup> <br>| 563 | &nbsp;&nbsp; 532 |
| DIRECTV Financing LLC <br> 2024, Tranche B (3 <br> month Term SOFR + <br> 5.512%) <br>9.178%, 8/2/29<sup>(8)</sup> <br>| 793 | &nbsp;&nbsp; 794 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Media / Telecom - Cable/Wireless** <br> **Video—continued** | **Media / Telecom - Cable/Wireless** <br> **Video—continued** |  |
| Eagle Broadband <br> Investments LLC (3 <br> month Term SOFR + <br> 3.262%) <br>6.961%, 11/12/27<sup>(8)</sup> <br>| $1495 | &nbsp;&nbsp; $1422 |
|  |  | &nbsp;&nbsp; 2748 |
| **Media / Telecom - Diversified** <br> **Media—0.2%** | **Media / Telecom - Diversified** <br> **Media—0.2%** |  |
| Century DE Buyer LLC <br> 2025 (3 month Term <br> SOFR + 3.000%) <br>6.667%, 10/30/30<sup>(8)</sup> <br>| 913 | &nbsp;&nbsp; 886 |
| McGraw-Hill Education, <br> Inc. 2025, Tranche B (1 <br> month Term SOFR + <br> 2.750%) <br>6.418%, 8/6/31<sup>(8)</sup> <br>| 422 | &nbsp;&nbsp; 421 |
| Neptune Bidco U.S., Inc. <br> 2026, Tranche B (1 <br> month Term SOFR + <br> 5.100%) <br>8.760%, 1/28/33<sup>(8)</sup> <br>| 920 | &nbsp;&nbsp; 877 |
|  |  | &nbsp;&nbsp; 2184 |
| **Media / Telecom -** <br> **Telecommunications—0.2%** | **Media / Telecom -** <br> **Telecommunications—0.2%** |  |
| Altice France S.A. Tranche <br> B-11 (3 month Term <br> SOFR + 4.125%) <br>7.797%, 5/1/28<sup>(8)</sup> <br>| 783 | &nbsp;&nbsp; 777 |
| Level 3 Financing, Inc. <br> Tranche B-4 (1 month <br> Term SOFR + 3.250%) <br>6.918%, 3/29/32<sup>(8)</sup> <br>| 675 | &nbsp;&nbsp; 675 |
|  |  | &nbsp;&nbsp; 1452 |
| **Media / Telecom - Wireless** <br> **Communications—0.1%** | **Media / Telecom - Wireless** <br> **Communications—0.1%** |  |
| Viasat, Inc. (1 month Term <br> SOFR + 4.614%) <br>8.282%, 3/2/29<sup>(8)</sup> <br>| 673 | &nbsp;&nbsp; 674 |
| **Retail—0.2%** | **Retail—0.2%** |  |
| CNT Holdings I Corp. 2025 <br> (3 month Term SOFR + <br> 2.500%) <br>6.167%, 11/8/32<sup>(8)</sup> <br>| 762 | &nbsp;&nbsp; 761 |
| Harbor Freight Tools USA, <br> Inc. (1 month Term <br> SOFR + 2.250%) <br>5.918%, 6/11/31<sup>(8)</sup> <br>| 768 | &nbsp;&nbsp; 759 |
| Petco Health & Wellness <br> Co., Inc. 2026 (3 month <br> Term SOFR + 4.250%) <br>7.950%, 1/22/31<sup>(8)</sup> <br>| 535 | &nbsp;&nbsp; 522 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Retail—continued** | **Retail—continued** |  |
| Pye Barker Fire & <br> Safety LLC (1 month <br> Term SOFR + 2.500%) <br>6.168%, 12/16/32<sup>(8)</sup> <br>| $197 | &nbsp;&nbsp; $197 |
|  |  | &nbsp;&nbsp; 2239 |
| **Service—1.1%** | **Service—1.1%** |  |
| AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 8/12/32<sup>(8)</sup> <br>| 434 | &nbsp;&nbsp; 429 |
| Allied Universal <br> Holdco LLC (1 month <br> Term SOFR + 3.250%) <br>6.918%, 8/20/32<sup>(8)</sup> <br>| 596 | &nbsp;&nbsp; 596 |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 9/29/31<sup>(8)</sup> <br>| 869 | &nbsp;&nbsp; 869 |
| Ascend Learning LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.668%, 12/11/28<sup>(8)</sup> <br>| 628 | &nbsp;&nbsp; 612 |
| BIFM U.S. Finance LLC <br> 2025, First Lien (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 5/31/28<sup>(8)</sup> <br>| 661 | &nbsp;&nbsp; 660 |
| DG Investment <br> Intermediate Holdings 2, <br> Inc. (1 month Term <br> SOFR + 3.250%) <br>6.918%, 7/9/32<sup>(8)</sup> <br>| 750 | &nbsp;&nbsp; 749 |
| DXP Enterprises, Inc. 2025 <br> (1 month Term SOFR + <br> 3.250%) <br>6.918%, 10/11/30<sup>(8)</sup> <br>| 179 | &nbsp;&nbsp; 180 |
| Ensemble RCM LLC <br> Tranche B (3 month <br> Term SOFR + 3.000%) <br>6.660%, 2/9/33<sup>(8)</sup> <br>| 450 | &nbsp;&nbsp; 444 |
| Fugue Finance B.V. Tranche <br> B (3 month Term SOFR + <br> 2.250%) <br>5.921%, 1/9/32<sup>(8)</sup> <br>| 920 | &nbsp;&nbsp; 907 |
| Garda World Security Corp. <br> (3 month Term SOFR + <br> 2.750%) <br>6.422%, 2/1/29<sup>(8)</sup> <br>| 755 | &nbsp;&nbsp; 749 |
| Kuehg Corp. (3 month <br> Term SOFR + 2.750%) <br>6.450%, 6/12/30<sup>(8)</sup> <br>| 615 | &nbsp;&nbsp; 548 |
| Lernen Bidco Ltd. Tranche <br> B-3 (6 month Term <br> SOFR + 3.500%) <br>7.177%, 10/27/31<sup>(8)</sup> <br>| 602 | &nbsp;&nbsp; 578 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.200%, 11/24/28<sup>(8)</sup> <br>| 1211 | &nbsp;&nbsp; 1105 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Service—continued** | **Service—continued** |  |
| Omnia Partners LLC (3 <br> month Term SOFR + <br> 2.750%) <br>6.433%, 12/31/32<sup>(8)</sup> <br>| $727 | &nbsp;&nbsp; $726 |
| Sweetwater Borrower LLC <br> Tranche B (1 month <br> Term SOFR + 4.000%) <br>7.668%, 2/11/33<sup>(8)</sup> <br>| 255 | &nbsp;&nbsp; 255 |
| Trugreen Ltd. Partnership <br> First Lien (3 month Term <br> SOFR + 4.100%) <br>7.767%, 11/2/27<sup>(8)</sup> <br>| 727 | &nbsp;&nbsp; 690 |
|  |  | &nbsp;&nbsp; 10097 |
| **Transportation - Automotive—0.0%** | **Transportation - Automotive—0.0%** |  |
| Wand NewCo 3, Inc. <br> Tranche B-2 (1 month <br> Term SOFR + 2.500%) <br>6.168%, 1/30/31<sup>(8)</sup> <br>| 494 | &nbsp;&nbsp; 489 |
| **Utilities—0.2%** | **Utilities—0.2%** |  |
| Hamilton Projects <br> Acquiror LLC (1 month <br> Term SOFR + 2.500%) <br>6.168%, 5/30/31<sup>(8)</sup> <br>| 493 | &nbsp;&nbsp; 494 |
| Potomac Energy <br> Center LLC (1 month <br> Term SOFR + 2.750%) <br>6.417%, 8/5/32<sup>(8)</sup> <br>| 718 | &nbsp;&nbsp; 718 |
| South Field Energy LLC |  |  |
| Tranche B (3 month <br> Term SOFR + 3.000%) <br>6.700%, 8/29/31<sup>(8)</sup> <br>| 195 | &nbsp;&nbsp; 195 |
| Tranche C (3 month <br> Term SOFR + 3.000%) <br>6.700%, 8/29/31<sup>(8)</sup> <br>| 12 | &nbsp;&nbsp; 12 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 1/27/31<sup>(8)</sup> <br>| 573 | &nbsp;&nbsp; 572 |
|  |  | &nbsp;&nbsp; 1991 |
| **Total Leveraged Loans** <br>**(Identified Cost $76,599)** | **Total Leveraged Loans** <br>**(Identified Cost $76,599)** | &nbsp;&nbsp; **74624** |

---

&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, <br> 8.393%<sup>(2)</sup> <br>| 525 <br><sup>(15)</sup><br>| &nbsp;&nbsp; 520 |
| **Total Preferred Stock** <br>**(Identified Cost $525)** | **Total Preferred Stock** <br>**(Identified Cost $525)** | &nbsp;&nbsp; **520** |
| **Common Stocks—0.1%** | **Common Stocks—0.1%** | **Common Stocks—0.1%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| Altice Luxembourg <br> S.A.<sup>(9)(16)</sup> <br>| 551 | &nbsp;&nbsp; 8 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Intermediate Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| Atento Luxco 1 S.A.<sup>(9)(16)</sup> <br>| 14503 | &nbsp;&nbsp; $241 |
|  |  | &nbsp;&nbsp; 249 |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| MYT Holding LLC <br> Class B<sup>(9)(16)</sup> <br>| 42729 | &nbsp;&nbsp; 11 |
| NMG Parent LLC <br> Escrow<sup>(9)(16)</sup> <br>| 836 | &nbsp;&nbsp; — |
| West Marine<sup>(9)(16)</sup> <br>| 650 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 11 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Lannett Co., Inc.<sup>(9)(16)</sup> <br>| 4574 | &nbsp;&nbsp; 73 |
| Modivcare<sup>(9)(16)</sup> <br>| 6900 | &nbsp;&nbsp; 38 |
|  |  | &nbsp;&nbsp; 111 |
| **Materials—0.0%** | **Materials—0.0%** |  |
| Klockner Pentaplast<sup>(16)</sup> <br>| 102798 | &nbsp;&nbsp; 122 |
| **Total Common Stocks** <br>**(Identified Cost $378)** | **Total Common Stocks** <br>**(Identified Cost $378)** | &nbsp;&nbsp; **493** |
| **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** |
| **Financials—0.8%** | **Financials—0.8%** |  |
| Virtus Newfleet Securitized <br> Income ETF<sup>(17)(18)</sup> <br>| 325842 | &nbsp;&nbsp; 7879 |
| **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $7,964)** | **Total Affiliated Exchange-Traded** <br> **Fund** <br>**(Identified Cost $7,964)** | &nbsp;&nbsp; **7879** |
| **Total Long-Term** <br> **Investments—97.8%** <br>**(Identified Cost $921,992)** | **Total Long-Term** <br> **Investments—97.8%** <br>**(Identified Cost $921,992)** | &nbsp;&nbsp; **917969** |
| **Short-Term Investment—0.6%** | **Short-Term Investment—0.6%** | **Short-Term Investment—0.6%** |
| **Money Market Mutual Fund—0.6%** | **Money Market Mutual Fund—0.6%** | **Money Market Mutual Fund—0.6%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 3.531%)<sup>(18)</sup> <br>| 6100959 | &nbsp;&nbsp; 6101 |
| **Total Short-Term Investment** <br>**(Identified Cost $6,101)** | **Total Short-Term Investment** <br>**(Identified Cost $6,101)** | &nbsp;&nbsp; **6101** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **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 3.531%)<sup>(18)(19)</sup> <br>| 5176152 | &nbsp;&nbsp; $5176 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $5,176)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $5,176)** | &nbsp;&nbsp; **5176** |
| **TOTAL INVESTMENTS—99.0%** <br>**(Identified Cost $933,269)** | **TOTAL INVESTMENTS—99.0%** <br>**(Identified Cost $933,269)** | &nbsp;&nbsp; **$929246** |
| Other assets and liabilities, net—1.0% | Other assets and liabilities, net—1.0% | &nbsp;&nbsp; 9533 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$938779** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ACA | American Capital Access Financial <br> Guarantee Corp.<br>|
| BDC | Business Development Companies |
| CDX.HY.CDSI | CDX High Yield Credit Default Swap <br> Index<br>|
| 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;

---

| | |
|:---|:---|
| **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 March 31, 2026, these <br> securities amounted to a value of $475,302 or <br> 50.6% of net assets.<br>|
| <sup>(3)</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>(4)</sup> <br>| Security in default; no interest payments are being <br> received.<br>|
| <sup>(5)</sup> <br>| All or a portion of security is on loan. |
| <sup>(6)</sup> <br>| Represents step coupon bond. Rate shown <br> reflects the rate in effect as of March 31, 2026.<br>|
| <sup>(7)</sup> <br>| Issued with a zero coupon. Income is recognized <br> through the accretion of discount.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(8)</sup> Variable rate security. Rate disclosed is as of March 31, 2026. 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> 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> No contractual maturity date.

<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 March 31, 2026, 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 4I 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 |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 75<br> %<br>|
| Mexico | 2 |
| Canada | 1 |
| South Africa | 1 |
| Brazil | 1 |
| United Kingdom | 1 |
| Ireland | 1 |
| Other | 18 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

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 (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

As of March 31, 2026, 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; $35 | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $36 | &nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| Pye Barker Fire & Safety LLC, 12/16/32 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Trio Bidco, Inc. Tranche B, 10/29/32 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; (1)<br>|
| Total  | &nbsp;&nbsp; $106 | &nbsp;&nbsp; $106 | &nbsp;&nbsp; $105 | &nbsp;&nbsp; $(1)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** |
| **Reference Entity** | &nbsp;&nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp;&nbsp; **Fixed** <br>**Rate**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<sup>(2)</sup>  | **Value** | &nbsp;&nbsp;&nbsp; **Premiums** <br>**Paid** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Received)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| CDX.HY.CDSI.S46 | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 5.000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6/20/31 | &nbsp;&nbsp;&nbsp;&nbsp; $8805 | &nbsp;&nbsp;&nbsp;&nbsp; $436 | &nbsp;&nbsp;&nbsp;&nbsp; $343 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $436 | &nbsp;&nbsp;&nbsp;&nbsp; $343 | &nbsp;&nbsp;&nbsp;&nbsp; $93 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<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; $40753 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $40753 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 147427 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147427 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 211545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 211545 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 118715 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116911 | &nbsp;&nbsp;&nbsp;&nbsp; 1804 |
| Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1479 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 314534 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 314478 | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 74624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 74474 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| Equity Securities: |  |  |  |  |
| Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 520 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 371 |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7879 | &nbsp;&nbsp;&nbsp;&nbsp; 7879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6101 | &nbsp;&nbsp;&nbsp;&nbsp; 6101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 5176 | &nbsp;&nbsp;&nbsp;&nbsp; 5176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| Centrally Cleared Credit Default Swaps<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unfunded Loan Commitments<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $929681 | &nbsp;&nbsp;&nbsp;&nbsp; $19156 | &nbsp;&nbsp;&nbsp;&nbsp; $908144 | &nbsp;&nbsp;&nbsp;&nbsp; $2381 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Swap contracts are valued at the net unrealized appreciation (depreciation) on the instrument by level and counterparty. <br> <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 $182 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 March 31, 2026.

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ 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 |  |  |
| 4.625%, 6/30/26 | $65340 | &nbsp;&nbsp; $65481 |
| 4.375%, 8/15/26 | 108725 | &nbsp;&nbsp; 108957 |
| 4.250%, 11/30/26 | 11720 | &nbsp;&nbsp; 11759 |
| 3.875%, 3/31/27 | 46760 | &nbsp;&nbsp; 46822 |
| 3.875%, 5/31/27 | 75435 | &nbsp;&nbsp; 75485 |
| 2.750%, 5/31/29 | 20715 | &nbsp;&nbsp; 20043 |
| **Total U.S. Government Securities** <br>**(Identified Cost $328,232)** | **Total U.S. Government Securities** <br>**(Identified Cost $328,232)** | &nbsp;&nbsp; **328547** |
| **Foreign Government Securities—7.2%** | **Foreign Government Securities—7.2%** | **Foreign Government Securities—7.2%** |
| Arab Republic of Egypt |  |  |
| 144A <br>7.600%, 3/1/29<sup>(2)</sup> <br>| 5032 | &nbsp;&nbsp; 5133 |
| 144A <br>5.875%, 2/16/31<sup>(2)</sup> <br>| 1515 | &nbsp;&nbsp; 1392 |
| 144A <br>7.053%, 1/15/32<sup>(2)</sup> <br>| 2339 | &nbsp;&nbsp; 2213 |
| Benin Government <br> International Bond 144A <br>7.960%, 2/13/38<sup>(2)</sup> <br>| 667 | &nbsp;&nbsp; 653 |
| Bolivarian Republic of <br> Venezuela<br>|  |  |
| RegS <br>7.000%, 12/1/18<sup>(3)(4)</sup> <br>| 1584 | &nbsp;&nbsp; 603 |
| RegS <br>7.750%, 10/13/19<sup>(3)(4)</sup> <br>| 4851 | &nbsp;&nbsp; 1967 |
| Brazil Notas do Tesouro <br> Nacional<br>|  |  |
| Series F <br>10.000%, 1/1/29<br>| 49710 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 8849 |
| Series F <br>10.000%, 1/1/31<br>| 58780 <br><sup>BRL</sup><br>| &nbsp;&nbsp; 9915 |
| Czech Republic <br> Government Bond <br>1.750%, 6/23/32<br>| 433730 <br><sup>CZK</sup><br>| &nbsp;&nbsp; 17268 |
| Dominican Republic |  |  |
| 144A <br>5.500%, 2/22/29<sup>(2)</sup> <br>| 2312 | &nbsp;&nbsp; 2289 |
| 144A <br>4.500%, 1/30/30<sup>(2)</sup> <br>| 1898 | &nbsp;&nbsp; 1803 |
| 144A <br>4.875%, 9/23/32<sup>(2)</sup> <br>| 1469 | &nbsp;&nbsp; 1354 |
| 144A <br>6.950%, 3/15/37<sup>(2)(5)</sup> <br>| 1361 | &nbsp;&nbsp; 1384 |
| RegS <br>7.050%, 2/3/31<sup>(4)</sup> <br>| 3000 | &nbsp;&nbsp; 3102 |
| Eagle Funding Luxco S.a.r.l. <br> 144A <br>5.500%, 8/17/30<sup>(2)</sup> <br>| 9736 | &nbsp;&nbsp; 9760 |
| Federal Republic of <br> Ethiopia 144A <br>6.625%, 12/11/26<sup>(2)(3)</sup> <br>| 890 | &nbsp;&nbsp; 908 |
| Federative Republic of <br> Brazil <br>6.000%, 10/20/33<br>| 7797 | &nbsp;&nbsp; 7803 |
| Government of Jamaica <br>6.750%, 4/28/28<br>| 2000 | &nbsp;&nbsp; 2042 |

---

---

| | | |
|:---|:---|:---|
|  | **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>6.125%, 5/22/28<sup>(2)</sup> <br>| $6522 | &nbsp;&nbsp; $6672 |
| RegS <br>2.125%, 9/22/31<sup>(4)</sup> <br>| 3009 | &nbsp;&nbsp; 2549 |
| Islamic Republic of <br> Pakistan 144A <br>7.375%, 4/8/31<sup>(2)</sup> <br>| 1788 | &nbsp;&nbsp; 1657 |
| Kingdom of Bahrain |  |  |
| 144A <br>6.750%, 9/20/29<sup>(2)</sup> <br>| 4350 | &nbsp;&nbsp; 4274 |
| 144A <br>7.375%, 5/14/30<sup>(2)</sup> <br>| 2643 | &nbsp;&nbsp; 2648 |
| 144A <br>5.625%, 5/18/34<sup>(2)</sup> <br>| 2929 | &nbsp;&nbsp; 2580 |
| KSA Ijarah Sukuk Ltd. 144A <br>4.875%, 9/9/35<sup>(2)</sup> <br>| 3517 | &nbsp;&nbsp; 3422 |
| Malaysia Government Bond <br>2.632%, 4/15/31<br>| 76710 <br><sup>MYR</sup><br>| &nbsp;&nbsp; 18236 |
| Mex Bonos Desarr <br>8.500%, 5/31/29<br>| 315480 <br><sup>MXN</sup><br>| &nbsp;&nbsp; 17565 |
| Oman Government <br> International Bond 144A <br>6.250%, 1/25/31<sup>(2)</sup> <br>| 8419 | &nbsp;&nbsp; 8779 |
| Republic of Angola 144A <br>8.250%, 5/9/28<sup>(2)</sup> <br>| 2812 | &nbsp;&nbsp; 2834 |
| Republic of Argentina |  |  |
| <br>0.750%, 7/9/30<sup>(6)</sup> <br>| 14588 | &nbsp;&nbsp; 12225 |
| <br>4.125%, 7/9/35<sup>(6)</sup> <br>| 4500 | &nbsp;&nbsp; 3253 |
| Republic of Chile <br>3.500%, 1/31/34<br>| 3698 | &nbsp;&nbsp; 3336 |
| Republic of Colombia |  |  |
| <br>7.375%, 4/25/30 | 6461 | &nbsp;&nbsp; 6706 |
| <br>6.125%, 1/21/31 | 1883 | &nbsp;&nbsp; 1853 |
| <br>8.000%, 11/14/35 | 604 | &nbsp;&nbsp; 632 |
| Republic of Ecuador |  |  |
| 144A <br>8.750%, 1/29/34<sup>(2)</sup> <br>| 1800 | &nbsp;&nbsp; 1767 |
| RegS <br>6.900%, 7/31/35<sup>(4)(6)</sup> <br>| 782 | &nbsp;&nbsp; 686 |
| RegS <br>5.000%, 7/31/40<sup>(4)(6)</sup> <br>| 814 | &nbsp;&nbsp; 634 |
| Republic of El Salvador |  |  |
| 144A <br>8.625%, 2/28/29<sup>(2)</sup> <br>| 3145 | &nbsp;&nbsp; 3282 |
| RegS <br>9.250%, 4/17/30<sup>(4)</sup> <br>| 2158 | &nbsp;&nbsp; 2248 |
| Republic of Ghana 144A <br>5.000%, 7/3/29<sup>(2)(6)</sup> <br>| 5155 | &nbsp;&nbsp; 4912 |
| Republic of Guatemala <br> 144A <br>5.250%, 8/10/29<sup>(2)(5)</sup> <br>| 1127 | &nbsp;&nbsp; 1122 |
| Republic of Indonesia <br>5.600%, 1/15/35<br>| 1546 | &nbsp;&nbsp; 1569 |
| Republic of Ivory Coast <br> 144A <br>8.075%, 4/1/36<sup>(2)</sup> <br>| 1548 | &nbsp;&nbsp; 1573 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Kazakhstan <br> 144A <br>5.000%, 7/1/32<sup>(2)</sup> <br>| $3960 | &nbsp;&nbsp; $3942 |
| Republic of Kenya |  |  |
| 144A <br>9.750%, 2/16/31<sup>(2)</sup> <br>| 2310 | &nbsp;&nbsp; 2370 |
| 144A <br>7.875%, 10/9/33<sup>(2)</sup> <br>| 1795 | &nbsp;&nbsp; 1667 |
| 144A <br>7.875%, 2/26/34<sup>(2)</sup> <br>| 2199 | &nbsp;&nbsp; 1998 |
| Republic of Mozambique <br> 144A <br>9.000%, 9/15/31<sup>(2)(6)</sup> <br>| 2059 | &nbsp;&nbsp; 1543 |
| Republic of Nigeria 144A <br>9.625%, 6/9/31<sup>(2)</sup> <br>| 6038 | &nbsp;&nbsp; 6607 |
| Republic of Panama |  |  |
| <br>3.875%, 3/17/28 | 2874 | &nbsp;&nbsp; 2825 |
| <br>5.662%, 2/23/38 | 1644 | &nbsp;&nbsp; 1577 |
| Republic of Peru |  |  |
| <br>2.783%, 1/23/31 | 5226 | &nbsp;&nbsp; 4771 |
| <br>5.375%, 2/8/35 | 1359 | &nbsp;&nbsp; 1356 |
| Republic of Philippines <br>4.375%, 3/5/30<br>| 8038 | &nbsp;&nbsp; 7996 |
| Republic of Poland |  |  |
| <br>4.625%, 3/18/29 | 3242 | &nbsp;&nbsp; 3283 |
| <br>4.875%, 2/12/30 | 4266 | &nbsp;&nbsp; 4356 |
| <br>5.375%, 2/12/35 | 1888 | &nbsp;&nbsp; 1919 |
| Republic of Senegal RegS <br>7.750%, 6/10/31<sup>(4)</sup> <br>| 1317 | &nbsp;&nbsp; 759 |
| Republic of South Africa |  |  |
| <br>5.875%, 6/22/30 | 7684 | &nbsp;&nbsp; 7757 |
| <br>5.875%, 4/20/32 | 4048 | &nbsp;&nbsp; 4045 |
| <br>8.750%, 2/28/48 | 295000 <br><sup>ZAR</sup><br>| &nbsp;&nbsp; 15758 |
| Republic of Sri Lanka |  |  |
| 144A <br>3.100%, 1/15/30<sup>(2)(6)</sup> <br>| 2610 | &nbsp;&nbsp; 2408 |
| 144A <br>3.350%, 3/15/33<sup>(2)(6)</sup> <br>| 614 | &nbsp;&nbsp; 510 |
| 144A <br>3.600%, 6/15/35<sup>(2)(6)</sup> <br>| 414 | &nbsp;&nbsp; 314 |
| 144A <br>3.600%, 2/15/38<sup>(2)(6)</sup> <br>| 2744 | &nbsp;&nbsp; 2453 |
| Republic of Turkiye |  |  |
| <br>9.125%, 7/13/30 | 4691 | &nbsp;&nbsp; 5121 |
| <br>7.125%, 2/12/32 | 4099 | &nbsp;&nbsp; 4105 |
| <br>7.250%, 5/29/32 | 3426 | &nbsp;&nbsp; 3433 |
| <br>6.950%, 9/16/35 | 1864 | &nbsp;&nbsp; 1787 |
| Republica Orient Uruguay <br>4.375%, 1/23/31<br>| 2473 | &nbsp;&nbsp; 2469 |
| Romanian Government <br> International Bond<br>|  |  |
| 144A <br>5.875%, 1/30/29<sup>(2)</sup> <br>| 7363 | &nbsp;&nbsp; 7401 |
| 144A <br>7.125%, 1/17/33<sup>(2)</sup> <br>| 1256 | &nbsp;&nbsp; 1315 |
| 144A <br>6.375%, 1/30/34<sup>(2)</sup> <br>| 2851 | &nbsp;&nbsp; 2834 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Saudi International Bond |  |  |
| 144A <br>4.750%, 1/18/28<sup>(2)</sup> <br>| $2008 | &nbsp;&nbsp; $2009 |
| 144A <br>5.375%, 1/13/31<sup>(2)</sup> <br>| 3616 | &nbsp;&nbsp; 3695 |
| 144A <br>4.875%, 7/18/33<sup>(2)</sup> <br>| 4722 | &nbsp;&nbsp; 4662 |
| 144A <br>4.875%, 1/12/36<sup>(2)</sup> <br>| 3286 | &nbsp;&nbsp; 3185 |
| Suriname Government <br> International Bond RegS <br>7.700%, 11/6/30<sup>(4)</sup> <br>| 2276 | &nbsp;&nbsp; 2299 |
| Trinidad & Tobago <br> Government <br> International Bond<br>|  |  |
| 144A <br>5.950%, 1/14/31<sup>(2)</sup> <br>| 655 | &nbsp;&nbsp; 658 |
| 144A <br>6.500%, 1/28/36<sup>(2)</sup> <br>| 2737 | &nbsp;&nbsp; 2710 |
| Ukraine Government Bond |  |  |
| 144A <br>4.000%, 2/1/32<sup>(2)(6)</sup> <br>| 1932 | &nbsp;&nbsp; 1391 |
| 144A <br>4.500%, 2/1/35<sup>(2)(6)</sup> <br>| 1890 | &nbsp;&nbsp; 985 |
| 144A <br>0.000%, 2/1/36<sup>(2)(6)</sup> <br>| 1405 | &nbsp;&nbsp; 642 |
| 144A <br>4.500%, 2/1/36<sup>(2)(6)</sup> <br>| 1266 | &nbsp;&nbsp; 647 |
| RegS <br>4.000%, 2/1/32<sup>(4)(6)</sup> <br>| 6377 | &nbsp;&nbsp; 4591 |
| United Mexican States <br>5.375%, 3/22/33<br>| 6744 | &nbsp;&nbsp; 6589 |
| Uzbekistan International <br> Bond 144A <br>7.850%, 10/12/28<sup>(2)</sup> <br>| 6350 | &nbsp;&nbsp; 6624 |
| **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $344,675)** | **Total Foreign Government** <br> **Securities** <br>**(Identified Cost $344,675)** | &nbsp;&nbsp; **344818** |
| **Mortgage-Backed Securities—24.8%** | **Mortgage-Backed Securities—24.8%** | **Mortgage-Backed Securities—24.8%** |
| **Agency—7.9%** | **Agency—7.9%** |  |
| Federal Home Loan <br> Mortgage Corporation<br>|  |  |
| Pool #SB8269 <br>6.000%, 10/1/38<br>| 22315 | &nbsp;&nbsp; 23016 |
| Pool #SD3238 <br>5.500%, 12/1/52<br>| 2189 | &nbsp;&nbsp; 2206 |
| Pool #SD8350 <br>6.000%, 8/1/53<br>| 7164 | &nbsp;&nbsp; 7335 |
| Pool #SD8492 <br>5.000%, 1/1/55<br>| 62067 | &nbsp;&nbsp; 61258 |
| Pool #SD8494 <br>5.500%, 1/1/55<br>| 43944 | &nbsp;&nbsp; 44165 |
| Pool #SD8505 <br>5.000%, 2/1/55<br>| 23540 | &nbsp;&nbsp; 23226 |
| Pool #SL1127 <br>6.000%, 12/1/54<br>| 39587 | &nbsp;&nbsp; 40353 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| 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>| 28 | &nbsp;&nbsp; 29 |
| Pool #773385 <br>5.500%, 5/1/34<br>| 34 | &nbsp;&nbsp; 34 |
| Pool #800267 <br>5.500%, 12/1/34<br>| 9 | &nbsp;&nbsp; 10 |
| Pool #806318 <br>5.500%, 11/1/34<br>| 89 | &nbsp;&nbsp; 91 |
| Pool #808018 <br>5.500%, 1/1/35<br>| 53 | &nbsp;&nbsp; 54 |
| Pool #889578 <br>6.000%, 4/1/38<br>| 21 | &nbsp;&nbsp; 21 |
| Pool #890710 <br>3.000%, 2/1/31<br>| 1237 | &nbsp;&nbsp; 1210 |
| Pool #941322 <br>6.000%, 7/1/37<br>| 4 | &nbsp;&nbsp; 4 |
| Pool #AC6992 <br>5.000%, 12/1/39<br>| 693 | &nbsp;&nbsp; 701 |
| Pool #AD3841 <br>4.500%, 4/1/40<br>| 704 | &nbsp;&nbsp; 696 |
| Pool #AD4224 <br>5.000%, 8/1/40<br>| 908 | &nbsp;&nbsp; 917 |
| Pool #AE4799 <br>4.000%, 10/1/40<br>| 10 | &nbsp;&nbsp; 9 |
| Pool #AH4009 <br>4.000%, 3/1/41<br>| 1027 | &nbsp;&nbsp; 992 |
| Pool #AI2472 <br>4.500%, 5/1/41<br>| 622 | &nbsp;&nbsp; 616 |
| Pool #AO5149 <br>3.000%, 6/1/27<br>| 23 | &nbsp;&nbsp; 23 |
| Pool #AS6515 <br>4.000%, 1/1/46<br>| 1398 | &nbsp;&nbsp; 1345 |
| Pool #FA1728 <br>6.000%, 10/1/53<br>| 40272 | &nbsp;&nbsp; 41220 |
| Pool #FS4438 <br>5.000%, 11/1/52<br>| 10056 | &nbsp;&nbsp; 9967 |
| Pool #FS8479 <br>5.500%, 8/1/53<br>| 19482 | &nbsp;&nbsp; 19646 |
| Pool #FS8791 <br>6.000%, 8/1/54<br>| 7834 | &nbsp;&nbsp; 7990 |
| Pool #MA4785 <br>5.000%, 10/1/52<br>| 8884 | &nbsp;&nbsp; 8809 |
| Pool #MA4805 <br>4.500%, 11/1/52<br>| 20022 | &nbsp;&nbsp; 19403 |
| Pool #MA5072 <br>5.500%, 7/1/53<br>| 22868 | &nbsp;&nbsp; 23048 |
| Pool #MA5139 <br>6.000%, 9/1/53<br>| 29786 | &nbsp;&nbsp; 30437 |
| Government National <br> Mortgage Association<br>|  |  |
| 2025-125, JA <br>5.000%, 11/16/50<sup>(7)</sup> <br>| 9601 | &nbsp;&nbsp; 9657 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Pool #563381 <br>6.500%, 11/15/31<br>| $2 | &nbsp;&nbsp; $2 |
|  |  | &nbsp;&nbsp; 378495 |
| **Non-Agency—16.9%** | **Non-Agency—16.9%** |  |
| A&D Mortgage Trust |  |  |
| 2023-NQM3, A1 144A <br>6.733%, 7/25/68<sup>(2)(7)</sup> <br>| 9420 | &nbsp;&nbsp; 9452 |
| 2025-NQM2, A1 144A <br>5.790%, 6/25/70<sup>(2)(7)</sup> <br>| 6964 | &nbsp;&nbsp; 7003 |
| ADMT 2024-NQM6, A1 <br> 144A <br>5.666%, 1/25/70<sup>(2)(7)</sup> <br>| 10564 | &nbsp;&nbsp; 10604 |
| Ajax Mortgage Loan Trust |  |  |
| 2019-D, A1 144A <br>2.956%, 9/25/65<sup>(2)(7)</sup> <br>| 10267 | &nbsp;&nbsp; 9899 |
| 2022-B, A1 144A <br>3.500%, 3/27/62<sup>(2)(7)</sup> <br>| 10834 | &nbsp;&nbsp; 10484 |
| ALA Trust 2025-OANA, A (1 <br> month Term SOFR + <br> 1.743%, Cap N/A, Floor <br> 1.743%) 144A <br>5.416%, 6/15/40<sup>(2)(7)</sup> <br>| 13775 | &nbsp;&nbsp; 13809 |
| AMSR Trust 2021-SFR3, D <br> 144A <br>2.177%, 10/17/38<sup>(2)</sup> <br>| 6675 | &nbsp;&nbsp; 6564 |
| Angel Oak Mortgage Trust |  |  |
| 2020-4, A1 144A <br>1.469%, 6/25/65<sup>(2)(7)</sup> <br>| 1329 | &nbsp;&nbsp; 1292 |
| 2021-3, A2 144A <br>1.305%, 5/25/66<sup>(2)(7)</sup> <br>| 1295 | &nbsp;&nbsp; 1132 |
| 2022-5, A1 144A <br>4.500%, 5/25/67<sup>(2)(7)</sup> <br>| 5023 | &nbsp;&nbsp; 5001 |
| 2023-1, A1 144A <br>4.750%, 9/26/67<sup>(2)(7)</sup> <br>| 3122 | &nbsp;&nbsp; 3112 |
| Arroyo Mortgage Trust |  |  |
| 2019-1, A1 144A <br>3.805%, 1/25/49<sup>(2)(7)</sup> <br>| 2736 | &nbsp;&nbsp; 2668 |
| 2019-2, A1 144A <br>3.347%, 4/25/49<sup>(2)(7)</sup> <br>| 1419 | &nbsp;&nbsp; 1381 |
| 2022-1, A1B 144A <br>4.269%, 12/25/56<sup>(2)(7)</sup> <br>| 4252 | &nbsp;&nbsp; 4038 |
| Aspire Mortgage Trust <br> 2026-1, A1 144A <br>4.855%, 1/25/66<sup>(2)(7)</sup> <br>| 9977 | &nbsp;&nbsp; 9908 |
| Banc of America Funding <br> Trust 2004-D, 5A1 <br>4.751%, 1/25/35<sup>(7)</sup> <br>| 557 | &nbsp;&nbsp; 551 |
| Benchmark Mortgage Trust <br> 2023-B38, A2 <br>5.626%, 4/15/56<br>| 4235 | &nbsp;&nbsp; 4281 |
| Bunker Hill Loan <br> Depositary Trust 2019-2, <br> A1 144A <br>2.879%, 7/25/49<sup>(2)(7)</sup> <br>| 458 | &nbsp;&nbsp; 451 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **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>5.633%, 2/15/39<sup>(2)(7)</sup> <br>| $7987 | &nbsp;&nbsp; $7982 |
| 2024-XL5, A (1 month <br> Term SOFR + 1.392%, <br> Cap N/A, Floor 1.392%) <br> 144A <br>5.064%, 3/15/41<sup>(2)(7)</sup> <br>| 5498 | &nbsp;&nbsp; 5505 |
| BX Trust |  |  |
| 2019-OC11, A 144A <br>3.202%, 12/9/41<sup>(2)</sup> <br>| 1665 | &nbsp;&nbsp; 1572 |
| 2019-OC11, B 144A <br>3.605%, 12/9/41<sup>(2)</sup> <br>| 5354 | &nbsp;&nbsp; 5076 |
| 2019-OC11, D 144A <br>3.944%, 12/9/41<sup>(2)(7)</sup> <br>| 7089 | &nbsp;&nbsp; 6702 |
| 2022-CLS, A 144A <br>5.760%, 10/13/27<sup>(2)</sup> <br>| 8937 | &nbsp;&nbsp; 8969 |
| 2025-ROIC, C (1 month <br> Term SOFR + 1.543%, <br> Cap N/A, Floor 1.543%) <br> 144A <br>5.216%, 3/15/30<sup>(2)(7)</sup> <br>| 976 | &nbsp;&nbsp; 968 |
| CENT 2025-CITY, A 144A <br>4.920%, 7/10/40<sup>(2)(7)</sup> <br>| 9871 | &nbsp;&nbsp; 9942 |
| Chase Mortgage Finance <br> Corp. 2016-SH2, M2 <br> 144A <br>3.750%, 12/25/45<sup>(2)(7)</sup> <br>| 3118 | &nbsp;&nbsp; 2913 |
| CIM Trust 2022-R2, A1 <br> 144A <br>3.750%, 12/25/61<sup>(2)(7)</sup> <br>| 3736 | &nbsp;&nbsp; 3528 |
| Citigroup Mortgage Loan <br> Trust, Inc.<br>|  |  |
| 2013-A, A 144A <br>3.000%, 5/25/42<sup>(2)(7)</sup> <br>| 1823 | &nbsp;&nbsp; 1683 |
| 2018-RP1, A1 144A <br>3.000%, 9/25/64<sup>(2)(7)</sup> <br>| 1067 | &nbsp;&nbsp; 1053 |
| 2019-RP1, A1 144A <br>3.500%, 1/25/66<sup>(2)(7)</sup> <br>| 4000 | &nbsp;&nbsp; 3920 |
| 2025-INV1, A2 144A <br>6.000%, 1/25/55<sup>(2)(7)</sup> <br>| 6205 | &nbsp;&nbsp; 6271 |
| COLT Mortgage Loan Trust |  |  |
| 2022-3, A1 144A <br>3.901%, 2/25/67<sup>(2)(7)</sup> <br>| 9883 | &nbsp;&nbsp; 9669 |
| 2023-3, A1 144A <br>7.180%, 9/25/68<sup>(2)(7)</sup> <br>| 5131 | &nbsp;&nbsp; 5161 |
| 2023-4, A1 144A <br>7.163%, 10/25/68<sup>(2)(7)</sup> <br>| 1014 | &nbsp;&nbsp; 1021 |
| 2024-5, A1 144A <br>5.123%, 8/25/69<sup>(2)(7)</sup> <br>| 7406 | &nbsp;&nbsp; 7395 |
| COOPR Residential <br> Mortgage Trust<br>|  |  |
| 2025-CES1, A1A 144A <br>5.654%, 5/25/60<sup>(2)(7)</sup> <br>| 5152 | &nbsp;&nbsp; 5180 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2025-CES2, A1A 144A <br>5.502%, 6/25/60<sup>(2)(7)</sup> <br>| $5745 | &nbsp;&nbsp; $5763 |
| CoreVest American Finance <br> Trust<br>|  |  |
| 2018-1, D 144A <br>4.920%, 6/15/51<sup>(2)</sup> <br>| 6267 | &nbsp;&nbsp; 6229 |
| 2020-3, A 144A <br>1.358%, 8/15/53<sup>(2)</sup> <br>| 271 | &nbsp;&nbsp; 269 |
| 2022-1, A 144A <br>4.744%, 6/17/55<sup>(2)(7)</sup> <br>| 3573 | &nbsp;&nbsp; 3583 |
| Credit Suisse Mortgage <br> Capital Trust<br>|  |  |
| 2017-RPL1, A1 144A <br>2.750%, 7/25/57<sup>(2)(7)</sup> <br>| 6597 | &nbsp;&nbsp; 6465 |
| 2020-RPL4, A1 144A <br>2.000%, 1/25/60<sup>(2)(7)</sup> <br>| 7973 | &nbsp;&nbsp; 7188 |
| Deephaven Residential <br> Mortgage Trust<br>|  |  |
| 2021-4, A1 144A <br>1.931%, 11/25/66<sup>(2)(7)</sup> <br>| 4769 | &nbsp;&nbsp; 4225 |
| 2022-1, A1 144A <br>2.205%, 1/25/67<sup>(2)(7)</sup> <br>| 4277 | &nbsp;&nbsp; 3949 |
| 2025-INV1, A1 144A <br>5.087%, 11/25/60<sup>(2)(7)</sup> <br>| 6323 | &nbsp;&nbsp; 6304 |
| EFMT 2025-NQM2, A1 <br> 144A <br>5.596%, 6/25/70<sup>(2)(7)</sup> <br>| 7426 | &nbsp;&nbsp; 7455 |
| Ellington Financial <br> Mortgage Trust<br>|  |  |
| 2019-2, A3 144A <br>3.046%, 11/25/59<sup>(2)(7)</sup> <br>| 488 | &nbsp;&nbsp; 475 |
| 2020-2, A1 144A <br>1.178%, 10/25/65<sup>(2)(7)</sup> <br>| 3151 | &nbsp;&nbsp; 2998 |
| 2021-1, A2 144A <br>1.003%, 2/25/66<sup>(2)(7)</sup> <br>| 712 | &nbsp;&nbsp; 624 |
| Extended Stay America <br> Trust 2025-ESH, A (1 <br> month Term SOFR + <br> 1.300%, Cap N/A, Floor <br> 1.300%) 144A <br>4.973%, 10/15/42<sup>(2)(7)</sup> <br>| 1550 | &nbsp;&nbsp; 1550 |
| Fashion Show Mall LLC <br> 2024-SHOW, A 144A <br>4.764%, 10/10/41<sup>(2)(7)</sup> <br>| 10220 | &nbsp;&nbsp; 10281 |
| FirstKey Homes Trust <br> 2021-SFR1, D 144A <br>2.189%, 8/17/38<sup>(2)</sup> <br>| 8165 | &nbsp;&nbsp; 8072 |
| FS 2026-ORL, A (1 month <br> Term SOFR + 1.350%, <br> Cap N/A, Floor 1.350%) <br> 144A <br>5.023%, 2/15/41<sup>(2)(7)</sup> <br>| 10250 | &nbsp;&nbsp; 10231 |
| GCAT Trust 2023-NQM2, <br> A1 144A <br>5.837%, 11/25/67<sup>(2)(7)</sup> <br>| 7906 | &nbsp;&nbsp; 7878 |
| Homes Trust 2023-NQM2, <br> A1 144A <br>6.456%, 2/25/68<sup>(2)(7)</sup> <br>| 5836 | &nbsp;&nbsp; 5825 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| HOMES Trust 2025-NQM5, <br> A1 144A <br>5.027%, 9/25/70<sup>(2)(7)</sup> <br>| $5505 | &nbsp;&nbsp; $5477 |
| Hudson Yards Mortgage <br> Trust 2025-SPRL, A <br> 144A <br>5.467%, 1/13/40<sup>(2)(7)</sup> <br>| 4620 | &nbsp;&nbsp; 4728 |
| Imperial Fund Mortgage <br> Trust 2022-NQM3, A1 <br> 144A <br>4.380%, 5/25/67<sup>(2)(7)</sup> <br>| 7562 | &nbsp;&nbsp; 7537 |
| JP Morgan Seasoned <br> Mortgage Trust Series <br> 2024-1, A4 144A <br>4.337%, 1/25/63<sup>(2)(7)</sup> <br>| 6647 | &nbsp;&nbsp; 6499 |
| JPMorgan Chase Mortgage <br> Trust<br>|  |  |
| 2014-1, 2A12 144A <br>3.500%, 1/25/44<sup>(2)(7)</sup> <br>| 495 | &nbsp;&nbsp; 469 |
| 2014-5, B1 144A <br>2.526%, 10/25/29<sup>(2)(7)</sup> <br>| 1882 | &nbsp;&nbsp; 1820 |
| 2014-5, B2 144A <br>2.526%, 10/25/29<sup>(2)(7)</sup> <br>| 886 | &nbsp;&nbsp; 854 |
| 2015-1, AM1 144A <br>5.016%, 12/25/44<sup>(2)(7)</sup> <br>| 443 | &nbsp;&nbsp; 437 |
| 2015-5, A2 144A <br>5.217%, 5/25/45<sup>(2)(7)</sup> <br>| 515 | &nbsp;&nbsp; 512 |
| 2017-3, 2A2 144A <br>2.500%, 8/25/47<sup>(2)(7)</sup> <br>| 1150 | &nbsp;&nbsp; 1005 |
| 2017-5, A1 144A <br>4.702%, 10/26/48<sup>(2)(7)</sup> <br>| 574 | &nbsp;&nbsp; 571 |
| 2018-7FRB, A2 (1 month <br> Term SOFR + 0.864%) <br> 144A <br>4.543%, 4/25/46<sup>(2)(7)</sup> <br>| 3581 | &nbsp;&nbsp; 3532 |
| 2024-CES1, A1A 144A <br>5.919%, 6/25/54<sup>(2)(7)</sup> <br>| 5118 | &nbsp;&nbsp; 5141 |
| 2025-CES1, A1 144A <br>5.666%, 5/25/55<sup>(2)(7)</sup> <br>| 7100 | &nbsp;&nbsp; 7130 |
| 2025-CES2, A1 144A <br>5.592%, 6/25/55<sup>(2)(7)</sup> <br>| 8634 | &nbsp;&nbsp; 8663 |
| 2025-NQM2, A1 144A <br>5.567%, 9/25/65<sup>(2)(7)</sup> <br>| 7436 | &nbsp;&nbsp; 7466 |
| 2026-ACES1, A1 144A <br>4.894%, 4/25/66<sup>(2)(7)</sup> <br>| 6865 | &nbsp;&nbsp; 6825 |
| MetLife Securitization Trust |  |  |
| 2017-1A, M1 144A <br>3.349%, 4/25/55<sup>(2)(7)</sup> <br>| 7930 | &nbsp;&nbsp; 7188 |
| 2019-1A, A1A 144A <br>3.750%, 4/25/58<sup>(2)(7)</sup> <br>| 2040 | &nbsp;&nbsp; 2016 |
| MFA Trust |  |  |
| 2022-INV1, A1 144A <br>4.907%, 4/25/66<sup>(2)(7)</sup> <br>| 5814 | &nbsp;&nbsp; 5745 |
| 2022-INV2, A1 144A <br>4.950%, 7/25/57<sup>(2)(7)</sup> <br>| 2179 | &nbsp;&nbsp; 2173 |
| 2022-NQM2, A1 144A <br>4.000%, 5/25/67<sup>(2)(7)</sup> <br>| 2832 | &nbsp;&nbsp; 2775 |
| 2024-NQM2, A1 144A <br>5.272%, 8/25/69<sup>(2)(7)</sup> <br>| 5697 | &nbsp;&nbsp; 5693 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2025-NQM5, A1 144A <br>5.186%, 11/25/70<sup>(2)(7)</sup> <br>| $8086 | &nbsp;&nbsp; $8061 |
| 2021-INV1, A1 144A <br>0.852%, 1/25/56<sup>(2)(7)</sup> <br>| 214 | &nbsp;&nbsp; 208 |
| Mill City Mortgage Loan <br> Trust<br>|  |  |
| 2017-1, M2 144A <br>3.250%, 11/25/58<sup>(2)(7)</sup> <br>| 1290 | &nbsp;&nbsp; 1280 |
| 2019-1, M2 144A <br>3.500%, 10/25/69<sup>(2)(7)</sup> <br>| 12131 | &nbsp;&nbsp; 11247 |
| 2019-GS2, A1 144A <br>2.750%, 8/25/59<sup>(2)(7)</sup> <br>| 1271 | &nbsp;&nbsp; 1239 |
| 2021-NMR1, A1 144A <br>1.125%, 11/25/60<sup>(2)(7)</sup> <br>| 1689 | &nbsp;&nbsp; 1632 |
| MIRA Trust 2023-MILE, A <br> 144A <br>6.755%, 6/10/38<sup>(2)</sup> <br>| 12180 | &nbsp;&nbsp; 12503 |
| Morgan Stanley Residential <br> Mortgage Loan Trust<br>|  |  |
| 2014-1A, B2 144A <br>5.884%, 6/25/44<sup>(2)(7)</sup> <br>| 875 | &nbsp;&nbsp; 874 |
| 2024-INV4, A1 144A <br>6.000%, 9/25/54<sup>(2)(7)</sup> <br>| 3734 | &nbsp;&nbsp; 3774 |
| New Residential Mortgage <br> Loan Trust<br>|  |  |
| 2014-1A, A 144A <br>3.750%, 1/25/54<sup>(2)(7)</sup> <br>| 2224 | &nbsp;&nbsp; 2163 |
| 2015-2A, A1 144A <br>3.750%, 8/25/55<sup>(2)(7)</sup> <br>| 1920 | &nbsp;&nbsp; 1865 |
| 2016-4A, A1 144A <br>3.750%, 11/25/56<sup>(2)(7)</sup> <br>| 1605 | &nbsp;&nbsp; 1538 |
| 2017-2A, A3 144A <br>4.000%, 3/25/57<sup>(2)(7)</sup> <br>| 6341 | &nbsp;&nbsp; 6146 |
| 2018-2A, A1 144A <br>4.500%, 2/25/58<sup>(2)(7)</sup> <br>| 3408 | &nbsp;&nbsp; 3365 |
| 2018-3A, A1 144A <br>4.500%, 5/25/58<sup>(2)(7)</sup> <br>| 5012 | &nbsp;&nbsp; 4881 |
| 2021-NQ2R, A1 144A <br>0.941%, 10/25/58<sup>(2)(7)</sup> <br>| 1522 | &nbsp;&nbsp; 1463 |
| 2024-NQM3, A1 144A <br>5.466%, 11/25/64<sup>(2)(7)</sup> <br>| 4392 | &nbsp;&nbsp; 4425 |
| 2026-NQM3, A1 144A <br>4.833%, 2/25/66<sup>(2)(7)</sup> <br>| 8665 | &nbsp;&nbsp; 8583 |
| 2016-2A, A1 144A <br>3.750%, 11/26/35<sup>(2)(7)</sup> <br>| 2352 | &nbsp;&nbsp; 2280 |
| 2018-1A, A1A 144A <br>4.000%, 12/25/57<sup>(2)(7)</sup> <br>| 4488 | &nbsp;&nbsp; 4376 |
| NLT Trust 2021-INV2, A1 <br> 144A <br>1.162%, 8/25/56<sup>(2)(7)</sup> <br>| 7429 | &nbsp;&nbsp; 6517 |
| NYC Commercial Mortgage <br> Trust 2025-300P, A 144A <br>4.879%, 7/13/42<sup>(2)(7)</sup> <br>| 10550 | &nbsp;&nbsp; 10487 |
| NYMT Loan Trust |  |  |
| 2022-CP1, A1 144A <br>2.042%, 7/25/61<sup>(2)</sup> <br>| 5357 | &nbsp;&nbsp; 5033 |
| 2024-CP1, A1 144A <br>3.750%, 2/25/68<sup>(2)(7)</sup> <br>| 3114 | &nbsp;&nbsp; 2881 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| OBX Trust |  |  |
| 2023-NQM10, A1 144A <br>6.465%, 10/25/63<sup>(2)(7)</sup> <br>| $5447 | &nbsp;&nbsp; $5482 |
| 2023-NQM5, A1A 144A <br>6.567%, 6/25/63<sup>(2)(7)</sup> <br>| 4927 | &nbsp;&nbsp; 4929 |
| 2023-NQM9, A1 144A <br>7.159%, 10/25/63<sup>(2)(7)</sup> <br>| 2380 | &nbsp;&nbsp; 2398 |
| 2024-HYB1, A1 144A <br>3.620%, 3/25/53<sup>(2)(7)</sup> <br>| 6782 | &nbsp;&nbsp; 6788 |
| 2024-HYB2, A1 144A <br>3.703%, 4/25/53<sup>(2)(7)</sup> <br>| 7215 | &nbsp;&nbsp; 7182 |
| 2024-NQM1, A1 144A <br>5.928%, 11/25/63<sup>(2)(7)</sup> <br>| 3027 | &nbsp;&nbsp; 3036 |
| 2024-NQM3, A1 144A <br>6.129%, 12/25/63<sup>(2)(7)</sup> <br>| 5982 | &nbsp;&nbsp; 6012 |
| 2024-NQM9, A1 144A <br>6.030%, 1/25/64<sup>(2)(7)</sup> <br>| 7135 | &nbsp;&nbsp; 7187 |
| 2025-NQM4, A1 144A <br>5.400%, 2/25/55<sup>(2)(7)</sup> <br>| 7174 | &nbsp;&nbsp; 7189 |
| 2025-NQM6, A1 144A <br>5.603%, 3/25/65<sup>(2)(7)</sup> <br>| 6721 | &nbsp;&nbsp; 6754 |
| 2026-NQM5, A1 <br>5.321%, 1/25/66<sup>(7)</sup> <br>| 10500 | &nbsp;&nbsp; 10500 |
| 2018-1, A2 (1 month <br> Term SOFR + 0.764%) <br> 144A <br>4.443%, 6/25/57<sup>(2)(7)</sup> <br>| 1117 | &nbsp;&nbsp; 1105 |
| Palisades Mortgage Loan <br> Trust 2021-RTL1, A1 <br> 144A <br>3.487%, 6/25/26<sup>(2)(7)</sup> <br>| 716 | &nbsp;&nbsp; 715 |
| PMT Loan Trust |  |  |
| 2024-INV2, A1 144A <br>6.000%, 12/25/59<sup>(2)(7)</sup> <br>| 3852 | &nbsp;&nbsp; 3893 |
| 2025-INV7, A7 144A <br>6.000%, 6/25/56<sup>(2)(7)</sup> <br>| 3994 | &nbsp;&nbsp; 4031 |
| Progress Residential Trust <br> 2021-SFR5, D 144A <br>2.109%, 7/17/38<sup>(2)</sup> <br>| 2500 | &nbsp;&nbsp; 2480 |
| Provident Funding <br> Mortgage Trust 2025-1, <br> A3 144A <br>5.500%, 2/25/55<sup>(2)(7)</sup> <br>| 4150 | &nbsp;&nbsp; 4153 |
| RCKT Mortgage Trust |  |  |
| 2020-1, A1 144A <br>3.000%, 2/25/50<sup>(2)(7)</sup> <br>| 2862 | &nbsp;&nbsp; 2500 |
| 2023-CES1, A1A 144A <br>6.515%, 6/25/43<sup>(2)(7)</sup> <br>| 6496 | &nbsp;&nbsp; 6492 |
| 2023-CES2, A1A 144A <br>6.808%, 9/25/43<sup>(2)(7)</sup> <br>| 3387 | &nbsp;&nbsp; 3400 |
| 2023-CES3, A1A 144A <br>7.113%, 11/25/43<sup>(2)(7)</sup> <br>| 7848 | &nbsp;&nbsp; 7908 |
| 2024-CES1, A1A 144A <br>6.025%, 2/25/44<sup>(2)(7)</sup> <br>| 3839 | &nbsp;&nbsp; 3855 |
| 2024-CES3, A1A 144A <br>6.591%, 5/25/44<sup>(2)(7)</sup> <br>| 10983 | &nbsp;&nbsp; 11087 |
| 2024-CES8, A1A 144A <br>5.490%, 11/25/44<sup>(2)(7)</sup> <br>| 2578 | &nbsp;&nbsp; 2588 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2024-CES9, A1A 144A <br>5.582%, 12/25/44<sup>(2)(7)</sup> <br>| $5435 | &nbsp;&nbsp; $5456 |
| 2025-CES5, A1A 144A <br>5.687%, 5/25/55<sup>(2)(7)</sup> <br>| 4379 | &nbsp;&nbsp; 4406 |
| Residential Mortgage Loan <br> Trust 2020-1, A1 144A <br>2.376%, 1/26/60<sup>(2)(7)</sup> <br>| 45 | &nbsp;&nbsp; 44 |
| RFR Trust 2025-SGRM, A <br> 144A <br>5.379%, 3/11/41<sup>(2)(7)</sup> <br>| 2930 | &nbsp;&nbsp; 2965 |
| ROCK Trust |  |  |
| 2024-CNTR, A 144A <br>5.388%, 11/13/41<sup>(2)</sup> <br>| 2735 | &nbsp;&nbsp; 2780 |
| 2024-CNTR, C 144A <br>6.471%, 11/13/41<sup>(2)</sup> <br>| 7605 | &nbsp;&nbsp; 7837 |
| Sequoia Mortgage Trust |  |  |
| 2013-8, B1 <br>3.478%, 6/25/43<sup>(7)</sup> <br>| 846 | &nbsp;&nbsp; 824 |
| 2026-4, A4 144A <br>5.500%, 3/25/56<sup>(2)(7)</sup> <br>| 9205 | &nbsp;&nbsp; 9230 |
| SG Residential Mortgage <br> Trust 2021-1, A1 144A <br>1.160%, 7/25/61<sup>(2)(7)</sup> <br>| 5867 | &nbsp;&nbsp; 4937 |
| Starwood Mortgage <br> Residential Trust<br>|  |  |
| 2020-1, A1 144A <br>2.275%, 2/25/50<sup>(2)(7)</sup> <br>| 309 | &nbsp;&nbsp; 298 |
| 2021-3, A1 144A <br>1.127%, 6/25/56<sup>(2)(7)</sup> <br>| 6377 | &nbsp;&nbsp; 5543 |
| THPT Mortgage Trust <br> 2023-THL, A 144A <br>6.996%, 12/10/34<sup>(2)(7)</sup> <br>| 10687 | &nbsp;&nbsp; 10763 |
| Towd Point Mortgage Trust |  |  |
| 2015-6, B2 144A <br>3.772%, 4/25/55<sup>(2)(7)</sup> <br>| 9529 | &nbsp;&nbsp; 8959 |
| 2016-4, B1 144A <br>3.914%, 7/25/56<sup>(2)(7)</sup> <br>| 8095 | &nbsp;&nbsp; 7865 |
| 2017-1, M1 144A <br>3.750%, 10/25/56<sup>(2)(7)</sup> <br>| 9428 | &nbsp;&nbsp; 9316 |
| 2018-2, A2 144A <br>3.500%, 3/25/58<sup>(2)(7)</sup> <br>| 12525 | &nbsp;&nbsp; 12220 |
| 2018-6, A1A 144A <br>3.750%, 3/25/58<sup>(2)(7)</sup> <br>| 348 | &nbsp;&nbsp; 346 |
| 2019-2, A2 144A <br>3.750%, 12/25/58<sup>(2)(7)</sup> <br>| 1485 | &nbsp;&nbsp; 1343 |
| 2019-HY2, M1 (1 month <br> Term SOFR + 1.714%, <br> Cap N/A, Floor 1.600%) <br> 144A <br>5.393%, 5/25/58<sup>(2)(7)</sup> <br>| 4045 | &nbsp;&nbsp; 4048 |
| 2020-MH1, A2 144A <br>2.500%, 2/25/60<sup>(2)(7)</sup> <br>| 12111 | &nbsp;&nbsp; 11714 |
| 2021-1, A2 144A <br>2.750%, 11/25/61<sup>(2)(7)</sup> <br>| 12970 | &nbsp;&nbsp; 11122 |
| 2024-1, A1 144A <br>4.903%, 3/25/64<sup>(2)(7)</sup> <br>| 10865 | &nbsp;&nbsp; 11040 |
| 2024-CES1, A1A 144A <br>5.848%, 1/25/64<sup>(2)(7)</sup> <br>| 2617 | &nbsp;&nbsp; 2621 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| 2017-6, A2 144A <br>3.000%, 10/25/57<sup>(2)(7)</sup> <br>| $11151 | &nbsp;&nbsp; $10730 |
| Tricon American Homes <br> Trust 2020-SFR2, D <br> 144A <br>2.281%, 11/17/39<sup>(2)</sup> <br>| 5243 | &nbsp;&nbsp; 4999 |
| Tricon Residential Trust <br> 2021-SFR1, B 144A <br>2.244%, 7/17/38<sup>(2)</sup> <br>| 8815 | &nbsp;&nbsp; 8747 |
| Verus Securitization Trust |  |  |
| 2021-2, A1 144A <br>1.031%, 2/25/66<sup>(2)(7)</sup> <br>| 2929 | &nbsp;&nbsp; 2677 |
| 2023-8, A1 144A <br>6.259%, 12/25/68<sup>(2)(7)</sup> <br>| 4731 | &nbsp;&nbsp; 4754 |
| 2024-3, A1 144A <br>6.338%, 4/25/69<sup>(2)(7)</sup> <br>| 777 | &nbsp;&nbsp; 784 |
| 2025-11, A1 144A <br>4.914%, 11/25/70<sup>(2)(7)</sup> <br>| 8400 | &nbsp;&nbsp; 8360 |
| 2025-7, A1 144A <br>5.129%, 8/25/70<sup>(2)(7)</sup> <br>| 2496 | &nbsp;&nbsp; 2493 |
| 2021-R1, A1 144A <br>0.820%, 10/25/63<sup>(2)(7)</sup> <br>| 1084 | &nbsp;&nbsp; 1050 |
| Visio Trust |  |  |
| 2019-2, A1 144A <br>2.722%, 11/25/54<sup>(2)(7)</sup> <br>| 69 | &nbsp;&nbsp; 69 |
| 2021-1R, A1 144A <br>1.280%, 5/25/56<sup>(2)</sup> <br>| 3256 | &nbsp;&nbsp; 3046 |
| Wells Fargo Mortgage <br> Backed Securities Trust <br> 2020-4, A1 144A <br>3.000%, 7/25/50<sup>(2)(7)</sup> <br>| 1971 | &nbsp;&nbsp; 1724 |
|  |  | &nbsp;&nbsp; 803355 |
| **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $1,193,442)** | **Total Mortgage-Backed** <br> **Securities** <br>**(Identified Cost $1,193,442)** | &nbsp;&nbsp; **1181850** |
| **Asset-Backed Securities—26.2%** | **Asset-Backed Securities—26.2%** | **Asset-Backed Securities—26.2%** |
| **Automobiles—10.5%** | **Automobiles—10.5%** |  |
| ACM Auto Trust |  |  |
| 2024-2A, A 144A <br>6.060%, 2/20/29<sup>(2)</sup> <br>| 42 | &nbsp;&nbsp; 42 |
| 2025-1A, A 144A <br>5.380%, 6/20/29<sup>(2)</sup> <br>| 635 | &nbsp;&nbsp; 634 |
| 2025-2A, A 144A <br>5.550%, 6/20/28<sup>(2)</sup> <br>| 3132 | &nbsp;&nbsp; 3136 |
| 2025-3A, A 144A <br>5.010%, 1/22/30<sup>(2)</sup> <br>| 2512 | &nbsp;&nbsp; 2509 |
| American Credit <br> Acceptance Receivables <br> Trust<br>|  |  |
| 2024-1, C 144A <br>5.630%, 1/14/30<sup>(2)</sup> <br>| 3241 | &nbsp;&nbsp; 3250 |
| 2024-4, C 144A <br>4.910%, 8/12/31<sup>(2)</sup> <br>| 8335 | &nbsp;&nbsp; 8356 |
| 2025-1, C 144A <br>5.090%, 8/12/31<sup>(2)</sup> <br>| 13835 | &nbsp;&nbsp; 13909 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2026-1, C 144A <br>4.550%, 1/12/33<sup>(2)</sup> <br>| $4000 | &nbsp;&nbsp; $3987 |
| Arivo Acceptance Auto <br> Loan Receivables Trust<br>|  |  |
| 2022-1A, B 144A <br>4.770%, 6/15/28<sup>(2)</sup> <br>| 1600 | &nbsp;&nbsp; 1600 |
| 2022-2A, A 144A <br>6.900%, 1/16/29<sup>(2)</sup> <br>| 921 | &nbsp;&nbsp; 926 |
| Avis Budget Rental Car <br> Funding LLC<br>|  |  |
| (AESOP) 2021-1A, A <br> 144A <br>1.380%, 8/20/27<sup>(2)</sup> <br>| 1558 | &nbsp;&nbsp; 1549 |
| (AESOP) 2021-1A, D <br> 144A <br>3.710%, 8/20/27<sup>(2)</sup> <br>| 9583 | &nbsp;&nbsp; 9540 |
| (AESOP) 2021-1A, D <br> 144A <br>4.080%, 2/20/28<sup>(2)</sup> <br>| 3815 | &nbsp;&nbsp; 3772 |
| (AESOP) 2022-5A, C <br> 144A <br>6.240%, 4/20/27<sup>(2)</sup> <br>| 775 | &nbsp;&nbsp; 776 |
| (AESOP) 2023-3A, D <br> 144A <br>7.320%, 2/20/28<sup>(2)</sup> <br>| 4000 | &nbsp;&nbsp; 4031 |
| (AESOP) 2024-1A, A <br> 144A <br>5.360%, 6/20/30<sup>(2)</sup> <br>| 8050 | &nbsp;&nbsp; 8227 |
| BOF URSA VI Funding Trust <br> I 2023-CAR2, A2 144A <br>5.542%, 10/27/31<sup>(2)</sup> <br>| 152 | &nbsp;&nbsp; 153 |
| Bridgecrest Lending Auto <br> Securitization Trust<br>|  |  |
| 2025-1, C <br>5.150%, 12/17/29<br>| 9650 | &nbsp;&nbsp; 9704 |
| 2025-2, D <br>5.620%, 3/17/31<br>| 8170 | &nbsp;&nbsp; 8235 |
| 2026-1, C <br>4.440%, 11/17/31<br>| 12220 | &nbsp;&nbsp; 12118 |
| Carmax Select Receivables <br> Trust 2025-B, C <br>4.830%, 6/16/31<br>| 6000 | &nbsp;&nbsp; 6009 |
| Carvana Auto Receivables <br> Trust<br>|  |  |
| 2021-N2, C <br>1.070%, 3/10/28<br>| 471 | &nbsp;&nbsp; 463 |
| 2021-N3, D <br>1.580%, 6/12/28<br>| 1250 | &nbsp;&nbsp; 1221 |
| 2021-P3, B <br>1.420%, 8/10/27<br>| 7355 | &nbsp;&nbsp; 7257 |
| 2022-N1, C 144A <br>3.320%, 12/11/28<sup>(2)</sup> <br>| 359 | &nbsp;&nbsp; 356 |
| 2022-N1, D 144A <br>4.130%, 12/11/28<sup>(2)</sup> <br>| 2568 | &nbsp;&nbsp; 2548 |
| 2023-N1, C 144A <br>5.920%, 7/10/29<sup>(2)</sup> <br>| 2188 | &nbsp;&nbsp; 2196 |
| 2023-N4, C 144A <br>6.590%, 2/11/30<sup>(2)</sup> <br>| 4970 | &nbsp;&nbsp; 5081 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Consumer Portfolio <br> Services Auto Trust<br>|  |  |
| 2025-A, C 144A <br>5.250%, 4/15/31<sup>(2)</sup> <br>| $7074 | &nbsp;&nbsp; $7133 |
| 2025-B, C 144A <br>5.120%, 7/15/31<sup>(2)</sup> <br>| 5305 | &nbsp;&nbsp; 5341 |
| CPS Auto Receivables Trust |  |  |
| 2023-D, C 144A <br>7.170%, 1/15/30<sup>(2)</sup> <br>| 2900 | &nbsp;&nbsp; 2925 |
| 2024-A, C 144A <br>5.740%, 4/15/30<sup>(2)</sup> <br>| 2352 | &nbsp;&nbsp; 2364 |
| 2024-C, C 144A <br>5.760%, 10/15/30<sup>(2)</sup> <br>| 6810 | &nbsp;&nbsp; 6874 |
| Credit Acceptance Auto <br> Loan Trust 2024-1A, A <br> 144A <br>5.680%, 3/15/34<sup>(2)</sup> <br>| 8404 | &nbsp;&nbsp; 8440 |
| Drive Auto Receivables <br> Trust 2024-1, C <br>5.430%, 11/17/31<br>| 5680 | &nbsp;&nbsp; 5733 |
| DT Auto Owner Trust |  |  |
| 2022-2A, D 144A <br>5.460%, 3/15/28<sup>(2)</sup> <br>| 4397 | &nbsp;&nbsp; 4411 |
| 2023-1A, D 144A <br>6.440%, 11/15/28<sup>(2)</sup> <br>| 1741 | &nbsp;&nbsp; 1763 |
| Exeter Automobile <br> Receivables Trust<br>|  |  |
| 2023-3A, D <br>6.680%, 4/16/29<br>| 3723 | &nbsp;&nbsp; 3792 |
| 2024-5A, B <br>4.480%, 4/16/29<br>| 3457 | &nbsp;&nbsp; 3460 |
| 2025-3A, D <br>5.570%, 10/15/31<br>| 9260 | &nbsp;&nbsp; 9322 |
| 2025-4A, B <br>4.400%, 5/15/30<br>| 3730 | &nbsp;&nbsp; 3726 |
| 2026-2A, C <br>4.910%, 8/16/32<br>| 6500 | &nbsp;&nbsp; 6484 |
| Exeter Select Automobile <br> Receivables Trust <br> 2025-2, C <br>4.910%, 12/15/31<br>| 8365 | &nbsp;&nbsp; 8393 |
| FHF Issuer Trust 2024-1A, <br> A2 144A <br>5.690%, 2/15/30<sup>(2)</sup> <br>| 4140 | &nbsp;&nbsp; 4164 |
| FHF Trust |  |  |
| 2022-2A, B 144A <br>6.570%, 1/16/29<sup>(2)</sup> <br>| 8847 | &nbsp;&nbsp; 8850 |
| 2023-1A, A2 144A <br>6.570%, 6/15/28<sup>(2)</sup> <br>| 276 | &nbsp;&nbsp; 277 |
| FinBe USA Trust 2025-1A, <br> B 144A <br>6.600%, 12/16/30<sup>(2)</sup> <br>| 6500 | &nbsp;&nbsp; 6487 |
| First Investors Auto Owner <br> Trust<br>|  |  |
| 2021-2A, C 144A <br>1.470%, 11/15/27<sup>(2)</sup> <br>| 584 | &nbsp;&nbsp; 583 |
| 2022-1A, C 144A <br>3.130%, 5/15/28<sup>(2)</sup> <br>| 806 | &nbsp;&nbsp; 805 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2026-1A, B 144A <br>4.810%, 7/15/32<sup>(2)</sup> <br>| $5770 | &nbsp;&nbsp; $5769 |
| Flagship Credit Auto Trust |  |  |
| 2023-1, D 144A <br>6.460%, 5/15/29<sup>(2)</sup> <br>| 3460 | &nbsp;&nbsp; 3481 |
| 2024-1, B 144A <br>5.630%, 4/16/29<sup>(2)</sup> <br>| 6139 | &nbsp;&nbsp; 6171 |
| 2024-1, C 144A <br>5.790%, 2/15/30<sup>(2)</sup> <br>| 5600 | &nbsp;&nbsp; 5640 |
| 2024-3, B 144A <br>5.350%, 7/16/29<sup>(2)</sup> <br>| 1900 | &nbsp;&nbsp; 1904 |
| 2024-3, C 144A <br>5.410%, 9/16/30<sup>(2)</sup> <br>| 5690 | &nbsp;&nbsp; 5680 |
| Foursight Capital <br> Automobile Receivables <br> Trust<br>|  |  |
| 2023-2, A2 144A <br>5.990%, 5/15/28<sup>(2)</sup> <br>| 274 | &nbsp;&nbsp; 274 |
| 2024-1, C 144A <br>5.770%, 11/15/29<sup>(2)</sup> <br>| 5000 | &nbsp;&nbsp; 5062 |
| GLS Auto Receivables <br> Issuer Trust<br>|  |  |
| 2021-3A, E 144A <br>3.200%, 10/16/28<sup>(2)</sup> <br>| 13050 | &nbsp;&nbsp; 13042 |
| 2022-2A, D 144A <br>6.150%, 4/17/28<sup>(2)</sup> <br>| 2702 | &nbsp;&nbsp; 2717 |
| 2024-2A, C 144A <br>6.030%, 2/15/30<sup>(2)</sup> <br>| 5445 | &nbsp;&nbsp; 5529 |
| 2024-3A, C 144A <br>5.210%, 2/18/31<sup>(2)</sup> <br>| 5700 | &nbsp;&nbsp; 5754 |
| 2025-1A, D 144A <br>5.610%, 11/15/30<sup>(2)</sup> <br>| 4614 | &nbsp;&nbsp; 4675 |
| 2025-2A, D 144A <br>5.590%, 1/15/31<sup>(2)</sup> <br>| 4000 | &nbsp;&nbsp; 4058 |
| 2026-1A, D 144A <br>5.020%, 12/15/31<sup>(2)</sup> <br>| 7700 | &nbsp;&nbsp; 7605 |
| GLS Auto Select <br> Receivables Trust<br>|  |  |
| 2023-1A, B 144A <br>6.090%, 3/15/29<sup>(2)</sup> <br>| 4400 | &nbsp;&nbsp; 4472 |
| 2023-2A, A3 144A <br>6.380%, 2/15/29<sup>(2)</sup> <br>| 1725 | &nbsp;&nbsp; 1742 |
| 2024-2A, A2 144A <br>5.580%, 6/17/30<sup>(2)</sup> <br>| 2417 | &nbsp;&nbsp; 2437 |
| 2024-3A, B 144A <br>5.640%, 8/15/30<sup>(2)</sup> <br>| 1660 | &nbsp;&nbsp; 1690 |
| 2024-3A, C 144A <br>5.920%, 8/15/30<sup>(2)</sup> <br>| 3483 | &nbsp;&nbsp; 3575 |
| 2025-1A, A2 144A <br>4.710%, 4/15/30<sup>(2)</sup> <br>| 5469 | &nbsp;&nbsp; 5490 |
| 2025-1A, B 144A <br>5.040%, 2/15/31<sup>(2)</sup> <br>| 1425 | &nbsp;&nbsp; 1437 |
| Huntington Bank Auto <br> Credit-Linked Notes <br> 2024-1, B1 144A <br>6.153%, 5/20/32<sup>(2)</sup> <br>| 2245 | &nbsp;&nbsp; 2277 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| LAD Auto Receivables Trust |  |  |
| 2023-1A, D 144A <br>7.300%, 6/17/30<sup>(2)</sup> <br>| $2570 | &nbsp;&nbsp; $2592 |
| 2023-3A, D 144A <br>6.920%, 12/16/30<sup>(2)</sup> <br>| 3000 | &nbsp;&nbsp; 3067 |
| 2024-3A, C 144A <br>4.930%, 3/15/30<sup>(2)</sup> <br>| 6065 | &nbsp;&nbsp; 6104 |
| 2025-1A, C 144A <br>5.110%, 7/15/30<sup>(2)</sup> <br>| 3130 | &nbsp;&nbsp; 3167 |
| 2025-1A, D 144A <br>5.520%, 5/17/32<sup>(2)</sup> <br>| 3000 | &nbsp;&nbsp; 3039 |
| Lendbuzz Auto Receivables <br> Trust <br>5.570%, 11/15/27<sup>(8)</sup> <br>| 4088 | &nbsp;&nbsp; 4094 |
| Lendbuzz Securitization <br> Trust<br>|  |  |
| 2023-2A, A2 144A <br>7.090%, 10/16/28<sup>(2)</sup> <br>| 1523 | &nbsp;&nbsp; 1539 |
| 2024-1A, A2 144A <br>6.190%, 8/15/29<sup>(2)</sup> <br>| 1182 | &nbsp;&nbsp; 1187 |
| 2024-2A, A2 144A <br>5.990%, 5/15/29<sup>(2)</sup> <br>| 4850 | &nbsp;&nbsp; 4879 |
| 2024-3A, A2 144A <br>4.970%, 10/15/29<sup>(2)</sup> <br>| 2187 | &nbsp;&nbsp; 2189 |
| 2025-1A, A2 144A <br>5.100%, 10/15/30<sup>(2)</sup> <br>| 4314 | &nbsp;&nbsp; 4324 |
| 2025-1A, B 144A <br>5.470%, 11/15/30<sup>(2)</sup> <br>| 9840 | &nbsp;&nbsp; 9865 |
| 2026-1A, B 144A <br>5.160%, 12/16/30<sup>(2)</sup> <br>| 1591 | &nbsp;&nbsp; 1591 |
| 2026-1A, C 144A <br>5.740%, 9/15/31<sup>(2)</sup> <br>| 1819 | &nbsp;&nbsp; 1824 |
| Merchants Fleet <br> Funding LLC 2023-1A, A <br> 144A <br>7.210%, 5/20/36<sup>(2)</sup> <br>| 2949 | &nbsp;&nbsp; 2956 |
| Octane Receivables Trust <br> 2025-RVM1, A 144A <br>4.480%, 12/20/46<sup>(2)</sup> <br>| 4724 | &nbsp;&nbsp; 4704 |
| OneMain Direct Auto <br> Receivables Trust<br>|  |  |
| 2022-1A, C 144A <br>5.310%, 6/14/29<sup>(2)</sup> <br>| 7485 | &nbsp;&nbsp; 7496 |
| 2026-1A, A 144A <br>4.490%, 12/14/33<sup>(2)</sup> <br>| 8950 | &nbsp;&nbsp; 8882 |
| Oscar U.S. Funding <br> XIII LLC 2021-2A, A4 <br> 144A <br>1.270%, 9/11/28<sup>(2)</sup> <br>| 592 | &nbsp;&nbsp; 587 |
| Oscar U.S. Funding XV LLC <br> 2023-1A, A3 144A <br>5.810%, 12/10/27<sup>(2)</sup> <br>| 2416 | &nbsp;&nbsp; 2427 |
| Prestige Auto Receivables <br> Trust 2023-2A, B 144A <br>6.640%, 12/15/27<sup>(2)</sup> <br>| 727 | &nbsp;&nbsp; 728 |
| SAFCO Auto Receivables <br> Trust<br>|  |  |
| 2024-1A, B 144A <br>6.310%, 11/20/28<sup>(2)</sup> <br>| 966 | &nbsp;&nbsp; 967 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| 2024-1A, C 144A <br>6.960%, 1/18/30<sup>(2)</sup> <br>| $3770 | &nbsp;&nbsp; $3785 |
| 2025-1A, A 144A <br>5.460%, 9/10/29<sup>(2)</sup> <br>| 1375 | &nbsp;&nbsp; 1373 |
| 2025-1A, C 144A <br>5.750%, 11/11/30<sup>(2)</sup> <br>| 6710 | &nbsp;&nbsp; 6646 |
| Tesla Lease Electric Vehicle <br> Securitization LLC <br> 2025-A, A2 144A <br>4.140%, 6/20/28<sup>(2)</sup> <br>| 4231 | &nbsp;&nbsp; 4230 |
| Tricolor Auto Securitization <br> Trust 2024-2A, C 144A <br>6.930%, 4/17/28<sup>(2)(3)(8)</sup> <br>| 3355 | &nbsp;&nbsp; 1644 |
| United Auto Credit <br> Securitization Trust<br>|  |  |
| 2023-1, D 144A <br>8.000%, 7/10/28<sup>(2)</sup> <br>| 2956 | &nbsp;&nbsp; 2971 |
| 2024-1, C 144A <br>7.060%, 10/10/29<sup>(2)</sup> <br>| 1695 | &nbsp;&nbsp; 1696 |
| Upgrade Auto Receivables <br> Trust 2025-1A, B 144A <br>4.900%, 1/15/32<sup>(2)</sup> <br>| 6431 | &nbsp;&nbsp; 6358 |
| Veridian Auto Receivables <br> Trust 2023-1A, A4 144A <br>5.590%, 12/15/28<sup>(2)</sup> <br>| 9585 | &nbsp;&nbsp; 9653 |
| Veros Auto Receivables <br> Trust<br>|  |  |
| 2023-1, B 144A <br>7.170%, 11/15/28<sup>(2)</sup> <br>| 1775 | &nbsp;&nbsp; 1778 |
| 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>| 5435 | &nbsp;&nbsp; 5492 |
| 2026-1, B 144A <br>4.840%, 5/15/29<sup>(2)</sup> <br>| 2520 | &nbsp;&nbsp; 2519 |
| 2026-1, C 144A <br>5.220%, 7/15/31<sup>(2)</sup> <br>| 5000 | &nbsp;&nbsp; 5008 |
| Westlake Automobile <br> Receivables Trust<br>|  |  |
| 2023-1A, C 144A <br>5.740%, 8/15/28<sup>(2)</sup> <br>| 702 | &nbsp;&nbsp; 704 |
| 2024-2A, B 144A <br>5.620%, 3/15/30<sup>(2)</sup> <br>| 11590 | &nbsp;&nbsp; 11662 |
| 2025-2A, C 144A <br>4.850%, 1/15/31<sup>(2)</sup> <br>| 12870 | &nbsp;&nbsp; 12917 |
| 2025-3A, A3 144A <br>4.220%, 6/15/29<sup>(2)</sup> <br>| 3775 | &nbsp;&nbsp; 3775 |
| 2026-1A, C 144A <br>4.370%, 6/16/31<sup>(2)</sup> <br>| 10505 | &nbsp;&nbsp; 10425 |
|  |  | &nbsp;&nbsp; 498537 |
| **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>5.168%, 4/20/37<sup>(2)(7)(8)</sup> <br>| 13670 | &nbsp;&nbsp; 13670 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Loans—0.3%** | **Consumer Loans—0.3%** |  |
| ACHV ABS Trust 2025-1PL, <br> B 144A <br>5.040%, 4/26/32<sup>(2)</sup> <br>| $1907 | &nbsp;&nbsp; $1912 |
| Marlette Funding Trust <br> 2024-1A, B 144A <br>6.070%, 7/17/34<sup>(2)</sup> <br>| 2552 | &nbsp;&nbsp; 2559 |
| OneMain Financial <br> Issuance Trust<br>|  |  |
| 2022-3A, A 144A <br>5.940%, 5/15/34<sup>(2)</sup> <br>| 1233 | &nbsp;&nbsp; 1235 |
| 2025-1A, B 144A <br>5.050%, 7/14/38<sup>(2)</sup> <br>| 2710 | &nbsp;&nbsp; 2718 |
| Oportun Issuance Trust <br> 2021-C, A 144A <br>2.180%, 10/8/31<sup>(2)</sup> <br>| 3779 | &nbsp;&nbsp; 3728 |
| Reach ABS Trust |  |  |
| 2024-1A, B 144A <br>6.290%, 2/18/31<sup>(2)</sup> <br>| 2601 | &nbsp;&nbsp; 2616 |
| 2025-1A, A 144A <br>4.960%, 8/16/32<sup>(2)</sup> <br>| 1532 | &nbsp;&nbsp; 1534 |
|  |  | &nbsp;&nbsp; 16302 |
| **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; 13715 |
| 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; 9545 |
|  |  | &nbsp;&nbsp; 23260 |
| **Equipment—0.0%** | **Equipment—0.0%** |  |
| Post Road Equipment <br> Finance LLC 2024-1A, <br> A2 144A <br>5.590%, 11/15/29<sup>(2)</sup> <br>| 648 | &nbsp;&nbsp; 649 |
| **Other—14.5%** | **Other—14.5%** |  |
| Affirm Asset Securitization <br> Trust 2025-X1, A 144A <br>5.080%, 4/15/30<sup>(2)</sup> <br>| 232 | &nbsp;&nbsp; 232 |
| Affirm Master Trust Series <br> 2025-3A, A 144A <br>4.450%, 10/16/34<sup>(2)</sup> <br>| 1100 | &nbsp;&nbsp; 1095 |
| ALLO Issuer LLC 2025-1A, <br> A2 144A <br>5.528%, 4/20/55<sup>(2)</sup> <br>| 8050 | &nbsp;&nbsp; 8078 |
| Amur Equipment Finance <br> Receivables XII LLC <br> 2023-1A, A2 144A <br>6.090%, 12/20/29<sup>(2)</sup> <br>| 455 | &nbsp;&nbsp; 457 |
| Applebee's Funding LLC <br> 2023-1A, A2 144A <br>7.824%, 3/5/53<sup>(2)</sup> <br>| 10430 | &nbsp;&nbsp; 10514 |
| Aqua Finance Issuer Trust |  |  |
| 2025-A, A 144A <br>5.250%, 12/19/50<sup>(2)</sup> <br>| 3462 | &nbsp;&nbsp; 3505 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| 2026-A, A 144A <br>4.760%, 4/17/51<sup>(2)</sup> <br>| $7000 | &nbsp;&nbsp; $6965 |
| Aqua Finance Trust |  |  |
| 2019-A, A 144A <br>3.140%, 7/16/40<sup>(2)</sup> <br>| 851 | &nbsp;&nbsp; 829 |
| 2019-A, C 144A <br>4.010%, 7/16/40<sup>(2)</sup> <br>| 7741 | &nbsp;&nbsp; 7577 |
| 2020-AA, B 144A <br>2.790%, 7/17/46<sup>(2)</sup> <br>| 1383 | &nbsp;&nbsp; 1323 |
| 2024-A, B 144A <br>5.060%, 4/18/50<sup>(2)</sup> <br>| 8320 | &nbsp;&nbsp; 8336 |
| BHG Securitization Trust <br> 2021-B, B 144A <br>1.670%, 10/17/34<sup>(2)</sup> <br>| 1941 | &nbsp;&nbsp; 1929 |
| Blue Owl Asset Leasing <br> Trust LLC 2024-1A, A2 <br> 144A <br>5.050%, 3/15/29<sup>(2)</sup> <br>| 2353 | &nbsp;&nbsp; 2360 |
| Bojangles Issuer LLC <br> 2024-1A, A2 144A <br>6.584%, 11/20/54<sup>(2)</sup> <br>| 9318 | &nbsp;&nbsp; 9373 |
| Business Jet <br> Securities LLC 2024-2A, <br> A 144A <br>5.364%, 9/15/39<sup>(2)</sup> <br>| 2286 | &nbsp;&nbsp; 2280 |
| BXG Receivables <br> Note Trust<br>|  |  |
| 2020-A, B 144A <br>2.490%, 2/28/36<sup>(2)</sup> <br>| 1124 | &nbsp;&nbsp; 1099 |
| 2022-A, B 144A <br>4.610%, 9/28/37<sup>(2)</sup> <br>| 895 | &nbsp;&nbsp; 889 |
| 2023-A, A 144A <br>5.770%, 11/15/38<sup>(2)</sup> <br>| 2625 | &nbsp;&nbsp; 2658 |
| Castlelake Aircraft <br> Structured Trust <br> 2025-1A, A 144A <br>5.783%, 2/15/50<sup>(2)(8)</sup> <br>| 9887 | &nbsp;&nbsp; 9958 |
| CCG Receivables Trust |  |  |
| 2024-1, B 144A <br>5.080%, 3/15/32<sup>(2)</sup> <br>| 3085 | &nbsp;&nbsp; 3125 |
| 2025-1, C 144A <br>4.890%, 10/14/32<sup>(2)</sup> <br>| 2390 | &nbsp;&nbsp; 2400 |
| CF Hippolyta Issuer LLC <br> 2020-1, A1 144A <br>1.690%, 7/15/60<sup>(2)</sup> <br>| 7941 | &nbsp;&nbsp; 6654 |
| Commercial Equipment <br> Finance LLC 2024-1A, A <br> 144A <br>5.970%, 7/16/29<sup>(2)</sup> <br>| 2162 | &nbsp;&nbsp; 2175 |
| COOPR Residential <br> Mortgage Trust<br>|  |  |
| 2025-CES3, A1A 144A <br>4.840%, 9/25/60<sup>(2)(7)</sup> <br>| 10938 | &nbsp;&nbsp; 10855 |
| 2026-CES1, A1A 144A <br>4.874%, 1/1/61<sup>(2)(7)</sup> <br>| 4093 | &nbsp;&nbsp; 4059 |
| DB Master Finance LLC <br> 2025-1A, A2I 144A <br>4.891%, 8/20/55<sup>(2)</sup> <br>| 3167 | &nbsp;&nbsp; 3137 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Dext ABS LLC |  |  |
| 2023-1, A2 144A <br>5.990%, 3/15/32<sup>(2)</sup> <br>| $1346 | &nbsp;&nbsp; $1351 |
| 2023-2, B 144A <br>6.410%, 5/15/34<sup>(2)</sup> <br>| 2800 | &nbsp;&nbsp; 2830 |
| 2025-1, B 144A <br>4.980%, 8/15/35<sup>(2)</sup> <br>| 11370 | &nbsp;&nbsp; 11459 |
| EFMT 2025-CES4, A1 144A <br>5.431%, 6/25/60<sup>(2)(7)</sup> <br>| 10763 | &nbsp;&nbsp; 10780 |
| Elara HGV Timeshare <br> Issuer LLC 2023-A, A <br> 144A <br>6.160%, 2/25/38<sup>(2)</sup> <br>| 4861 | &nbsp;&nbsp; 4998 |
| Five Guys Holdings, Inc. <br> 2023-1A, A2 144A <br>7.549%, 1/26/54<sup>(2)</sup> <br>| 10848 | &nbsp;&nbsp; 11049 |
| Foundation Finance Trust |  |  |
| 2021-1A, A 144A <br>1.270%, 5/15/41<sup>(2)</sup> <br>| 3806 | &nbsp;&nbsp; 3631 |
| 2023-1A, A 144A <br>5.670%, 12/15/43<sup>(2)</sup> <br>| 1848 | &nbsp;&nbsp; 1883 |
| 2023-2A, A 144A <br>6.530%, 6/15/49<sup>(2)</sup> <br>| 5124 | &nbsp;&nbsp; 5314 |
| 2024-2A, A 144A <br>4.600%, 3/15/50<sup>(2)</sup> <br>| 2432 | &nbsp;&nbsp; 2421 |
| GreenSky Home <br> Improvement Issuer <br> Trust<br>|  |  |
| 2024-2, A2 144A <br>5.250%, 10/27/59<sup>(2)</sup> <br>| 190 | &nbsp;&nbsp; 191 |
| 2025-3A, B 144A <br>4.660%, 12/27/60<sup>(2)</sup> <br>| 4685 | &nbsp;&nbsp; 4677 |
| Hardee's Funding LLC |  |  |
| 2020-1A, A2 144A <br>3.981%, 12/20/50<sup>(2)</sup> <br>| 13303 | &nbsp;&nbsp; 12805 |
| 2024-1A, A2 144A <br>7.253%, 3/20/54<sup>(2)</sup> <br>| 809 | &nbsp;&nbsp; 825 |
| Hilton Grand Vacations <br> Trust<br>|  |  |
| 2022-1D, B 144A <br>4.100%, 6/20/34<sup>(2)</sup> <br>| 976 | &nbsp;&nbsp; 973 |
| 2022-2A, C 144A <br>5.570%, 1/25/37<sup>(2)</sup> <br>| 311 | &nbsp;&nbsp; 312 |
| 2024-2A, A 144A <br>5.500%, 3/25/38<sup>(2)</sup> <br>| 4640 | &nbsp;&nbsp; 4707 |
| HINNT LLC |  |  |
| 2024-A, A 144A <br>5.490%, 3/15/43<sup>(2)</sup> <br>| 7120 | &nbsp;&nbsp; 7204 |
| 2025-A, B 144A <br>5.450%, 3/15/44<sup>(2)</sup> <br>| 748 | &nbsp;&nbsp; 757 |
| 2025-B, B 144A <br>4.750%, 5/15/45<sup>(2)</sup> <br>| 3043 | &nbsp;&nbsp; 3029 |
| Hotwire Funding LLC <br> 2023-1A, A2 144A <br>5.687%, 5/20/53<sup>(2)</sup> <br>| 5500 | &nbsp;&nbsp; 5533 |
| Jersey Mike's Funding LLC |  |  |
| 2024-1A, A2 144A <br>5.636%, 2/15/55<sup>(2)</sup> <br>| 4168 | &nbsp;&nbsp; 4215 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| 2026-1A, A2I 144A <br>4.952%, 2/15/56<sup>(2)</sup> <br>| $10380 | &nbsp;&nbsp; $10238 |
| JP Morgan Mortgage Trust <br> 2026-CES1, A1A 144A <br>4.909%, 6/25/56<sup>(2)(7)</sup> <br>| 5822 | &nbsp;&nbsp; 5776 |
| Lafayette Federal Credit <br> Union Asset Trust <br> 2026-1, H 144A <br>5.375%, 1/1/46<sup>(2)</sup> <br>| 3922 | &nbsp;&nbsp; 3895 |
| Lendmark Funding Trust |  |  |
| 2021-1A, A 144A <br>1.900%, 11/20/31<sup>(2)</sup> <br>| 10385 | &nbsp;&nbsp; 10168 |
| 2024-1A, A 144A <br>5.530%, 6/21/32<sup>(2)</sup> <br>| 6000 | &nbsp;&nbsp; 6046 |
| Libra Solutions LLC <br> 2025-1A, A 144A <br>6.355%, 8/15/39<sup>(2)</sup> <br>| 5600 | &nbsp;&nbsp; 5604 |
| MAPS Trust 2026-1A, A <br> 144A <br>5.201%, 1/15/51<sup>(2)</sup> <br>| 10122 | &nbsp;&nbsp; 9887 |
| Mariner Finance Issuance <br> Trust 2025-AA, A 144A <br>4.980%, 5/20/38<sup>(2)</sup> <br>| 11590 | &nbsp;&nbsp; 11676 |
| MetroNet Infrastructure <br> Issuer LLC 2025-2A, A2 <br> 144A <br>5.400%, 8/20/55<sup>(2)</sup> <br>| 11565 | &nbsp;&nbsp; 11664 |
| Momnt Technologies Trust <br> 2023-1A, A 144A <br>6.920%, 3/20/45<sup>(2)</sup> <br>| 729 | &nbsp;&nbsp; 730 |
| MVW LLC |  |  |
| 2021-1WA, B 144A <br>1.440%, 1/22/41<sup>(2)</sup> <br>| 579 | &nbsp;&nbsp; 560 |
| 2023-1A, B 144A <br>5.420%, 10/20/40<sup>(2)</sup> <br>| 2597 | &nbsp;&nbsp; 2614 |
| Navient Private Education <br> Refi Loan Trust 2021-EA, <br> A 144A <br>0.970%, 12/16/69<sup>(2)</sup> <br>| 2468 | &nbsp;&nbsp; 2209 |
| NMEF Funding LLC |  |  |
| 2023-A, B 144A <br>6.830%, 6/17/30<sup>(2)</sup> <br>| 10120 | &nbsp;&nbsp; 10263 |
| 2024-A, A2 144A <br>5.150%, 12/15/31<sup>(2)</sup> <br>| 2671 | &nbsp;&nbsp; 2684 |
| 2025-A, B 144A <br>5.180%, 7/15/32<sup>(2)</sup> <br>| 2500 | &nbsp;&nbsp; 2516 |
| 2026-A, B 144A <br>4.480%, 2/15/34<sup>(2)</sup> <br>| 11780 | &nbsp;&nbsp; 11664 |
| Oaktree ABF Equipment <br> ST LLC 2026-1A, C 144A <br>5.310%, 10/17/33<sup>(2)</sup> <br>| 2800 | &nbsp;&nbsp; 2794 |
| Octane Receivables Trust |  |  |
| 2023-3A, B 144A <br>6.480%, 7/20/29<sup>(2)</sup> <br>| 4444 | &nbsp;&nbsp; 4480 |
| 2023-3A, C 144A <br>6.740%, 8/20/29<sup>(2)</sup> <br>| 4818 | &nbsp;&nbsp; 4904 |
| 2024-1A, B 144A <br>5.660%, 5/20/30<sup>(2)</sup> <br>| 3845 | &nbsp;&nbsp; 3883 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| 2024-3A, B 144A <br>5.310%, 9/20/30<sup>(2)</sup> <br>| $6131 | &nbsp;&nbsp; $6195 |
| 2024-3A, C 144A <br>5.510%, 10/20/31<sup>(2)</sup> <br>| 5000 | &nbsp;&nbsp; 5047 |
| OWN Equipment Fund I <br> LLC 2024-2M, A 144A <br>5.700%, 12/20/32<sup>(2)</sup> <br>| 5370 | &nbsp;&nbsp; 5402 |
| Pawneee Equipment <br> Receivables LLC 2022-1, <br> B 144A <br>5.400%, 7/17/28<sup>(2)</sup> <br>| 2946 | &nbsp;&nbsp; 2948 |
| PEAC Solutions <br> Receivables LLC<br>|  |  |
| 2024-1A, B 144A <br>5.790%, 11/20/30<sup>(2)</sup> <br>| 5490 | &nbsp;&nbsp; 5602 |
| 2025-1A, C 144A <br>5.490%, 7/20/32<sup>(2)</sup> <br>| 1150 | &nbsp;&nbsp; 1164 |
| Planet Fitness Master <br> Issuer LLC 2024-1A, A2I <br> 144A <br>5.765%, 6/5/54<sup>(2)</sup> <br>| 9923 | &nbsp;&nbsp; 9986 |
| PowerPay Issuance Trust |  |  |
| 2024-1A, A 144A <br>6.530%, 2/18/39<sup>(2)</sup> <br>| 3081 | &nbsp;&nbsp; 3140 |
| 2025-1A, A 144A <br>5.230%, 11/18/41<sup>(2)</sup> <br>| 3222 | &nbsp;&nbsp; 3213 |
| PRET LLC |  |  |
| 2026-NPL2, A1 144A <br>5.151%, 2/25/56<sup>(2)(7)</sup> <br>| 2805 | &nbsp;&nbsp; 2782 |
| 2026-NPL3, A1 144A <br>4.968%, 2/25/56<sup>(2)(7)</sup> <br>| 9947 | &nbsp;&nbsp; 9865 |
| Progress Residential Trust |  |  |
| 2021-SFR3, D 144A <br>2.288%, 5/17/26<sup>(2)</sup> <br>| 11130 | &nbsp;&nbsp; 11087 |
| 2021-SFR6, D 144A <br>2.225%, 7/17/38<sup>(2)</sup> <br>| 3750 | &nbsp;&nbsp; 3719 |
| RCKT Trust |  |  |
| 2025-1A, B 144A <br>4.990%, 7/25/34<sup>(2)</sup> <br>| 3445 | &nbsp;&nbsp; 3454 |
| 2025-1A, C 144A <br>5.160%, 7/25/34<sup>(2)</sup> <br>| 5607 | &nbsp;&nbsp; 5609 |
| RCO X Mortgage LLC <br> 2026-1, A1 144A <br>5.536%, 3/25/31<sup>(2)(7)(8)</sup> <br>| 6000 | &nbsp;&nbsp; 5981 |
| Reach ABS Trust |  |  |
| 2024-2A, B 144A <br>5.840%, 7/15/31<sup>(2)</sup> <br>| 7030 | &nbsp;&nbsp; 7092 |
| 2025-2A, B 144A <br>5.120%, 8/18/32<sup>(2)</sup> <br>| 4090 | &nbsp;&nbsp; 4096 |
| 2026-1A, B 144A <br>4.370%, 2/15/33<sup>(2)</sup> <br>| 4900 | &nbsp;&nbsp; 4881 |
| Regional Management <br> Issuance Trust 2024-2, A <br> 144A <br>5.110%, 12/15/33<sup>(2)</sup> <br>| 7290 | &nbsp;&nbsp; 7318 |
| Santander Mortgage Asset <br> Receivable Trust <br> 2025-CES1, A1A 144A <br>5.036%, 9/25/55<sup>(2)(7)</sup> <br>| 4906 | &nbsp;&nbsp; 4883 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Scalelogix ABS U.S. Issuer <br> LLC 2025-1A, A2 144A <br>5.673%, 7/25/55<sup>(2)</sup> <br>| $10647 | &nbsp;&nbsp; $10469 |
| Sierra Timeshare <br> Receivables <br> Funding LLC<br>|  |  |
| 2024-2A, A 144A <br>5.140%, 6/20/41<sup>(2)</sup> <br>| 3648 | &nbsp;&nbsp; 3674 |
| 2025-3A, A 144A <br>4.440%, 8/22/44<sup>(2)</sup> <br>| 3739 | &nbsp;&nbsp; 3717 |
| 2026-1A, B 144A <br>4.800%, 12/22/42<sup>(2)</sup> <br>| 2790 | &nbsp;&nbsp; 2781 |
| SoFi Consumer Loan <br> Program Trust<br>|  |  |
| 2025-1, A 144A <br>4.800%, 2/27/34<sup>(2)</sup> <br>| 3306 | &nbsp;&nbsp; 3313 |
| 2025-4, B 144A <br>4.600%, 8/25/35<sup>(2)</sup> <br>| 7750 | &nbsp;&nbsp; 7727 |
| 2026-1, C 144A <br>4.740%, 12/26/35<sup>(2)</sup> <br>| 8685 | &nbsp;&nbsp; 8624 |
| Sotheby's Artfi Master <br> Trust 2026-1A, A1 144A <br>4.800%, 6/20/33<sup>(2)</sup> <br>| 6850 | &nbsp;&nbsp; 6839 |
| STAR Trust 2025-SFR5, A <br> (1 month Term SOFR + <br> 1.450%, Cap N/A, Floor <br> 1.450%) 144A <br>5.123%, 2/17/42<sup>(2)(7)</sup> <br>| 7026 | &nbsp;&nbsp; 7025 |
| Subway Funding LLC <br> 2024-1A, A2II 144A <br>6.268%, 7/30/54<sup>(2)</sup> <br>| 10280 | &nbsp;&nbsp; 10369 |
| Switch ABS Issuer LLC |  |  |
| 2024-2A, A2 144A <br>5.436%, 6/25/54<sup>(2)</sup> <br>| 9920 | &nbsp;&nbsp; 9724 |
| 2025-1A, A2 144A <br>5.036%, 3/25/55<sup>(2)</sup> <br>| 2950 | &nbsp;&nbsp; 2842 |
| Taco Bell Funding LLC <br> 2025-1A, A2I 144A <br>4.821%, 8/25/55<sup>(2)</sup> <br>| 13235 | &nbsp;&nbsp; 13032 |
| TIC Home Improvement <br> Trust 2024-A, A 144A <br>6.670%, 10/15/46<sup>(2)</sup> <br>| 4143 | &nbsp;&nbsp; 4207 |
| Towd Point Mortgage Trust |  |  |
| 2020-MH1, M1 144A <br>2.750%, 2/25/60<sup>(2)(7)</sup> <br>| 3525 | &nbsp;&nbsp; 3377 |
| 2025-CES4, A1A 144A <br>5.091%, 10/25/65<sup>(2)(7)</sup> <br>| 8590 | &nbsp;&nbsp; 8546 |
| Trafigura Securitisation <br> Finance plc 2024-1A, A2 <br> 144A <br>5.980%, 11/15/27<sup>(2)</sup> <br>| 6455 | &nbsp;&nbsp; 6464 |
| Tricon Residential Trust <br> 2024-SFR3, A 144A <br>4.500%, 8/17/41<sup>(2)</sup> <br>| 4609 | &nbsp;&nbsp; 4543 |
| Trinity Rail Leasing LLC <br> 2019-1A, A 144A <br>3.820%, 4/17/49<sup>(2)</sup> <br>| 12021 | &nbsp;&nbsp; 12015 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Other—continued** | **Other—continued** |  |
| Triton Container Finance <br> IX LLC 2025-1A, A 144A <br>5.430%, 6/20/50<sup>(2)</sup> <br>| $6061 | &nbsp;&nbsp; $6051 |
| TSC SPV Funding LLC <br> 2024-1A, A2 144A <br>6.291%, 8/20/54<sup>(2)</sup> <br>| 9900 | &nbsp;&nbsp; 9993 |
| UPG HI Issuer Trust <br> 2025-2, A 144A <br>5.000%, 9/25/47<sup>(2)</sup> <br>| 7825 | &nbsp;&nbsp; 7780 |
| Upgrade Master <br> Pass-Through Trust<br>|  |  |
| 2025-ST3, A 144A <br>5.981%, 6/15/32<sup>(2)</sup> <br>| 3409 | &nbsp;&nbsp; 3433 |
| 2025-ST4, A 144A <br>5.495%, 8/16/32<sup>(2)</sup> <br>| 2141 | &nbsp;&nbsp; 2146 |
| 2025-ST5, A 144A <br>4.794%, 9/15/32<sup>(2)</sup> <br>| 2512 | &nbsp;&nbsp; 2514 |
| Upgrade Receivables Trust <br> 2024-1A, B 144A <br>5.770%, 2/18/31<sup>(2)</sup> <br>| 3887 | &nbsp;&nbsp; 3892 |
| Upstart Securitization Trust |  |  |
| 2025-2, A2 144A <br>5.220%, 6/20/35<sup>(2)</sup> <br>| 5417 | &nbsp;&nbsp; 5433 |
| 2025-3, A2 144A <br>4.600%, 9/20/35<sup>(2)</sup> <br>| 6039 | &nbsp;&nbsp; 6040 |
| 2026-1, B 144A <br>4.980%, 3/20/36<sup>(2)</sup> <br>| 7590 | &nbsp;&nbsp; 7537 |
| UPX HIL Issuer Trust <br> 2025-1, A 144A <br>5.160%, 1/25/47<sup>(2)</sup> <br>| 3468 | &nbsp;&nbsp; 3454 |
| VCAT LLC 2026-NPL2, A1 <br> 144A <br>5.062%, 2/25/56<sup>(2)(7)</sup> <br>| 9477 | &nbsp;&nbsp; 9434 |
| VFI ABS LLC 2025-1A, A <br> 144A <br>4.780%, 6/24/30<sup>(2)</sup> <br>| 3250 | &nbsp;&nbsp; 3260 |
| Westgate Resorts LLC |  |  |
| 2024-1A, A 144A <br>6.060%, 1/20/38<sup>(2)</sup> <br>| 3443 | &nbsp;&nbsp; 3484 |
| 2026-1A, A 144A <br>5.190%, 10/20/39<sup>(2)</sup> <br>| 4900 | &nbsp;&nbsp; 4902 |
| 2026-1A, B 144A <br>5.470%, 10/20/39<sup>(2)</sup> <br>| 5000 | &nbsp;&nbsp; 5005 |
| Wingspire Equipment <br> Finance LLC 2025-1A, <br> A2 144A <br>4.330%, 9/20/33<sup>(2)</sup> <br>| 3795 | &nbsp;&nbsp; 3791 |
| Wingstop Funding LLC <br> 2024-1A, A2 144A <br>5.858%, 12/5/54<sup>(2)</sup> <br>| 11350 | &nbsp;&nbsp; 11527 |
| Zaxby's Funding LLC <br> 2021-1A, A2 144A <br>3.238%, 7/30/51<sup>(2)</sup> <br>| 13518 | &nbsp;&nbsp; 12824 |
|  |  | &nbsp;&nbsp; 692313 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **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>| $6800 | &nbsp;&nbsp; $6877 |
| **Total Asset-Backed Securities** <br>**(Identified Cost $1,254,342)** | **Total Asset-Backed Securities** <br>**(Identified Cost $1,254,342)** | &nbsp;&nbsp; **1251608** |
| **Corporate Bonds and Notes—26.7%** | **Corporate Bonds and Notes—26.7%** | **Corporate Bonds and Notes—26.7%** |
| **Communication Services—1.3%** | **Communication Services—1.3%** |  |
| Altice France S.A. |  |  |
| <br>144A 6.500%, 4/15/32<sup>(2)</sup> <br>| 3723 | &nbsp;&nbsp; 3528 |
| <br>144A 6.875%, 7/15/32<sup>(2)</sup> <br>| 3026 | &nbsp;&nbsp; 2867 |
| CCO Holdings LLC |  |  |
| <br>144A 6.375%, 9/1/29<sup>(2)</sup> <br>| 1585 | &nbsp;&nbsp; 1590 |
| <br>144A 4.500%, 8/15/30<sup>(2)</sup> <br>| 3370 | &nbsp;&nbsp; 3149 |
| CSC Holdings LLC 144A <br>11.750%, 1/31/29<sup>(2)</sup> <br>| 4880 | &nbsp;&nbsp; 3529 |
| DIRECTV Financing LLC <br> 144A <br>5.875%, 8/15/27<sup>(2)</sup> <br>| 3661 | &nbsp;&nbsp; 3657 |
| Gray Media, Inc. 144A <br>7.250%, 8/15/33<sup>(2)</sup> <br>| 3270 | &nbsp;&nbsp; 3295 |
| IHS Holding Ltd. |  |  |
| <br>144A <br> 5.625%, 11/29/26<sup>(2)</sup> <br>| 786 | &nbsp;&nbsp; 780 |
| <br>144A <br> 6.250%, 11/29/28<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp; 248 |
| <br>144A <br> 8.250%, 11/29/31<sup>(2)</sup> <br>| 553 | &nbsp;&nbsp; 567 |
| Nexstar Media, Inc. |  |  |
| <br>144A 5.625%, 7/15/27<sup>(2)</sup> <br>| 9365 | &nbsp;&nbsp; 9361 |
| <br>144A 6.500%, 9/15/33<sup>(2)</sup> <br>| 1985 | &nbsp;&nbsp; 2000 |
| <br>144A 7.250%, 4/15/34<sup>(2)</sup> <br>| 1075 | &nbsp;&nbsp; 1078 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(2)</sup> <br>| 4995 | &nbsp;&nbsp; 5078 |
| Snap, Inc. 144A <br>6.875%, 3/15/34<sup>(2)</sup> <br>| 2220 | &nbsp;&nbsp; 2088 |
| Telesat Canada 144A <br>6.500%, 10/15/27<sup>(2)</sup> <br>| 2485 | &nbsp;&nbsp; 1154 |
| T-Mobile USA, Inc. <br>3.875%, 4/15/30<br>| 11130 | &nbsp;&nbsp; 10839 |
| Univision <br> Communications, Inc. <br> 144A <br>8.000%, 8/15/28<sup>(2)</sup> <br>| 6685 | &nbsp;&nbsp; 6785 |
|  |  | &nbsp;&nbsp; 61593 |
| **Consumer Discretionary—1.1%** | **Consumer Discretionary—1.1%** |  |
| Aptiv Swiss Holdings Ltd. <br>6.875%, 12/15/54<br>| 1155 | &nbsp;&nbsp; 1166 |
| Ashtead Capital, Inc. 144A <br>4.250%, 11/1/29<sup>(2)</sup> <br>| 8000 | &nbsp;&nbsp; 7835 |
| Meritage Homes Corp. <br> 144A <br>3.875%, 4/15/29<sup>(2)</sup> <br>| 10087 | &nbsp;&nbsp; 9816 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Newell Brands, Inc. <br>6.375%, 9/15/27<br>| $9261 | &nbsp;&nbsp; $9306 |
| Ontario Gaming GTA LP <br> 144A <br>8.000%, 8/1/30<sup>(2)</sup> <br>| 4765 | &nbsp;&nbsp; 4567 |
| Prosus N.V. 144A <br>3.061%, 7/13/31<sup>(2)</sup> <br>| 1826 | &nbsp;&nbsp; 1632 |
| Sodexo, Inc. 144A <br>5.150%, 8/15/30<sup>(2)</sup> <br>| 6795 | &nbsp;&nbsp; 6887 |
| Taylor Morrison <br> Communities, Inc. 144A <br>5.750%, 11/15/32<sup>(2)</sup> <br>| 270 | &nbsp;&nbsp; 270 |
| Tractor Supply Co. <br>1.750%, 11/1/30<br>| 8070 | &nbsp;&nbsp; 7114 |
| Weekley Homes LLC 144A <br>4.875%, 9/15/28<sup>(2)</sup> <br>| 6005 | &nbsp;&nbsp; 5815 |
|  |  | &nbsp;&nbsp; 54408 |
| **Consumer Staples—0.6%** | **Consumer Staples—0.6%** |  |
| Albertsons Cos., Inc. |  |  |
| <br>144A 4.875%, 2/15/30<sup>(2)</sup> <br>| 6670 | &nbsp;&nbsp; 6529 |
| <br>144A 5.500%, 3/31/31<sup>(2)</sup> <br>| 525 | &nbsp;&nbsp; 519 |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(2)</sup> <br>| 4685 | &nbsp;&nbsp; 4646 |
| Pilgrim's Pride Corp. <br>4.250%, 4/15/31<br>| 4835 | &nbsp;&nbsp; 4618 |
| Post Holdings, Inc. |  |  |
| <br>144A 6.250%, 2/15/32<sup>(2)</sup> <br>| 3350 | &nbsp;&nbsp; 3385 |
| <br>144A 6.375%, 3/1/33<sup>(2)</sup> <br>| 3940 | &nbsp;&nbsp; 3881 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(2)</sup> <br>| 4820 | &nbsp;&nbsp; 4828 |
|  |  | &nbsp;&nbsp; 28406 |
| **Energy—2.7%** | **Energy—2.7%** |  |
| Adnoc Murban Rsc Ltd. <br> 144A <br>4.250%, 9/11/29<sup>(2)</sup> <br>| 1824 | &nbsp;&nbsp; 1794 |
| BP Capital Markets plc <br>4.875% <sup>(9)</sup> <br>| 9800 | &nbsp;&nbsp; 9675 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(2)</sup> <br>| 2370 | &nbsp;&nbsp; 2446 |
| Ecopetrol S.A. <br>8.625%, 1/19/29<br>| 3727 | &nbsp;&nbsp; 3933 |
| Enbridge, Inc. <br>7.375%, 1/15/83<br>| 9500 | &nbsp;&nbsp; 9644 |
| Energy Transfer LP |  |  |
| 8.000%, 5/15/54 | 1270 | &nbsp;&nbsp; 1330 |
| Series G 7.125%<sup>(9)</sup> <br>| 3600 | &nbsp;&nbsp; 3664 |
| Genesis Energy LP <br>8.875%, 4/15/30<br>| 7095 | &nbsp;&nbsp; 7409 |
| Gran Tierra Energy, Inc. <br> 144A <br>9.750%, 4/15/31<sup>(2)(5)</sup> <br>| 3103 | &nbsp;&nbsp; 2711 |
| HF Sinclair Corp. <br>5.750%, 1/15/31<br>| 6610 | &nbsp;&nbsp; 6754 |
| Hilcorp Energy I LP 144A <br>6.000%, 4/15/30<sup>(2)</sup> <br>| 4315 | &nbsp;&nbsp; 4200 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| KazMunayGas National Co. <br> JSC 144A <br>5.375%, 4/24/30<sup>(2)</sup> <br>| $2505 | &nbsp;&nbsp; $2522 |
| Kodiak Gas Services LLC |  |  |
| <br>144A 5.875%, 4/1/31<sup>(2)</sup> <br>| 2865 | &nbsp;&nbsp; 2879 |
| <br>144A 6.500%, 10/1/33<sup>(2)</sup> <br>| 2785 | &nbsp;&nbsp; 2815 |
| Korea National Oil Corp. <br> 144A <br>4.875%, 4/3/28<sup>(2)</sup> <br>| 4384 | &nbsp;&nbsp; 4431 |
| NGPL PipeCo LLC 144A <br>4.875%, 8/15/27<sup>(2)</sup> <br>| 8300 | &nbsp;&nbsp; 8317 |
| Noble Finance II LLC 144A <br>8.000%, 4/15/30<sup>(2)</sup> <br>| 6190 | &nbsp;&nbsp; 6373 |
| Occidental Petroleum Corp. <br>7.875%, 9/15/31<br>| 4000 | &nbsp;&nbsp; 4541 |
| Petroleos de Venezuela <br> S.A. RegS <br>9.000%, 11/17/21<sup>(3)(4)</sup> <br>| 14050 | &nbsp;&nbsp; 5416 |
| Petroleos del Peru S.A. <br> RegS <br>4.750%, 6/19/32<sup>(4)</sup> <br>| 2756 | &nbsp;&nbsp; 2165 |
| Petroleos Mexicanos |  |  |
| 6.840%, 1/23/30 | 1883 | &nbsp;&nbsp; 1889 |
| 5.950%, 1/28/31 | 10269 | &nbsp;&nbsp; 9822 |
| 6.700%, 2/16/32 | 1932 | &nbsp;&nbsp; 1891 |
| Petronas Capital Ltd. 144A <br>3.500%, 4/21/30<sup>(2)</sup> <br>| 4532 | &nbsp;&nbsp; 4374 |
| Poinsettia Finance Ltd. <br> S.a.r.l. RegS <br>6.625%, 6/17/31<sup>(4)</sup> <br>| 3763 | &nbsp;&nbsp; 3650 |
| SM Energy Co. 144A <br>8.750%, 7/1/31<sup>(2)</sup> <br>| 1875 | &nbsp;&nbsp; 1960 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. <br>7.625%, 3/1/55<br>| 1675 | &nbsp;&nbsp; 1725 |
| Sunoco LP |  |  |
| <br>144A 4.625%, 5/1/30<sup>(2)</sup> <br>| 5070 | &nbsp;&nbsp; 4879 |
| <br>144A 5.375%, 7/15/31<sup>(2)</sup> <br>| 310 | &nbsp;&nbsp; 307 |
| USA Compression <br> Partners LP 144A <br>7.125%, 3/15/29<sup>(2)</sup> <br>| 2835 | &nbsp;&nbsp; 2901 |
| Uzbekneftegaz JSC 144A <br>8.750%, 5/7/30<sup>(2)</sup> <br>| 1707 | &nbsp;&nbsp; 1794 |
| YPF S.A. 144A <br>6.950%, 7/21/27<sup>(2)</sup> <br>| 2358 | &nbsp;&nbsp; 2360 |
|  |  | &nbsp;&nbsp; 130571 |
| **Financials—11.0%** | **Financials—11.0%** |  |
| Acwa Power Management <br> & Investments One Ltd. <br> 144A <br>5.950%, 12/15/39<sup>(2)</sup> <br>| 1535 | &nbsp;&nbsp; 1508 |
| AerCap Ireland Capital DAC |  |  |
| 6.950%, 3/10/55 | 4340 | &nbsp;&nbsp; 4442 |
| 6.500%, 1/31/56 | 3660 | &nbsp;&nbsp; 3664 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Albion Financing 1 S.a.r.l. <br> 144A <br>7.000%, 5/21/30<sup>(2)</sup> <br>| $4655 | &nbsp;&nbsp; $4758 |
| Alliant Holdings <br> Intermediate LLC 144A <br>6.750%, 4/15/28<sup>(2)</sup> <br>| 4500 | &nbsp;&nbsp; 4524 |
| Allstate Corp. (The) Series <br> B (3 month Term SOFR + <br> 3.200%) <br>6.852%, 8/15/53<sup>(7)</sup> <br>| 5111 | &nbsp;&nbsp; 5110 |
| Ally Financial, Inc. <br>8.000%, 11/1/31<br>| 8215 | &nbsp;&nbsp; 9109 |
| American Express Co. |  |  |
| 5.085%, 1/30/31 | 1910 | &nbsp;&nbsp; 1942 |
| (SOFR + 0.750%) <br> 4.416%, 4/23/27<sup>(7)</sup> <br>| 4370 | &nbsp;&nbsp; 4371 |
| (SOFR + 0.930%) <br> 4.596%, 7/26/28<sup>(7)</sup> <br>| 897 | &nbsp;&nbsp; 899 |
| American National Group, <br> Inc. <br>7.000%, 12/1/55<br>| 1750 | &nbsp;&nbsp; 1660 |
| Apollo Debt Solutions BDC <br> 144A <br>5.200%, 12/8/28<sup>(2)</sup> <br>| 6935 | &nbsp;&nbsp; 6849 |
| Arsenal AIC Parent LLC <br> 144A <br>8.000%, 10/1/30<sup>(2)</sup> <br>| 2890 | &nbsp;&nbsp; 3009 |
| Ascent Resources Utica <br> Holdings LLC 144A <br>6.625%, 10/15/32<sup>(2)</sup> <br>| 4800 | &nbsp;&nbsp; 4869 |
| Atlas Warehouse Lending <br> Co. LP 144A <br>4.625%, 11/15/28<sup>(2)</sup> <br>| 4670 | &nbsp;&nbsp; 4599 |
| Avolon Holdings Funding <br> Ltd.<br>|  |  |
| <br>144A <br> 5.750%, 11/15/29<sup>(2)</sup> <br>| 4805 | &nbsp;&nbsp; 4915 |
| <br>144A 5.375%, 5/30/30<sup>(2)</sup> <br>| 1765 | &nbsp;&nbsp; 1785 |
| <br>144A 4.850%, 4/1/33<sup>(2)</sup> <br>| 720 | &nbsp;&nbsp; 690 |
| Azule Energy Finance plc <br> 144A <br>8.125%, 1/23/30<sup>(2)</sup> <br>| 1000 | &nbsp;&nbsp; 1010 |
| Banco de Credito del Peru <br> S.A. 144A <br>6.450%, 7/30/35<sup>(2)</sup> <br>| 928 | &nbsp;&nbsp; 935 |
| Banco de Credito e <br> Inversiones S.A. 144A <br>7.500% <sup>(2)(9)</sup> <br>| 3430 | &nbsp;&nbsp; 3577 |
| Banco Mercantil del Norte <br> S.A. 144A <br>5.875% <sup>(2)(9)</sup> <br>| 6492 | &nbsp;&nbsp; 6415 |
| Bangkok Bank PCL 144A <br>3.733%, 9/25/34<sup>(2)</sup> <br>| 3220 | &nbsp;&nbsp; 3047 |
| Bank of America Corp. |  |  |
| 6.125%<sup>(9)</sup> <br>| 4600 | &nbsp;&nbsp; 4608 |
| 1.734%, 7/22/27 | 9930 | &nbsp;&nbsp; 9847 |
| 2.551%, 2/4/28 | 3725 | &nbsp;&nbsp; 3668 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Bank of New York Mellon <br> Corp. (The) Series F <br>4.625% <sup>(9)</sup> <br>| $9470 | &nbsp;&nbsp; $9431 |
| Barclays plc <br>7.385%, 11/2/28<br>| 3215 | &nbsp;&nbsp; 3348 |
| Blackstone Private Credit <br> Fund <br>5.950%, 7/16/29<br>| 7205 | &nbsp;&nbsp; 7098 |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | 3495 | &nbsp;&nbsp; 3527 |
| <br>144A 5.625%, 8/15/30<sup>(2)</sup> <br>| 530 | &nbsp;&nbsp; 527 |
| Blue Owl Credit Income <br> Corp. <br>6.650%, 3/15/31<br>| 90 | &nbsp;&nbsp; 89 |
| Capital One Financial Corp. <br>4.493%, 9/11/31<br>| 9635 | &nbsp;&nbsp; 9460 |
| CBQ Finance Ltd. RegS <br>5.375%, 3/28/29<sup>(4)</sup> <br>| 2646 | &nbsp;&nbsp; 2648 |
| Charles Schwab Corp. <br> (The)<br>|  |  |
| Series H 4.000%<sup>(9)</sup> <br>| 7920 | &nbsp;&nbsp; 7326 |
| Series I 4.000%<sup>(9)</sup> <br>| 1895 | &nbsp;&nbsp; 1882 |
| Citadel Finance LLC 144A <br>4.750%, 2/14/29<sup>(2)</sup> <br>| 5680 | &nbsp;&nbsp; 5565 |
| Citigroup, Inc. |  |  |
| 4.503%, 9/11/31 | 4025 | &nbsp;&nbsp; 3979 |
| (SOFR + 1.280%) <br> 4.936%, 2/24/28<sup>(7)</sup> <br>| 8147 | &nbsp;&nbsp; 8184 |
| CK Hutchison International <br> 23 Ltd. 144A <br>4.750%, 4/21/28<sup>(2)</sup> <br>| 1555 | &nbsp;&nbsp; 1567 |
| CompoSecure <br> Holdings LLC 144A <br>5.625%, 2/1/33<sup>(2)</sup> <br>| 30 | &nbsp;&nbsp; 29 |
| Constellation Oil Services <br> Holding S.A. 144A <br>9.375%, 11/7/29<sup>(2)(5)</sup> <br>| 2166 | &nbsp;&nbsp; 2244 |
| Corebridge Financial, Inc. <br>6.875%, 12/15/52<br>| 8938 | &nbsp;&nbsp; 9006 |
| DAE Funding LLC 144A <br>3.375%, 3/20/28<sup>(2)</sup> <br>| 2803 | &nbsp;&nbsp; 2697 |
| Daimler Truck Finance <br> North America LLC 144A <br>4.500%, 4/12/31<sup>(2)</sup> <br>| 1310 | &nbsp;&nbsp; 1285 |
| DBR Land Holdings LLC <br> 144A <br>6.250%, 12/1/30<sup>(2)</sup> <br>| 2515 | &nbsp;&nbsp; 2546 |
| Deutsche Bank AG |  |  |
| 2.311%, 11/16/27 | 1775 | &nbsp;&nbsp; 1751 |
| 6.819%, 11/20/29 | 1700 | &nbsp;&nbsp; 1785 |
| 4.999%, 9/11/30 | 6780 | &nbsp;&nbsp; 6812 |
| Drawbridge Special <br> Opportunities Fund LP <br> 144A <br>5.950%, 9/17/30<sup>(2)</sup> <br>| 7450 | &nbsp;&nbsp; 6996 |
| F&G Annuities & Life, Inc. <br>6.500%, 6/4/29<br>| 7300 | &nbsp;&nbsp; 7330 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Fedex Freight Holding Co., <br> Inc. 144A <br>4.650%, 3/15/31<sup>(2)</sup> <br>| $865 | &nbsp;&nbsp; $850 |
| Fifth Third Bancorp <br>4.055%, 4/25/28<br>| 2565 | &nbsp;&nbsp; 2551 |
| First Abu Dhabi Bank PJSC <br> RegS <br>6.320%, 4/4/34<sup>(4)</sup> <br>| 1267 | &nbsp;&nbsp; 1282 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(2)</sup> <br>| 9510 | &nbsp;&nbsp; 9421 |
| Foundry JV Holdco LLC <br> 144A <br>5.900%, 1/25/30<sup>(2)</sup> <br>| 6515 | &nbsp;&nbsp; 6742 |
| Global Atlantic Fin Co. <br> 144A <br>7.950%, 10/15/54<sup>(2)</sup> <br>| 2000 | &nbsp;&nbsp; 1926 |
| Global Payments, Inc. <br>4.875%, 11/15/30<br>| 9400 | &nbsp;&nbsp; 9231 |
| Goldman Sachs Group, Inc. <br> (The)<br>|  |  |
| 4.369%, 10/21/31 | 1160 | &nbsp;&nbsp; 1137 |
| 4.516%, 1/21/32 | 981 | &nbsp;&nbsp; 966 |
| (SOFR + 0.920%) <br> 4.587%, 10/21/29<sup>(5)(7)</sup> <br>| 2000 | &nbsp;&nbsp; 2001 |
| (SOFR + 0.960%) <br> 4.627%, 1/21/32<sup>(5)(7)</sup> <br>| 6995 | &nbsp;&nbsp; 6945 |
| Goldman Sachs Private <br> Credit Corp. 144A <br>5.050%, 2/23/28<sup>(2)</sup> <br>| 6105 | &nbsp;&nbsp; 6012 |
| HA Sustainable <br> Infrastructure Capital, <br> Inc. <br>6.150%, 1/15/31<br>| 4245 | &nbsp;&nbsp; 4321 |
| HTA Group Ltd. 144A <br>7.500%, 6/4/29<sup>(2)</sup> <br>| 1729 | &nbsp;&nbsp; 1751 |
| HUB International Ltd. <br> 144A <br>7.250%, 6/15/30<sup>(2)</sup> <br>| 5305 | &nbsp;&nbsp; 5434 |
| Huntington Bancshares, <br> Inc.<br>|  |  |
| 6.208%, 8/21/29 | 3920 | &nbsp;&nbsp; 4067 |
| 5.272%, 1/15/31 | 805 | &nbsp;&nbsp; 817 |
| 4.623%, 1/28/32 | 4700 | &nbsp;&nbsp; 4631 |
| Imperial Brands Finance <br> plc 144A <br>5.500%, 2/1/30<sup>(2)</sup> <br>| 6685 | &nbsp;&nbsp; 6856 |
| Israel Discount Bank Ltd. <br> 144A, RegS <br>5.375%, 1/26/28<sup>(2)(4)</sup> <br>| 2619 | &nbsp;&nbsp; 2624 |
| JH North America <br> Holdings, Inc. 144A <br>5.875%, 1/31/31<sup>(2)</sup> <br>| 9930 | &nbsp;&nbsp; 9847 |
| JPMorgan Chase & Co. |  |  |
| 1.578%, 4/22/27 | 4820 | &nbsp;&nbsp; 4812 |
| 4.323%, 4/26/28 | 5930 | &nbsp;&nbsp; 5927 |
| (SOFR + 1.180%) <br> 4.836%, 2/24/28<sup>(7)</sup> <br>| 13015 | &nbsp;&nbsp; 13086 |
| KeyCorp <br>5.121%, 4/4/31<br>| 8900 | &nbsp;&nbsp; 8988 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Ladder Capital Finance <br> Holdings LLLP 144A <br>4.250%, 2/1/27<sup>(2)</sup> <br>| $7870 | &nbsp;&nbsp; $7775 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(2)</sup> <br>| 9360 | &nbsp;&nbsp; 9144 |
| Lseg U.S. Fin Corp. 144A <br>4.500%, 3/23/31<sup>(2)</sup> <br>| 9540 | &nbsp;&nbsp; 9421 |
| Melco Resorts Finance Ltd. <br> (Macau) 144A <br>5.375%, 12/4/29<sup>(2)</sup> <br>| 1779 | &nbsp;&nbsp; 1706 |
| Midcap Financial Issuer <br> Trust 144A <br>6.500%, 5/1/28<sup>(2)</sup> <br>| 6935 | &nbsp;&nbsp; 6730 |
| Minejesa Capital B.V. 144A <br>4.625%, 8/10/30<sup>(2)</sup> <br>| 1562 | &nbsp;&nbsp; 1539 |
| Morgan Stanley |  |  |
| 2.475%, 1/21/28 | 10911 | &nbsp;&nbsp; 10740 |
| 3.591%, 7/22/28<sup>(7)</sup> <br>| 1730 | &nbsp;&nbsp; 1710 |
| 3.772%, 1/24/29 | 6000 | &nbsp;&nbsp; 5920 |
| Movida Europe S.A. 144A <br>7.850%, 4/11/29<sup>(2)(5)</sup> <br>| 2126 | &nbsp;&nbsp; 2064 |
| MSCI, Inc. 144A <br>3.625%, 9/1/30<sup>(2)</sup> <br>| 10189 | &nbsp;&nbsp; 9631 |
| NextEra Energy Capital <br> Holdings, Inc. <br>6.375%, 8/15/55<br>| 10100 | &nbsp;&nbsp; 10289 |
| OAK-Eagle Acquireco, Inc. <br> 144A <br>7.250%, 7/1/33<sup>(2)</sup> <br>| 710 | &nbsp;&nbsp; 736 |
| OneMain Finance Corp. |  |  |
| 6.625%, 1/15/28 | 1790 | &nbsp;&nbsp; 1802 |
| 6.125%, 5/15/30 | 855 | &nbsp;&nbsp; 836 |
| 6.750%, 3/15/32 | 3405 | &nbsp;&nbsp; 3304 |
| Organon & Co. 144A <br>4.125%, 4/30/28<sup>(2)</sup> <br>| 6085 | &nbsp;&nbsp; 5905 |
| PNC Financial Services <br> Group, Inc. (The) <br>5.222%, 1/29/31<br>| 8965 | &nbsp;&nbsp; 9145 |
| RGA Global Funding 144A <br>4.600%, 11/25/30<sup>(2)</sup> <br>| 7048 | &nbsp;&nbsp; 6965 |
| Rocket Cos., Inc. 144A <br>6.125%, 8/1/30<sup>(2)</sup> <br>| 1585 | &nbsp;&nbsp; 1600 |
| Sasol Financing USA LLC <br>4.375%, 9/18/26<br>| 1608 | &nbsp;&nbsp; 1598 |
| Societe Generale S.A. 144A <br>5.634%, 1/19/30<sup>(2)</sup> <br>| 6240 | &nbsp;&nbsp; 6380 |
| South Bow USA <br> Infrastructure <br> Holdings LLC <br>5.026%, 10/1/29<br>| 8560 | &nbsp;&nbsp; 8615 |
| Standard Chartered plc <br> 144A <br>6.301%, 1/9/29<sup>(2)</sup> <br>| 1475 | &nbsp;&nbsp; 1515 |
| State Street Corp. Series I <br>6.700% <sup>(9)</sup> <br>| 5155 | &nbsp;&nbsp; 5238 |
| Stellantis Finance U.S., Inc. <br> 144A <br>5.750%, 3/18/30<sup>(2)</sup> <br>| 6825 | &nbsp;&nbsp; 6788 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Texas Capital Bancshares, <br> Inc.<br>|  |  |
| 4.000%, 5/6/31 | $5470 | &nbsp;&nbsp; $5461 |
| 5.301%, 2/27/32 | 2010 | &nbsp;&nbsp; 1982 |
| Toronto-Dominion Bank <br> (The) <br>8.125%, 10/31/82<br>| 7920 | &nbsp;&nbsp; 8171 |
| Truist Bank <br>4.632%, 9/17/29<br>| 6950 | &nbsp;&nbsp; 6890 |
| Truist Financial Corp. <br>7.161%, 10/30/29<br>| 4440 | &nbsp;&nbsp; 4719 |
| U.S. Bancorp <br>5.046%, 2/12/31<br>| 8900 | &nbsp;&nbsp; 9030 |
| UBS AG <br>5.650%, 9/11/28<br>| 6700 | &nbsp;&nbsp; 6914 |
| United Overseas Bank Ltd. <br> 144A <br>2.000%, 10/14/31<sup>(2)</sup> <br>| 1645 | &nbsp;&nbsp; 1624 |
| Wells Fargo & Co. |  |  |
| 3.526%, 3/24/28 | 6675 | &nbsp;&nbsp; 6620 |
| 6.303%, 10/23/29 | 900 | &nbsp;&nbsp; 937 |
| 5.150%, 4/23/31 | 4650 | &nbsp;&nbsp; 4729 |
|  |  | &nbsp;&nbsp; 525320 |
| **Health Care—2.6%** | **Health Care—2.6%** |  |
| 180 Medical, Inc. 144A <br>3.875%, 10/15/29<sup>(2)</sup> <br>| 9625 | &nbsp;&nbsp; 9351 |
| Acadia Healthcare Co., Inc. <br> 144A <br>5.500%, 7/1/28<sup>(2)</sup> <br>| 4775 | &nbsp;&nbsp; 4739 |
| Augusta SpinCo Corp. <br>4.656%, 3/23/31<br>| 4450 | &nbsp;&nbsp; 4430 |
| Baxter International, Inc. <br>4.900%, 12/15/30<br>| 9410 | &nbsp;&nbsp; 9289 |
| Charles River Laboratories <br> International, Inc. 144A <br>4.250%, 5/1/28<sup>(2)</sup> <br>| 1625 | &nbsp;&nbsp; 1588 |
| Community Health <br> Systems, Inc. 144A <br>5.250%, 5/15/30<sup>(2)</sup> <br>| 10130 | &nbsp;&nbsp; 9547 |
| CVS Health Corp. <br>7.000%, 3/10/55<br>| 5610 | &nbsp;&nbsp; 5782 |
| DaVita, Inc. 144A <br>4.625%, 6/1/30<sup>(2)</sup> <br>| 4477 | &nbsp;&nbsp; 4305 |
| Dentsply Sirona, Inc. <br>3.250%, 6/1/30<sup>(5)</sup> <br>| 13108 | &nbsp;&nbsp; 12073 |
| GENMAB A/S 144A <br>6.250%, 12/15/32<sup>(2)</sup> <br>| 350 | &nbsp;&nbsp; 359 |
| HCA, Inc. <br>5.450%, 4/1/31<br>| 9197 | &nbsp;&nbsp; 9427 |
| IQVIA, Inc. |  |  |
| 5.700%, 5/15/28 | 4267 | &nbsp;&nbsp; 4350 |
| 6.250%, 2/1/29 | 2095 | &nbsp;&nbsp; 2177 |
| <br>144A 6.250%, 6/1/32<sup>(2)</sup> <br>| 4515 | &nbsp;&nbsp; 4585 |
| Medline Borrower LP |  |  |
| <br>144A 3.875%, 4/1/29<sup>(2)</sup> <br>| 2390 | &nbsp;&nbsp; 2312 |
| <br>144A 6.250%, 4/1/29<sup>(2)</sup> <br>| 1590 | &nbsp;&nbsp; 1620 |
| <br>144A 5.250%, 10/1/29<sup>(2)</sup> <br>| 5790 | &nbsp;&nbsp; 5739 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Royalty Pharma plc |  |  |
| 5.150%, 9/2/29 | $4455 | &nbsp;&nbsp; $4535 |
| 4.450%, 3/25/31 | 1500 | &nbsp;&nbsp; 1480 |
| Smith & Nephew plc <br>2.032%, 10/14/30<br>| 10625 | &nbsp;&nbsp; 9456 |
| Tenet Healthcare Corp. <br> 144A <br>5.500%, 11/15/32<sup>(2)</sup> <br>| 4685 | &nbsp;&nbsp; 4642 |
| Teva Pharmaceutical <br> Finance Netherlands III <br> B.V.<br>|  |  |
| 3.150%, 10/1/26 | 2132 | &nbsp;&nbsp; 2111 |
| 4.750%, 5/9/27 | 707 | &nbsp;&nbsp; 703 |
| Universal Health Services, <br> Inc. <br>1.650%, 9/1/26<br>| 10250 | &nbsp;&nbsp; 10128 |
| Viatris, Inc. 144A <br>2.300%, 6/22/27<sup>(2)</sup> <br>| — <br><sup>(10)</sup><br>| &nbsp;&nbsp; — <br><sup>(10)</sup><br>|
|  |  | &nbsp;&nbsp; 124728 |
| **Industrials—2.1%** | **Industrials—2.1%** |  |
| Adani Ports & Special <br> Economic Zone Ltd. <br> 144A <br>4.375%, 7/3/29<sup>(2)</sup> <br>| 500 | &nbsp;&nbsp; 477 |
| Alaska Airlines <br> Pass-Through Trust <br> 2020-1, A 144A <br>4.800%, 2/15/29<sup>(2)</sup> <br>| 8289 | &nbsp;&nbsp; 8290 |
| Aviation Capital Group LLC <br> 144A <br>5.375%, 7/15/29<sup>(2)</sup> <br>| 6235 | &nbsp;&nbsp; 6333 |
| BlueLinx Holdings, Inc. <br> 144A <br>6.000%, 11/15/29<sup>(2)</sup> <br>| 6511 | &nbsp;&nbsp; 6315 |
| Boeing Co. (The) <br>6.388%, 5/1/31<br>| 1720 | &nbsp;&nbsp; 1834 |
| British Airways <br> Pass-Through Trust <br> 2021-1, A 144A <br>2.900%, 9/15/36<sup>(2)</sup> <br>| 7896 | &nbsp;&nbsp; 7241 |
| Builders FirstSource, Inc. <br> 144A <br>4.250%, 2/1/32<sup>(2)</sup> <br>| 6060 | &nbsp;&nbsp; 5580 |
| Carpenter Technology <br> Corp. 144A <br>5.625%, 3/1/34<sup>(2)</sup> <br>| 220 | &nbsp;&nbsp; 218 |
| Clarios Global LP 144A <br>6.750%, 2/15/30<sup>(2)</sup> <br>| 225 | &nbsp;&nbsp; 230 |
| CoStar Group, Inc. 144A <br>2.800%, 7/15/30<sup>(2)</sup> <br>| 10019 | &nbsp;&nbsp; 9060 |
| Esab Corp. 144A <br>5.625%, 4/1/31<sup>(2)</sup> <br>| 585 | &nbsp;&nbsp; 589 |
| Flowserve Corp. <br>3.500%, 10/1/30<br>| 8885 | &nbsp;&nbsp; 8358 |
| FTAI Aviation Investors LLC <br> 144A <br>7.000%, 5/1/31<sup>(2)</sup> <br>| 4460 | &nbsp;&nbsp; 4572 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Herc Holdings, Inc. |  |  |
| <br>144A 7.000%, 6/15/30<sup>(2)</sup> <br>| $4785 | &nbsp;&nbsp; $4906 |
| <br>144A 5.750%, 3/15/31<sup>(2)</sup> <br>| 290 | &nbsp;&nbsp; 286 |
| Hexcel Corp. <br>4.200%, 2/15/27<br>| 10770 | &nbsp;&nbsp; 10734 |
| Hilton Domestic Operating <br> Co., Inc. 144A <br>5.750%, 9/15/33<sup>(2)</sup> <br>| 4920 | &nbsp;&nbsp; 4898 |
| Huntington Ingalls <br> Industries, Inc. <br>2.043%, 8/16/28<br>| 6200 | &nbsp;&nbsp; 5871 |
| Neptune Bidco U.S., Inc. <br> 144A <br>9.290%, 4/15/29<sup>(2)</sup> <br>| 4940 | &nbsp;&nbsp; 4954 |
| Quikrete Holdings, Inc. <br> 144A <br>6.375%, 3/1/32<sup>(2)</sup> <br>| 965 | &nbsp;&nbsp; 979 |
| Stanley Black & Decker, <br> Inc. <br>6.707%, 3/15/60<br>| 6285 | &nbsp;&nbsp; 6138 |
| United Airlines Holdings, <br> Inc.<br>|  |  |
| 4.875%, 3/1/29 | 1055 | &nbsp;&nbsp; 1032 |
| 5.375%, 3/1/31 | 300 | &nbsp;&nbsp; 294 |
| WESCO Distribution, Inc. <br> 144A <br>5.250%, 4/15/31<sup>(2)</sup> <br>| 3255 | &nbsp;&nbsp; 3236 |
|  |  | &nbsp;&nbsp; 102425 |
| **Information Technology—1.3%** | **Information Technology—1.3%** |  |
| Booz Allen Hamilton, Inc. <br> 144A <br>4.000%, 7/1/29<sup>(2)</sup> <br>| 11502 | &nbsp;&nbsp; 11129 |
| Broadcom, Inc. <br>4.350%, 2/15/30<br>| 8220 | &nbsp;&nbsp; 8191 |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(2)</sup> <br>| 6965 | &nbsp;&nbsp; 6719 |
| Consensus Cloud <br> Solutions, Inc. 144A <br>6.500%, 10/15/28<sup>(2)</sup> <br>| 2165 | &nbsp;&nbsp; 2144 |
| Gartner, Inc. 144A <br>3.750%, 10/1/30<sup>(2)</sup> <br>| 10310 | &nbsp;&nbsp; 9375 |
| Kyndryl Holdings, Inc. <br>2.700%, 10/15/28<br>| 7285 | &nbsp;&nbsp; 6738 |
| Oracle Corp. <br>6.250%, 11/9/32<br>| 6360 | &nbsp;&nbsp; 6526 |
| TSMC Global Ltd. 144A <br>1.375%, 9/28/30<sup>(2)(5)</sup> <br>| 1884 | &nbsp;&nbsp; 1659 |
| Vontier Corp. <br>2.400%, 4/1/28<br>| 8630 | &nbsp;&nbsp; 8272 |
|  |  | &nbsp;&nbsp; 60753 |
| **Materials—1.5%** | **Materials—1.5%** |  |
| Bayport Polymers LLC <br> 144A <br>4.743%, 4/14/27<sup>(2)</sup> <br>| 10485 | &nbsp;&nbsp; 10490 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Berry Global, Inc. <br>5.800%, 6/15/31<br>| $7775 | &nbsp;&nbsp; $8048 |
| Braskem Netherlands <br> Finance B.V. 144A <br>4.500%, 1/10/28<sup>(2)</sup> <br>| 4104 | &nbsp;&nbsp; 1953 |
| Capstone Copper Corp. <br> 144A <br>6.750%, 3/31/33<sup>(2)</sup> <br>| 5775 | &nbsp;&nbsp; 5737 |
| Corp. Nacional del Cobre <br> de Chile<br>|  |  |
| <br>144A 3.150%, 1/14/30<sup>(2)</sup> <br>| 5969 | &nbsp;&nbsp; 5597 |
| <br>144A 5.950%, 1/8/34<sup>(2)</sup> <br>| 1355 | &nbsp;&nbsp; 1387 |
| Fortescue Treasury Pty Ltd. <br> 144A <br>5.875%, 4/15/30<sup>(2)</sup> <br>| 3264 | &nbsp;&nbsp; 3303 |
| LSB Industries, Inc. 144A <br>6.250%, 10/15/28<sup>(2)</sup> <br>| 4825 | &nbsp;&nbsp; 4795 |
| Mauser Packaging <br> Solutions Holding Co. <br> 144A <br>9.250%, 4/15/30<sup>(2)</sup> <br>| 3120 | &nbsp;&nbsp; 2899 |
| Smurfit Kappa Treasury <br> ULC <br>5.200%, 1/15/30<br>| 8006 | &nbsp;&nbsp; 8153 |
| Solstice Advanced <br> Materials, Inc. 144A <br>5.625%, 9/30/33<sup>(2)</sup> <br>| 2825 | &nbsp;&nbsp; 2785 |
| Sonoco Products Co. <br>4.600%, 9/1/29<br>| 9080 | &nbsp;&nbsp; 9054 |
| Standard Industries, Inc. <br> 144A <br>4.375%, 7/15/30<sup>(2)</sup> <br>| 5040 | &nbsp;&nbsp; 4750 |
| Suzano Austria GmbH <br>6.000%, 1/15/29<br>| 2205 | &nbsp;&nbsp; 2252 |
| WE Soda Investments <br> Holding plc 144A <br>9.500%, 10/6/28<sup>(2)</sup> <br>| 1061 | &nbsp;&nbsp; 1056 |
|  |  | &nbsp;&nbsp; 72259 |
| **Real Estate—0.4%** | **Real Estate—0.4%** |  |
| EPR Properties <br>4.750%, 11/15/30<br>| 9665 | &nbsp;&nbsp; 9433 |
| Iron Mountain, Inc. 144A <br>5.250%, 7/15/30<sup>(2)</sup> <br>| 4885 | &nbsp;&nbsp; 4746 |
| Millrose Properties, Inc. <br> 144A <br>6.375%, 8/1/30<sup>(2)</sup> <br>| 2980 | &nbsp;&nbsp; 2979 |
| Port of Spain Waterfront <br> Development RegS <br>7.875%, 2/19/40<sup>(4)</sup> <br>| 1335 | &nbsp;&nbsp; 1328 |
|  |  | &nbsp;&nbsp; 18486 |
| **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; 1763 |
| Adani Electricity Mumbai <br> Ltd. RegS <br>3.949%, 2/12/30<sup>(4)</sup> <br>| 1000 | &nbsp;&nbsp; 913 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| AES Corp. (The) <br>7.600%, 1/15/55<br>| $4075 | &nbsp;&nbsp; $4042 |
| Algonquin Power & Utilities <br> Corp. <br>5.365%, 6/15/26<sup>(6)</sup> <br>| 4565 | &nbsp;&nbsp; 4569 |
| Comision Ejecutiva <br> Hidroelectrica del Rio <br> Lempa 144A <br>8.650%, 1/24/33<sup>(2)</sup> <br>| 1386 | &nbsp;&nbsp; 1424 |
| Electricite de France S.A. <br> 144A <br>5.700%, 5/23/28<sup>(2)</sup> <br>| 7110 | &nbsp;&nbsp; 7280 |
| ENEL Finance International <br> N.V. 144A <br>5.125%, 6/26/29<sup>(2)</sup> <br>| 3560 | &nbsp;&nbsp; 3610 |
| Entergy Corp. <br>7.125%, 12/1/54<br>| 8775 | &nbsp;&nbsp; 8992 |
| Eskom Holdings 144A <br>8.450%, 8/10/28<sup>(2)</sup> <br>| 1563 | &nbsp;&nbsp; 1639 |
| Ferrellgas LP 144A <br>5.875%, 4/1/29<sup>(2)</sup> <br>| 5285 | &nbsp;&nbsp; 5052 |
| Limak Yenilenebilir Enerji <br> AS 144A <br>9.625%, 8/12/30<sup>(2)</sup> <br>| 900 | &nbsp;&nbsp; 871 |
| NiSource, Inc. <br>6.950%, 11/30/54<br>| 5370 | &nbsp;&nbsp; 5522 |
| Perusahaan Perseroan <br> Persero PT Perusahaan <br> Listrik Negara 144A <br>5.450%, 5/21/28<sup>(2)</sup> <br>| 10118 | &nbsp;&nbsp; 10214 |
| Puget Energy, Inc. <br>2.379%, 6/15/28<br>| 7558 | &nbsp;&nbsp; 7204 |
| Southern Co. (The) Series <br> 21-A <br>3.750%, 9/15/51<br>| 13578 | &nbsp;&nbsp; 13443 |
| Spire, Inc. <br>6.250%, 6/1/56<br>| 6060 | &nbsp;&nbsp; 5992 |
| Venture Global <br> Plaquemines LNG LLC<br>|  |  |
| <br>144A 7.500%, 5/1/33<sup>(2)</sup> <br>| 450 | &nbsp;&nbsp; 495 |
| <br>144A 6.500%, 1/15/34<sup>(2)</sup> <br>| 4715 | &nbsp;&nbsp; 4915 |
| Vistra Operations Co. LLC <br> 144A <br>6.875%, 4/15/32<sup>(2)</sup> <br>| 7035 | &nbsp;&nbsp; 7281 |
| XPLR Infrastructure <br> Operating Partners LP <br> 144A <br>7.250%, 1/15/29<sup>(2)</sup> <br>| 2515 | &nbsp;&nbsp; 2588 |
|  |  | &nbsp;&nbsp; 97809 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,274,777)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $1,274,777)** | &nbsp;&nbsp; **1276758** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Leveraged Loans—5.1%** | **Leveraged Loans—5.1%** | **Leveraged Loans—5.1%** |
| **Aerospace—0.3%** | **Aerospace—0.3%** |  |
| AAdvantage Loyality IP Ltd. <br> (3 month Term SOFR + <br> 2.250%) <br>5.918%, 4/20/28<sup>(7)</sup> <br>| $3206 | &nbsp;&nbsp; $3171 |
| Dynasty Acquisition Co., <br> Inc.<br>|  |  |
| Tranche B-1 (1 month <br> Term SOFR + 2.000%) <br>5.668%, 10/31/31<sup>(7)</sup> <br>| 2494 | &nbsp;&nbsp; 2492 |
| Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>5.668%, 10/31/31<sup>(7)</sup> <br>| 948 | &nbsp;&nbsp; 948 |
| Rand Parent LLC 2025, <br> Tranche B (3 month <br> Term SOFR + 3.000%) <br>6.700%, 3/18/30<sup>(7)</sup> <br>| 3826 | &nbsp;&nbsp; 3817 |
| TransDigm, Inc. Tranche J <br> (1 month Term SOFR + <br> 2.500%) <br>6.168%, 2/28/31<sup>(7)</sup> <br>| 3153 | &nbsp;&nbsp; 3153 |
|  |  | &nbsp;&nbsp; 13581 |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 2/19/30<sup>(7)</sup> <br>| 3090 | &nbsp;&nbsp; 2683 |
| Lummus Technology <br> Holdings V LLC Tranche <br> B (1 month Term SOFR + <br> 2.500%) <br>6.168%, 12/31/29<sup>(7)</sup> <br>| 2656 | &nbsp;&nbsp; 2632 |
|  |  | &nbsp;&nbsp; 5315 |
| **Consumer Durables—0.1%** | **Consumer Durables—0.1%** |  |
| Resideo Funding, Inc. (3 <br> month Term SOFR + <br> 2.000%) <br>5.674%, 8/13/32<sup>(7)</sup> <br>| 2821 | &nbsp;&nbsp; 2810 |
| Skechers U.S.A., Inc. <br> Tranche B-1 (3 month <br> Term SOFR + 3.250%) <br>6.950%, 9/13/32<sup>(7)</sup> <br>| 1257 | &nbsp;&nbsp; 1259 |
|  |  | &nbsp;&nbsp; 4069 |
| **Energy—0.4%** | **Energy—0.4%** |  |
| Blackfin Pipeline LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.688%, 9/29/32<sup>(7)</sup> <br>| 4349 | &nbsp;&nbsp; 4367 |
| CQP Holdco LP Tranche B <br> (3 month Term SOFR + <br> 1.750%) <br>5.450%, 12/31/32<sup>(7)</sup> <br>| 3275 | &nbsp;&nbsp; 3257 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Freeport LNG <br> Investments LLP <br> Tranche B (3 month <br> Term SOFR + 3.250%) <br>6.893%, 2/11/33<sup>(7)</sup> <br>| $2475 | &nbsp;&nbsp; $2473 |
| GIP Pilot Acquisition <br> Partners LP (3 month <br> Term SOFR + 2.000%) <br>5.646%, 10/4/30<sup>(7)</sup> <br>| 3747 | &nbsp;&nbsp; 3746 |
| Hilcorp Energy I LP (1 <br> month Term SOFR + <br> 1.750%) <br>5.425%, 2/11/30<sup>(7)</sup> <br>| 1569 | &nbsp;&nbsp; 1567 |
| Oryx Midstream Services <br> Permian Basin LLC <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.926%, 10/5/28<sup>(7)</sup> <br>| 4113 | &nbsp;&nbsp; 4114 |
| Paragon Offshore Finance <br> Co. (6 month PRIME + <br> 0.000%) <br>3.750%, 7/19/27<sup>(3)(8)</sup> <br>| 4 | &nbsp;&nbsp; — |
| Whitewater DBR <br> Holdco LLC Tranche C (3 <br> month Term SOFR + <br> 2.250%) <br>6.000%, 3/3/31<sup>(7)</sup> <br>| 2226 | &nbsp;&nbsp; 2228 |
|  |  | &nbsp;&nbsp; 21752 |
| **Financials—0.2%** | **Financials—0.2%** |  |
| Acrisure LLC 2024, <br> Tranche B-6 (1 month <br> Term SOFR + 3.000%) <br>6.668%, 11/6/30<sup>(7)</sup> <br>| 2622 | &nbsp;&nbsp; 2536 |
| AmWINS Group, Inc. 2026, <br> Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.668%, 1/30/32<sup>(7)</sup> <br>| 2334 | &nbsp;&nbsp; 2316 |
| Citadel Securities LP 2024 <br> (3 month Term SOFR + <br> 2.000%) <br>5.700%, 10/31/31<sup>(7)</sup> <br>| 3425 | &nbsp;&nbsp; 3427 |
| Truist Insurance <br> Holdings LLC 2024, <br> Tranche B (3 month <br> Term SOFR + 2.750%) <br>6.450%, 5/6/31<sup>(7)</sup> <br>| 2895 | &nbsp;&nbsp; 2851 |
|  |  | &nbsp;&nbsp; 11130 |
| **Food / Tobacco—0.4%** | **Food / Tobacco—0.4%** |  |
| Del Monte Foods, Inc. |  |  |
| (1 month Term SOFR + <br> 4.350%) <br>8.011% - 8.028%, <br> 8/2/28<sup>(8)(11)</sup> <br>| 2198 | &nbsp;&nbsp; 66 |
| (1 month Term SOFR + <br> 4.850%) <br>8.528%, 8/2/28<sup>(8)(11)</sup> <br>| 5062 | &nbsp;&nbsp; 51 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| (1 month Term SOFR + <br> 8.100%) <br>11.767%, 8/2/28<sup>(8)(11)</sup> <br>| $966 | &nbsp;&nbsp; $456 |
| (1 month Term SOFR + <br> 9.600%) <br>13.265%, 6/1/26<sup>(7)(8)</sup> <br>| 1114 | &nbsp;&nbsp; 869 |
| Froneri International Ltd. <br> Tranche B-4 (6 month <br> Term SOFR + 2.250%) <br>5.877%, 9/30/31<sup>(7)</sup> <br>| 3335 | &nbsp;&nbsp; 3264 |
| Pegasus Bidco B.V. 2025 (2 <br> month Term SOFR + <br> 2.750%) <br>0.000%, 7/12/29<sup>(7)(12)</sup> <br>| 2000 | &nbsp;&nbsp; 1990 |
| Red SPV LLC (1 month <br> Term SOFR + 2.250%) <br>5.925%, 3/15/32<sup>(7)</sup> <br>| 2810 | &nbsp;&nbsp; 2803 |
| Sazerac Co., Inc. Tranche <br> B-2 (1 month Term <br> SOFR + 2.000%) <br>5.670%, 7/9/32<sup>(7)</sup> <br>| 2269 | &nbsp;&nbsp; 2266 |
| Triton Water Holdings, Inc. |  |  |
| 2025 (3 month Term <br> SOFR + 2.250%) <br>5.922%, 3/31/28<sup>(7)</sup> <br>| 3883 | &nbsp;&nbsp; 3885 |
| 2026 <br>0.000%, 3/19/31<sup>(7)(12)</sup> <br>| 3655 | &nbsp;&nbsp; 3659 |
|  |  | &nbsp;&nbsp; 19309 |
| **Food and Drug—0.1%** | **Food and Drug—0.1%** |  |
| Opal Bidco SAS 2025, <br> Tranche B-4, First Lien (3 <br> month Term SOFR + <br> 3.000%) <br>6.700%, 4/28/32<sup>(7)</sup> <br>| 3773 | &nbsp;&nbsp; 3769 |
| **Forest Prod / Containers—0.1%** | **Forest Prod / Containers—0.1%** |  |
| Clydesdale Acquisition <br> Holdings, Inc. 2025, <br> Tranche B (1 month <br> Term SOFR + 3.250%) <br>6.918%, 4/1/32<sup>(7)</sup> <br>| 3387 | &nbsp;&nbsp; 3155 |
| **Gaming / Leisure—0.6%** | **Gaming / Leisure—0.6%** |  |
| Caesars Entertainment, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.918%, 2/6/30<sup>(7)</sup> <br>| 2717 | &nbsp;&nbsp; 2636 |
| Entain plc Tranche B-6 (3 <br> month Term SOFR + <br> 2.250%) <br>5.951%, 10/31/29<sup>(7)</sup> <br>| 3451 | &nbsp;&nbsp; 3447 |
| Flutter Entertainment plc <br> 2024, Tranche B (3 <br> month Term SOFR + <br> 1.750%) <br>5.450%, 11/30/30<sup>(7)</sup> <br>| 4547 | &nbsp;&nbsp; 4490 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Life Time, Inc. 2025, <br> Tranche B, First Lien (1 <br> month Term SOFR + <br> 2.000%) <br>5.671%, 11/5/31<sup>(7)</sup> <br>| $3493 | &nbsp;&nbsp; $3490 |
| Light & Wonder <br> International, Inc. <br> Tranche B-3 (1 month <br> Term SOFR + 2.000%) <br>5.675%, 4/16/29<sup>(7)</sup> <br>| 3144 | &nbsp;&nbsp; 3141 |
| Live Nation Entertainment, <br> Inc. Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.675%, 10/21/32<sup>(7)</sup> <br>| 3506 | &nbsp;&nbsp; 3502 |
| Oak-Eagle Acquireco, Inc. <br> Tranche B <br>0.000%, 3/24/33<sup>(7)(12)</sup> <br>| 2730 | &nbsp;&nbsp; 2713 |
| Playtika Holding Corp. <br> Tranche B-1 (1 month <br> Term SOFR + 2.864%) <br>6.532%, 3/13/28<sup>(7)</sup> <br>| 3910 | &nbsp;&nbsp; 3674 |
| UFC Holdings LLC Tranche <br> B-5 (3 month Term <br> SOFR + 2.000%) <br>5.664%, 11/21/31<sup>(7)</sup> <br>| 3487 | &nbsp;&nbsp; 3482 |
|  |  | &nbsp;&nbsp; 30575 |
| **Health Care—0.3%** | **Health Care—0.3%** |  |
| Biomarin Pharmaceutical, <br> Inc. Tranche B <br>0.000%, 1/28/33<sup>(7)(12)</sup> <br>| 430 | &nbsp;&nbsp; 429 |
| Genmab A/S Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>6.700%, 12/10/32<sup>(7)</sup> <br>| 790 | &nbsp;&nbsp; 792 |
| Hologic, Inc. Tranche B <br>0.000%, 1/14/33<sup>(7)(12)</sup> <br>| 3110 | &nbsp;&nbsp; 3071 |
| Medline Borrower LP 2030 <br> (1 month Term SOFR + <br> 1.750%) <br>5.418%, 10/23/30<sup>(7)</sup> <br>| 3234 | &nbsp;&nbsp; 3237 |
| Parexel International, Inc. <br> Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.418%, 12/12/31<sup>(7)</sup> <br>| 4067 | &nbsp;&nbsp; 4050 |
| Phoenix Guarantor, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.168%, 2/21/31<sup>(7)</sup> <br>| 2869 | &nbsp;&nbsp; 2867 |
| Select Medical Corp. <br> Tranche B-2 (1 month <br> Term SOFR + 2.000%) <br>5.668%, 12/3/31<sup>(7)</sup> <br>| 2390 | &nbsp;&nbsp; 2373 |
|  |  | &nbsp;&nbsp; 16819 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Frontdoor, Inc. 2024, <br> Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.918%, 12/17/31<sup>(7)</sup> <br>| $2469 | &nbsp;&nbsp; $2470 |
| Green Infrastructure <br> Partners, Inc. (3 month <br> Term SOFR + 2.750%) <br>6.450%, 9/24/32<sup>(7)</sup> <br>| 1485 | &nbsp;&nbsp; 1481 |
| Quikrete Holdings, Inc. <br> 2029, Tranche B (1 <br> month Term SOFR + <br> 2.250%) <br>5.918%, 3/19/29<sup>(7)</sup> <br>| 3732 | &nbsp;&nbsp; 3727 |
|  |  | &nbsp;&nbsp; 7678 |
| **Information Technology—0.3%** | **Information Technology—0.3%** |  |
| CACI International, Inc. <br> Tranche B-2 (1 month <br> Term SOFR + 1.750%) <br>5.418%, 2/25/33<sup>(7)</sup> <br>| 1235 | &nbsp;&nbsp; 1233 |
| Composecure <br> Holdings LLC (1 month <br> Term SOFR + 2.250%) <br>5.928%, 1/14/33<sup>(7)</sup> <br>| 1020 | &nbsp;&nbsp; 1016 |
| Shift4 Payments LLC (3 <br> month Term SOFR + <br> 2.000%) <br>5.652%, 7/3/32<sup>(7)</sup> <br>| 2300 | &nbsp;&nbsp; 2293 |
| SS&C Technologies <br> Holdings, Inc. Tranche <br> B-8 (1 month Term <br> SOFR + 2.000%) <br>5.668%, 5/9/31<sup>(7)</sup> <br>| 4582 | &nbsp;&nbsp; 4564 |
| UKG, Inc. Tranche B (3 <br> month Term SOFR + <br> 2.500%) <br>6.167%, 2/10/31<sup>(7)</sup> <br>| 3763 | &nbsp;&nbsp; 3590 |
|  |  | &nbsp;&nbsp; 12696 |
| **Manufacturing—0.3%** | **Manufacturing—0.3%** |  |
| Construction Partners, Inc. <br> (1 month Term SOFR + <br> 2.500%) <br>6.168%, 11/3/31<sup>(7)</sup> <br>| 3479 | &nbsp;&nbsp; 3473 |
| Gates Corp. Tranche B-5 (1 <br> month Term SOFR + <br> 1.750%) <br>5.418%, 6/4/31<sup>(7)</sup> <br>| 3925 | &nbsp;&nbsp; 3917 |
| Madison IAQ LLC 2025 (3 <br> month Term SOFR + <br> 2.750%) <br>6.378%, 11/8/32<sup>(7)</sup> <br>| 4268 | &nbsp;&nbsp; 4274 |
| MV Holding GmbH Tranche <br> B (1 month Term SOFR + <br> 2.000%) <br>5.668%, 3/17/32<sup>(7)</sup> <br>| 1156 | &nbsp;&nbsp; 1157 |
|  |  | &nbsp;&nbsp; 12821 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Media / Telecom - Broadcasting—0.2%** | **Media / Telecom - Broadcasting—0.2%** |  |
| EOC Borrower LLC Tranche <br> B (1 month Term SOFR + <br> 2.750%) <br>6.418%, 3/24/32<sup>(7)</sup> <br>| $1965 | &nbsp;&nbsp; $1956 |
| Nexstar Media, Inc. <br> Tranche B-5 (1 month <br> Term SOFR + 2.500%) <br>6.168%, 6/28/32<sup>(7)</sup> <br>| 4214 | &nbsp;&nbsp; 4165 |
| Univision <br> Communications, Inc. <br> 2024, First Lien (1 <br> month Term SOFR + <br> 3.500%) <br>7.282%, 1/31/29<sup>(7)</sup> <br>| 3597 | &nbsp;&nbsp; 3559 |
|  |  | &nbsp;&nbsp; 9680 |
| **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>5.911%, 12/15/31<sup>(7)</sup> <br>| 3236 | &nbsp;&nbsp; 3234 |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term <br> SOFR + 3.250%) <br>6.918%, 9/18/30<sup>(7)</sup> <br>| 3480 | &nbsp;&nbsp; 3292 |
| DIRECTV Financing LLC <br> 2024, Tranche B (3 <br> month Term SOFR + <br> 5.512%) <br>9.178%, 8/2/29<sup>(7)</sup> <br>| 3322 | &nbsp;&nbsp; 3326 |
| Eagle Broadband <br> Investments LLC (3 <br> month Term SOFR + <br> 3.262%) <br>6.961%, 11/12/27<sup>(7)</sup> <br>| 4289 | &nbsp;&nbsp; 4080 |
|  |  | &nbsp;&nbsp; 13932 |
| **Media / Telecom - Diversified** <br> **Media—0.1%** | **Media / Telecom - Diversified** <br> **Media—0.1%** |  |
| Century DE Buyer LLC <br> 2025 (3 month Term <br> SOFR + 3.000%) <br>6.667%, 10/30/30<sup>(7)</sup> <br>| 2035 | &nbsp;&nbsp; 1975 |
| Formula One Management <br> Ltd. Tranche B-1 (3 <br> month Term SOFR + <br> 1.750%) <br>5.450%, 9/30/31<sup>(7)</sup> <br>| 3640 | &nbsp;&nbsp; 3629 |
|  |  | &nbsp;&nbsp; 5604 |
| **Media / Telecom -** <br> **Telecommunications—0.1%** | **Media / Telecom -** <br> **Telecommunications—0.1%** |  |
| Cincinnati Bell, Inc. Tranche <br> B-5 (1 month Term <br> SOFR + 2.250%) <br>5.918%, 11/22/28<sup>(7)</sup> <br>| 3752 | &nbsp;&nbsp; 3742 |

---

---

| | | |
|:---|:---|:---|
|  | **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>5.918%, 6/11/31<sup>(7)</sup> <br>| $2394 | &nbsp;&nbsp; $2366 |
| Peer Holding III B.V. <br> Tranche B (3 month <br> Term SOFR + 2.500%) <br>6.200%, 10/26/30<sup>(7)</sup> <br>| 2901 | &nbsp;&nbsp; 2894 |
|  |  | &nbsp;&nbsp; 5260 |
| **Service—0.4%** | **Service—0.4%** |  |
| AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 8/12/32<sup>(7)</sup> <br>| 2079 | &nbsp;&nbsp; 2058 |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 9/29/31<sup>(7)</sup> <br>| 3582 | &nbsp;&nbsp; 3579 |
| BrightView <br> Landscapes LLC Tranche <br> B (3 month Term SOFR + <br> 2.000%) <br>5.667%, 4/20/29<sup>(7)</sup> <br>| 2910 | &nbsp;&nbsp; 2898 |
| Iron Mountain Information <br> Management LLC <br> Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.668%, 1/31/31<sup>(7)</sup> <br>| 2803 | &nbsp;&nbsp; 2782 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.200%, 11/24/28<sup>(7)</sup> <br>| 3980 | &nbsp;&nbsp; 3630 |
| Prime Security Services <br> Borrower LLC Tranche <br> B-1 (1 month Term <br> SOFR + 2.000%) <br>5.664%, 10/13/30<sup>(7)</sup> <br>| 2811 | &nbsp;&nbsp; 2796 |
|  |  | &nbsp;&nbsp; 17743 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| American Axle & <br> Manufacturing, Inc. <br> Tranche C (3 month <br> Term SOFR + 3.350%) <br>6.912%, 2/3/33<sup>(7)</sup> <br>| 2282 | &nbsp;&nbsp; 2269 |
| Belron Finance 2019 LLC (3 <br> month Term SOFR + <br> 2.000%) <br>5.660%, 10/16/31<sup>(7)</sup> <br>| 3382 | &nbsp;&nbsp; 3379 |
| Clarios Global LP 2024, <br> Tranche B (1 month <br> Term SOFR + 2.500%) <br>6.168%, 5/6/30<sup>(7)</sup> <br>| 2905 | &nbsp;&nbsp; 2893 |
|  |  | &nbsp;&nbsp; 8541 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value**<sup>(1)</sup> | **Value** |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| Astoria Energy LLC Tranche <br> B (1-3 month Term <br> SOFR + 2.750%) <br>5.923% - 5.966%, <br> 6/23/32<sup>(7)</sup> <br>| $2473 | &nbsp;&nbsp; $2474 |
| Cornerstone <br> Generation LLC Tranche <br> B (3 month Term SOFR + <br> 2.250%) <br>5.917%, 8/11/32<sup>(7)</sup> <br>| 2989 | &nbsp;&nbsp; 2987 |
| Hunterstown <br> Generation LLC (3 <br> month Term SOFR + <br> 3.000% - 3 month <br> PRIME + 2.000%) <br>6.700% - 8.750%, <br> 11/6/31<sup>(7)</sup> <br>| 3388 | &nbsp;&nbsp; 3387 |
| Indeck Niles LLC Tranche B <br> (3 month Term SOFR + <br> 2.750%) <br>6.419%, 3/9/33<sup>(7)</sup> <br>| 1555 | &nbsp;&nbsp; 1553 |
| South Field Energy LLC |  |  |
| Tranche B (3 month <br> Term SOFR + 3.000%) <br>6.700%, 8/29/31<sup>(7)</sup> <br>| 1123 | &nbsp;&nbsp; 1123 |
| Tranche C (3 month <br> Term SOFR + 3.000%) <br>6.700%, 8/29/31<sup>(7)</sup> <br>| 70 | &nbsp;&nbsp; 70 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 1/27/31<sup>(7)</sup> <br>| 3119 | &nbsp;&nbsp; 3112 |
|  |  | &nbsp;&nbsp; 14706 |
| **Total Leveraged Loans** <br>**(Identified Cost $250,622)** | **Total Leveraged Loans** <br>**(Identified Cost $250,622)** | &nbsp;&nbsp; **241877** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** |
| **Communication Services—0.0%** | **Communication Services—0.0%** |  |
| Atento Luxco 1 S.A.<sup>(8)(13)</sup> <br>| 46327 | &nbsp;&nbsp; 771 |
| **Total Common Stock** <br>**(Identified Cost $—**<sup>(10)</sup>**)** | **Total Common Stock** <br>**(Identified Cost $—**<sup>(10)</sup>**)** | &nbsp;&nbsp; **771** |
| **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 Securitized <br> Income ETF<sup>(5)(14)(15)</sup> <br>| 1882229 | &nbsp;&nbsp; 45514 |

---

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Virtus Newfleet Short <br> Duration High Yield <br> Bond ETF<sup>(14)(15)</sup> <br>| 1031000 | &nbsp;&nbsp; $22177 |
|  |  | &nbsp;&nbsp; 67691 |
| **Total Affiliated Exchange-Traded** <br> **Funds** <br>**(Identified Cost $68,620)** | **Total Affiliated Exchange-Traded** <br> **Funds** <br>**(Identified Cost $68,620)** | &nbsp;&nbsp; **67691** |
| **Total Long-Term** <br> **Investments—98.3%** <br>**(Identified Cost $4,714,710)** | **Total Long-Term** <br> **Investments—98.3%** <br>**(Identified Cost $4,714,710)** | &nbsp;&nbsp; **4693920** |
| **Securities Lending Collateral—0.3%** | **Securities Lending Collateral—0.3%** | **Securities Lending Collateral—0.3%** |
| Dreyfus Government Cash <br> Management Fund - <br> Institutional Shares <br> (seven-day effective <br> yield 3.531%)<sup>(15)(16)</sup> <br>| 12775662 | &nbsp;&nbsp; 12776 |
| **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $12,776)** | **Total Securities Lending** <br> **Collateral** <br>**(Identified Cost $12,776)** | &nbsp;&nbsp; **12776** |
| **TOTAL INVESTMENTS—98.6%** <br>**(Identified Cost $4,727,486)** | **TOTAL INVESTMENTS—98.6%** <br>**(Identified Cost $4,727,486)** | &nbsp;&nbsp; **$4706696** |
| Other assets and liabilities, net—1.4% | Other assets and liabilities, net—1.4% | &nbsp;&nbsp; 65703 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$4772399** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| BDC | Business Development Companies |
| CDX.HY.CDSI | CDX High Yield Credit Default Swap <br> Index<br>|
| 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 |
| 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 |

---

---

| | |
|:---|:---|
| **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 March 31, 2026, these <br> securities amounted to a value of $2,693,007 or <br> 56.4% 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>| All or a portion of security is on loan. |
| <sup>(6)</sup> <br>| Represents step coupon bond. Rate shown <br> reflects the rate in effect as of March 31, 2026.<br>|
| <sup>(7)</sup> <br>| Variable rate security. Rate disclosed is as of <br> March 31, 2026. 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>(8)</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>(9)</sup> <br>| No contractual maturity date. |
| <sup>(10)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(11)</sup> <br>| Security in default; interest payments are being <br> received.<br>|
| <sup>(12)</sup> <br>| This loan will settle after March 31, 2026, at which <br> 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>(13)</sup> <br>| Non-income producing. |
| <sup>(14)</sup> <br>| Affiliated investment. See Note 4I in Notes to <br> Financial Statements.<br>|
| <sup>(15)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly <br> available.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(16)</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 |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 86<br> %<br>|
| Mexico | 1 |
| Canada | 1 |
| United Kingdom | 1 |
| Ireland | 1 |
| Cayman Islands | 1 |
| South Africa | 1 |
| Other | 8 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

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 (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** | **Centrally cleared credit default swaps - sell protection**<sup>(1)</sup> **outstanding as of March 31, 2026 was as follows:** |
| **Reference Entity** | &nbsp;&nbsp;&nbsp; **Payment** <br>**Frequency**<br>| &nbsp;&nbsp;&nbsp; **Fixed** <br>**Rate**<br>| &nbsp;&nbsp;&nbsp; **Expiration** <br>**Date**<br>| &nbsp;&nbsp;&nbsp; **Notional** <br>**Amount**<sup>(2)</sup>  | **Value** | &nbsp;&nbsp;&nbsp; **Premiums** <br>**Paid** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Received)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| CDX.HY.CDSI.S46 | &nbsp;&nbsp;&nbsp;&nbsp; Quarterly | &nbsp;&nbsp;&nbsp;&nbsp; 5.000<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6/20/31 | &nbsp;&nbsp;&nbsp;&nbsp; $45025 | &nbsp;&nbsp;&nbsp;&nbsp; $2232 | &nbsp;&nbsp;&nbsp;&nbsp; $1755 | &nbsp;&nbsp;&nbsp;&nbsp; $477 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| **Total** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $2232 | &nbsp;&nbsp;&nbsp;&nbsp; $1755 | &nbsp;&nbsp;&nbsp;&nbsp; $477 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

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

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<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; $328547 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $328547 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; 344818 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 344818 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 1181850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1181850 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; 1251608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1216261 | &nbsp;&nbsp;&nbsp;&nbsp; 35347 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 1276758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1276758 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 241877 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 240435 | &nbsp;&nbsp;&nbsp;&nbsp; 1442 <br><sup>(1)</sup><br>|
| Common Stock | &nbsp;&nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 771 |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 67691 | &nbsp;&nbsp;&nbsp;&nbsp; 67691 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp; 12776 | &nbsp;&nbsp;&nbsp;&nbsp; 12776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| Centrally Cleared Credit Default Swaps<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 2232 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2232 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $4708928 | &nbsp;&nbsp;&nbsp;&nbsp; $80467 | &nbsp;&nbsp;&nbsp;&nbsp; $4590901 | &nbsp;&nbsp;&nbsp;&nbsp; $37560 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>\*</sup> Swap contracts are valued at the net unrealized appreciation (depreciation) on the instrument by level and counterparty.

Securities held by the Fund with an end of period value of $30,741 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.

*See Notes to Financial Statements*

------

**Newfleet Multi-Sector Short Term Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total | Asset- <br>Backed <br>Securities<br>| Leveraged <br>Loans<br>| Common <br>Stock<br>|
| **Investments in Securities** |  |  |  |  |
| **Balance as of September 30, 2025:** | &nbsp;&nbsp;&nbsp; $88 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $88 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $— |
| Accrued discount/(premium) | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation)<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp; 731 | &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; 771 |
| Purchases | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>|
| Sales<sup>(d)</sup> <br>| &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (62)<br>| &nbsp;&nbsp;&nbsp; — |
| Transfers into Level 3<sup>(e)</sup> <br>| &nbsp;&nbsp;&nbsp; 30741 | &nbsp;&nbsp;&nbsp; 29365 | &nbsp;&nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp; — |
| **Balance as of March 31, 2026** | &nbsp;&nbsp;&nbsp; $37560 | &nbsp;&nbsp;&nbsp; $35347 | &nbsp;&nbsp;&nbsp; $1442 <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; $771 |

---

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

<sup>(b)</sup> Amount is less than $500 (not in thousands).

<sup>(c)</sup> The net change in unrealized appreciation (depreciation) on investments still held at March 31, 2026, was $(260).

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

<sup>(e)</sup> Transfers into and/or from represent the ending value as of March 31, 2026, for any investment security where a change in the pricing level occured from the beginning to the end of the period.

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—3.5%** | **Corporate Bonds and Notes—3.5%** | **Corporate Bonds and Notes—3.5%** |
| **Communication Services—0.7%** | **Communication Services—0.7%** |  |
| CSC Holdings LLC 144A <br>4.125%, 12/1/30<sup>(1)</sup> <br>| $200 | &nbsp;&nbsp; $120 |
| 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 |
| DISH Network Corp. 144A <br>11.750%, 11/15/27<sup>(1)</sup> <br>| 305 | &nbsp;&nbsp; 314 |
| Gray Media, Inc. |  |  |
| <br>144A 9.625%, 7/15/32<sup>(1)</sup> <br>| 110 | &nbsp;&nbsp; 110 |
| <br>144A 7.250%, 8/15/33<sup>(1)</sup> <br>| 195 | &nbsp;&nbsp; 196 |
| McGraw-Hill Education, Inc. <br> 144A <br>7.375%, 9/1/31<sup>(1)</sup> <br>| 100 | &nbsp;&nbsp; 102 |
|  |  | &nbsp;&nbsp; 902 |
| **Financials—0.9%** | **Financials—0.9%** |  |
| Albion Financing 1 S.a.r.l. <br> 144A <br>7.000%, 5/21/30<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 511 |
| CompoSecure Holdings LLC <br> 144A <br>5.625%, 2/1/33<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 161 |
| Grifols S.A. 144A <br>4.750%, 10/15/28<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 196 |
| Organon & Co. 144A <br>4.125%, 4/30/28<sup>(1)</sup> <br>| 360 | &nbsp;&nbsp; 350 |
|  |  | &nbsp;&nbsp; 1218 |
| **Health Care—0.6%** | **Health Care—0.6%** |  |
| LifePoint Health, Inc. 144A <br>9.875%, 8/15/30<sup>(1)</sup> <br>| 550 | &nbsp;&nbsp; 582 |
| Organon & Co. 144A <br>7.875%, 5/15/34<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 144 |
|  |  | &nbsp;&nbsp; 726 |
| **Industrials—0.9%** | **Industrials—0.9%** |  |
| Columbus McKinnon Corp. <br> 144A <br>7.125%, 2/1/33<sup>(1)</sup> <br>| 500 | &nbsp;&nbsp; 500 |
| Garda World Security Corp. <br> 144A <br>8.375%, 11/15/32<sup>(1)</sup> <br>| 200 | &nbsp;&nbsp; 200 |
| 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; 123 |
| VoltaGrid LLC 144A <br>7.375%, 11/1/30<sup>(1)</sup> <br>| 260 | &nbsp;&nbsp; 268 |
|  |  | &nbsp;&nbsp; 1112 |
| **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; 75 |
| **Materials—0.3%** | **Materials—0.3%** |  |
| Mauser Packaging Solutions <br> Holding Co. 144A <br>9.250%, 4/15/30<sup>(1)</sup> <br>| 190 | &nbsp;&nbsp; 177 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Trivium Packaging Finance <br> B.V. 144A <br>8.250%, 7/15/30<sup>(1)</sup> <br>| $203 | &nbsp;&nbsp; $212 |
|  |  | &nbsp;&nbsp; 389 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $4,378)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $4,378)** | &nbsp;&nbsp; **4422** |
| **Leveraged Loans—91.3%** | **Leveraged Loans—91.3%** | **Leveraged Loans—91.3%** |
| **Aerospace—3.4%** | **Aerospace—3.4%** |  |
| AAdvantage Loyality IP Ltd. (3 <br> month Term SOFR + <br> 2.250%) <br>5.918%, 4/20/28<sup>(2)</sup> <br>| 862 | &nbsp;&nbsp; 853 |
| Brown Group Holding LLC (1 <br> month Term SOFR + <br> 2.500%) <br>6.168%, 7/1/31<sup>(2)</sup> <br>| 773 | &nbsp;&nbsp; 774 |
| Kaman Corp. (3 month Term <br> SOFR + 2.500%) <br>6.200%, 2/26/32<sup>(2)</sup> <br>| 620 | &nbsp;&nbsp; 620 |
| Karman Holdings LLC 2026, <br> Tranche B (3 month Term <br> SOFR + 2.750%) <br>6.461%, 4/1/32<sup>(2)</sup> <br>| 125 | &nbsp;&nbsp; 125 |
| Rand Parent LLC 2025, <br> Tranche B (3 month Term <br> SOFR + 3.000%) <br>6.700%, 3/18/30<sup>(2)</sup> <br>| 566 | &nbsp;&nbsp; 564 |
| TransDigm, Inc. Tranche J (1 <br> month Term SOFR + <br> 2.500%) <br>6.168%, 2/28/31<sup>(2)</sup> <br>| 1293 | &nbsp;&nbsp; 1293 |
| Vista Management Holding, <br> Inc. (2 month Term SOFR + <br> 3.750%) <br>7.411%, 4/1/31<sup>(2)</sup> <br>| 84 | &nbsp;&nbsp; 83 |
|  |  | &nbsp;&nbsp; 4312 |
| **Chemicals—3.6%** | **Chemicals—3.6%** |  |
| Ineos Finance plc 2030 (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 2/19/30<sup>(2)</sup> <br>| 728 | &nbsp;&nbsp; 632 |
| Ineos U.S. Finance LLC 2031 <br> (1 month Term SOFR + <br> 3.000%) <br>6.668%, 2/7/31<sup>(2)</sup> <br>| 676 | &nbsp;&nbsp; 579 |
| Lummus Technology <br> Holdings V LLC Tranche B <br> (1 month Term SOFR + <br> 2.500%) <br>6.168%, 12/31/29<sup>(2)</sup> <br>| 846 | &nbsp;&nbsp; 838 |
| Nouryon Finance B.V. 2024, <br> Tranche B-1 (3-6 month <br> Term SOFR + 3.250%) <br>7.036%, 4/3/28<sup>(2)</sup> <br>| 1107 | &nbsp;&nbsp; 1083 |
| USALCO LLC |  |  |
| 2025 (1 month Term SOFR <br> + 3.500%) <br>7.168%, 9/30/31<sup>(2)</sup> <br>| 541 | &nbsp;&nbsp; 539 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| 2025 (1 month Term SOFR <br> + 3.500%) <br>7.176%, 9/30/31<sup>(2)</sup> <br>| $56 | &nbsp;&nbsp; $56 |
| Windsor Holdings III LLC <br> 2025, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.418%, 8/1/30<sup>(2)</sup> <br>| 868 | &nbsp;&nbsp; 854 |
|  |  | &nbsp;&nbsp; 4581 |
| **Consumer Durables—1.9%** | **Consumer Durables—1.9%** |  |
| Gloves Buyer, Inc. (1 month <br> Term SOFR + 4.000%) <br>7.668%, 5/21/32<sup>(2)</sup> <br>| 514 | &nbsp;&nbsp; 511 |
| Resideo Funding, Inc. (3 <br> month Term SOFR + <br> 2.000%) <br>5.674%, 8/13/32<sup>(2)</sup> <br>| 408 | &nbsp;&nbsp; 406 |
| Skechers U.S.A., Inc. Tranche <br> B-1 (3 month Term SOFR + <br> 3.250%) <br>6.950%, 9/13/32<sup>(2)</sup> <br>| 369 | &nbsp;&nbsp; 370 |
| White Cap Supply <br> Holdings LLC<br>|  |  |
| Tranche C (1 month Term <br> SOFR + 3.250%) <br>6.918%, 10/19/29<sup>(2)</sup> <br>| 641 | &nbsp;&nbsp; 616 |
| Tranche D (1 month Term <br> SOFR + 3.500%) <br>7.168%, 2/10/33<sup>(2)</sup> <br>| 510 | &nbsp;&nbsp; 484 |
|  |  | &nbsp;&nbsp; 2387 |
| **Consumer Non-Durables—1.7%** | **Consumer Non-Durables—1.7%** |  |
| AI Aqua Merger Sub, Inc. <br> 2026, Tranche B (1-3 <br> month Term SOFR + <br> 2.500%) <br>6.161%, 7/31/28<sup>(2)</sup> <br>| 1072 | &nbsp;&nbsp; 1068 |
| Albion Financing 3 S.a.r.l. <br> 2025, Tranche A (3 month <br> Term SOFR + 3.000%) <br>6.664%, 5/21/31<sup>(2)</sup> <br>| 428 | &nbsp;&nbsp; 427 |
| DS Parent, Inc. Tranche B (3 <br> month Term SOFR + <br> 5.500%) <br>9.200%, 1/31/31<sup>(2)</sup> <br>| 637 | &nbsp;&nbsp; 559 |
| Energizer Holdings, Inc. 2025, <br> Tranche B (1 month Term <br> SOFR + 2.000%) <br>5.675%, 3/13/32<sup>(2)</sup> <br>| 142 | &nbsp;&nbsp; 142 |
|  |  | &nbsp;&nbsp; 2196 |
| **Energy—1.6%** | **Energy—1.6%** |  |
| Blackfin Pipeline LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.688%, 9/29/32<sup>(2)</sup> <br>| 529 | &nbsp;&nbsp; 531 |
| Freeport LNG <br> Investments LLP Tranche B <br> (3 month Term SOFR + <br> 3.250%) <br>6.893%, 2/11/33<sup>(2)</sup> <br>| 415 | &nbsp;&nbsp; 415 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| M6 ETX Holdings II <br> Midco LLC Tranche B (1 <br> month Term SOFR + <br> 2.500%) <br>6.168%, 4/1/32<sup>(2)</sup> <br>| $266 | &nbsp;&nbsp; $267 |
| Oryx Midstream Services <br> Permian Basin LLC Tranche <br> B (1 month Term SOFR + <br> 2.250%) <br>5.926%, 10/5/28<sup>(2)</sup> <br>| 460 | &nbsp;&nbsp; 460 |
| Paragon Offshore Finance Co. <br> Escrow <br>0.000%, 7/19/27<sup>(3)(4)</sup> <br>|  | &nbsp;&nbsp; — |
| Whitewater DBR Holdco LLC <br> Tranche C (3 month Term <br> SOFR + 2.250%) <br>6.000%, 3/3/31<sup>(2)</sup> <br>| 321 | &nbsp;&nbsp; 321 |
|  |  | &nbsp;&nbsp; 1994 |
| **Financials—5.2%** | **Financials—5.2%** |  |
| Acrisure LLC 2025, Tranche <br> B7 (1 month Term SOFR + <br> 3.250%) <br>6.918%, 6/21/32<sup>(2)</sup> <br>| 1266 | &nbsp;&nbsp; 1224 |
| AmWINS Group, Inc. 2026, <br> Tranche B (1 month Term <br> SOFR + 2.000%) <br>5.668%, 1/30/32<sup>(2)</sup> <br>| 655 | &nbsp;&nbsp; 650 |
| Ardonagh Group Finco Pty <br> Ltd. 2025, Tranche B (3-6 <br> month Term SOFR + <br> 2.750%) <br>6.370% - 6.450%, <br> 2/15/31<sup>(2)</sup> <br>| 677 | &nbsp;&nbsp; 661 |
| Azorra Soar TLB Finance Ltd. <br> (3 month Term SOFR + <br> 2.500%) <br>6.174%, 10/18/29<sup>(2)</sup> <br>| 319 | &nbsp;&nbsp; 319 |
| Broadstreet Partners, Inc. <br> 2024, Tranche B (1 month <br> Term SOFR + 2.500%) <br>6.168%, 6/13/31<sup>(2)</sup> <br>| 706 | &nbsp;&nbsp; 688 |
| Citadel Securities LP 2024 (3 <br> month Term SOFR + <br> 2.000%) <br>5.700%, 10/31/31<sup>(2)</sup> <br>| 494 | &nbsp;&nbsp; 494 |
| Finco I LLC 2025 (1 month <br> Term SOFR + 1.750%) <br>5.418%, 6/27/29<sup>(2)</sup> <br>| 339 | &nbsp;&nbsp; 329 |
| Focus Financial Partners LLC <br> Tranche B (1 month Term <br> SOFR + 2.500%) <br>6.168%, 9/15/31<sup>(2)</sup> <br>| 616 | &nbsp;&nbsp; 595 |
| Pac Dac LLC (1-3 month Term <br> SOFR + 3.250%) <br>6.907% - 6.917%, <br> 10/28/30<sup>(2)</sup> <br>| 678 | &nbsp;&nbsp; 667 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Trucordia Insurance <br> Holdings LLC 2025, <br> Tranche B, First Lien (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 6/17/32<sup>(2)</sup> <br>| $363 | &nbsp;&nbsp; $334 |
| Truist Insurance Holdings LLC <br> 2024, Tranche B (3 month <br> Term SOFR + 2.750%) <br>6.450%, 5/6/31<sup>(2)</sup> <br>| 700 | &nbsp;&nbsp; 689 |
|  |  | &nbsp;&nbsp; 6650 |
| **Food / Tobacco—4.9%** | **Food / Tobacco—4.9%** |  |
| Aspire Bakeries Holdings LLC <br> 2025, Tranche B (1 month <br> Term SOFR + 3.000%) <br>6.668%, 12/23/30<sup>(2)</sup> <br>| 321 | &nbsp;&nbsp; 321 |
| CHG PPC Parent LLC 2021 (1 <br> month Term SOFR + <br> 3.114%) <br>6.782%, 12/8/28<sup>(2)</sup> <br>| 432 | &nbsp;&nbsp; 431 |
| Chobani LLC 2025, Tranche B, <br> First Lien (1 month Term <br> SOFR + 2.250%) <br>5.918%, 10/28/32<sup>(2)</sup> <br>| 384 | &nbsp;&nbsp; 384 |
| Del Monte Foods, Inc. |  |  |
| (1 month Term SOFR + <br> 4.350%) <br>8.011% - 8.028%, <br> 8/2/28<sup>(3)(5)</sup> <br>| 345 | &nbsp;&nbsp; 10 |
| (1 month Term SOFR + <br> 4.850%) <br>8.528%, 8/2/28<sup>(3)(5)</sup> <br>| 795 | &nbsp;&nbsp; 8 |
| (1 month Term SOFR + <br> 8.100%) <br>11.767%, 8/2/28<sup>(3)(5)</sup> <br>| 152 | &nbsp;&nbsp; 72 |
| (1 month Term SOFR + <br> 9.600%) <br>13.265%, 6/1/26<sup>(2)(3)</sup> <br>| 175 | &nbsp;&nbsp; 136 |
| Froneri International Ltd. <br> Tranche B-4 (6 month Term <br> SOFR + 2.250%) <br>5.877%, 9/30/31<sup>(2)</sup> <br>| 1075 | &nbsp;&nbsp; 1052 |
| Nourish Buyer I, Inc. 2026 (1 <br> month Term SOFR + <br> 4.000%) <br>7.669%, 7/9/32<sup>(2)</sup> <br>| 90 | &nbsp;&nbsp; 90 |
| Pegasus Bidco B.V. 2025 (2 <br> month Term SOFR + <br> 2.750%) <br>6.403%, 7/12/29<sup>(2)</sup> <br>| 841 | &nbsp;&nbsp; 837 |
| Red SPV LLC (1 month Term <br> SOFR + 2.250%) <br>5.925%, 3/15/32<sup>(2)</sup> <br>| 625 | &nbsp;&nbsp; 624 |
| Sazerac Co., Inc. Tranche B-2 <br> (1 month Term SOFR + <br> 2.000%) <br>5.670%, 7/9/32<sup>(2)</sup> <br>| 339 | &nbsp;&nbsp; 339 |
| Sigma Holdco B.V. Tranche <br> B-15 (6 month Term SOFR <br> + 4.250%) <br>7.880%, 10/31/30<sup>(2)</sup> <br>| 548 | &nbsp;&nbsp; 536 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food / Tobacco—continued** | **Food / Tobacco—continued** |  |
| Snacking Investments Bidco <br> Pty Ltd. (3 month Term <br> SOFR + 3.000%) <br>6.667%, 10/29/32<sup>(2)</sup> <br>| $140 | &nbsp;&nbsp; $140 |
| Star Parent, Inc. Tranche B (3 <br> month Term SOFR + <br> 4.000%) <br>7.700%, 9/27/30<sup>(2)</sup> <br>| 351 | &nbsp;&nbsp; 347 |
| Treehouse Foods, Inc. (1 <br> month Term SOFR + <br> 4.250%) <br>7.918%, 2/4/33<sup>(2)</sup> <br>| 430 | &nbsp;&nbsp; 427 |
| Triton Water Holdings, Inc. <br> 2026 <br>0.000%, 3/19/31<sup>(2)(6)</sup> <br>| 520 | &nbsp;&nbsp; 520 |
|  |  | &nbsp;&nbsp; 6274 |
| **Food and Drug—1.0%** | **Food and Drug—1.0%** |  |
| Dechra Pharmaceuticals <br> Holdings Ltd. Tranche B-3 <br> (6 month Term SOFR + <br> 2.750%) <br>6.387%, 1/27/32<sup>(2)</sup> <br>| 516 | &nbsp;&nbsp; 516 |
| Opal Bidco SAS 2025, Tranche <br> B-4, First Lien (3 month <br> Term SOFR + 3.000%) <br>6.700%, 4/28/32<sup>(2)</sup> <br>| 781 | &nbsp;&nbsp; 780 |
|  |  | &nbsp;&nbsp; 1296 |
| **Forest Prod / Containers—1.1%** | **Forest Prod / Containers—1.1%** |  |
| Clydesdale Acquisition <br> Holdings, Inc. Tranche B (1 <br> month Term SOFR + <br> 3.175%) <br>6.843%, 4/13/29<sup>(2)</sup> <br>| 747 | &nbsp;&nbsp; 711 |
| Graham Packaging Co., Inc. (1 <br> month Term SOFR + <br> 2.250%) <br>5.918%, 1/26/33<sup>(2)</sup> <br>| 405 | &nbsp;&nbsp; 400 |
| TricorBraun, Inc. (1 month <br> Term SOFR + 3.250%) <br>6.918%, 3/3/31<sup>(2)</sup> <br>| 259 | &nbsp;&nbsp; 246 |
|  |  | &nbsp;&nbsp; 1357 |
| **Gaming / Leisure—5.9%** | **Gaming / Leisure—5.9%** |  |
| Caesars Entertainment, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.918%, 2/6/30<sup>(2)</sup> <br>| 571 | &nbsp;&nbsp; 554 |
| Catawba Nation Gaming <br> Authority Tranche B (3 <br> month Term SOFR + <br> 4.750%) <br>8.417%, 3/29/32<sup>(2)</sup> <br>| 375 | &nbsp;&nbsp; 380 |
| Entain plc |  |  |
| Tranche B-5 (3 month Term <br> SOFR + 2.250%) <br>5.951%, 7/30/32<sup>(2)</sup> <br>| 189 | &nbsp;&nbsp; 189 |
| Tranche B-6 (3 month Term <br> SOFR + 2.250%) <br>5.951%, 10/31/29<sup>(2)</sup> <br>| 276 | &nbsp;&nbsp; 275 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Fertitta Entertainment LLC <br> Tranche B (1 month Term <br> SOFR + 3.250%) <br>6.918%, 1/27/29<sup>(2)</sup> <br>| $595 | &nbsp;&nbsp; $583 |
| Flutter Entertainment plc <br> Tranche B (3 month Term <br> SOFR + 2.000%) <br>5.700%, 6/4/32<sup>(2)</sup> <br>| 354 | &nbsp;&nbsp; 349 |
| J&J Ventures Gaming LLC <br> 2025, Tranche B (1 month <br> Term SOFR + 3.500%) <br>7.168%, 4/26/30<sup>(2)</sup> <br>| 406 | &nbsp;&nbsp; 401 |
| Life Time, Inc. 2025, Tranche <br> B, First Lien (1 month Term <br> SOFR + 2.000%) <br>5.671%, 11/5/31<sup>(2)</sup> <br>| 547 | &nbsp;&nbsp; 547 |
| Live Nation Entertainment, <br> Inc. Tranche B (1 month <br> Term SOFR + 2.000%) <br>5.675%, 10/21/32<sup>(2)</sup> <br>| 314 | &nbsp;&nbsp; 314 |
| Motion Finco LLC Tranche B-3 <br> (3 month Term SOFR + <br> 3.500%) <br>7.200%, 11/12/29<sup>(2)</sup> <br>| 457 | &nbsp;&nbsp; 398 |
| Oak-Eagle Acquireco, Inc. <br> Tranche B <br>0.000%, 3/24/33<sup>(2)(6)</sup> <br>| 505 | &nbsp;&nbsp; 502 |
| Ontario Gaming GTA Ltd. <br> Partnership Tranche B (3 <br> month Term SOFR + <br> 4.250%) <br>7.950%, 8/1/30<sup>(2)</sup> <br>| 467 | &nbsp;&nbsp; 436 |
| Playtika Holding Corp. <br> Tranche B-1 (1 month Term <br> SOFR + 2.864%) <br>6.532%, 3/13/28<sup>(2)</sup> <br>| 918 | &nbsp;&nbsp; 862 |
| Scientific Games Holdings LP <br> 2024 (3 month Term SOFR <br> + 3.000%) <br>6.652%, 4/4/29<sup>(2)</sup> <br>| 372 | &nbsp;&nbsp; 365 |
| Turquoise Topco Ltd. (3 <br> month Term SOFR + <br> 3.250%) <br>6.951%, 12/30/32<sup>(2)</sup> <br>| 730 | &nbsp;&nbsp; 706 |
| UFC Holdings LLC Tranche <br> B-5 (3 month Term SOFR + <br> 2.000%) <br>5.664%, 11/21/31<sup>(2)</sup> <br>| 670 | &nbsp;&nbsp; 669 |
|  |  | &nbsp;&nbsp; 7530 |
| **Health Care—10.8%** | **Health Care—10.8%** |  |
| Agiliti Health, Inc. 2023, <br> Tranche B (3 month Term <br> SOFR + 3.000%) <br>6.576%, 5/1/30<sup>(2)</sup> <br>| 480 | &nbsp;&nbsp; 466 |
| Alkermes, Inc. Tranche B (1 <br> month Term SOFR + <br> 2.750%) <br>6.418%, 8/12/31<sup>(2)</sup> <br>| 290 | &nbsp;&nbsp; 292 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Amneal Pharmaceuticals LLC <br> (1 month Term SOFR + <br> 3.000%) <br>6.668%, 8/2/32<sup>(2)</sup> <br>| $264 | &nbsp;&nbsp; $264 |
| Argent Finco LLC <br>0.000%, 11/12/32<sup>(2)(6)</sup> <br>| 105 | &nbsp;&nbsp; 105 |
| AthenaHealth Group, Inc. (1 <br> month Term SOFR + <br> 2.750%) <br>6.418%, 2/15/29<sup>(2)</sup> <br>| 503 | &nbsp;&nbsp; 493 |
| Bausch & Lomb Corp. 2025 (1 <br> month Term SOFR + <br> 3.750%) <br>7.418%, 1/15/31<sup>(2)</sup> <br>| 481 | &nbsp;&nbsp; 482 |
| CHG Healthcare Services, Inc. <br> (3 month Term SOFR + <br> 2.750%) <br>6.417%, 9/29/28<sup>(2)</sup> <br>| 671 | &nbsp;&nbsp; 671 |
| Cotiviti, Inc. (1 month Term <br> SOFR + 2.750%) <br>6.418%, 5/1/31<sup>(2)</sup> <br>| 362 | &nbsp;&nbsp; 333 |
| Endo Finance Holdings, Inc. <br> Tranche B (1 month Term <br> SOFR + 3.750%) <br>7.418%, 4/23/31<sup>(2)</sup> <br>| 168 | &nbsp;&nbsp; 166 |
| Financiere Mendel (2 month <br> Term SOFR + 2.750%) <br>6.389%, 11/8/30<sup>(2)</sup> <br>| 138 | &nbsp;&nbsp; 139 |
| Gainwell Acquisition Corp. <br> Tranche B (3 month Term <br> SOFR + 4.100%) <br>7.800%, 10/1/27<sup>(2)</sup> <br>| 924 | &nbsp;&nbsp; 896 |
| Genmab A/S Tranche B (3 <br> month Term SOFR + <br> 3.000%) <br>6.700%, 12/10/32<sup>(2)</sup> <br>| 93 | &nbsp;&nbsp; 93 |
| Global Medical Response, Inc. <br> (3 month Term SOFR + <br> 3.500%) <br>7.170%, 10/1/32<sup>(2)</sup> <br>| 557 | &nbsp;&nbsp; 555 |
| Hanger, Inc. |  |  |
| (1 month Term SOFR + <br> 3.500%) <br>7.168%, 10/23/31<sup>(2)</sup> <br>| 47 | &nbsp;&nbsp; 47 |
| (1 month Term SOFR + <br> 3.500%) <br>7.168%, 10/23/31<sup>(2)</sup> <br>| 584 | &nbsp;&nbsp; 585 |
| Heartland Dental LLC 2025 (1 <br> month Term SOFR + <br> 3.750%) <br>7.418%, 8/25/32<sup>(2)</sup> <br>| 501 | &nbsp;&nbsp; 500 |
| Hologic, Inc. Tranche B <br>0.000%, 1/14/33<sup>(2)(6)</sup> <br>| 565 | &nbsp;&nbsp; 558 |
| Inizio Group Ltd. First Lien (3 <br> month Term SOFR + <br> 4.350%) <br>8.050%, 8/21/28<sup>(2)</sup> <br>| 302 | &nbsp;&nbsp; 269 |
| IVC Acquisition Ltd. Tranche <br> B-12 (3 month Term SOFR <br> + 3.750%) <br>7.450%, 12/12/28<sup>(2)</sup> <br>| 723 | &nbsp;&nbsp; 719 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| LifePoint Health, Inc. |  |  |
| Tranche B (3 month Term <br> SOFR + 3.750%) <br>7.422%, 5/16/31<sup>(2)</sup> <br>| $321 | &nbsp;&nbsp; $320 |
| Tranche B-2 (3 month Term <br> SOFR + 3.500%) <br>7.152%, 5/16/31<sup>(2)</sup> <br>| 133 | &nbsp;&nbsp; 133 |
| Lumexa Imaging, Inc. (3 <br> month Term SOFR + <br> 3.000%) <br>6.700%, 12/17/32<sup>(2)</sup> <br>| 210 | &nbsp;&nbsp; 210 |
| Medline Borrower LP 2030 (1 <br> month Term SOFR + <br> 1.750%) <br>5.418%, 10/23/30<sup>(2)</sup> <br>| 818 | &nbsp;&nbsp; 818 |
| Modivcare, Inc. (3 month <br> Term SOFR + 5.000%) <br>8.701%, 12/2/30<sup>(2)</sup> <br>| 36 | &nbsp;&nbsp; 33 |
| Paradigm Parent LLC (3 <br> month Term SOFR + <br> 4.500%) <br>8.200%, 4/16/32<sup>(2)</sup> <br>| 179 | &nbsp;&nbsp; 147 |
| Parexel International, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.418%, 12/12/31<sup>(2)</sup> <br>| 558 | &nbsp;&nbsp; 556 |
| Phoenix Guarantor, Inc. <br> Tranche B-5 (1 month Term <br> SOFR + 2.500%) <br>6.168%, 2/21/31<sup>(2)</sup> <br>| 874 | &nbsp;&nbsp; 874 |
| PointClickCare Technologies <br> 2025, Tranche B, First Lien <br> (1 month Term SOFR + <br> 2.750%) <br>6.418%, 11/3/31<sup>(2)</sup> <br>| 282 | &nbsp;&nbsp; 280 |
| Radiology Partners, Inc. <br> Tranche B (3 month Term <br> SOFR + 4.500%) <br>8.200%, 6/30/32<sup>(2)</sup> <br>| 373 | &nbsp;&nbsp; 367 |
| Resonetics LLC 2026 (1 <br> month Term SOFR + <br> 2.750%) <br>6.421%, 6/18/31<sup>(2)</sup> <br>| 165 | &nbsp;&nbsp; 164 |
| Sharp Services LLC Tranche E <br> (3 month Term SOFR + <br> 3.000%) <br>6.700%, 9/29/32<sup>(2)</sup> <br>| 269 | &nbsp;&nbsp; 269 |
| Southern Veterinary <br> Partners LLC 2025 (1 <br> month Term SOFR + <br> 2.500%) <br>6.181%, 12/4/31<sup>(2)</sup> <br>| 864 | &nbsp;&nbsp; 856 |
| Surgery Center Holdings, Inc. <br> 2025 (1 month Term SOFR <br> + 2.500%) <br>6.168%, 12/19/30<sup>(2)</sup> <br>| 623 | &nbsp;&nbsp; 622 |
| Upstream Newco, Inc. 2025 (3 <br> month Term SOFR + <br> 4.512%) <br>8.179%, 11/20/29<sup>(2)</sup> <br>| 425 | &nbsp;&nbsp; 392 |
|  |  | &nbsp;&nbsp; 13674 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—2.3%** | **Housing—2.3%** |  |
| Chariot Buyer LLC 2025, <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.418%, 9/8/32<sup>(2)</sup> <br>| $740 | &nbsp;&nbsp; $733 |
| Green Infrastructure Partners, <br> Inc. (3 month Term SOFR + <br> 2.750%) <br>6.450%, 9/24/32<sup>(2)</sup> <br>| 270 | &nbsp;&nbsp; 269 |
| Hunter Douglas Holding B.V. <br> Tranche B-1 (3 month Term <br> SOFR + 3.000%) <br>6.700%, 1/17/32<sup>(2)</sup> <br>| 474 | &nbsp;&nbsp; 471 |
| LBM Acquisition LLC Tranche <br> B (1 month Term SOFR + <br> 3.850%) <br>7.525%, 6/6/31<sup>(2)</sup> <br>| 687 | &nbsp;&nbsp; 548 |
| Quikrete Holdings, Inc. |  |  |
| 2029, Tranche B (1 month <br> Term SOFR + 2.250%) <br>5.918%, 3/19/29<sup>(2)</sup> <br>| 397 | &nbsp;&nbsp; 396 |
| Tranche B-3 (1 month Term <br> SOFR + 2.250%) <br>5.918%, 2/10/32<sup>(2)</sup> <br>| 505 | &nbsp;&nbsp; 504 |
|  |  | &nbsp;&nbsp; 2921 |
| **Information Technology—11.2%** | **Information Technology—11.2%** |  |
| Applied Systems, Inc. |  |  |
| 2024, Second Lien (3 <br> month Term SOFR + <br> 4.500%) <br>8.200%, 2/23/32<sup>(2)</sup> <br>| 90 | &nbsp;&nbsp; 89 |
| Tranche B-1 (3 month Term <br> SOFR + 2.250%) <br>5.950%, 2/24/31<sup>(2)</sup> <br>| 1337 | &nbsp;&nbsp; 1309 |
| BMC Software 2031 (3 month <br> Term SOFR + 3.000%) <br>6.673%, 7/30/31<sup>(2)</sup> <br>| 452 | &nbsp;&nbsp; 418 |
| Central Parent LLC 2024 (3 <br> month Term SOFR + <br> 3.250%) <br>6.950%, 7/6/29<sup>(2)</sup> <br>| 764 | &nbsp;&nbsp; 542 |
| Cloud Software Group, Inc. <br> Tranche B-2 (3 month Term <br> SOFR + 3.250%) <br>6.950%, 3/21/31<sup>(2)</sup> <br>| 594 | &nbsp;&nbsp; 542 |
| Composecure Holdings LLC <br> (1 month Term SOFR + <br> 2.250%) <br>5.928%, 1/14/33<sup>(2)</sup> <br>| 175 | &nbsp;&nbsp; 174 |
| ConnectWise LLC (3 month <br> Term SOFR + 3.762%) <br>7.461%, 9/29/28<sup>(2)</sup> <br>| 1078 | &nbsp;&nbsp; 992 |
| Cornerstone OnDemand, Inc. <br> (1 month Term SOFR + <br> 3.864%) <br>7.532%, 10/16/28<sup>(2)</sup> <br>| 258 | &nbsp;&nbsp; 187 |
| ECL Entertainment LLC 2025, <br> Tranche B (1 month Term <br> SOFR + 3.000%) <br>6.668%, 8/30/30<sup>(2)</sup> <br>| 750 | &nbsp;&nbsp; 745 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Epicor Software Corp. Tranche <br> F (1 month Term SOFR + <br> 2.500%) <br>6.168%, 5/30/31<sup>(2)</sup> <br>| $803 | &nbsp;&nbsp; $787 |
| Finastra USA, Inc. |  |  |
| (3 month Term SOFR + <br> 4.000%) <br>7.671%, 9/15/32<sup>(2)</sup> <br>| 570 | &nbsp;&nbsp; 534 |
| Second Lien <br>0.000%, 9/15/33<sup>(2)(6)</sup> <br>| 155 | &nbsp;&nbsp; 133 |
| Genesys Cloud Services <br> Holdings II LLC 2025 (1 <br> month Term SOFR + <br> 2.500%) <br>6.168%, 1/30/32<sup>(2)</sup> <br>| 728 | &nbsp;&nbsp; 695 |
| Ion Platform Finance U.S., Inc. <br> (3 month Term SOFR + <br> 3.750%) <br>7.450%, 10/7/32<sup>(2)</sup> <br>| 660 | &nbsp;&nbsp; 528 |
| Javelin Buyer, Inc. (3 month <br> Term SOFR + 2.750%) <br>6.417%, 12/5/31<sup>(2)</sup> <br>| 394 | &nbsp;&nbsp; 375 |
| Project Ruby Ultimate Parent <br> Corp. Tranche B-5 <br>6.532%, 3/10/28<sup>(2)</sup> <br>| 926 | &nbsp;&nbsp; 921 |
| Proofpoint, Inc. 2025, Tranche <br> B, First Lien (3 month Term <br> SOFR + 3.000%) <br>6.700%, 8/31/28<sup>(2)</sup> <br>| 1105 | &nbsp;&nbsp; 1068 |
| RealPage, Inc. First Lien (3 <br> month Term SOFR + <br> 3.262%) <br>6.961%, 4/24/28<sup>(2)</sup> <br>| 459 | &nbsp;&nbsp; 439 |
| Rocket Software, Inc. (1 <br> month Term SOFR + <br> 3.750%) <br>7.418%, 11/28/28<sup>(2)</sup> <br>| 640 | &nbsp;&nbsp; 613 |
| SS&C Technologies Holdings, <br> Inc. Tranche B-8 (1 month <br> Term SOFR + 2.000%) <br>5.668%, 5/9/31<sup>(2)</sup> <br>| 984 | &nbsp;&nbsp; 980 |
| Trio Bidco, Inc. Tranche B (3 <br> month Term SOFR + <br> 4.000%) <br>7.700%, 10/29/32<sup>(2)</sup> <br>| 592 | &nbsp;&nbsp; 572 |
| UKG, Inc. Tranche B (3 month <br> Term SOFR + 2.500%) <br>6.167%, 2/10/31<sup>(2)</sup> <br>| 1169 | &nbsp;&nbsp; 1115 |
| Vantor Holdings, Inc. (6 <br> month Term SOFR + <br> 4.500%) <br>8.118%, 3/3/33<sup>(2)</sup> <br>| 430 | &nbsp;&nbsp; 421 |
|  |  | &nbsp;&nbsp; 14179 |
| **Manufacturing—5.8%** | **Manufacturing—5.8%** |  |
| Alliance Laundry Systems LLC <br> Tranche B (1-3 month Term <br> SOFR + 2.250%) <br>5.917% - 5.923%, <br> 8/19/31<sup>(2)</sup> <br>| 410 | &nbsp;&nbsp; 410 |
| Arcline FM Holdings LLC 2025 <br>6.450%, 6/23/30<sup>(2)</sup> <br>| 911 | &nbsp;&nbsp; 911 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| Columbus McKinnon Corp. <br> Tranche B (3 month Term <br> SOFR + 3.500%) <br>7.200%, 2/3/33<sup>(2)</sup> <br>| $177 | &nbsp;&nbsp; $176 |
| Construction Partners, Inc. (1 <br> month Term SOFR + <br> 2.500%) <br>6.168%, 11/3/31<sup>(2)</sup> <br>| 983 | &nbsp;&nbsp; 982 |
| Cube Industrials Buyer, Inc. (3 <br> month Term SOFR + <br> 3.000%) <br>6.667%, 10/17/31<sup>(2)</sup> <br>| 490 | &nbsp;&nbsp; 489 |
| Dynamo U.S. Bidco, Inc. <br> Tranche B-1 (1 month Term <br> SOFR + 3.250%) <br>6.921%, 9/30/31<sup>(2)</sup> <br>| 148 | &nbsp;&nbsp; 128 |
| Gibraltar Industries, Inc. <br> Tranche B (1 month Term <br> SOFR + 2.250%) <br>5.915% - 5.926%, 2/2/33<sup>(2)</sup> <br>| 272 | &nbsp;&nbsp; 270 |
| Glatfelter Corp. Tranche B (3 <br> month Term SOFR + <br> 4.250%) <br>7.923%, 11/4/31<sup>(2)</sup> <br>| 330 | &nbsp;&nbsp; 316 |
| Indicor LLC Tranche E (3 <br> month Term SOFR + <br> 2.500%) <br>6.200%, 11/22/29<sup>(2)</sup> <br>| 1086 | &nbsp;&nbsp; 1085 |
| Innio Group Holding GmbH <br> 2026, Tranche B (3 month <br> Term SOFR + 2.000%) <br>5.660%, 11/3/31<sup>(2)</sup> <br>| 485 | &nbsp;&nbsp; 480 |
| Lsf12 Crown U.S. Commercial <br> Bidco LLC 2026 (1 month <br> Term SOFR + 3.000%) <br>6.668%, 12/2/31<sup>(2)</sup> <br>| 790 | &nbsp;&nbsp; 790 |
| MV Holding GmbH Tranche B <br> (1 month Term SOFR + <br> 2.000%) <br>5.668%, 3/17/32<sup>(2)</sup> <br>| 481 | &nbsp;&nbsp; 481 |
| Resilience Parent LLC (3 <br> month Term SOFR + <br> 2.500%) <br>6.126%, 2/28/33<sup>(2)</sup> <br>| 380 | &nbsp;&nbsp; 378 |
| Tiger Acquisition LLC Tranche <br> B (1 month Term SOFR + <br> 2.500%) <br>6.181%, 8/23/32<sup>(2)</sup> <br>| 523 | &nbsp;&nbsp; 522 |
|  |  | &nbsp;&nbsp; 7418 |
| **Media / Telecom - Broadcasting—3.5%** | **Media / Telecom - Broadcasting—3.5%** |  |
| CMG Media Corp. (3 month <br> Term SOFR + 3.600%) <br>7.300%, 6/18/29<sup>(2)</sup> <br>| 1082 | &nbsp;&nbsp; 1011 |
| EOC Borrower LLC Tranche B <br> (1 month Term SOFR + <br> 2.750%) <br>6.418%, 3/24/32<sup>(2)</sup> <br>| 356 | &nbsp;&nbsp; 354 |
| Gray Television, Inc. Tranche <br> D (1 month Term SOFR + <br> 3.114%) <br>6.782%, 12/1/28<sup>(2)</sup> <br>| 568 | &nbsp;&nbsp; 567 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom -** <br> **Broadcasting—continued** | **Media / Telecom -** <br> **Broadcasting—continued** |  |
| Nexstar Media, Inc. Tranche <br> B-7 (1 month Term SOFR + <br> 2.750%) <br>6.418%, 3/18/33<sup>(2)</sup> <br>| $535 | &nbsp;&nbsp; $529 |
| Sinclair Television Group, Inc. <br> Tranche B-7 (1 month Term <br> SOFR + 4.200%) <br>7.868%, 12/31/30<sup>(2)</sup> <br>| 1064 | &nbsp;&nbsp; 947 |
| Univision Communications, <br> Inc. 2024, First Lien (1 <br> month Term SOFR + <br> 3.500%) <br>7.282%, 1/31/29<sup>(2)</sup> <br>| 1045 | &nbsp;&nbsp; 1034 |
|  |  | &nbsp;&nbsp; 4442 |
| **Media / Telecom - Cable/Wireless** <br> **Video—2.3%** | **Media / Telecom - Cable/Wireless** <br> **Video—2.3%** |  |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term SOFR + <br> 3.250%) <br>6.918%, 9/18/30<sup>(2)</sup> <br>| 884 | &nbsp;&nbsp; 837 |
| DIRECTV Financing LLC 2024, <br> Tranche B (3 month Term <br> SOFR + 5.512%) <br>9.178%, 8/2/29<sup>(2)</sup> <br>| 956 | &nbsp;&nbsp; 957 |
| Eagle Broadband <br> Investments LLC (3 month <br> Term SOFR + 3.262%) <br>6.961%, 11/12/27<sup>(2)</sup> <br>| 1131 | &nbsp;&nbsp; 1075 |
|  |  | &nbsp;&nbsp; 2869 |
| **Media / Telecom - Diversified** <br> **Media—1.5%** | **Media / Telecom - Diversified** <br> **Media—1.5%** |  |
| Century DE Buyer LLC 2025 (3 <br> month Term SOFR + <br> 3.000%) <br>6.667%, 10/30/30<sup>(2)</sup> <br>| 680 | &nbsp;&nbsp; 661 |
| McGraw-Hill Education, Inc. <br> 2025, Tranche B (1 month <br> Term SOFR + 2.750%) <br>6.418%, 8/6/31<sup>(2)</sup> <br>| 295 | &nbsp;&nbsp; 294 |
| Neptune Bidco U.S., Inc. <br> 2026, Tranche B (1 month <br> Term SOFR + 5.100%) <br>8.760%, 1/28/33<sup>(2)</sup> <br>| 930 | &nbsp;&nbsp; 886 |
|  |  | &nbsp;&nbsp; 1841 |
| **Media / Telecom -** <br> **Telecommunications—1.3%** | **Media / Telecom -** <br> **Telecommunications—1.3%** |  |
| Altice France S.A. Tranche <br> B-11 (3 month Term SOFR <br> + 4.125%) <br>7.797%, 5/1/28<sup>(2)</sup> <br>| 987 | &nbsp;&nbsp; 980 |
| Cincinnati Bell, Inc. Tranche <br> B-5 (1 month Term SOFR + <br> 2.250%) <br>5.918%, 11/22/28<sup>(2)</sup> <br>| 723 | &nbsp;&nbsp; 721 |
|  |  | &nbsp;&nbsp; 1701 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Wireless** <br> **Communications—0.6%** | **Media / Telecom - Wireless** <br> **Communications—0.6%** |  |
| Viasat, Inc. (1 month Term <br> SOFR + 4.614%) <br>8.282%, 3/2/29<sup>(2)</sup> <br>| $717 | &nbsp;&nbsp; $719 |
| **Metals / Minerals—0.3%** | **Metals / Minerals—0.3%** |  |
| Arsenal AIC Parent LLC 2025, <br> Tranche B (1 month Term <br> SOFR + 2.750%) <br>6.418%, 8/18/30<sup>(2)</sup> <br>| 437 | &nbsp;&nbsp; 438 |
| **Retail—2.9%** | **Retail—2.9%** |  |
| CNT Holdings I Corp. 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.167%, 11/8/32<sup>(2)</sup> <br>| 762 | &nbsp;&nbsp; 761 |
| EG America LLC Tranche B (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 2/10/31<sup>(2)</sup> <br>| 646 | &nbsp;&nbsp; 645 |
| Harbor Freight Tools USA, Inc. <br> (1 month Term SOFR + <br> 2.250%) <br>5.918%, 6/11/31<sup>(2)</sup> <br>| 698 | &nbsp;&nbsp; 690 |
| Peer Holding III B.V. Tranche B <br> (3 month Term SOFR + <br> 2.500%) <br>6.200%, 10/26/30<sup>(2)</sup> <br>| 563 | &nbsp;&nbsp; 562 |
| Petco Health & Wellness Co., <br> Inc. 2026 (3 month Term <br> SOFR + 4.250%) <br>7.950%, 1/22/31<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp; 244 |
| PetsMart LLC Tranche B (1 <br> month Term SOFR + <br> 4.000%) <br>7.675%, 8/18/32<sup>(2)</sup> <br>| 614 | &nbsp;&nbsp; 610 |
| Pye Barker Fire & Safety LLC <br> (1 month Term SOFR + <br> 2.500%) <br>6.168%, 12/16/32<sup>(2)</sup> <br>| 235 | &nbsp;&nbsp; 235 |
|  |  | &nbsp;&nbsp; 3747 |
| **Service—11.6%** | **Service—11.6%** |  |
| Acuren Delaware Holdco, Inc. <br> (1 month Term SOFR + <br> 2.750%) <br>6.418%, 7/30/31<sup>(2)</sup> <br>| 217 | &nbsp;&nbsp; 217 |
| AlixPartners LLP 2025 (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 8/12/32<sup>(2)</sup> <br>| 453 | &nbsp;&nbsp; 448 |
| Allied Universal Holdco LLC (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 8/20/32<sup>(2)</sup> <br>| 407 | &nbsp;&nbsp; 407 |
| Amentum Holdings LLC (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 9/29/31<sup>(2)</sup> <br>| 683 | &nbsp;&nbsp; 683 |
| Ascend Learning LLC (1 <br> month Term SOFR + <br> 3.000%) <br>6.668%, 12/11/28<sup>(2)</sup> <br>| 471 | &nbsp;&nbsp; 459 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| BIFM U.S. Finance LLC 2025, <br> First Lien (1 month Term <br> SOFR + 3.250%) <br>6.918%, 5/31/28<sup>(2)</sup> <br>| $576 | &nbsp;&nbsp; $575 |
| BrightView Landscapes LLC <br> Tranche B (3 month Term <br> SOFR + 2.000%) <br>5.667%, 4/20/29<sup>(2)</sup> <br>| 683 | &nbsp;&nbsp; 680 |
| Crisis Prevention Institute, <br> Inc. 2024 (3 month Term <br> SOFR + 4.000%) <br>7.700%, 4/9/31<sup>(2)</sup> <br>| 351 | &nbsp;&nbsp; 346 |
| DG Investment Intermediate <br> Holdings 2, Inc. (1 month <br> Term SOFR + 3.250%) <br>6.918%, 7/9/32<sup>(2)</sup> <br>| 807 | &nbsp;&nbsp; 806 |
| DXP Enterprises, Inc. 2025 (1 <br> month Term SOFR + <br> 3.250%) <br>6.918%, 10/11/30<sup>(2)</sup> <br>| 586 | &nbsp;&nbsp; 588 |
| Ensemble RCM LLC Tranche B <br> (3 month Term SOFR + <br> 3.000%) <br>6.660%, 2/9/33<sup>(2)</sup> <br>| 330 | &nbsp;&nbsp; 326 |
| Fugue Finance B.V. Tranche B <br> (3 month Term SOFR + <br> 2.250%) <br>5.921%, 1/9/32<sup>(2)</sup> <br>| 452 | &nbsp;&nbsp; 445 |
| Garda World Security Corp. (3 <br> month Term SOFR + <br> 2.750%) <br>6.422%, 2/1/29<sup>(2)</sup> <br>| 1144 | &nbsp;&nbsp; 1135 |
| GFL Environmental Services, <br> Inc. (3 month Term SOFR + <br> 2.500%) <br>6.166%, 3/3/32<sup>(2)</sup> <br>| 692 | &nbsp;&nbsp; 691 |
| Grant Thornton Advisors LLC <br> 2025 (1 month Term SOFR <br> + 2.750%) <br>6.418%, 6/2/31<sup>(2)</sup> <br>| 401 | &nbsp;&nbsp; 373 |
| Iron Mountain Information <br> Management LLC Tranche <br> B (1 month Term SOFR + <br> 2.000%) <br>5.668%, 1/31/31<sup>(2)</sup> <br>| 596 | &nbsp;&nbsp; 592 |
| Kuehg Corp. (3 month Term <br> SOFR + 2.750%) <br>6.450%, 6/12/30<sup>(2)</sup> <br>| 344 | &nbsp;&nbsp; 307 |
| Lernen Bidco Ltd. Tranche B-3 <br> (6 month Term SOFR + <br> 3.500%) <br>7.177%, 10/27/31<sup>(2)</sup> <br>| 554 | &nbsp;&nbsp; 531 |
| NAB Holdings LLC 2025 (3 <br> month Term SOFR + <br> 2.500%) <br>6.200%, 11/24/28<sup>(2)</sup> <br>| 1110 | &nbsp;&nbsp; 1012 |
| Omnia Partners LLC (3 month <br> Term SOFR + 2.750%) <br>6.433%, 12/31/32<sup>(2)</sup> <br>| 358 | &nbsp;&nbsp; 357 |
| Openlane, Inc. 2025 (3 month <br> Term SOFR + 2.500%) <br>6.140%, 10/8/32<sup>(2)</sup> <br>| 299 | &nbsp;&nbsp; 299 |

---

*See Notes to Financial Statements*

------

**Newfleet Senior Floating Rate Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Pinnacle Buyer LLC (3 month <br> Term SOFR + 2.500%) <br>6.161%, 10/1/32<sup>(2)</sup> <br>| $305 | &nbsp;&nbsp; $306 |
| Prime Security Services <br> Borrower LLC Tranche B-1 <br> (1 month Term SOFR + <br> 2.000%) <br>5.664%, 10/13/30<sup>(2)</sup> <br>| 644 | &nbsp;&nbsp; 641 |
| Sedgwick Claims <br> Management Services, Inc. <br> 2024 (1 month Term SOFR <br> + 2.500%) <br>6.168%, 7/31/31<sup>(2)</sup> <br>| 437 | &nbsp;&nbsp; 429 |
| St. George's University <br> Scholastic Services LLC (1 <br> month Term SOFR + <br> 2.750%) <br>6.418%, 2/10/29<sup>(2)</sup> <br>| 433 | &nbsp;&nbsp; 424 |
| Sweetwater Borrower LLC <br> Tranche B (1 month Term <br> SOFR + 4.000%) <br>7.668%, 2/11/33<sup>(2)</sup> <br>| 215 | &nbsp;&nbsp; 215 |
| TMF Sapphire Bidco B.V. <br> Tranche B-4 (3 month Term <br> SOFR + 2.750%) <br>6.402%, 5/3/28<sup>(2)</sup> <br>| 407 | &nbsp;&nbsp; 406 |
| Trugreen Ltd. Partnership <br> First Lien (3 month Term <br> SOFR + 4.100%) <br>7.767%, 11/2/27<sup>(2)</sup> <br>| 526 | &nbsp;&nbsp; 500 |
| WIN Waste Innovations <br> Holdings, Inc. (1 month <br> Term SOFR + 2.864%) <br>6.532%, 3/24/28<sup>(2)</sup> <br>| 596 | &nbsp;&nbsp; 596 |
|  |  | &nbsp;&nbsp; 14794 |
| **Transportation - Automotive—2.3%** | **Transportation - Automotive—2.3%** |  |
| American Axle & <br> Manufacturing, Inc. <br> Tranche C (3 month Term <br> SOFR + 3.350%) <br>6.912%, 2/3/33<sup>(2)</sup> <br>| 451 | &nbsp;&nbsp; 448 |
| Belron Finance 2019 LLC (3 <br> month Term SOFR + <br> 2.000%) <br>5.660%, 10/16/31<sup>(2)</sup> <br>| 632 | &nbsp;&nbsp; 632 |
| Clarios Global LP 2024, <br> Tranche B (1 month Term <br> SOFR + 2.500%) <br>6.168%, 5/6/30<sup>(2)</sup> <br>| 761 | &nbsp;&nbsp; 757 |
| Mavis Tire Express Services <br> Topco Corp. 2025, First <br> Lien (1 month Term SOFR + <br> 3.000%) <br>6.668%, 5/4/28<sup>(2)</sup> <br>| 554 | &nbsp;&nbsp; 553 |
| Wand NewCo 3, Inc. Tranche <br> B-2 (1 month Term SOFR + <br> 2.500%) <br>6.168%, 1/30/31<sup>(2)</sup> <br>| 564 | &nbsp;&nbsp; 559 |
|  |  | &nbsp;&nbsp; 2949 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—4.6%** | **Utilities—4.6%** |  |
| Astoria Energy LLC Tranche B <br> (1-3 month Term SOFR + <br> 2.750%) <br>5.923% - 5.966%, <br> 6/23/32<sup>(2)</sup> <br>| $589 | &nbsp;&nbsp; $589 |
| Cornerstone Generation LLC <br> Tranche B (3 month Term <br> SOFR + 2.250%) <br>5.917%, 8/11/32<sup>(2)</sup> <br>| 527 | &nbsp;&nbsp; 526 |
| CPV Fairview LLC 2025, <br> Tranche B (3 month Term <br> SOFR + 2.500%) <br>6.200%, 8/14/31<sup>(2)</sup> <br>| 761 | &nbsp;&nbsp; 757 |
| Hamilton Projects <br> Acquiror LLC (1 month <br> Term SOFR + 2.500%) <br>6.168%, 5/30/31<sup>(2)</sup> <br>| 418 | &nbsp;&nbsp; 418 |
| Hunterstown Generation LLC <br> (3 month Term SOFR + <br> 3.000% - 3 month PRIME + <br> 2.000%) <br>6.700% - 8.750%, <br> 11/6/31<sup>(2)</sup> <br>| 603 | &nbsp;&nbsp; 603 |
| Indeck Niles LLC Tranche B (3 <br> month Term SOFR + <br> 2.750%) <br>6.419%, 3/9/33<sup>(2)</sup> <br>| 250 | &nbsp;&nbsp; 250 |
| Lightning Power LLC Tranche <br> B (1 month Term SOFR + <br> 2.250%) <br>5.918%, 8/18/31<sup>(2)</sup> <br>| 690 | &nbsp;&nbsp; 691 |
| Potomac Energy Center LLC <br> (1 month Term SOFR + <br> 2.750%) <br>6.417%, 8/5/32<sup>(2)</sup> <br>| 480 | &nbsp;&nbsp; 480 |
| South Field Energy LLC |  |  |
| Tranche B (3 month Term <br> SOFR + 3.000%) <br>6.700%, 8/29/31<sup>(2)</sup> <br>| 232 | &nbsp;&nbsp; 233 |
| Tranche C (3 month Term <br> SOFR + 3.000%) <br>6.700%, 8/29/31<sup>(2)</sup> <br>| 15 | &nbsp;&nbsp; 14 |
| Tenaska Pennsylvania <br> Partners LLC Tranche B <br> (1-3 month Term SOFR + <br> 2.250%) <br>5.870% - 5.880%, <br> 2/18/33<sup>(2)</sup> <br>| 130 | &nbsp;&nbsp; 129 |
| WEC U.S. Holdings Ltd. (1 <br> month Term SOFR + <br> 2.000%) <br>5.668%, 1/27/31<sup>(2)</sup> <br>| 1101 | &nbsp;&nbsp; 1099 |
|  |  | &nbsp;&nbsp; 5789 |
| **Total Leveraged Loans** <br>**(Identified Cost $119,078)** | **Total Leveraged Loans** <br>**(Identified Cost $119,078)** | &nbsp;&nbsp; **116058** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—0.3%** | **Common Stocks—0.3%** | **Common Stocks—0.3%** |
| **Communication Services—0.1%** | **Communication Services—0.1%** |  |
| Atento Luxco 1 S.A.<sup>(3)(7)</sup> <br>| 8467 | &nbsp;&nbsp; 141 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **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>(3)(7)</sup> <br>| 6407 | &nbsp;&nbsp; 108 |
| Modivcare<sup>(3)(7)</sup> <br>| 6900 | &nbsp;&nbsp; 38 |
|  |  | &nbsp;&nbsp; 146 |
| **Materials—0.1%** | **Materials—0.1%** |  |
| Klockner Pentaplast<sup>(7)</sup> <br>| 125172 | &nbsp;&nbsp; 149 |
| **Total Common Stocks** <br>**(Identified Cost $233)** | **Total Common Stocks** <br>**(Identified Cost $233)** | &nbsp;&nbsp; **436** |
| **Exchange-Traded Fund—0.1%** | **Exchange-Traded Fund—0.1%** | **Exchange-Traded Fund—0.1%** |
| State Street SPDR Bloomberg <br> High Yield Bond ETF<sup>(8)</sup> <br>| 1415 | &nbsp;&nbsp; 135 |
| **Total Exchange-Traded Fund** <br>**(Identified Cost $136)** | **Total Exchange-Traded Fund** <br>**(Identified Cost $136)** | &nbsp;&nbsp; **135** |
| **Total Long-Term** <br> **Investments—95.2%** <br>**(Identified Cost $123,825)** | **Total Long-Term** <br> **Investments—95.2%** <br>**(Identified Cost $123,825)** | &nbsp;&nbsp; **121051** |
| **TOTAL INVESTMENTS—95.2%** <br>**(Identified Cost $123,825)** | **TOTAL INVESTMENTS—95.2%** <br>**(Identified Cost $123,825)** | &nbsp;&nbsp; **$121051** |
| Other assets and liabilities, net—4.8% | Other assets and liabilities, net—4.8% | &nbsp;&nbsp; 6038 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$127089** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ETF | Exchange-Traded Fund |
| LLC | Limited Liability Company |
| 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **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> March 31, 2026, these securities amounted to a <br> value of $4,422 or 3.5% of net assets.<br>|
| <sup>(2)</sup> <br>| Variable rate security. Rate disclosed is as of <br> March 31, 2026. 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>|

---

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 (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<sup>(4)</sup> Security in default; no interest payments are being received. 

<sup>(5)</sup> Security in default; interest payments are being received. 

<sup>(6)</sup> This loan will settle after March 31, 2026, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. 

<sup>(7)</sup> Non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(8)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 90<br> %<br>|
| Canada | 4 |
| Netherlands | 3 |
| Cayman Islands | 1 |
| Luxembourg | 1 |
| Australia | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

As of March 31, 2026, 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; $28 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $— <br><sup>(1)</sup><br>|
| Kaman Corp., 2/26/32 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Pinnacle Buyer LLC, 10/01/32 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Pye Barker Fire & Safety LLC, 12/16/32 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Trio Bidco, Inc. Tranche B, 10/29/32 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; (2)<br>|
| Total  | &nbsp;&nbsp; $231 | &nbsp;&nbsp; $231 | &nbsp;&nbsp; $229 | &nbsp;&nbsp; $(2)<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 March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<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; $4422 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4422 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 116058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115832 | &nbsp;&nbsp;&nbsp;&nbsp; 226 <br><sup>(1)</sup><br>|
| Equity Securities: |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 287 <br><sup>(1)</sup><br>|
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| Unfunded Loan Commitments<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $121049 | &nbsp;&nbsp;&nbsp;&nbsp; $135 | &nbsp;&nbsp;&nbsp;&nbsp; $120401 | &nbsp;&nbsp;&nbsp;&nbsp; $513 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

<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 $324 were 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 March 31, 2026.

*See Notes to Financial Statements*

------

**Seix Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds**<sup>(1)</sup>**—97.3%** | **Municipal Bonds**<sup>(1)</sup>**—97.3%** | **Municipal Bonds**<sup>(1)</sup>**—97.3%** |
| **Alabama—1.2%** | **Alabama—1.2%** |  |
| Southeast Energy Authority A <br> Cooperative District, <br> Natural Gas Revenue, <br> Series E <br>5.000%, 10/1/30<br>| $500 | &nbsp;&nbsp; $531 |
| **California—2.1%** | **California—2.1%** |  |
| California State Public Works <br> Board, Various Capital <br> Project Revenue, Series A <br>5.000%, 9/1/47<br>| 500 | &nbsp;&nbsp; 528 |
| Santa Clarita Community <br> College District, General <br> Obligation <br>3.000%, 8/1/44<br>| 500 | &nbsp;&nbsp; 404 |
|  |  | &nbsp;&nbsp; 932 |
| **Colorado—7.1%** | **Colorado—7.1%** |  |
| City & County of Denver, <br> Airport System Revenue, <br> Series D (AMT) <br>5.500%, 11/15/30<br>| 1000 | &nbsp;&nbsp; 1102 |
| Colorado Bridge & Tunnel <br> Enterprise, Miscellaneous <br> Revenue, Series A (AG <br> Insured) <br>5.250%, 12/1/54<br>| 200 | &nbsp;&nbsp; 208 |
| Denver Convention Center <br> Hotel Authority Revenue, <br> Senior Lien <br>5.000%, 12/1/27<br>| 400 | &nbsp;&nbsp; 404 |
| Public Authority For Colorado <br> Energy, Natural Gas <br> Purchase Revenue <br>6.250%, 11/15/28<br>| 1470 | &nbsp;&nbsp; 1538 |
|  |  | &nbsp;&nbsp; 3252 |
| **Connecticut—0.6%** | **Connecticut—0.6%** |  |
| State of Connecticut, General <br> Obligation, Series B <br>5.000%, 12/1/29<br>| 255 | &nbsp;&nbsp; 276 |
| **Florida—11.5%** | **Florida—11.5%** |  |
| Central Florida Expressway <br> Authority, Highway Toll <br> Revenue, Senior Lien, <br> Series B <br>4.000%, 7/1/30<br>| 230 | &nbsp;&nbsp; 230 |
| 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; 661 |
| Miami-Dade County School <br> Board, Certificates of <br> Participation, Series D <br>5.000%, 2/1/34<br>| 1700 | &nbsp;&nbsp; 1703 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Florida—continued** | **Florida—continued** |  |
| Orange County School Board, <br> Certificates of Participation, <br> Series A <br>5.000%, 8/1/34<br>| $680 | &nbsp;&nbsp; $770 |
| Seminole County School <br> Board, Certificates of <br> Participation, Series C <br>5.000%, 7/1/29<br>| 935 | &nbsp;&nbsp; 940 |
| Tampa Bay Water, Water <br> Revenue, Series A <br>5.000%, 10/1/49<br>| 430 | &nbsp;&nbsp; 446 |
|  |  | &nbsp;&nbsp; 5250 |
| **Georgia—2.6%** | **Georgia—2.6%** |  |
| 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; 617 |
| City of Atlanta Water & <br> Wastewater Revenue <br>5.000%, 11/1/31<br>| 550 | &nbsp;&nbsp; 554 |
|  |  | &nbsp;&nbsp; 1171 |
| **Illinois—7.7%** | **Illinois—7.7%** |  |
| City of Chicago, General <br> Obligation, Series E <br>6.000%, 1/1/42<br>| 275 | &nbsp;&nbsp; 299 |
| City of Chicago, Water <br> Revenue, Second Lien<br>|  |  |
| (AG Insured) <br>5.250%, 11/1/32<br>| 350 | &nbsp;&nbsp; 362 |
| Series 2017-2 (AG Insured) <br>5.000%, 11/1/31<br>| 500 | &nbsp;&nbsp; 516 |
| Cook County School District <br> No. 78 Rosemont, General <br> Obligation (AG Insured) <br>5.000%, 12/1/38<br>| 1000 | &nbsp;&nbsp; 1047 |
| State of Illinois, General <br> Obligation <br>5.000%, 2/1/27<br>| 1250 | &nbsp;&nbsp; 1272 |
|  |  | &nbsp;&nbsp; 3496 |
| **Indiana—5.2%** | **Indiana—5.2%** |  |
| Indiana Finance Authority, <br> Parkview Health System <br> Revenue, Series A <br>5.000%, 11/1/43<br>| 1700 | &nbsp;&nbsp; 1731 |
| Indianapolis Local Public <br> Improvement Bond Bank <br> Revenue (AMT) <br>5.000%, 1/1/34<br>| 500 | &nbsp;&nbsp; 538 |
| Zionsville Community Schools <br> Building Corp., Lease <br> Revenue (ST INTERCEPT <br> Insured) <br>5.000%, 7/15/31<br>| 100 | &nbsp;&nbsp; 110 |
|  |  | &nbsp;&nbsp; 2379 |

---

---

| | | |
|:---|:---|:---|
|  | **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—2.8%** | **Louisiana—2.8%** |  |
| State of Louisiana, General <br> Obligation,<br>|  |  |
| Series B <br>5.000%, 6/1/37<br>| 650 | &nbsp;&nbsp; 732 |
| Series E <br>5.000%, 9/1/31<br>| 500 | &nbsp;&nbsp; 556 |
|  |  | &nbsp;&nbsp; 1288 |
| **Massachusetts—1.1%** | **Massachusetts—1.1%** |  |
| Massachusetts Port Authority, <br> Transportation Revenue, <br> Series A (AMT) <br>5.000%, 7/1/31<br>| 500 | &nbsp;&nbsp; 509 |
| **Michigan—1.1%** | **Michigan—1.1%** |  |
| Michigan State Building <br> Authority, Facilities <br> Program Lease Revenue, <br> Series I <br>4.000%, 10/15/36<br>| 500 | &nbsp;&nbsp; 501 |
| **Minnesota—5.2%** | **Minnesota—5.2%** |  |
| 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; 1165 |
| (SD CRED PROG Insured) <br>5.000%, 2/1/40<br>| 1140 | &nbsp;&nbsp; 1218 |
|  |  | &nbsp;&nbsp; 2383 |
| **New Jersey—4.7%** | **New Jersey—4.7%** |  |
| New Jersey Transportation <br> Trust Fund Authority <br> Revenue,<br>|  |  |
| Series A <br>5.000%, 6/15/35<br>| 500 | &nbsp;&nbsp; 565 |
| Series AA <br>5.250%, 6/15/41<br>| 500 | &nbsp;&nbsp; 551 |
| Tobacco Settlement Financing <br> Corp., Tobacco Settlement <br> Revenue, Series A<br>|  |  |
| <br>5.000%, 6/1/31 | 250 | &nbsp;&nbsp; 259 |
| <br>5.000%, 6/1/32 | 250 | &nbsp;&nbsp; 259 |
| <br>5.000%, 6/1/33 | 250 | &nbsp;&nbsp; 259 |
| <br>5.000%, 6/1/34 | 250 | &nbsp;&nbsp; 258 |
|  |  | &nbsp;&nbsp; 2151 |
| **New York—9.6%** | **New York—9.6%** |  |
| Battery Park City Authority, |  |  |
| Miscellaneous Revenue <br>5.000%, 11/1/43<br>| 460 | &nbsp;&nbsp; 509 |
| Miscellaneous Revenue <br>5.000%, 11/1/50<br>| 390 | &nbsp;&nbsp; 405 |

---

*See Notes to Financial Statements*

------

**Seix Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **New York—continued** | **New York—continued** |  |
| 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; $230 |
| (AG Insured) <br>3.000%, 1/1/37<br>| 100 | &nbsp;&nbsp; 90 |
| New York City Municipal <br> Water Finance Authority, <br> Water Revenue, Series AA <br>5.000%, 6/15/49<br>| 375 | &nbsp;&nbsp; 388 |
| 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; 279 |
| 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; 144 |
| New York Transportation <br> Development Corp., <br> Laguardia Airport Terminal <br> Revenue (AMT) <br>6.000%, 4/1/35<br>| 250 | &nbsp;&nbsp; 274 |
| Port Authority of New York & <br> New Jersey, (AMT) <br>5.000%, 10/15/31<br>| 1130 | &nbsp;&nbsp; 1236 |
| Triborough Bridge & Tunnel <br> Authority, Payroll Mobility <br> Tax Bond Anticipation <br> Notes Revenue, Series A-2 <br>5.000%, 2/1/29<br>| 500 | &nbsp;&nbsp; 532 |
|  |  | &nbsp;&nbsp; 4359 |
| **North Carolina—0.9%** | **North Carolina—0.9%** |  |
| City of Fayetteville, Public <br> Works Commission <br> Revenue <br>4.000%, 3/1/55<br>| 445 | &nbsp;&nbsp; 405 |
| **Ohio—2.2%** | **Ohio—2.2%** |  |
| Buckeye Tobacco Settlement <br> Financing Authority, <br> Tobacco Settlement Senior <br> Revenue, Class 1, <br>Series A-2 <br>4.000%, 6/1/48<br>| 500 | &nbsp;&nbsp; 419 |
| Franklin County, Nationwide <br> Children's Hospital <br> Revenue, Series A <br>5.250%, 11/1/55<br>| 250 | &nbsp;&nbsp; 258 |
| State of Ohio, General <br> Obligation, Series A <br>5.000%, 3/1/43<br>| 300 | &nbsp;&nbsp; 328 |
|  |  | &nbsp;&nbsp; 1005 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Oklahoma—1.2%** | **Oklahoma—1.2%** |  |
| Oklahoma Water Resources <br> Board, Clean Water <br> Program Revenue <br>5.000%, 4/1/42<br>| $500 | &nbsp;&nbsp; $541 |
| **Pennsylvania—10.0%** | **Pennsylvania—10.0%** |  |
| City of Philadelphia, General <br> Obligation, Series C <br>5.000%, 8/1/32<br>| 1805 | &nbsp;&nbsp; 2020 |
| Pennsylvania Turnpike <br> Commission, Highway Toll <br> Revenue, First Subordinate <br> Series <br>5.000%, 12/1/38<br>| 2325 | &nbsp;&nbsp; 2528 |
|  |  | &nbsp;&nbsp; 4548 |
| **South Carolina—1.6%** | **South Carolina—1.6%** |  |
| South Carolina Public Service <br> Authority, Santee Cooper <br> Revenue, Series B <br>5.000%, 12/1/41<br>| 680 | &nbsp;&nbsp; 733 |
| **Tennessee—2.9%** | **Tennessee—2.9%** |  |
| Metropolitan Nashville Airport <br> Authority (The) Revenue, <br> Series A<br>|  |  |
| <br>5.250%, 7/1/47 | 250 | &nbsp;&nbsp; 261 |
| <br>5.000%, 7/1/52 | 250 | &nbsp;&nbsp; 253 |
| Metropolitan Nashville Airport <br> Authority (The) Revenue, <br> Series B (AMT)<br>|  |  |
| <br>5.500%, 7/1/40 | 500 | &nbsp;&nbsp; 543 |
| <br>5.500%, 7/1/41 | 250 | &nbsp;&nbsp; 270 |
|  |  | &nbsp;&nbsp; 1327 |
| **Texas—11.2%** | **Texas—11.2%** |  |
| 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; 180 |
| 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; 753 |
| City of Austin Water & <br> Wastewater System <br> Revenue <br>5.000%, 11/15/47<br>| 490 | &nbsp;&nbsp; 515 |
| Georgetown Independent <br> School District, General <br> Obligation (PSF-GTD <br> Insured) <br>3.750%, 8/15/41<br>| 500 | &nbsp;&nbsp; 488 |
| Lovejoy Independent School <br> District, General Obligation <br> (PSF-GTD Insured) <br>5.000%, 2/15/31<br>| 250 | &nbsp;&nbsp; 274 |

---

---

| | | |
|:---|:---|:---|
|  | **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; $1198 |
| State of Texas, General <br> Obligation <br>5.000%, 10/1/43<br>| 750 | &nbsp;&nbsp; 816 |
| Texas Municipal Gas <br> Acquisition & Supply Corp. <br> I, Gas Supply Revenue, <br> Senior Lien, Series D <br>6.250%, 12/15/26<br>| 250 | &nbsp;&nbsp; 256 |
| Wharton Independent School <br> District, General Obligation <br> (PSF-GTD Insured) <br>3.000%, 2/15/32<br>| 645 | &nbsp;&nbsp; 632 |
|  |  | &nbsp;&nbsp; 5112 |
| **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; 607 |
| **Washington—1.8%** | **Washington—1.8%** |  |
| State of Washington, General <br> Obligation, Series C <br>5.000%, 8/1/37<br>| 750 | &nbsp;&nbsp; 836 |
| **Wisconsin—0.6%** | **Wisconsin—0.6%** |  |
| Public Finance Authority, <br> Waste Management, Inc. <br> Project Revenue (AMT) <br>2.875%, 5/1/27<br>| 250 | &nbsp;&nbsp; 248 |
| **Total Municipal Bonds** <br>**(Identified Cost $44,457)** | **Total Municipal Bonds** <br>**(Identified Cost $44,457)** | &nbsp;&nbsp; **44360** |
| **Total Long-Term** <br> **Investments—97.3%** <br>**(Identified Cost $44,457)** | **Total Long-Term** <br> **Investments—97.3%** <br>**(Identified Cost $44,457)** | &nbsp;&nbsp; **44360** |
| **TOTAL INVESTMENTS—97.3%** <br>**(Identified Cost $44,457)** | **TOTAL INVESTMENTS—97.3%** <br>**(Identified Cost $44,457)** | &nbsp;&nbsp; **$44360** |
| Other assets and liabilities, net—2.7% | Other assets and liabilities, net—2.7% | &nbsp;&nbsp; 1251 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$45611** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AG | Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| PSF-GTD | Permanent School Fund Guarantee <br> Program<br>|
| SD CRED PROG | State Credit Enhancement Program |
| ST INTERCEPT | State Intercept |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

For information regarding the abbreviations, see the Key Investment Terms starting on page 1.

*See Notes to Financial Statements*

------

**Seix Tax-Exempt Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**March 31, 2026**

($ reported in thousands)

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| At March 31, 2026, 17.4% of the securities in the <br> 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>|

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $44360 | &nbsp;&nbsp;&nbsp;&nbsp; $44360 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $44360 | &nbsp;&nbsp;&nbsp;&nbsp; $44360 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

*See Notes to Financial Statements*

------

**SGA Emerging Markets Equity Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.7%** | **Common Stocks—98.7%** | **Common Stocks—98.7%** |
| **Communication Services—10.5%** | **Communication Services—10.5%** |  |
| NAVER Corp. (South <br> Korea)<br>| 119478 | &nbsp;&nbsp; $16267 |
| Tencent Holdings Ltd. <br> (China)<br>| 390690 | &nbsp;&nbsp; 24641 |
| Tencent Music <br> Entertainment Group <br> ADR (China)<br>| 663577 | &nbsp;&nbsp; 6158 |
|  |  | &nbsp;&nbsp; 47066 |
| **Consumer Discretionary—24.6%** | **Consumer Discretionary—24.6%** |  |
| Alibaba Group Holding Ltd. <br> Sponsored ADR <br> (China-Hong Kong)<br>| 200099 | &nbsp;&nbsp; 25104 |
| Fast Retailing Co., Ltd. <br> (Japan)<br>| 40485 | &nbsp;&nbsp; 15996 |
| H World Group Ltd. (China) | 2072082 | &nbsp;&nbsp; 10483 |
| MakeMyTrip Ltd. (India)<sup>(1)</sup> <br>| 188263 | &nbsp;&nbsp; 7020 |
| MercadoLibre, Inc. <br> (Uruguay)<sup>(1)</sup> <br>| 11890 | &nbsp;&nbsp; 20558 |
| Sea Ltd. ADR <br> (Singapore)<sup>(1)</sup> <br>| 151510 | &nbsp;&nbsp; 12547 |
| Yum China Holdings, Inc. <br> (China)<br>| 366728 | &nbsp;&nbsp; 18216 |
|  |  | &nbsp;&nbsp; 109924 |
| **Consumer Staples—13.1%** | **Consumer Staples—13.1%** |  |
| CP ALL PCL Foreign Shares <br> (Thailand)<br>| 9582661 | &nbsp;&nbsp; 13364 |
| Fomento Economico <br> Mexicano SAB de C.V. <br> Sponsored ADR <br> (Mexico)<br>| 123027 | &nbsp;&nbsp; 13663 |
| Unilever plc Sponsored <br> ADR (United Kingdom)<br>| 279864 | &nbsp;&nbsp; 15944 |
| Wal-Mart de Mexico SAB <br> de C.V. (Mexico)<br>| 4798253 | &nbsp;&nbsp; 15645 |
|  |  | &nbsp;&nbsp; 58616 |
| **Financials—27.4%** | **Financials—27.4%** |  |
| AIA Group Ltd. <br> (China-Hong Kong)<br>| 2139311 | &nbsp;&nbsp; 23771 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Bajaj Finance Ltd. (India) | 2006147 | &nbsp;&nbsp; $17166 |
| Bank Central Asia Tbk PT <br> (Indonesia)<br>| 52264865 | &nbsp;&nbsp; 20189 |
| Capitec Bank Holdings Ltd. <br> (South Africa)<br>| 40463 | &nbsp;&nbsp; 9941 |
| HDFC Bank Ltd. ADR <br> (India)<br>| 699367 | &nbsp;&nbsp; 17400 |
| Sanlam Ltd. (South Africa) | 2559579 | &nbsp;&nbsp; 13473 |
| XP, Inc. Class A (Brazil) | 1089959 | &nbsp;&nbsp; 20753 |
|  |  | &nbsp;&nbsp; 122693 |
| **Health Care—1.7%** | **Health Care—1.7%** |  |
| Apollo Hospitals Enterprise <br> Ltd. (India)<br>| 94290 | &nbsp;&nbsp; 7449 |
| **Industrials—3.8%** | **Industrials—3.8%** |  |
| Grab Holdings Ltd. Class A <br> (Singapore)<sup>(1)</sup> <br>| 4586113 | &nbsp;&nbsp; 16785 |
| **Information Technology—17.6%** | **Information Technology—17.6%** |  |
| Infosys Ltd. Sponsored <br> ADR (India)<br>| 856033 | &nbsp;&nbsp; 11565 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd. <br> (Taiwan)<br>| 731758 | &nbsp;&nbsp; 42321 |
| Tata Consultancy Services <br> Ltd. (India)<br>| 427064 | &nbsp;&nbsp; 10754 |
| TOTVS S.A. (Brazil) | 2116595 | &nbsp;&nbsp; 14314 |
|  |  | &nbsp;&nbsp; 78954 |
| **Total Common Stocks** <br>**(Identified Cost $414,061)** | **Total Common Stocks** <br>**(Identified Cost $414,061)** | &nbsp;&nbsp; **441487** |
| **Total Long-Term** <br> **Investments—98.7%** <br>**(Identified Cost $414,061)** | **Total Long-Term** <br> **Investments—98.7%** <br>**(Identified Cost $414,061)** | &nbsp;&nbsp; **441487** |
| **TOTAL INVESTMENTS—98.7%** <br>**(Identified Cost $414,061)** | **TOTAL INVESTMENTS—98.7%** <br>**(Identified Cost $414,061)** | &nbsp;&nbsp; **$441487** |
| Other assets and liabilities, net—1.3% | Other assets and liabilities, net—1.3% | &nbsp;&nbsp; 5928 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$447415** |

---

---

| | |
|:---|:---|
| **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>  | **Country Weightings**<sup>†</sup>  |
| India | 16<br> %<br>|
| China | 13 |
| China-Hong Kong | 11 |
| Taiwan | 9 |
| Brazil | 8 |
| Singapore | 7 |
| Mexico | 7 |
| Other | 29 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of March 31, 2026. | <sup>†</sup> % of total investments as of March 31, 2026. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2026, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>March 31, 2026<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $441487 | &nbsp;&nbsp;&nbsp;&nbsp; $197456 | &nbsp;&nbsp;&nbsp;&nbsp; $244031 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $441487 | &nbsp;&nbsp;&nbsp;&nbsp; $197456 | &nbsp;&nbsp;&nbsp;&nbsp; $244031 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2026.

There were no transfers into or out of Level 3 related to securities held at March 31, 2026.

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) (Unaudited)** 

**March 31, 2026**

(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; $172124 | &nbsp;&nbsp; $399064 | &nbsp;&nbsp; $9269 | &nbsp;&nbsp; $339515 |
| Investment in affiliates at value<sup>(2)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39319 | &nbsp;&nbsp; — |
| Foreign currency at value<sup>(3)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Cash  | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 3104 | &nbsp;&nbsp; 119 | &nbsp;&nbsp; 2292 |
| Receivables |  |  |  |  |
| Fund shares sold  | &nbsp;&nbsp; 698 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 181 |
| Dividends and interest | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 1554 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 943 |
| Receivable from adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 | &nbsp;&nbsp; — |
| Tax reclaims  | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 4 |
| Prepaid expenses  | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 60 |
| Other assets  | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 60 |
| Total assets | &nbsp;&nbsp; 173678 | &nbsp;&nbsp; 404067 | &nbsp;&nbsp; 48801 | &nbsp;&nbsp; 343055 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 1274 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 447 |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2289 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 1029 |
| Investment advisory fees  | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 181 |
| Distribution and service fees  | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 21 |
| Administration and accounting fees | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 63 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 66 |
| Professional fees  | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 20 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 60 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 |
| Other accrued expenses | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 24 |
| Total liabilities | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 4043 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; 1913 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $173148 | &nbsp;&nbsp; $400024 | &nbsp;&nbsp; $48693 | &nbsp;&nbsp; $341142 |
| **Net Assets Consist of:** |  |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $136489 | &nbsp;&nbsp; $363270 | &nbsp;&nbsp; $59178 | &nbsp;&nbsp; $219068 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 36659 | &nbsp;&nbsp; 36754 | &nbsp;&nbsp; (10485)<br>| &nbsp;&nbsp; 122074 |
| **Net Assets** | &nbsp;&nbsp; $173148 | &nbsp;&nbsp; $400024 | &nbsp;&nbsp; $48693 | &nbsp;&nbsp; $341142 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $21130 | &nbsp;&nbsp; $13650 | &nbsp;&nbsp; $11409 | &nbsp;&nbsp; $83218 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1535 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2628 |
| Class I | &nbsp;&nbsp; $131115 | &nbsp;&nbsp; $189995 | &nbsp;&nbsp; $8922 | &nbsp;&nbsp; $107811 |
| Class R6 | &nbsp;&nbsp; $20903 | &nbsp;&nbsp; $194844 | &nbsp;&nbsp; $28362 | &nbsp;&nbsp; $147485 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A | &nbsp;&nbsp; 1282274 | &nbsp;&nbsp; 373365 | &nbsp;&nbsp; 666857 | &nbsp;&nbsp; 4496807 |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; 44713 | &nbsp;&nbsp; — | &nbsp;&nbsp; 142108 |
| Class I | &nbsp;&nbsp; 7947508 | &nbsp;&nbsp; 5372429 | &nbsp;&nbsp; 522664 | &nbsp;&nbsp; 5858030 |
| Class R6 | &nbsp;&nbsp; 1265106 | &nbsp;&nbsp; 5535425 | &nbsp;&nbsp; 1668625 | &nbsp;&nbsp; 7965254 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $16.48 | &nbsp;&nbsp; $36.56 | &nbsp;&nbsp; $17.11 | &nbsp;&nbsp; $18.51 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $34.32 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18.50 |
| Class I | &nbsp;&nbsp; $16.50 | &nbsp;&nbsp; $35.36 | &nbsp;&nbsp; $17.07 | &nbsp;&nbsp; $18.40 |
| Class R6 | &nbsp;&nbsp; $16.52 | &nbsp;&nbsp; $35.20 | &nbsp;&nbsp; $17.00 | &nbsp;&nbsp; $18.52 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**March 31, 2026**

(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; $17.44 | &nbsp;&nbsp; $38.69 | &nbsp;&nbsp; $18.11 | &nbsp;&nbsp; $19.59 |
| 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; $140448 | &nbsp;&nbsp; $315913 | &nbsp;&nbsp; $6079 | &nbsp;&nbsp; $217548 |
| <sup>(2)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $31642 | &nbsp;&nbsp; $— |
| <sup>(3)</sup> Foreign currency at cost | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $— | &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) (Unaudited) (Continued)**

**March 31, 2026**

(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>| **Newfleet** <br>**Core Plus Bond** <br> **Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $3586 | &nbsp;&nbsp; $326638 | &nbsp;&nbsp; $783054 | &nbsp;&nbsp; $615220 |
| Investment in affiliates at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 4840 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5055 |
| Foreign currency at value<sup>(4)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; — |
| Cash  | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 8424 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5157 |
| Cash pledged as collateral for futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 303 |
| Variation margin receivable on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 37 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 13700 | &nbsp;&nbsp; 121 |
| Fund shares sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 773 | &nbsp;&nbsp; 932 |
| Dividends and interest | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 3103 | &nbsp;&nbsp; 5170 |
| Receivable from adviser | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1846 | &nbsp;&nbsp; — |
| Securities lending income | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Tax receivable  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Prepaid Trustees' retainer | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 9 |
| Prepaid expenses  | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 36 |
| Other assets  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 106 |
| Total assets | &nbsp;&nbsp; 3716 | &nbsp;&nbsp; 341885 | &nbsp;&nbsp; 802986 | &nbsp;&nbsp; 632147 |
| **Liabilities** |  |  |  |  |
| Due to custodian | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 918 | &nbsp;&nbsp; — |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 8951 | &nbsp;&nbsp; 1265 |
| Investment securities purchased  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4269 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2896 |
| Borrowings (See Note 11) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8900 | &nbsp;&nbsp; — |
| Collateral on securities loaned | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 959 |
| Dividend distributions  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 10 |
| Investment advisory fees  | &nbsp;&nbsp; — | &nbsp;&nbsp; 319 | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 92 |
| Distribution and service fees  | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| Administration and accounting fees | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 124 | &nbsp;&nbsp; 95 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 83 |
| Professional fees  | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 24 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 106 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 2 |
| Other accrued expenses | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 18 |
| Total liabilities | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 5157 | &nbsp;&nbsp; 19948 | &nbsp;&nbsp; 5563 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $3667 | &nbsp;&nbsp; $336728 | &nbsp;&nbsp; $783038 | &nbsp;&nbsp; $626584 |
| **Net Assets Consist of:** |  |  |  |  |
| Common stock $0.001 par value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $62 |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; 3310 | &nbsp;&nbsp; 306404 | &nbsp;&nbsp; 1006492 | &nbsp;&nbsp; 644150 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 357 | &nbsp;&nbsp; 30324 | &nbsp;&nbsp; (223454)<br>| &nbsp;&nbsp; (17628)<br>|
| **Net Assets** | &nbsp;&nbsp; $3667 | &nbsp;&nbsp; $336728 | &nbsp;&nbsp; $783038 | &nbsp;&nbsp; $626584 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $430 | &nbsp;&nbsp; $35965 | &nbsp;&nbsp; $36726 | &nbsp;&nbsp; $39527 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3298 | &nbsp;&nbsp; $6323 | &nbsp;&nbsp; $4928 |
| Class I | &nbsp;&nbsp; $351 | &nbsp;&nbsp; $295532 | &nbsp;&nbsp; $666800 | &nbsp;&nbsp; $539138 |
| Class R6 | &nbsp;&nbsp; $2886 | &nbsp;&nbsp; $1933 | &nbsp;&nbsp; $73189 | &nbsp;&nbsp; $42991 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**March 31, 2026**

(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>| **Newfleet**<br> **Core Plus Bond** <br> **Fund**<br>|
| **Shares Outstanding (unlimited number of shares authorized, no par value):**<sup>(5)</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; 40664 | &nbsp;&nbsp; 2218552 | &nbsp;&nbsp; 1921023 | &nbsp;&nbsp; 3941964 |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; 207818 | &nbsp;&nbsp; 335982 | &nbsp;&nbsp; 503381 |
| Class I | &nbsp;&nbsp; 33080 | &nbsp;&nbsp; 18072130 | &nbsp;&nbsp; 34608244 | &nbsp;&nbsp; 52884116 |
| Class R6 | &nbsp;&nbsp; 270067 | &nbsp;&nbsp; 116901 | &nbsp;&nbsp; 3792776 | &nbsp;&nbsp; 4215157 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $10.59 | &nbsp;&nbsp; $16.21 | &nbsp;&nbsp; $19.12 | &nbsp;&nbsp; $10.03 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15.87 | &nbsp;&nbsp; $18.82 | &nbsp;&nbsp; $9.79 |
| Class I | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $16.35 | &nbsp;&nbsp; $19.27 | &nbsp;&nbsp; $10.19 |
| Class R6 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $16.54 | &nbsp;&nbsp; $19.30 | &nbsp;&nbsp; $10.20 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $17.15 | &nbsp;&nbsp; $20.23 | &nbsp;&nbsp; $10.42 |
| 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; 3.75<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $2984 | &nbsp;&nbsp; $297702 | &nbsp;&nbsp; $707936 | &nbsp;&nbsp; $624533 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $945 |
| <sup>(3)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $8024 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5112 |
| <sup>(4)</sup> Foreign currency at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $283 | &nbsp;&nbsp; $375 | &nbsp;&nbsp; $— |
| <sup>(5)</sup> Newfleet Core Plus Bond Fund has a par value of $1.00, and all other funds on this <br> 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) (Unaudited) (Continued)**

**March 31, 2026**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>| **Newfleet** <br> **Multi-Sector Short** <br> **Term Bond Fund**<br>|
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><sup>(2)</sup> | &nbsp;&nbsp; $49765 | &nbsp;&nbsp; $399192 | &nbsp;&nbsp; $921367 | &nbsp;&nbsp; $4639005 |
| Investment in affiliates at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 6256 | &nbsp;&nbsp; 7879 | &nbsp;&nbsp; 67691 |
| Foreign currency at value<sup>(4)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 773 |
| Cash  | &nbsp;&nbsp; 1409 | &nbsp;&nbsp; 7885 | &nbsp;&nbsp; 11529 | &nbsp;&nbsp; 84423 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 3853 |
| Variation margin receivable on swap contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 398 |
| Receivables |  |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; — | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 264 |
| Fund shares sold  | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 1727 | &nbsp;&nbsp; 5773 |
| Dividends and interest | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 2394 | &nbsp;&nbsp; 9238 | &nbsp;&nbsp; 33892 |
| Securities lending income | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 13 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 66 |
| Prepaid expenses  | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 18 |
| Other assets  | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 806 |
| Total assets | &nbsp;&nbsp; 52076 | &nbsp;&nbsp; 416433 | &nbsp;&nbsp; 953675 | &nbsp;&nbsp; 4836975 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 647 | &nbsp;&nbsp; 1647 | &nbsp;&nbsp; 10353 |
| Investment securities purchased  | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 6686 | &nbsp;&nbsp; 35681 |
| Collateral on securities loaned | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 1255 | &nbsp;&nbsp; 5176 | &nbsp;&nbsp; 12776 |
| Dividend distributions  | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 1552 |
| Investment advisory fees  | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 1600 |
| Distribution and service fees  | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 169 |
| Administration and accounting fees | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 594 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 806 |
| Professional fees  | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 57 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 806 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 22 |
| Other accrued expenses | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 160 |
| Unrealized depreciation on unfunded loan commitments<sup>(5)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Total liabilities | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 3451 | &nbsp;&nbsp; 14896 | &nbsp;&nbsp; 64576 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $51565 | &nbsp;&nbsp; $412982 | &nbsp;&nbsp; $938779 | &nbsp;&nbsp; $4772399 |
| **Net Assets Consist of:** |  |  |  |  |
| Common stock $0.001 par value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; 60799 | &nbsp;&nbsp; 440669 | &nbsp;&nbsp; 979685 | &nbsp;&nbsp; 5218636 |
| Accumulated earnings (loss) | &nbsp;&nbsp; (9234)<br>| &nbsp;&nbsp; (27726)<br>| &nbsp;&nbsp; (40906)<br>| &nbsp;&nbsp; (446237)<br>|
| **Net Assets** | &nbsp;&nbsp; $51565 | &nbsp;&nbsp; $412982 | &nbsp;&nbsp; $938779 | &nbsp;&nbsp; $4772399 |
| **Net Assets:** |  |  |  |  |
| Class A | &nbsp;&nbsp; $33073 | &nbsp;&nbsp; $60407 | &nbsp;&nbsp; $84019 | &nbsp;&nbsp; $548563 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5413 | &nbsp;&nbsp; $10849 | &nbsp;&nbsp; $73740 |
| Class C1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23459 |
| Class I | &nbsp;&nbsp; $11669 | &nbsp;&nbsp; $344806 | &nbsp;&nbsp; $776327 | &nbsp;&nbsp; $4068685 |
| Class R6 | &nbsp;&nbsp; $6823 | &nbsp;&nbsp; $2356 | &nbsp;&nbsp; $67584 | &nbsp;&nbsp; $57952 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**March 31, 2026**

(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>| **Newfleet** <br> **Multi-Sector Short** <br> **Term Bond Fund**<br>|
| **Shares Outstanding (unlimited number of shares authorized, no par value):**<sup>(6)</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; 8789421 | &nbsp;&nbsp; 5646998 | &nbsp;&nbsp; 9184748 | &nbsp;&nbsp; 120794442 |
| Class C | &nbsp;&nbsp; — | &nbsp;&nbsp; 505987 | &nbsp;&nbsp; 1170103 | &nbsp;&nbsp; 15972216 |
| Class C1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5098435 |
| Class I | &nbsp;&nbsp; 3092751 | &nbsp;&nbsp; 32243489 | &nbsp;&nbsp; 85363909 | &nbsp;&nbsp; 894397805 |
| Class R6 | &nbsp;&nbsp; 1811173 | &nbsp;&nbsp; 220087 | &nbsp;&nbsp; 7339110 | &nbsp;&nbsp; 12687514 |
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |  |
| Class A | &nbsp;&nbsp; $3.76 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $9.15 | &nbsp;&nbsp; $4.54 |
| Class C | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $9.27 | &nbsp;&nbsp; $4.62 |
| Class C1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4.60 |
| Class I | &nbsp;&nbsp; $3.77 | &nbsp;&nbsp; $10.69 | &nbsp;&nbsp; $9.09 | &nbsp;&nbsp; $4.55 |
| Class R6 | &nbsp;&nbsp; $3.77 | &nbsp;&nbsp; $10.70 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $4.57 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |  |
| Class A | &nbsp;&nbsp; $3.91 | &nbsp;&nbsp; $10.95 | &nbsp;&nbsp; $9.51 | &nbsp;&nbsp; $4.64 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $50559 | &nbsp;&nbsp; $399428 | &nbsp;&nbsp; $925304 | &nbsp;&nbsp; $4658866 |
| <sup>(2)</sup> Market value of securities on loan | &nbsp;&nbsp; $248 | &nbsp;&nbsp; $1223 | &nbsp;&nbsp; $5006 | &nbsp;&nbsp; $12338 |
| <sup>(3)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6341 | &nbsp;&nbsp; $7965 | &nbsp;&nbsp; $68620 |
| <sup>(4)</sup> Foreign currency at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233 | &nbsp;&nbsp; $821 |
| <sup>(5)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |  |
| <sup>(6)</sup> Newfleet Low Duration Income Fund has a par value of $1.00, and all other funds on <br> 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) (Unaudited) (Continued)**

**March 31, 2026**

(Reported in thousands except shares and per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Newfleet** <br>**Senior Floating** <br>**Rate Fund**<br>| **Seix** <br>**Tax-Exempt** <br>**Bond Fund**<br>| **SGA Emerging** <br> **Markets Equity** <br> **Fund**<br>|
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $121051 | &nbsp;&nbsp; $44360 | &nbsp;&nbsp; $441487 |
| Cash  | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1866 | &nbsp;&nbsp; 7572 |
| Receivables |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; 10572 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Fund shares sold  | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 544 |
| Dividends and interest | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 1290 |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 256 |
| Tax receivable  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 7 |
| Prepaid expenses  | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — |
| Other assets  | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 79 |
| Total assets | &nbsp;&nbsp; 134463 | &nbsp;&nbsp; 46846 | &nbsp;&nbsp; 451332 |
| **Liabilities** |  |  |  |
| Payables |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 345 |
| Investment securities purchased  | &nbsp;&nbsp; 2631 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; — |
| Foreign capital gains tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2720 |
| Borrowings (See Note 11) | &nbsp;&nbsp; 4150 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Dividend distributions  | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 344 |
| Distribution and service fees  | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 22 |
| Administration and accounting fees | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 77 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 140 |
| Professional fees  | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 46 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 79 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 4 |
| Other accrued expenses | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 140 |
| Unrealized depreciation on unfunded loan commitments<sup>(2)</sup> | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total liabilities | &nbsp;&nbsp; 7374 | &nbsp;&nbsp; 1235 | &nbsp;&nbsp; 3917 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $127089 | &nbsp;&nbsp; $45611 | &nbsp;&nbsp; $447415 |
| **Net Assets Consist of:** |  |  |  |
| Common stock $0.001 par value | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $— |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; 208576 | &nbsp;&nbsp; 46877 | &nbsp;&nbsp; 886671 |
| Accumulated earnings (loss) | &nbsp;&nbsp; (81487)<br>| &nbsp;&nbsp; (1270)<br>| &nbsp;&nbsp; (439256)<br>|
| **Net Assets** | &nbsp;&nbsp; $127089 | &nbsp;&nbsp; $45611 | &nbsp;&nbsp; $447415 |
| **Net Assets:** |  |  |  |
| Class A | &nbsp;&nbsp; $40434 | &nbsp;&nbsp; $21117 | &nbsp;&nbsp; $86560 |
| Class C | &nbsp;&nbsp; $3668 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3420 |
| Class I | &nbsp;&nbsp; $82047 | &nbsp;&nbsp; $24494 | &nbsp;&nbsp; $333467 |
| Class R6 | &nbsp;&nbsp; $940 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $23968 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):**<sup>(3)</sup> <br>|  |  |  |
| Class A | &nbsp;&nbsp; 4807033 | &nbsp;&nbsp; 2067970 | &nbsp;&nbsp; 12132224 |
| Class C | &nbsp;&nbsp; 435784 | &nbsp;&nbsp; — | &nbsp;&nbsp; 510863 |
| Class I | &nbsp;&nbsp; 9769872 | &nbsp;&nbsp; 2398844 | &nbsp;&nbsp; 44100214 |
| Class R6 | &nbsp;&nbsp; 111875 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3134271 |

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**March 31, 2026**

(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Newfleet**<br> **Senior Floating**<br> **Rate Fund**<br>| **Seix**<br> **Tax-Exempt**<br> **Bond 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; $8.41 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $7.13 |
| Class C | &nbsp;&nbsp; $8.42 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6.69 |
| Class I | &nbsp;&nbsp; $8.40 | &nbsp;&nbsp; $10.21 | &nbsp;&nbsp; $7.56 |
| Class R6 | &nbsp;&nbsp; $8.40 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7.65 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |
| Class A | &nbsp;&nbsp; $8.65 | &nbsp;&nbsp; $10.50 | &nbsp;&nbsp; $7.54 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $123825 | &nbsp;&nbsp; $44457 | &nbsp;&nbsp; $414061 |
| <sup>(2)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |
| <sup>(3)</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) (Unaudited)** 

**SIX MONTHS ENDED March 31, 2026**

($ 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; $2121 | &nbsp;&nbsp;&nbsp; $6446 | &nbsp;&nbsp;&nbsp; $71 | &nbsp;&nbsp;&nbsp; $5429 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 652 | &nbsp;&nbsp;&nbsp; — |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (66)<br>| &nbsp;&nbsp;&nbsp; (307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp; 6139 | &nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp; 5429 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp; 1717 | &nbsp;&nbsp;&nbsp; — <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; 1287 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 108 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 13 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 181 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 78 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 65 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 2 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 85 |
| Excise tax | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 18 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 17 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 32 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 12 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 17 |
| Total expenses | &nbsp;&nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp; 2481 | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 1916 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (555)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (238)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 859 | &nbsp;&nbsp;&nbsp; 1926 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 1678 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 1214 | &nbsp;&nbsp;&nbsp; 4213 | &nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 3751 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 7572 | &nbsp;&nbsp;&nbsp; 1821 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 2917 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net increase from payment by affiliate | &nbsp;&nbsp;&nbsp; 8 <br><sup>(c)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Capital gains received from investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 8292 | &nbsp;&nbsp;&nbsp; (3980)<br>| &nbsp;&nbsp;&nbsp; 1437 | &nbsp;&nbsp;&nbsp; 2144 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 739 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 15837 | &nbsp;&nbsp;&nbsp; (2187)<br>| &nbsp;&nbsp;&nbsp; 3755 | &nbsp;&nbsp;&nbsp; 5061 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $17051 | &nbsp;&nbsp;&nbsp; $2026 | &nbsp;&nbsp;&nbsp; $4415 | &nbsp;&nbsp;&nbsp; $8812 |

---

&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>(c)</sup> See Note 4G in Notes to Financial Statements.

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

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

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**SIX MONTHS ENDED March 31, 2026**

($ 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>| **Newfleet** <br>**Core Plus Bond** <br> **Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $74 | &nbsp;&nbsp;&nbsp; $5830 | &nbsp;&nbsp;&nbsp; $13567 | &nbsp;&nbsp;&nbsp; $397 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 126 |
| Interest  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15121 |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 943 | &nbsp;&nbsp;&nbsp; — |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (323)<br>| &nbsp;&nbsp;&nbsp; (764)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 5507 | &nbsp;&nbsp;&nbsp; 13746 | &nbsp;&nbsp;&nbsp; 15657 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 2051 | &nbsp;&nbsp;&nbsp; 4316 | &nbsp;&nbsp;&nbsp; 1038 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 57 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 25 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp; 306 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; 132 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 21 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp; 196 |
| Excise tax | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 3 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 17 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 22 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 31 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 18 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 31 |
| Total expenses | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 2659 | &nbsp;&nbsp;&nbsp; 5883 | &nbsp;&nbsp;&nbsp; 1901 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; (117)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (501)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 2542 | &nbsp;&nbsp;&nbsp; 5883 | &nbsp;&nbsp;&nbsp; 1400 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 2965 | &nbsp;&nbsp;&nbsp; 7863 | &nbsp;&nbsp;&nbsp; 14257 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 29328 | &nbsp;&nbsp;&nbsp; 54880 | &nbsp;&nbsp;&nbsp; 772 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3552)<br>| &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (189)<br>| &nbsp;&nbsp;&nbsp; (149)<br>| &nbsp;&nbsp;&nbsp; 89 |
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 351 |
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 212 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (289)<br>| &nbsp;&nbsp;&nbsp; (39710)<br>| &nbsp;&nbsp;&nbsp; (139728)<br>| &nbsp;&nbsp;&nbsp; (10174)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1255)<br>| &nbsp;&nbsp;&nbsp; 1552 | &nbsp;&nbsp;&nbsp; (31)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp; (2)<br>|
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (516)<br>|
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (11537)<br>| &nbsp;&nbsp;&nbsp; (87067)<br>| &nbsp;&nbsp;&nbsp; (9299)<br>|

---

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**SIX MONTHS ENDED March 31, 2026**

($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>| **Newfleet**<br> **Core Plus Bond** <br> **Fund**<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp;&nbsp; $(8572)<br>| &nbsp;&nbsp;&nbsp; $(79204)<br>| &nbsp;&nbsp;&nbsp; $4958 |

---

&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 4D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**SIX MONTHS ENDED March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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>| **Newfleet** <br> **Multi-Sector Short** <br> **Term Bond Fund**<br>|
| **Investment Income** |  |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $45 | &nbsp;&nbsp;&nbsp; $234 | &nbsp;&nbsp;&nbsp; $333 | &nbsp;&nbsp;&nbsp; $1616 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 1835 |
| Interest  | &nbsp;&nbsp;&nbsp; 1777 | &nbsp;&nbsp;&nbsp; 10035 | &nbsp;&nbsp;&nbsp; 26779 | &nbsp;&nbsp;&nbsp; 120147 |
| Securities lending, net of fees | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 77 |
| Total investment income | &nbsp;&nbsp;&nbsp; 1826 | &nbsp;&nbsp;&nbsp; 10445 | &nbsp;&nbsp;&nbsp; 27343 | &nbsp;&nbsp;&nbsp; 123675 |
| **Expenses** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 2453 | &nbsp;&nbsp;&nbsp; 11329 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 704 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 200 |
| Distribution and service fees, Class C1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 127 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp; 2345 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 1010 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 246 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 34 |
| Sub-transfer agent fees and expenses, Class C1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 1644 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 10 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 142 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 70 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 14 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 99 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 161 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 150 |
| Total expenses | &nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp; 1547 | &nbsp;&nbsp;&nbsp; 3702 | &nbsp;&nbsp;&nbsp; 18294 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp; (390)<br>| &nbsp;&nbsp;&nbsp; (289)<br>| &nbsp;&nbsp;&nbsp; (1997)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 1157 | &nbsp;&nbsp;&nbsp; 3413 | &nbsp;&nbsp;&nbsp; 16297 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 1606 | &nbsp;&nbsp;&nbsp; 9288 | &nbsp;&nbsp;&nbsp; 23930 | &nbsp;&nbsp;&nbsp; 107378 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| Net realized gain (loss) from: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (800)<br>| &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp; (5493)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 15 |
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; (143)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (860)<br>| &nbsp;&nbsp;&nbsp; (2630)<br>| &nbsp;&nbsp;&nbsp; (14889)<br>| &nbsp;&nbsp;&nbsp; (23418)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; (760)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; (77)<br>|
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 477 |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (1660)<br>| &nbsp;&nbsp;&nbsp; (2560)<br>| &nbsp;&nbsp;&nbsp; (14116)<br>| &nbsp;&nbsp;&nbsp; (29399)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(54)<br>| &nbsp;&nbsp;&nbsp; $6728 | &nbsp;&nbsp;&nbsp; $9814 | &nbsp;&nbsp;&nbsp; $77979 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> See Note 4D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS OPPORTUNITIES TRUST**

**STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)**

**SIX MONTHS ENDED March 31, 2026**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Newfleet** <br>**Senior Floating** <br>**Rate Fund**<br>| **Seix** <br>**Tax-Exempt** <br>**Bond Fund**<br>| **SGA Emerging** <br> **Markets Equity** <br> **Fund**<br>|
| **Investment Income** |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $163 | &nbsp;&nbsp;&nbsp; $43 | &nbsp;&nbsp;&nbsp; $4238 |
| Interest  | &nbsp;&nbsp;&nbsp; 5443 | &nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp; — |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 451 |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (573)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 5606 | &nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp; 4116 |
| **Expenses** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 2542 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 125 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 22 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 262 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 112 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 104 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 |
| Sub-transfer agent fees and expenses, Class I | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 208 |
| Excise tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82 |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 5 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 38 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 24 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 3 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 23 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 19 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 43 |
| Total expenses | &nbsp;&nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp; 3635 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp; (317)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 3318 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 4990 | &nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp;&nbsp; 798 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (1572)<br>| &nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp; 19597 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (215)<br>|
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; (1430)<br>| &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; (73760)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (21)<br>|
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1345 |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; (3002)<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; (53054)<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1988 | &nbsp;&nbsp;&nbsp; $684 | &nbsp;&nbsp;&nbsp; $(52256)<br>|

---

&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 4D 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** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1214 | &nbsp;&nbsp;&nbsp; $2936 | &nbsp;&nbsp;&nbsp; $4213 | &nbsp;&nbsp;&nbsp; $8298 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 7539 | &nbsp;&nbsp;&nbsp; 8839 | &nbsp;&nbsp;&nbsp; 1794 | &nbsp;&nbsp;&nbsp; 2527 |
| Net increase from payment by affiliate<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 8290 | &nbsp;&nbsp;&nbsp; 3571 | &nbsp;&nbsp;&nbsp; (3981)<br>| &nbsp;&nbsp;&nbsp; (9995)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 17051 | &nbsp;&nbsp;&nbsp; 15346 | &nbsp;&nbsp;&nbsp; 2026 | &nbsp;&nbsp;&nbsp; 830 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1416)<br>| &nbsp;&nbsp;&nbsp; (1105)<br>| &nbsp;&nbsp;&nbsp; (499)<br>| &nbsp;&nbsp;&nbsp; (466)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (38)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (8934)<br>| &nbsp;&nbsp;&nbsp; (1623)<br>| &nbsp;&nbsp;&nbsp; (4969)<br>| &nbsp;&nbsp;&nbsp; (4472)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1426)<br>| &nbsp;&nbsp;&nbsp; (4778)<br>| &nbsp;&nbsp;&nbsp; (5484)<br>| &nbsp;&nbsp;&nbsp; (4169)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (11850)<br>| &nbsp;&nbsp;&nbsp; (7567)<br>| &nbsp;&nbsp;&nbsp; (11000)<br>| &nbsp;&nbsp;&nbsp; (9145)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; (6070)<br>| &nbsp;&nbsp;&nbsp; (8802)<br>| &nbsp;&nbsp;&nbsp; (325)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1163)<br>| &nbsp;&nbsp;&nbsp; (484)<br>| &nbsp;&nbsp;&nbsp; (1242)<br>| &nbsp;&nbsp;&nbsp; (303)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 4240 | &nbsp;&nbsp;&nbsp; 95756 | &nbsp;&nbsp;&nbsp; 3130 | &nbsp;&nbsp;&nbsp; (14661)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 4406 | &nbsp;&nbsp;&nbsp; (86884)<br>| &nbsp;&nbsp;&nbsp; 29152 | &nbsp;&nbsp;&nbsp; 5821 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 8126 | &nbsp;&nbsp;&nbsp; 2318 | &nbsp;&nbsp;&nbsp; 22238 | &nbsp;&nbsp;&nbsp; (9468)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 13327 | &nbsp;&nbsp;&nbsp; 10097 | &nbsp;&nbsp;&nbsp; 13264 | &nbsp;&nbsp;&nbsp; (17783)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 159821 | &nbsp;&nbsp;&nbsp; 149724 | &nbsp;&nbsp;&nbsp; 386760 | &nbsp;&nbsp;&nbsp; 404543 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $173148 | &nbsp;&nbsp;&nbsp; $159821 | &nbsp;&nbsp;&nbsp; $400024 | &nbsp;&nbsp;&nbsp; $386760 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> See Note 4G in Notes to Financial Statements.

*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** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $660 | &nbsp;&nbsp;&nbsp; $412 | &nbsp;&nbsp;&nbsp; $3751 | &nbsp;&nbsp;&nbsp; $8253 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1579 | &nbsp;&nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp; 2917 | &nbsp;&nbsp;&nbsp; 13381 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 2176 | &nbsp;&nbsp;&nbsp; 1293 | &nbsp;&nbsp;&nbsp; 2144 | &nbsp;&nbsp;&nbsp; (34611)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 4415 | &nbsp;&nbsp;&nbsp; 2858 | &nbsp;&nbsp;&nbsp; 8812 | &nbsp;&nbsp;&nbsp; (12977)<br>|
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp; (361)<br>| &nbsp;&nbsp;&nbsp; (3944)<br>| &nbsp;&nbsp;&nbsp; (7765)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp; (208)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (171)<br>| &nbsp;&nbsp;&nbsp; (298)<br>| &nbsp;&nbsp;&nbsp; (5265)<br>| &nbsp;&nbsp;&nbsp; (11581)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (585)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (6889)<br>| &nbsp;&nbsp;&nbsp; (11014)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (943)<br>| &nbsp;&nbsp;&nbsp; (720)<br>| &nbsp;&nbsp;&nbsp; (16211)<br>| &nbsp;&nbsp;&nbsp; (30568)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (331)<br>| &nbsp;&nbsp;&nbsp; (650)<br>| &nbsp;&nbsp;&nbsp; (4792)<br>| &nbsp;&nbsp;&nbsp; (4984)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (202)<br>| &nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; (280)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; (698)<br>| &nbsp;&nbsp;&nbsp; (5711)<br>| &nbsp;&nbsp;&nbsp; (24109)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 9417 | &nbsp;&nbsp;&nbsp; 14552 | &nbsp;&nbsp;&nbsp; 10258 | &nbsp;&nbsp;&nbsp; 23070 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 8910 | &nbsp;&nbsp;&nbsp; 13165 | &nbsp;&nbsp;&nbsp; (271)<br>| &nbsp;&nbsp;&nbsp; (6303)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 12382 | &nbsp;&nbsp;&nbsp; 15303 | &nbsp;&nbsp;&nbsp; (7670)<br>| &nbsp;&nbsp;&nbsp; (49848)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 36311 | &nbsp;&nbsp;&nbsp; 21008 | &nbsp;&nbsp;&nbsp; 348812 | &nbsp;&nbsp;&nbsp; 398660 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $48693 | &nbsp;&nbsp;&nbsp; $36311 | &nbsp;&nbsp;&nbsp; $341142 | &nbsp;&nbsp;&nbsp; $348812 |

---

*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** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp; $65 | &nbsp;&nbsp;&nbsp; $2965 | &nbsp;&nbsp;&nbsp; $5868 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 29139 | &nbsp;&nbsp;&nbsp; (17440)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (288)<br>| &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; (40676)<br>| &nbsp;&nbsp;&nbsp; 28200 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp; (8572)<br>| &nbsp;&nbsp;&nbsp; 16628 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (837)<br>| &nbsp;&nbsp;&nbsp; (1075)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (96)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (8050)<br>| &nbsp;&nbsp;&nbsp; (9519)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (59)<br>| &nbsp;&nbsp;&nbsp; (28)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp; (55)<br>| &nbsp;&nbsp;&nbsp; (8999)<br>| &nbsp;&nbsp;&nbsp; (10718)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; (1170)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (143)<br>| &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; (686)<br>| &nbsp;&nbsp;&nbsp; (409)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (661)<br>| &nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp; 8957 | &nbsp;&nbsp;&nbsp; (5929)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; (169)<br>| &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (77)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (663)<br>| &nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; 9023 | &nbsp;&nbsp;&nbsp; (7585)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (710)<br>| &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp; (8548)<br>| &nbsp;&nbsp;&nbsp; (1675)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4377 | &nbsp;&nbsp;&nbsp; 3067 | &nbsp;&nbsp;&nbsp; 345276 | &nbsp;&nbsp;&nbsp; 346951 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $3667 | &nbsp;&nbsp;&nbsp; $4377 | &nbsp;&nbsp;&nbsp; $336728 | &nbsp;&nbsp;&nbsp; $345276 |

---

&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** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $7863 | &nbsp;&nbsp;&nbsp; $21451 | &nbsp;&nbsp;&nbsp; $14257 | &nbsp;&nbsp;&nbsp; $24627 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 51179 | &nbsp;&nbsp;&nbsp; 10357 | &nbsp;&nbsp;&nbsp; 1424 | &nbsp;&nbsp;&nbsp; (893)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (138246)<br>| &nbsp;&nbsp;&nbsp; 35553 | &nbsp;&nbsp;&nbsp; (10723)<br>| &nbsp;&nbsp;&nbsp; (3061)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (79204)<br>| &nbsp;&nbsp;&nbsp; 67361 | &nbsp;&nbsp;&nbsp; 4958 | &nbsp;&nbsp;&nbsp; 20673 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1327)<br>| &nbsp;&nbsp;&nbsp; (755)<br>| &nbsp;&nbsp;&nbsp; (1049)<br>| &nbsp;&nbsp;&nbsp; (2274)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (203)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (30047)<br>| &nbsp;&nbsp;&nbsp; (15525)<br>| &nbsp;&nbsp;&nbsp; (12222)<br>| &nbsp;&nbsp;&nbsp; (21614)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3528)<br>| &nbsp;&nbsp;&nbsp; (1682)<br>| &nbsp;&nbsp;&nbsp; (898)<br>| &nbsp;&nbsp;&nbsp; (515)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (35000)<br>| &nbsp;&nbsp;&nbsp; (18050)<br>| &nbsp;&nbsp;&nbsp; (14266)<br>| &nbsp;&nbsp;&nbsp; (24606)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4259)<br>| &nbsp;&nbsp;&nbsp; (1473)<br>| &nbsp;&nbsp;&nbsp; (8881)<br>| &nbsp;&nbsp;&nbsp; 4331 |
| Class C | &nbsp;&nbsp;&nbsp; (3952)<br>| &nbsp;&nbsp;&nbsp; (6226)<br>| &nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp; 813 |
| Class I | &nbsp;&nbsp;&nbsp; (133352)<br>| &nbsp;&nbsp;&nbsp; (67892)<br>| &nbsp;&nbsp;&nbsp; 63810 | &nbsp;&nbsp;&nbsp; 133945 |
| Class R6 | &nbsp;&nbsp;&nbsp; (10290)<br>| &nbsp;&nbsp;&nbsp; (975)<br>| &nbsp;&nbsp;&nbsp; 9060 | &nbsp;&nbsp;&nbsp; 27634 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (151853)<br>| &nbsp;&nbsp;&nbsp; (76566)<br>| &nbsp;&nbsp;&nbsp; 63855 | &nbsp;&nbsp;&nbsp; 166723 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (266057)<br>| &nbsp;&nbsp;&nbsp; (27255)<br>| &nbsp;&nbsp;&nbsp; 54547 | &nbsp;&nbsp;&nbsp; 162790 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1049095 | &nbsp;&nbsp;&nbsp; 1076350 | &nbsp;&nbsp;&nbsp; 572037 | &nbsp;&nbsp;&nbsp; 409247 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $783038 | &nbsp;&nbsp;&nbsp; $1049095 | &nbsp;&nbsp;&nbsp; $626584 | &nbsp;&nbsp;&nbsp; $572037 |

---

*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 High Yield Fund** | **Newfleet High Yield Fund** | **Newfleet Low Duration Core Plus** <br> **Bond Fund** | **Newfleet Low Duration Core Plus** <br> **Bond Fund** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1606 | &nbsp;&nbsp;&nbsp; $3676 | &nbsp;&nbsp;&nbsp; $9288 | &nbsp;&nbsp;&nbsp; $20546 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (800)<br>| &nbsp;&nbsp;&nbsp; (881)<br>| &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; (820)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (860)<br>| &nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; (2699)<br>| &nbsp;&nbsp;&nbsp; 3691 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; 3282 | &nbsp;&nbsp;&nbsp; 6728 | &nbsp;&nbsp;&nbsp; 23417 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1043)<br>| &nbsp;&nbsp;&nbsp; (2379)<br>| &nbsp;&nbsp;&nbsp; (1252)<br>| &nbsp;&nbsp;&nbsp; (2575)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp; (104)<br>| &nbsp;&nbsp;&nbsp; (250)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (317)<br>| &nbsp;&nbsp;&nbsp; (530)<br>| &nbsp;&nbsp;&nbsp; (7899)<br>| &nbsp;&nbsp;&nbsp; (17603)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (225)<br>| &nbsp;&nbsp;&nbsp; (668)<br>| &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (112)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (1606)<br>| &nbsp;&nbsp;&nbsp; (3685)<br>| &nbsp;&nbsp;&nbsp; (9307)<br>| &nbsp;&nbsp;&nbsp; (20540)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; (1503)<br>| &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 24 |
| Class C | &nbsp;&nbsp;&nbsp; (1223)<br>| &nbsp;&nbsp;&nbsp; (848)<br>| &nbsp;&nbsp;&nbsp; (604)<br>| &nbsp;&nbsp;&nbsp; (1386)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 3765 | &nbsp;&nbsp;&nbsp; 1481 | &nbsp;&nbsp;&nbsp; (42799)<br>| &nbsp;&nbsp;&nbsp; 33331 |
| Class R6 | &nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp; (3865)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (7513)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 3266 | &nbsp;&nbsp;&nbsp; (4735)<br>| &nbsp;&nbsp;&nbsp; (43173)<br>| &nbsp;&nbsp;&nbsp; 24456 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 1606 | &nbsp;&nbsp;&nbsp; (5138)<br>| &nbsp;&nbsp;&nbsp; (45752)<br>| &nbsp;&nbsp;&nbsp; 27333 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 49959 | &nbsp;&nbsp;&nbsp; 55097 | &nbsp;&nbsp;&nbsp; 458733 | &nbsp;&nbsp;&nbsp; 431400 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $51565 | &nbsp;&nbsp;&nbsp; $49959 | &nbsp;&nbsp;&nbsp; $412981 | &nbsp;&nbsp;&nbsp; $458733 |

---

*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 Intermediate** <br> **Bond Fund** | **Newfleet Multi-Sector Intermediate** <br> **Bond Fund** | **Newfleet Multi-Sector Short Term** <br> **Bond Fund** | **Newfleet Multi-Sector Short Term** <br> **Bond Fund** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $23930 | &nbsp;&nbsp;&nbsp; $46189 | &nbsp;&nbsp;&nbsp; $107378 | &nbsp;&nbsp;&nbsp; $217954 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; (5939)<br>| &nbsp;&nbsp;&nbsp; (5621)<br>| &nbsp;&nbsp;&nbsp; (15056)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (14867)<br>| &nbsp;&nbsp;&nbsp; 4335 | &nbsp;&nbsp;&nbsp; (23778)<br>| &nbsp;&nbsp;&nbsp; 24174 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 9814 | &nbsp;&nbsp;&nbsp; 44585 | &nbsp;&nbsp;&nbsp; 77979 | &nbsp;&nbsp;&nbsp; 227072 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2221)<br>| &nbsp;&nbsp;&nbsp; (5034)<br>| &nbsp;&nbsp;&nbsp; (12336)<br>| &nbsp;&nbsp;&nbsp; (27147)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp; (473)<br>| &nbsp;&nbsp;&nbsp; (1646)<br>| &nbsp;&nbsp;&nbsp; (4153)<br>|
| Class C1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (459)<br>| &nbsp;&nbsp;&nbsp; (1033)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (19673)<br>| &nbsp;&nbsp;&nbsp; (37559)<br>| &nbsp;&nbsp;&nbsp; (91922)<br>| &nbsp;&nbsp;&nbsp; (184349)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1964)<br>| &nbsp;&nbsp;&nbsp; (3750)<br>| &nbsp;&nbsp;&nbsp; (1334)<br>| &nbsp;&nbsp;&nbsp; (1962)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (24087)<br>| &nbsp;&nbsp;&nbsp; (46816)<br>| &nbsp;&nbsp;&nbsp; (107697)<br>| &nbsp;&nbsp;&nbsp; (218644)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (640)<br>| &nbsp;&nbsp;&nbsp; (1246)<br>| &nbsp;&nbsp;&nbsp; (25889)<br>| &nbsp;&nbsp;&nbsp; (35794)<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1228 | &nbsp;&nbsp;&nbsp; (231)<br>| &nbsp;&nbsp;&nbsp; (12293)<br>| &nbsp;&nbsp;&nbsp; (22152)<br>|
| Class C1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3032)<br>| &nbsp;&nbsp;&nbsp; (1836)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 114449 | &nbsp;&nbsp;&nbsp; 104986 | &nbsp;&nbsp;&nbsp; 147379 | &nbsp;&nbsp;&nbsp; 166848 |
| Class R6 | &nbsp;&nbsp;&nbsp; (4606)<br>| &nbsp;&nbsp;&nbsp; 14764 | &nbsp;&nbsp;&nbsp; (2811)<br>| &nbsp;&nbsp;&nbsp; 36364 |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 110431 | &nbsp;&nbsp;&nbsp; 118273 | &nbsp;&nbsp;&nbsp; 103354 | &nbsp;&nbsp;&nbsp; 143430 |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 96158 | &nbsp;&nbsp;&nbsp; 116042 | &nbsp;&nbsp;&nbsp; 73636 | &nbsp;&nbsp;&nbsp; 151858 |
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 842621 | &nbsp;&nbsp;&nbsp; 726579 | &nbsp;&nbsp;&nbsp; 4698763 | &nbsp;&nbsp;&nbsp; 4546905 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $938779 | &nbsp;&nbsp;&nbsp; $842621 | &nbsp;&nbsp;&nbsp; $4772399 | &nbsp;&nbsp;&nbsp; $4698763 |

---

*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 Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $4990 | &nbsp;&nbsp;&nbsp; $14069 | &nbsp;&nbsp;&nbsp; $669 | &nbsp;&nbsp;&nbsp; $1434 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (1572)<br>| &nbsp;&nbsp;&nbsp; (2588)<br>| &nbsp;&nbsp;&nbsp; (102)<br>| &nbsp;&nbsp;&nbsp; (311)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (1430)<br>| &nbsp;&nbsp;&nbsp; (576)<br>| &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; (523)<br>|
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; 1988 | &nbsp;&nbsp;&nbsp; 10905 | &nbsp;&nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp; 600 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1330)<br>| &nbsp;&nbsp;&nbsp; (3856)<br>| &nbsp;&nbsp;&nbsp; (284)<br>| &nbsp;&nbsp;&nbsp; (638)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (107)<br>| &nbsp;&nbsp;&nbsp; (285)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (22)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (3587)<br>| &nbsp;&nbsp;&nbsp; (9742)<br>| &nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp; (759)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (5060)<br>| &nbsp;&nbsp;&nbsp; (13962)<br>| &nbsp;&nbsp;&nbsp; (662)<br>| &nbsp;&nbsp;&nbsp; (1419)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2981)<br>| &nbsp;&nbsp;&nbsp; (18149)<br>| &nbsp;&nbsp;&nbsp; (545)<br>| &nbsp;&nbsp;&nbsp; (2857)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (376)<br>| &nbsp;&nbsp;&nbsp; (705)<br>| &nbsp;&nbsp;&nbsp; (902)<br>| &nbsp;&nbsp;&nbsp; (340)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (37673)<br>| &nbsp;&nbsp;&nbsp; (6879)<br>| &nbsp;&nbsp;&nbsp; (883)<br>| &nbsp;&nbsp;&nbsp; (2008)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (187)<br>| &nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (41217)<br>| &nbsp;&nbsp;&nbsp; (25493)<br>| &nbsp;&nbsp;&nbsp; (2330)<br>| &nbsp;&nbsp;&nbsp; (5205)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (44289)<br>| &nbsp;&nbsp;&nbsp; (28550)<br>| &nbsp;&nbsp;&nbsp; (2308)<br>| &nbsp;&nbsp;&nbsp; (6024)<br>|
| **Net Assets** |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 171378 | &nbsp;&nbsp;&nbsp; 199928 | &nbsp;&nbsp;&nbsp; 47919 | &nbsp;&nbsp;&nbsp; 53943 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $127089 | &nbsp;&nbsp;&nbsp; $171378 | &nbsp;&nbsp;&nbsp; $45611 | &nbsp;&nbsp;&nbsp; $47919 |

---

*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;

---

| | | |
|:---|:---|:---|
|  | **SGA Emerging Markets Equity Fund** | **SGA Emerging Markets Equity Fund** |
|  | **Six Months Ended** <br>**March 31,** <br>**2026** <br>**(Unaudited)**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>|
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $798 | &nbsp;&nbsp;&nbsp; $5220 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 19382 | &nbsp;&nbsp;&nbsp; (7185)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; (72436)<br>| &nbsp;&nbsp;&nbsp; 33992 |
| **Increase (decrease) in net assets resulting from operations** | &nbsp;&nbsp;&nbsp; (52256)<br>| &nbsp;&nbsp;&nbsp; 32027 |
| **Dividends and Distributions to Shareholders** |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1877)<br>| &nbsp;&nbsp;&nbsp; — |
| Class C | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (6943)<br>| &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (663)<br>| &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (9500)<br>| &nbsp;&nbsp;&nbsp; — |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (5823)<br>| &nbsp;&nbsp;&nbsp; (22850)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1066)<br>| &nbsp;&nbsp;&nbsp; (3829)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (12481)<br>| &nbsp;&nbsp;&nbsp; (168653)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2015)<br>| &nbsp;&nbsp;&nbsp; (3088)<br>|
| **Increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; (21385)<br>| &nbsp;&nbsp;&nbsp; (198420)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; (83141)<br>| &nbsp;&nbsp;&nbsp; (166393)<br>|
| **Net Assets** |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 530556 | &nbsp;&nbsp;&nbsp; 696949 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $447415 | &nbsp;&nbsp;&nbsp; $530556 |

---

*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** | **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>|
| **Duff & Phelps Global** <br> **Infrastructure Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $16.11  | 0.10  | —  | 1.43  | 1.53  | (0.11)  | —  | (1.05)  | (1.16)  | — <sup>(9)</sup> <br>| 0.37  | $16.48  | 10.21 % <sup>(10)</sup> <br>| $21130  | 1.23 % <sup>(11)</sup> <br>| 1.23 %  | 1.27 %  | 25 %  |
| 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>(11)</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>(12)</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 I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $16.11  | 0.12  | —  | 1.45  | 1.57  | (0.13)  | —  | (1.05)  | (1.18)  | — <sup>(9)</sup> <br>| 0.39  | $16.50  | 10.45 % <sup>(10)</sup> <br>| $131115  | 1.02 % <sup>(11)</sup> <br>| 1.02 %  | 1.47 %  | 25 %  |
| 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>(11)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $16.15  | 0.13  | —  | 1.44  | 1.57  | (0.15)  | —  | (1.05)  | (1.20)  | — <sup>(9)</sup> <br>| 0.37  | $16.52  | 10.42 % <sup>(10)</sup> <br>| $20903  | 0.85 % <sup>(11)</sup> <br>| 0.87 %  | 1.67 %  | 25 %  |
| 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>(11)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $37.34  | 0.30  | —  | (0.25)  | 0.05  | (0.83)  | —  | —  | (0.83)  | —  | (0.78)  | $36.56  | 0.17 %  | $13650  | 1.24 %  | 3.42 %  | 1.62 %  | 6 %  |
| 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>(13)</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>(11)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $34.98  | 0.17  | —  | (0.26)  | (0.09)  | (0.57)  | —  | —  | (0.57)  | —  | (0.66)  | $34.32  | (0.22) %  | $1535  | 1.99 %  | 2.14 %  | 0.97 %  | 6 %  |
| 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>(13)</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>(11)</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>(12)(14)</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** | **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> |
| **Duff & Phelps Global** <br> **Real Estate Securities** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $36.22  | 0.37  | —  | (0.29)  | 0.08  | (0.94)  | —  | —  | (0.94)  | —  | (0.86)  | $35.36  | 0.29 %  | $189995  | 0.99 %  | 1.16 %  | 2.04 %  | 6 %  |
| 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>(13)</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>(11)</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>(12)(14)</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>(14)</sup> <br>| 1.14  | 1.29  | 17  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $36.15  | 0.39  | —  | (0.28)  | 0.11  | (1.06)  | —  | —  | (1.06)  | —  | (0.95)  | $35.20  | 0.36 %  | $194844  | 0.87 %  | 1.05 %  | 2.20 %  | 6 %  |
| 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>(13)</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>(11)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $15.87  | 0.21  | 0.51  | 0.80  | 1.52  | (0.28)  | —  | —  | (0.28)  | —  | 1.24  | $17.11  | 9.75 %  | $11409  | 0.50 %  | 0.74 %  | 2.61 %  | 6 %  |
| 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>(15)</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>(13)</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>(12)</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>(12)</sup> <br>| 0.85  | 0.19  | 14  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $15.86  | 0.24  | 0.52  | 0.77  | 1.53  | (0.32)  | —  | —  | (0.32)  | —  | 1.21  | $17.07  | 9.85 %  | $8922  | 0.25 %  | 0.49 %  | 2.90 %  | 6 %  |
| 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>(13)</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>(12)</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>(12)</sup> <br>| 0.60  | 0.46  | 14  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $15.82  | 0.27  | 0.61  | 0.65  | 1.53  | (0.35)  | —  | —  | (0.35)  | —  | 1.18  | $17.00  | 9.86 %  | $28362  | 0.20 %  | 0.37 %  | 3.30 %  | 6 %  |
| 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>(16)</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>(12)</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** | **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> |
| **Duff & Phelps Real** <br> **Estate Securities Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $18.95  | 0.18  | —  | 0.25  | 0.43  | (0.23)  | —  | (0.64)  | (0.87)  | —  | (0.44)  | $18.51  | 2.47 %  | $83218  | 1.24 %  | 1.36 %  | 1.91 %  | 5 %  |
| 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>(13)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $18.94  | 0.11  | —  | 0.25  | 0.36  | (0.16)  | —  | (0.64)  | (0.80)  | —  | (0.44)  | $18.50  | 2.09 %  | $2628  | 1.99 %  | 2.08 %  | 1.17 %  | 5 %  |
| 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>(13)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $18.85  | 0.20  | —  | 0.24  | 0.44  | (0.25)  | —  | (0.64)  | (0.89)  | —  | (0.45)  | $18.40  | 2.57 %  | $107811  | 0.99 %  | 1.11 %  | 2.16 %  | 5 %  |
| 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>(13)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $18.96  | 0.22  | —  | 0.25  | 0.47  | (0.27)  | —  | (0.64)  | (0.91)  | —  | (0.44)  | $18.52  | 2.72 %  | $147485  | 0.79 %  | 0.96 %  | 2.39 %  | 5 %  |
| 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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.78  | 0.09  | —  | (0.03)  | 0.06  | (0.25)  | —  | —  | (0.25)  | —  | (0.19)  | $10.59  | 0.61 %  | $430  | 1.36 % <sup>(17)(18)</sup> <br>| 3.58 %  | 1.69 %  | 24 %  |
| 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>(13)</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>(13)</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>(12)</sup> <br>| 4.83  | 0.53  | 16  |
| 6/22/21<sup>(16)</sup> to 9/30/21 | 10.00  | — <sup>(9)</sup> <br>| —  | (0.37)  | (0.37)  | —  | —  | —  | —  | —  | (0.37)  | 9.63  | (3.70)  | 96  | 1.55  | 12.33  | 0.01  | 5 <sup>(19)</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** | **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> |
| **KAR Developing** <br> **Markets** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.80  | 0.10  | —  | (0.03)  | 0.07  | (0.27)  | —  | —  | (0.27)  | —  | (0.20)  | $10.60  | 0.70 %  | $351  | 1.09 % <sup>(18)</sup> <br>| 3.20 %  | 1.85 %  | 24 %  |
| 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>(13)</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>(13)</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>(12)</sup> <br>| 4.53  | 0.78  | 16  |
| 6/22/21<sup>(16)</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>(19)</sup> <br>|
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.85  | 0.11  | —  | (0.03)  | 0.08  | (0.24)  | —  | —  | (0.24)  | —  | (0.16)  | $10.69  | 0.76 %  | $2886  | 1.06 % <sup>(17)(18)</sup> <br>| 3.21 %  | 2.10 %  | 24 %  |
| 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>(13)</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>(13)</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>(12)</sup> <br>| 4.53  | 0.89  | 16  |
| 6/22/21<sup>(16)</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>(19)</sup> <br>|
| **KAR Emerging Markets** <br> **Small-Cap Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $17.01  | 0.13  | —  | (0.55)  | (0.42)  | (0.38)  | —  | —  | (0.38)  | —  | (0.80)  | $16.21  | (2.44) %  | $35965  | 1.70 %  | 1.79 %  | 1.54 %  | 31 %  |
| 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>(13)</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>(14)(20)</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>(12)(13)(14)(20)</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>(14)(20)</sup> <br>| 1.81  | (0.11)  | 19  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $16.56  | 0.06  | —  | (0.53)  | (0.47)  | (0.22)  | —  | —  | (0.22)  | —  | (0.69)  | $15.87  | (2.82) %  | $3298  | 2.45 %  | 2.47 %  | 0.79 %  | 31 %  |
| 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>(13)</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>(14)(20)</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>(12)(13)</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>(14)(20)</sup> <br>| 2.54  | (0.79)  | 19  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $17.21  | 0.15  | —  | (0.55)  | (0.40)  | (0.46)  | —  | —  | (0.46)  | —  | (0.86)  | $16.35  | (2.32) %  | $295532  | 1.45 %  | 1.52 %  | 1.77 %  | 31 %  |
| 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>(13)</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>(12)(13)</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>(14)(20)</sup> <br>| 1.51  | 0.26  | 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** | **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> |
| **KAR Emerging Markets** <br> **Small-Cap** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $17.42  | 0.16  | —  | (0.56)  | (0.40)  | (0.48)  | —  | —  | (0.48)  | —  | (0.88)  | $16.54  | (2.25) %  | $1933  | 1.30 %  | 1.41 %  | 1.87 %  | 31 %  |
| 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>(13)</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>(12)(13)</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>(14)(20)</sup> <br>| 1.41  | 0.72  | 19  |
| **KAR International** <br> **Small-Mid Cap Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $21.52  | 0.15  | —  | (1.88)  | (1.73)  | (0.67)  | —  | —  | (0.67)  | —  | (2.40)  | $19.12  | (8.18) %  | $36726  | 1.48 % <sup>(21)</sup> <br>| 1.48 %  | 1.43 %  | 19 %  |
| 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>(11)(14)(20)</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>(11)(14)(20)</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>(12)(14)</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>(9)</sup> <br>| 5.57  | 24.72  | 30.29 <sup>(10)</sup> <br>| 100353  | 1.53 <sup>(13)(14)</sup> <br>| 1.53  | 0.18  | 23  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $20.81  | 0.06  | —  | (1.82)  | (1.76)  | (0.23)  | —  | —  | (0.23)  | —  | (1.99)  | $18.82  | (8.50) %  | $6323  | 2.23 % <sup>(21)</sup> <br>| 2.24 %  | 0.64 %  | 19 %  |
| 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>(11)(14)(20)</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>(11)(20)</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>(12)(14)</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>(9)</sup> <br>| 5.45  | 24.23  | 29.43 <sup>(10)</sup> <br>| 42388  | 2.25 <sup>(13)</sup> <br>| 2.25  | (0.55)  | 23  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $21.74  | 0.17  | —  | (1.88)  | (1.71)  | (0.76)  | —  | —  | (0.76)  | —  | (2.47)  | $19.27  | (8.02) %  | $666800  | 1.22 % <sup>(14)(21)</sup> <br>| 1.22 %  | 1.65 %  | 19 %  |
| 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>(11)(14)(20)</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>(11)(14)(20)</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>(12)(14)</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>(9)</sup> <br>| 5.61  | 24.86  | 30.69 <sup>(10)</sup> <br>| 2685996  | 1.24 <sup>(13)(14)</sup> <br>| 1.24  | 0.49  | 23  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $21.81  | 0.18  | —  | (1.88)  | (1.70)  | (0.81)  | —  | —  | (0.81)  | —  | (2.51)  | $19.30  | (7.98) %  | $73189  | 1.11 % <sup>(14)(21)</sup> <br>| 1.11 %  | 1.75 %  | 19 %  |
| 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>(11)(14)(20)</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>(11)(14)</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>(12)(14)</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>(9)</sup> <br>| 5.62  | 24.89  | 30.82 <sup>(10)</sup> <br>| 277279  | 1.15 <sup>(13)(14)</sup> <br>| 1.15  | 0.65  | 23  |

---

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** | **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 Core Plus Bond** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.17  | 0.23  | —  | (0.14)  | 0.09  | (0.23)  | —  | —  | (0.23)  | —  | (0.14)  | $10.03  | 0.91 %  | $39527  | 0.70 %  | 0.90 %  | 4.59 %  | 14 %  |
| 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>(13)</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>(22)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $9.94  | 0.19  | —  | (0.15)  | 0.04  | (0.19)  | —  | —  | (0.19)  | —  | (0.15)  | $9.79  | 0.50 %  | $4928  | 1.45 %  | 1.62 %  | 3.84 %  | 14 %  |
| 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>(13)</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>(22)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.34  | 0.25  | —  | (0.15)  | 0.10  | (0.25)  | —  | —  | (0.25)  | —  | (0.15)  | $10.19  | 0.96 %  | $539138  | 0.45 %  | 0.62 %  | 4.83 %  | 14 %  |
| 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>(13)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.35  | 0.25  | —  | (0.15)  | 0.10  | (0.25)  | —  | —  | (0.25)  | —  | (0.15)  | $10.20  | 1.01 %  | $42991  | 0.35 %  | 0.54 %  | 4.94 %  | 14 %  |
| 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>(13)</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>(13)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $3.89  | 0.12  | —  | (0.13)  | (0.01)  | (0.12)  | —  | —  | (0.12)  | —  | (0.13)  | $3.76  | (0.28) %  | $33073  | 0.95 %  | 1.35 %  | 6.26 %  | 19 %  |
| 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>(13)</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>(12)</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>(12)</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  |

---

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** | **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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $3.90  | 0.12  | —  | (0.13)  | (0.01)  | (0.12)  | —  | —  | (0.12)  | —  | (0.13)  | $3.77  | (0.15) %  | $11669  | 0.70 %  | 1.10 %  | 6.43 %  | 19 %  |
| 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>(13)</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>(12)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $3.89  | 0.13  | —  | (0.12)  | 0.01  | (0.13)  | —  | —  | (0.13)  | —  | (0.12)  | $3.77  | 0.17 %  | $6823  | 0.59 %  | 1.00 %  | 6.63 %  | 19 %  |
| 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>(12)</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>(12)</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>(13)</sup> <br>| 0.93  | 5.12  | 74  |
| **Newfleet Low Duration** <br> **Core Plus Bond Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.76  | 0.23  | —  | (0.06)  | 0.17  | (0.23)  | —  | —  | (0.23)  | —  | (0.06)  | $10.70  | 1.56 %  | $60407  | 0.75 %  | 0.93 %  | 4.22 %  | 23 %  |
| 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>(12)</sup> <br>| 0.90  | 1.46  | 38  |
| 10/1/20 to 9/30/21 | 10.96  | 0.16  | —  | — <sup>(9)</sup> <br>| 0.16  | (0.16)  | —  | —  | (0.16)  | —  | — <sup>(9)</sup> <br>| 10.96  | 1.44  | 101271  | 0.75  | 0.89  | 1.42  | 55  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.76  | 0.19  | —  | (0.06)  | 0.13  | (0.19)  | —  | —  | (0.19)  | —  | (0.06)  | $10.70  | 1.18 %  | $5413  | 1.50 %  | 1.70 %  | 3.47 %  | 23 %  |
| 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>(12)</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>(9)</sup> <br>| 10.96  | 0.68  | 17403  | 1.50  | 1.66  | 0.69  | 55  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.76  | 0.24  | —  | (0.07)  | 0.17  | (0.24)  | —  | —  | (0.24)  | —  | (0.07)  | $10.69  | 1.59 %  | $344806  | 0.50 %  | 0.69 %  | 4.47 %  | 23 %  |
| 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>(12)</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  |

---

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** | **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 Low Duration** <br> **Core Plus Bond** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.77  | 0.24  | —  | (0.07)  | 0.17  | (0.24)  | —  | —  | (0.24)  | —  | (0.07)  | $10.70  | 1.63 %  | $2356  | 0.43 %  | 0.61 %  | 4.54 %  | 23 %  |
| 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>(12)</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>(9)</sup> <br>| 10.96  | 1.76  | 27222  | 0.43  | 0.57  | 1.46  | 55  |
| **Newfleet Multi-Sector** <br> **Intermediate Bond Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $9.29  | 0.24  | —  | (0.14)  | 0.10  | (0.24)  | —  | —  | (0.24)  | —  | (0.14)  | $9.15  | 1.07 %  | $84019  | 0.99 %  | 1.08 %  | 5.15 %  | 24 %  |
| 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>(12)</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>(9)</sup> <br>| 0.29  | 10.35  | 6.45 <sup>(10)</sup> <br>| 82697  | 0.99  | 1.07  | 3.56  | 77  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $9.41  | 0.21  | —  | (0.14)  | 0.07  | (0.21)  | —  | —  | (0.21)  | —  | (0.14)  | $9.27  | 0.71 %  | $10849  | 1.74 %  | 1.82 %  | 4.39 %  | 24 %  |
| 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>(12)</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>(9)</sup> <br>| 0.29  | 10.46  | 5.58 <sup>(10)</sup> <br>| 20004  | 1.74  | 1.82  | 2.81  | 77  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $9.23  | 0.25  | —  | (0.14)  | 0.11  | (0.25)  | —  | —  | (0.25)  | —  | (0.14)  | $9.09  | 1.18 %  | $776327  | 0.74 %  | 0.80 %  | 5.39 %  | 24 %  |
| 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>(12)</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>(9)</sup> <br>| 0.28  | 10.33  | 6.70 <sup>(10)</sup> <br>| 212633  | 0.74  | 0.82  | 3.80  | 77  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $9.35  | 0.26  | —  | (0.14)  | 0.12  | (0.26)  | —  | —  | (0.26)  | —  | (0.14)  | $9.21  | 1.27 %  | $67584  | 0.60 %  | 0.74 %  | 5.54 %  | 24 %  |
| 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>(12)</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>(9)</sup> <br>| 0.30  | 10.38  | 6.87 <sup>(10)</sup> <br>| 6345  | 0.60  | 0.75  | 3.94  | 77  |

---

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** | **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 Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $4.57  | 0.10  | —  | (0.03)  | 0.07  | (0.10)  | —  | —  | (0.10)  | —  | (0.03)  | $4.54  | 1.53 %  | $548563  | 0.90 %  | 0.99 %  | 4.36 %  | 22 %  |
| 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>(12)(13)</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>(14)</sup> <br>| 0.96  | 2.02  | 64  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $4.65  | 0.10  | —  | (0.03)  | 0.07  | (0.10)  | —  | —  | (0.10)  | —  | (0.03)  | $4.62  | 1.41 %  | $73740  | 1.16 %  | 1.24 %  | 4.11 %  | 22 %  |
| 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>(12)(13)</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>(14)</sup> <br>| 1.21  | 1.82  | 64  |
| **Class C1** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $4.63  | 0.08  | —  | (0.03)  | 0.05  | (0.08)  | —  | —  | (0.08)  | —  | (0.03)  | $4.60  | 1.16 %  | $23459  | 1.66 %  | 1.73 %  | 3.60 %  | 22 %  |
| 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>(12)(13)</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>(14)</sup> <br>| 1.71  | 1.32  | 64  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $4.58  | 0.11  | —  | (0.03)  | 0.08  | (0.11)  | —  | —  | (0.11)  | —  | (0.03)  | $4.55  | 1.66 %  | $4068685  | 0.65 %  | 0.73 %  | 4.61 %  | 22 %  |
| 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>(12)(13)</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>(14)</sup> <br>| 0.71  | 2.28  | 64  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $4.59  | 0.11  | —  | (0.02)  | 0.09  | (0.11)  | —  | —  | (0.11)  | —  | (0.02)  | $4.57  | 1.95 %  | $57952  | 0.52 %  | 0.66 %  | 4.74 %  | 22 %  |
| 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>(12)(13)</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  |

---

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** | **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** <br> **Floating Rate Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $8.58  | 0.26  | —  | (0.16)  | 0.10  | (0.27)  | —  | —  | (0.27)  | —  | (0.17)  | $8.41  | 1.26 %  | $40434  | 0.95 % <sup>(23)</sup> <br>| 1.14 %  | 6.18 %  | 21 %  |
| 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>(23)</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>(13)(23)</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>(23)</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>(12)(23)</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>(23)</sup> <br>| 1.08  | 3.18  | 65  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $8.58  | 0.23  | —  | (0.16)  | 0.07  | (0.23)  | —  | —  | (0.23)  | —  | (0.16)  | $8.42  | 0.88 %  | $3668  | 1.70 % <sup>(23)</sup> <br>| 1.88 %  | 5.43 %  | 21 %  |
| 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>(23)</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>(13)(23)</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>(23)</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>(12)(23)</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>(23)</sup> <br>| 1.85  | 2.49  | 65  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $8.56  | 0.27  | —  | (0.15)  | 0.12  | (0.28)  | —  | —  | (0.28)  | —  | (0.16)  | $8.40  | 1.38 %  | $82047  | 0.70 % <sup>(23)</sup> <br>| 0.87 %  | 6.47 %  | 21 %  |
| 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>(23)</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>(13)(23)</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>(23)</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>(12)(23)</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>(23)</sup> <br>| 0.83  | 3.42  | 65  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $8.56  | 0.28  | —  | (0.16)  | 0.12  | (0.28)  | —  | —  | (0.28)  | —  | (0.16)  | $8.40  | 1.43 %  | $940  | 0.60 % <sup>(23)</sup> <br>| 0.81 %  | 6.55 %  | 21 %  |
| 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>(23)</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>(23)</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>(23)</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>(12)(23)</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>(23)</sup> <br>| 0.77  | 3.61  | 65  |
| **Seix Tax-Exempt Bond** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.21  | 0.14  | —  | —  | 0.14  | (0.14)  | —  | —  | (0.14)  | —  | —  | $10.21  | 1.33 %  | $21117  | 0.96 % <sup>(12)</sup> <br>| 1.28 %  | 2.69 %  | 11 %  |
| 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>(12)(13)</sup> <br>| 1.02  | 2.13  | 1  |
| 10/1/20 to 9/30/21 | 11.45  | 0.23  | —  | — <sup>(9)</sup> <br>| 0.23  | (0.23)  | —  | (0.09)  | (0.32)  | —  | (0.09)  | 11.36  | 2.04  | 37928  | 0.85  | 1.01  | 2.05  | 6  |

---

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** | **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> |
| **Seix Tax-Exempt Bond** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $10.21  | 0.15  | —  | —  | 0.15  | (0.15)  | —  | —  | (0.15)  | —  | —  | $10.21  | 1.46 %  | $24494  | 0.71 % <sup>(12)</sup> <br>| 1.03 %  | 2.93 %  | 11 %  |
| 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>(12)(13)</sup> <br>| 0.79  | 2.37  | 1  |
| 10/1/20 to 9/30/21 | 11.45  | 0.26  | —  | — <sup>(9)</sup> <br>| 0.26  | (0.26)  | —  | (0.09)  | (0.35)  | —  | (0.09)  | 11.36  | 2.29  | 62412  | 0.60  | 0.77  | 2.30  | 6  |
| **SGA Emerging Markets** <br> **Equity Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $8.13  | — <sup>(9)</sup> <br>| —  | (0.85)  | (0.85)  | (0.15)  | —  | —  | (0.15)  | —  | (1.00)  | $7.13  | (10.61) %  | $86560  | 1.51 % <sup>(13)(24)(25)</sup> <br>| 1.71 %  | 0.11 %  | 16 %  |
| 10/1/24 to 9/30/25 | 7.53  | 0.05  | —  | 0.55  | 0.60  | —  | —  | —  | —  | —  | 0.60  | 8.13  | 7.97  | 104377  | 1.56  | 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>(11)(13)(26)</sup> <br>| 1.71  | 0.17  | 125 <sup>(27)</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>(12)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $7.54  | (0.02)  | —  | (0.80)  | (0.82)  | (0.03)  | —  | —  | (0.03)  | —  | (0.85)  | $6.69  | (10.92) %  | $3420  | 2.26 % <sup>(13)(24)(25)</sup> <br>| 2.45 %  | (0.65) %  | 16 %  |
| 10/1/24 to 9/30/25 | 7.04  | — <sup>(9)</sup> <br>| —  | 0.50  | 0.50  | —  | —  | —  | —  | —  | 0.50  | 7.54  | 7.10  | 4918  | 2.32  | 2.51  | — <sup>(9)</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>(11)(13)(26)</sup> <br>| 2.42  | (0.62)  | 125 <sup>(27)</sup> <br>|
| 10/1/22 to 9/30/23 | 6.68  | — <sup>(9)</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>(12)</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  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $8.60  | 0.02  | —  | (0.90)  | (0.88)  | (0.16)  | —  | —  | (0.16)  | —  | (1.04)  | $7.56  | (10.40) %  | $333467  | 1.26 % <sup>(13)(24)(25)</sup> <br>| 1.36 %  | 0.36 %  | 16 %  |
| 10/1/24 to 9/30/25 | 7.95  | 0.08  | —  | 0.57  | 0.65  | —  | —  | —  | —  | —  | 0.65  | 8.60  | 8.18  | 391899  | 1.32  | 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>(11)(13)(26)</sup> <br>| 1.35  | 0.41  | 125 <sup>(27)</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>(12)</sup> <br>| 1.24  | 0.46  | 54  |
| 10/1/20 to 9/30/21 | 11.41  | — <sup>(9)</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** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/25 to 3/31/26<sup>(8)</sup> <br>| $8.73  | 0.03  | —  | (0.91)  | (0.88)  | (0.20)  | —  | —  | (0.20)  | —  | (1.08)  | $7.65  | (10.28) %  | $23968  | 1.02 % <sup>(24)(25)</sup> <br>| 1.25 %  | 0.60 %  | 16 %  |
| 10/1/24 to 9/30/25 | 8.05  | 0.09  | —  | 0.59  | 0.68  | —  | —  | —  | —  | —  | 0.68  | 8.73  | 8.45  | 29362  | 1.06  | 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>(11)(26)</sup> <br>| 1.25  | 0.67  | 125 <sup>(27)</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>(12)</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.  |

---

*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>(4)</sup> Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report. 

<sup>(5)</sup> Annualized for periods less than one year.

<sup>(6)</sup> The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. 

<sup>(7)</sup> 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> Unaudited.

<sup>(9)</sup> Amount is less than $0.005 per share.

<sup>(10)</sup> Payment from affiliate had no impact on total return.

<sup>(11)</sup> Net expense ratio includes extraordinary European Union tax reclaim expenses.

<sup>(12)</sup> Net expense ratio includes extraordinary proxy expenses.

<sup>(13)</sup> Due to a change in the expense limitation, the ratio shown is a blended expense ratio.

<sup>(14)</sup> The share class is currently under its expense limitation. 

<sup>(15)</sup> Ratios of total expenses excluding interest expense on borrowings for year ended September 30, 2025, were 0.50% (Class A), and 1.25% (Class C).

<sup>(16)</sup> Inception date.

<sup>(17)</sup> Ratios of total expenses excluding interest expense on borrowings for six months ended March 31, 2026, were 1.35% (Class A), and 1.05% (Class R6).

<sup>(18)</sup> Net expense ratio includes excise tax. Ratios of total net expenses excluding excise tax for the six months ended March 31, 2026 would be 1.34% (Class A), 1.08% (Class I) and 1.04% (Class R6). 

<sup>(19)</sup> Portfolio turnover is representative of the Fund for the entire period.

<sup>(20)</sup> See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived.

<sup>(21)</sup> Net expense ratio includes extraordinary European Union tax reclaim expenses. Ratios of total net expenses excluding European Union tax reclaim expenses for the six months ended March 31, 2026 would be 1.45% (Class A), 2.20% (Class C), 1.19% (Class I) and 1.08% (Class R6). 

<sup>(22)</sup> Includes interest expense on borrowings.

<sup>(23)</sup> Ratios of total expenses excluding interest expense on borrowings for six months ended March 31, 2026, were 0.90% (Class A), 1.65% (Class C), 0.65% (Class I) and 0.55% (Class R6), and year ended September 30, 2025, 2024, 2023, 2022 and 2021, were 0.91% (Class A), 1.66% (Class C), 0.66% (Class I) and 0.55% (Class R6). 

<sup>(24)</sup> Net expense ratio includes excise tax. Ratios of total net expenses excluding excise tax for the six months ended March 31, 2026 would be 1.50% (Class A), 2.23% (Class C), 1.23% (Class I) and 0.99% (Class R6). 

<sup>(25)</sup> Net expense ratio includes extraordinary European Union tax reclaim expenses. Ratios of total net expenses excluding European Union tax reclaim expenses for the six months ended March 31, 2026 would be 1.48% (Class A), 2.23% (Class C), 1.23% (Class I) and 0.99% (Class R6). 

<sup>(26)</sup> 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% (Class I) and 1.00% (Class R6). 

<sup>(27)</sup> 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 (Unaudited)** 

**March 31, 2026**

**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 15 (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 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. KAR International Small-Mid Cap Fund, Newfleet Multi-Sector Intermediate Bond Fund and SGA Emerging Markets Equity Fund offer Class C 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. Class A shares of all other 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 (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 or has purchased greater than $999,999 of Class C shares of Newfleet Core Plus Bond Fund, Newfleet Multi-Sector Intermediate Bond Fund and Newfleet Senior Floating Rate 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. Effective January 21, 2026, Class C shares of Duff & Phelps Global Real Estate Securities Fund, Duff & Phelps Real Estate Securities Fund, KAR Emerging Markets Small-Cap Fund, Newfleet Core Plus Bond Fund, Newfleet Low Duration Core Plus Bond Fund and Newfleet Senior Floating Rate 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 Duff & Phelps Global Real Estate Securities Fund, Duff & Phelps Real Estate Securities Fund, KAR Emerging Markets Small-Cap Fund, Newfleet Core Plus Bond Fund, Newfleet Low Duration Core Plus Bond Fund, Newfleet Multi-Sector Short Term Bond Fund and Newfleet Senior Floating Rate 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 Duff & Phelps Global Real Estate Securities Fund, Duff & Phelps Real Estate Securities Fund, KAR Emerging Markets Small-Cap Fund, Newfleet Core Plus Bond Fund, Newfleet Low Duration Core Plus Bond Fund, Newfleet Multi-Sector Short Term Bond Fund and Newfleet Senior Floating Rate Fund, including 12b-1 Plan fees, shareholder service fees, and conversion features are unchanged. On January 26, 2026, all Class C shares of Duff & Phelps Global Infrastructure Fund, Duff & Phelps Real Asset Fund, KAR Developing Markets Fund, Newfleet High Yield Fund and Seix Tax-Exempt Bond Fund were converted to Class A shares.

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

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

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 and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

&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.

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

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 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.

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 reclaims 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

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

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.**

**Convertible Securities**

Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds' investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock.

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Payment-In-Kind Securities**

Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**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;**J.**

**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 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;**K.**

**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

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

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;**L.**

**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 March 31, 2026, 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(1)** <br>| **Net** <br>**Amount(2)** <br>|
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp; $945 | &nbsp;&nbsp; $945 | &nbsp;&nbsp; $—<br>|
| Newfleet High Yield Fund | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 248 | &nbsp;&nbsp; —<br>|
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp; 1223 | &nbsp;&nbsp; 1223 | &nbsp;&nbsp; —<br>|
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp; 5006 | &nbsp;&nbsp; 5006 | &nbsp;&nbsp; —<br>|
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp; 12338 | &nbsp;&nbsp; 12338 | &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.

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 March 31, 2026 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; $959 |
| Newfleet High Yield Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 260 |
| Newfleet Low Duration Core Plus Bond Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 1255 |
| Newfleet Multi-Sector Intermediate Bond Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 5176 |
| Newfleet Multi-Sector Short Term Bond Fund | Money Market Mutual Fund | &nbsp;&nbsp;&nbsp; 12776 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**M.**

**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, management of the Funds' Investment 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.

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

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

**($ reported in thousands)**

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

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Futures Contracts**

A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the "initial margin" requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from futures contracts.

During the six months ended March 31, 2026, the Newfleet Core Plus Bond Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund's success in using futures will be dependent upon the subadviser's ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for futures contracts".

&nbsp;&nbsp;&nbsp;&nbsp;**B.**

**Swaps**

Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the Over-the-Counter ("OTC") market and may be entered into as a bilateral contract ("OTC swaps") or centrally cleared ("centrally cleared swaps"). The value of the swap is reflected on the Statements of Assets and Liabilities as "Over-the counter swaps at value" for OTC swaps and as "Variation margin receivable/payable on swap contracts" for centrally cleared swaps. Swaps are marked-to-market daily and changes in value are recorded as "Net change in unrealized appreciation (depreciation) on swaps" in the Statements of Operations.

Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under "Over-the-counter swaps at value" in the Statements of Assets and Liabilities and are amortized over the term of the swap for OTC swaps. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as "Net realized gain (loss) on swaps" in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap.

Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for swap contracts".

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

*Credit default swaps ("CDS")* – A Fund may either buy or sell (write) CDS on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. CDS on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). CDS on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). CDS on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into CDS to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).

During the six months ended March 31, 2026, 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 utilized credit index swaps to gain exposure to short individual securities or to gain exposure to a credit or asset-backed index. At March 31, 2026, there were no open CDS contracts for the Newfleet Core Plus Bond Fund and the Newfleet Low Duration Core Plus Bond Fund.

The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Assets and Liabilities at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Statement Line Description** | **Primary Risk** | **Newfleet Core** <br> **Plus Bond Fund**<br>| **Newfleet** <br> **Multi-Sector** <br> **Intermediate Bond** <br> **Fund**<br>| **Newfleet** <br> **Multi-Sector Short** <br> **Term Bond Fund**<br>|
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |  |  |
| Variation margin receivable on swap contracts<sup>(1)</sup> <br>| Credit contracts | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $477 |
| Total Assets |  | &nbsp;&nbsp; $— | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $477 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |  |  |
| Variation margin receivable on futures contracts<sup>(1)</sup> <br>| Interest rate contracts | &nbsp;&nbsp; $(516)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Total Liabilities |  | &nbsp;&nbsp; $(516)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>(1)</sup> Represents cumulative appreciation (depreciation) on futures contracts and swap contracts as reported in the Schedule of Investments. Only current day's variation margin is shown in the Statements of Assets and Liabilities for exchange traded swap contracts.

The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Operations for the six months ended March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Statement Line Description** | **Primary Risk** | **Newfleet Core** <br> **Plus Bond Fund**<br>| **Newfleet Low** <br> **Duration Core** <br> **Plus Bond Fund**<br>| **Newfleet** <br> **Multi-Sector** <br> **Intermediate Bond** <br> **Fund**<br>| **Newfleet** <br> **Multi-Sector Short** <br> **Term Bond Fund**<br>|
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
| Futures | Interest rate contracts | &nbsp;&nbsp; $351 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Swaps | Credit contracts | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; (143)<br>|
| Total |  | &nbsp;&nbsp; $563 | &nbsp;&nbsp; $55 | &nbsp;&nbsp; $63 | &nbsp;&nbsp; $(143)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Futures | Interest rate contracts | &nbsp;&nbsp; $(516)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Swaps | Credit contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 477 |
| Total |  | &nbsp;&nbsp; $(516)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $93 | &nbsp;&nbsp; $477 |

---

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**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

The table below shows the quarterly average volume (unless otherwise specified) of the derivatives held by the applicable Funds for the six months ended March 31, 2026.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **Newfleet Core** <br> **Plus Bond** <br> **Fund**<br>| &nbsp;&nbsp; **Newfleet Low** <br> **Duration Core** <br> **Plus Bond** <br> **Fund**<br>|
| CDS Contracts - Buy Protection<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; $2673 | &nbsp;&nbsp;&nbsp; $— |
| CDS Contracts - Sell Protection<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; 1437 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Notional amount.

The futures and swap contracts as disclosed on the Schedule of Investments at period end serves as an indicator of the volume for the Newfleet Multi-Sector Intermediate Bond Fund and the Newfleet Multi-Sector Short Term Bond Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**C.**

**Derivative Risks**

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC, rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.

With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;**D.**

**Collateral Requirements and Master Netting Agreements ("MNA")**

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

The following table presents the Funds' derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Fund as of March 31, 2026:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **At March 31, 2026, the Fund's derivative assets and liabilities (by type) are as follows:** | **At March 31, 2026, the Fund's derivative assets and liabilities (by type) are as follows:** | **At March 31, 2026, the Fund's derivative assets and liabilities (by type) are as follows:** | **At March 31, 2026, the Fund's derivative assets and liabilities (by type) are as follows:** |  |  |  |
|  | **Newfleet Core Plus Bond** <br> **Fund** | **Newfleet Core Plus Bond** <br> **Fund** | **Newfleet Multi-Sector** <br> **Intermediate Bond Fund** | **Newfleet Multi-Sector** <br> **Intermediate Bond Fund** | **Newfleet Multi-Sector** <br> **Short Term Bond Fund** | **Newfleet Multi-Sector** <br> **Short Term Bond Fund** |
|  | **Assets** | **Liabilities** | **Assets** | **Liabilities** | **Assets** | **Liabilities** |
| **Derivative Financial** <br>**Instruments:**<br>|  |  |  |  |  |  |
| Futures contracts | &nbsp;&nbsp; $37 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Centrally cleared swaps | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78 | &nbsp;&nbsp; — | &nbsp;&nbsp; 398 | &nbsp;&nbsp; — |
| Total derivative assets and liabilities in the <br> Statements of Assets and Liabilities<br>| &nbsp;&nbsp; $37 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $78 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $398 | &nbsp;&nbsp; $— |
| Derivatives not subject to a MNA <br>or similar agreement<br>| &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (78)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (398)<br>| &nbsp;&nbsp; — |
| Total assets and liabilities <br>subject to a MNA<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

**($ reported in thousands)**

&nbsp;&nbsp;&nbsp;&nbsp;**A.**

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser") an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' 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 (except as otherwise noted) of each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First $1 Billion** | **$1+ Billion** |
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>|
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.15<br>|
| Seix Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br>|
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<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** |
| Duff & Phelps Global Infrastructure Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>|
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br>|
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br>|
| Newfleet High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<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;

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | |
|:---|:---|:---|:---|
|  | **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>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **First $3 Billion** | **$3+ Billion** |
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|

---

Duff & Phelps Real Asset Fund – the Adviser does not charge an advisory fee.

During the six months ended March 31, 2026, 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 six months ended March 31, 2026, 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 applicable Adviser. A list of the subadvisers and the Funds they serve as of the end of the six months 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>|
| Newfleet Core Plus Bond Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(3)</sup> <br>|
| Newfleet High Yield Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(3)</sup> <br>|
| Newfleet Low Duration Core Plus Bond Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(3)</sup> <br>|
| Newfleet Multi-Sector Intermediate Bond Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(3)</sup> <br>|
| Newfleet Multi-Sector Short Term Bond Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(3)</sup> <br>|
| Newfleet Senior Floating Rate Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(3)</sup> <br>|
| Seix Tax-Exempt Bond Fund <br> &nbsp;&nbsp;&nbsp; Seix<sup>(4)</sup> <br>|
| SGA Emerging Markets Equity Fund <br> &nbsp;&nbsp;&nbsp; SGA<sup>(5)</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> Newfleet Asset Management ("Newfleet"), a division of Virtus Fixed Income Advisers, LLC, ("VFIA") an indirect, wholly-owned subsidiary of Virtus.

<sup>(4)</sup> Seix Investment Advisors ("Seix"), a division of VFIA, an indirect, wholly-owned subsidiary of Virtus.

<sup>(5)</sup> Sustainable Growth Advisers, LP ("SGA"), an indirect, majority-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, 2027. Following the contractual period, the Adviser may discontinue these expense limitation reimbursement arrangements at any time. The waivers and reimbursements are accrued daily and received monthly.

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Class A**  | **Class C**  | **Class C1** | **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; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>|
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.87 |
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 |
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Newfleet High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp; N/A | &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; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp; N/A |
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1.46 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.21 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; 1.21 <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;0.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Effective January 1, 2026. For the period October 1, 2025 through December 31, 2025, the expense limitations were as follows for Class A shares, Class C shares and Class I shares respectively: 1.48%, 2.23% and 1.23%. 

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 six months ending March 31:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **2029** | **Total** |
| Duff & Phelps Global Infrastructure Fund |  |  |  |  |  |
| Class R6 | &nbsp;&nbsp;&nbsp; $5<br>| &nbsp;&nbsp;&nbsp; $26<br>| &nbsp;&nbsp;&nbsp; $35 | &nbsp;&nbsp;&nbsp; $2<br>| &nbsp;&nbsp;&nbsp; $68<br>|
| Duff & Phelps Global Real Estate Securities Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 211<br>| &nbsp;&nbsp;&nbsp; 409<br>| &nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 229<br>| &nbsp;&nbsp;&nbsp; 1290<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 7<br>|
| Class I | &nbsp;&nbsp;&nbsp; 7<br>| &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 159<br>| &nbsp;&nbsp;&nbsp; 436<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 65<br>| &nbsp;&nbsp;&nbsp; 225<br>| &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 165<br>| &nbsp;&nbsp;&nbsp; 739<br>|
| Duff & Phelps Real Asset Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 24<br>| &nbsp;&nbsp;&nbsp; 45<br>| &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 13<br>| &nbsp;&nbsp;&nbsp; 126<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 4<br>|
| Class I | &nbsp;&nbsp;&nbsp; 17<br>| &nbsp;&nbsp;&nbsp; 28<br>| &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 88<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 19<br>| &nbsp;&nbsp;&nbsp; 43<br>|
| Duff & Phelps Real Estate Securities Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 53<br>| &nbsp;&nbsp;&nbsp; 130<br>|
| Class C | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 3<br>|
| Class I | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 65<br>| &nbsp;&nbsp;&nbsp; 164<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 84<br>| &nbsp;&nbsp;&nbsp; 180<br>| &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 119<br>| &nbsp;&nbsp;&nbsp; 598<br>|
| KAR Developing Markets Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 16<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 9<br>|
| Class I | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 31<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 37<br>| &nbsp;&nbsp;&nbsp; 79<br>| &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 32<br>| &nbsp;&nbsp;&nbsp; 231<br>|
| KAR Emerging Markets Small-Cap Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 17<br>| &nbsp;&nbsp;&nbsp; 48<br>|
| Class C | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 1<br>|
| Class I | &nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp; 30<br>| &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 99<br>| &nbsp;&nbsp;&nbsp; 305<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 3<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **2029** | **Total** |
| Newfleet Core Plus Bond Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $46<br>| &nbsp;&nbsp;&nbsp; $113<br>| &nbsp;&nbsp;&nbsp; $120 | &nbsp;&nbsp;&nbsp; $46<br>| &nbsp;&nbsp;&nbsp; $325<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 27<br>|
| Class I | &nbsp;&nbsp;&nbsp; 136<br>| &nbsp;&nbsp;&nbsp; 603<br>| &nbsp;&nbsp;&nbsp; 957 | &nbsp;&nbsp;&nbsp; 409<br>| &nbsp;&nbsp;&nbsp; 2105<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 34<br>| &nbsp;&nbsp;&nbsp; 70<br>|
| Newfleet High Yield Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 66<br>| &nbsp;&nbsp;&nbsp; 120<br>| &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 66<br>| &nbsp;&nbsp;&nbsp; 386<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 15<br>|
| Class I | &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 20<br>| &nbsp;&nbsp;&nbsp; 92<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 81<br>|
| Newfleet Low Duration Core Plus Bond Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 68<br>| &nbsp;&nbsp;&nbsp; 113<br>| &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 51<br>| &nbsp;&nbsp;&nbsp; 337<br>|
| Class C | &nbsp;&nbsp;&nbsp; 7<br>| &nbsp;&nbsp;&nbsp; 15<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 41<br>|
| Class I | &nbsp;&nbsp;&nbsp; 314<br>| &nbsp;&nbsp;&nbsp; 624<br>| &nbsp;&nbsp;&nbsp; 713 | &nbsp;&nbsp;&nbsp; 318<br>| &nbsp;&nbsp;&nbsp; 1969<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 34<br>| &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 56<br>|
| Newfleet Multi-Sector Intermediate Bond Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 39<br>| &nbsp;&nbsp;&nbsp; 76<br>| &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 36<br>| &nbsp;&nbsp;&nbsp; 230<br>|
| Class C | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 25<br>|
| Class I | &nbsp;&nbsp;&nbsp; 85<br>| &nbsp;&nbsp;&nbsp; 270<br>| &nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp; 180<br>| &nbsp;&nbsp;&nbsp; 901<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 5<br>| &nbsp;&nbsp;&nbsp; 31<br>| &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 47<br>| &nbsp;&nbsp;&nbsp; 168<br>|
| Newfleet Multi-Sector Short Term Bond Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 244<br>| &nbsp;&nbsp;&nbsp; 565<br>| &nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 234<br>| &nbsp;&nbsp;&nbsp; 1555<br>|
| Class C | &nbsp;&nbsp;&nbsp; 52<br>| &nbsp;&nbsp;&nbsp; 100<br>| &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 29<br>| &nbsp;&nbsp;&nbsp; 254<br>|
| Class C1 | &nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp; 21<br>| &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 7<br>| &nbsp;&nbsp;&nbsp; 55<br>|
| Class I | &nbsp;&nbsp;&nbsp; 1271<br>| &nbsp;&nbsp;&nbsp; 3037<br>| &nbsp;&nbsp;&nbsp; 3171 | &nbsp;&nbsp;&nbsp; 1504<br>| &nbsp;&nbsp;&nbsp; 8983<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 20<br>| &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 36<br>| &nbsp;&nbsp;&nbsp; 118<br>|
| Newfleet Senior Floating Rate Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 20<br>| &nbsp;&nbsp;&nbsp; 58<br>| &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 40<br>| &nbsp;&nbsp;&nbsp; 196<br>|
| Class C | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 6<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 19<br>|
| Class I | &nbsp;&nbsp;&nbsp; 42<br>| &nbsp;&nbsp;&nbsp; 147<br>| &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 98<br>| &nbsp;&nbsp;&nbsp; 485<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 6<br>|
| Seix Tax-Exempt Bond Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 41<br>| &nbsp;&nbsp;&nbsp; 73<br>| &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 34<br>| &nbsp;&nbsp;&nbsp; 222<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 9<br>|
| Class I | &nbsp;&nbsp;&nbsp; 54<br>| &nbsp;&nbsp;&nbsp; 88<br>| &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 41<br>| &nbsp;&nbsp;&nbsp; 264<br>|
| SGA Emerging Markets Equity Fund |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12<br>| &nbsp;&nbsp;&nbsp; 185<br>| &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 99<br>| &nbsp;&nbsp;&nbsp; 512<br>|
| Class C | &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 13<br>| &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 4<br>| &nbsp;&nbsp;&nbsp; 31<br>|
| Class I | &nbsp;&nbsp;&nbsp; 84<br>| &nbsp;&nbsp;&nbsp; 385<br>| &nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 182<br>| &nbsp;&nbsp;&nbsp; 1059<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 62<br>| &nbsp;&nbsp;&nbsp; 77<br>| &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 32<br>| &nbsp;&nbsp;&nbsp; 242<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

During the six months ended March 31, 2026 the Adviser recaptured expenses previously waived for the following Fund:

---

| |
|:---|
| **Fund** |
| KAR Emerging Markets Small-Cap Fund<br>&nbsp;&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).

&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 six months ended March 31, 2026, it retained net commissions of $18 for Class A shares and CDSC of $4, $1 and $1 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.

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

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 six months ended March 31, 2026, the Funds incurred administration fees totaling $4,574 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 six months ended March 31, 2026, the Funds incurred transfer agent fees totaling $2,048 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.**

**Payments from Affiliates** 

During the period ended March 31, 2026, the Duff & Phelps Global Infrastructure Fund was reimbursed $8 by the Adviser for losses incurred due to an expense accrual error during the period.

&nbsp;&nbsp;&nbsp;&nbsp;**H.**

**Affiliated Shareholders**

At March 31, 2026, 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; 20045 | &nbsp;&nbsp;&nbsp; $212 |
| Class I | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 106 |
| Class R6 | &nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 2886 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**I.**

**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 six months ended March 31, 2026, 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 six months ended March 31, 2026, 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>**—77.2%** | **Affiliated Mutual Funds**<sup>(4)</sup>**—77.2%** | **Affiliated Mutual Funds**<sup>(4)</sup>**—77.2%** | **Affiliated Mutual Funds**<sup>(4)</sup>**—77.2%** | **Affiliated Mutual Funds**<sup>(4)</sup>**—77.2%** |  |  |  |  |  |
| **Equity Funds—75.6%** | **Equity Funds—75.6%** | **Equity Funds—75.6%** | **Equity Funds—75.6%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Global <br> Infrastructure Fund <br> Class R6<br>| $11072 | $4474 | $— <br><sup>(5)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | $435 | $15981 | 967354 | $136 | $938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Global <br> Real Estate Securities <br> Fund Class R6<br>| 9850 | 3274 | 480 | — <br><sup>(5)</sup><br>| (270)<br>| 12374 | 351537 | 374 |  |

---

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,**<br> **beginning**<br> **of period**<br>| **Purchases**<sup>(2)</sup> | **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** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Select <br> MLP and Energy Fund <br> Class I<br>| $4335 | $1279 | $300 | $2 | $672 | $5988 | 315159 | $43 | $337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Water <br> Fund Institutional <br> Shares<br>| 1791 | 994 |  |  | (318)<br>| 2467 | 135247 | 26 | 227 |
| **Fixed Income Fund—1.6%**<sup>(4)</sup>  | **Fixed Income Fund—1.6%**<sup>(4)</sup>  | **Fixed Income Fund—1.6%**<sup>(4)</sup>  | **Fixed Income Fund—1.6%**<sup>(4)</sup>  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Senior <br> Floating Rate Fund <br> Class R6<br>| 1059 | 283 | 540 | (11)<br>| (12)<br>| 779 | 92774 | 53 |  |
| **Affiliated Exchange-Traded Fund—3.5%** | **Affiliated Exchange-Traded Fund—3.5%** | **Affiliated Exchange-Traded Fund—3.5%** | **Affiliated Exchange-Traded Fund—3.5%** | **Affiliated Exchange-Traded Fund—3.5%** |  |  |  |  |  |
| **Equity Fund—3.5%** | **Equity Fund—3.5%** | **Equity Fund—3.5%** | **Equity Fund—3.5%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Clean <br> Energy ETF<br>| 1372 | 184 | 72 | 14 | 232 | 1730 | 61475 | 20 |  |
| Total | $29479 | $10488 | $1392 | $5 | $739 | $39319 |  | $652 | $1502 |

---

&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 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—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Securitized <br> Income ETF<sup>(4)</sup><br>| $5086 | $— | $— | $— | $(31)<br>| $5055 | 209046 | $126 | $— |
| Total | $5086 | $— | $— | $— | $(31)<br>| $5055 |  | $126 | $— |

---

&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 Securitized <br> Income ETF<sup>(4)</sup><br>| $4512 | $— | $446 | $(5)<br>| $(20)<br>| $4041 | 167104 | $103 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Short <br> Duration High Yield Bond <br> ETF<sup>(4)</sup><br>| 2264 |  |  |  | (49)<br>| 2215 | 103000 | 70 |  |
| Total | $6776 | $— | $446 | $(5)<br>| $(69)<br>| $6256 |  | $173 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** | **Affiliated Exchange-Traded Fund—0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Securitized <br> Income ETF<sup>(4)</sup><br>| $7928 | $— | $— | $— | $(49)<br>| $7879 | 325842 | $196 | $— |
| Total | $7928 | $— | $— | $— | $(49)<br>| $7879 |  | $196 | $— |

---

&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 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—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** | **Affiliated Exchange-Traded Funds—1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Securitized <br> Income ETF<sup>(4)</sup><br>| $45795 | $— | $— | $— | $(281)<br>| $45514 | 1882229 | $1133 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Short <br> Duration High Yield Bond <br> ETF<sup>(4)</sup><br>| 22656 |  |  |  | (479)<br>| 22177 | 1031000 | 702 |  |
| Total | $68451 | $— | $— | $— | $(760)<br>| $67691 |  | $1835 | $— |

---

&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 <br> its principal investment strategies may represent a significant portion of an underlying fund's net assets. At March 31, 2026, the Duff & Phelps Real Asset Fund <br> was owner of record of 31% of Duff & Phelps Clean Energy ETF and 12% of Duff & Phelps Select MLP and Energy Fund and the owner of record of less than <br> 10% of all other affiliated underlying funds, the Newfleet Multi-Sector Short Term Bond Fund was the owner of record of 73% of the Virtus Newfleet Short <br> Duration High Yield Bond ETF and 59% the Virtus Newfleet Securitized Income ETF. The Newfleet Core Plus Bond Fund, Newfleet Low Duration Core Plus Bond <br> 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> | 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> | Amount is less than $500 (not in thousands). |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(1)</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>|
| **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 Stock—1.4%** | **Common Stock—1.4%** | **Common Stock—1.4%** | **Common Stock—1.4%** | **Common Stock—1.4%** | **Common Stock—1.4%** | **Common Stock—1.4%** | **Common Stock—1.4%** | **Common Stock—1.4%** | **Common Stock—1.4%** |
| Union Auction PCL | $6095 | $— | $— | $— | $(1255)<br>| $4840 | 31854400 | $— | $— |
| Total | $6095 | $— | $— | $— | $(1255)<br>| $4840 |  | $— | $— |

---

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(1)</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>|
| **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 Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** |
| oOh!media Ltd.<sup>(2)</sup> | $32832 | $— | $4309 | $(3552)<br>| $1552 | $— |  | $939 | $— |
| Total | $32832 | $— | $4309 | $(3552)<br>| $1552 | $— |  | $939 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>Footnote Legend:</sup> <br> <sup>(1)</sup> Includes reinvested dividends from income and capital gain distributions. <br> <sup>(2)</sup> Issuer is not an affiliated investment of the Fund at March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;**J.**

**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 March 31, 2026.

**Note 5. 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 six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Duff & Phelps Global Infrastructure Fund | &nbsp;&nbsp;&nbsp; $40840<br>| &nbsp;&nbsp;&nbsp; $41970<br>|
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 46009<br>| &nbsp;&nbsp;&nbsp; 23737<br>|
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp;&nbsp; 12765<br>| &nbsp;&nbsp;&nbsp; 2646<br>|
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 16303<br>| &nbsp;&nbsp;&nbsp; 26101<br>|
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp; 999<br>| &nbsp;&nbsp;&nbsp; 1739<br>|
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp; 99075<br>| &nbsp;&nbsp;&nbsp; 112355<br>|
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; 179192<br>| &nbsp;&nbsp;&nbsp; 298524<br>|
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 98904<br>| &nbsp;&nbsp;&nbsp; 69408<br>|
| Newfleet High Yield Fund | &nbsp;&nbsp;&nbsp; 11206<br>| &nbsp;&nbsp;&nbsp; 9029<br>|
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 73827<br>| &nbsp;&nbsp;&nbsp; 113020<br>|
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp; 260277<br>| &nbsp;&nbsp;&nbsp; 178532<br>|
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp;&nbsp; 937328<br>| &nbsp;&nbsp;&nbsp; 873075<br>|
| Newfleet Senior Floating Rate Fund | &nbsp;&nbsp;&nbsp; 31690<br>| &nbsp;&nbsp;&nbsp; 73680<br>|
| Seix Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 5082<br>| &nbsp;&nbsp;&nbsp; 6230<br>|
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp; 80233<br>| &nbsp;&nbsp;&nbsp; 113448<br>|

---

Purchases and sales of long-term U.S. government and agency securities during the six months ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Sales**  |
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35134 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11414 |
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19880 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14953 |
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53709 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32822 |
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145156 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153269 |

---

**Note 6. Capital Share Transactions**

**(reported in thousands)**

Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; $1551 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; $1126 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; $1629 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; $4279 |
| Reinvestment of distributions | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (138) <br>| &nbsp;&nbsp; (2233) <br>| &nbsp;&nbsp; (564) <br>| &nbsp;&nbsp; (8240) <br>| &nbsp;&nbsp; (280) <br>| &nbsp;&nbsp; (10754) <br>| &nbsp;&nbsp; (140) <br>| &nbsp;&nbsp; (4912) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 49 | &nbsp;&nbsp; $643 | &nbsp;&nbsp; (416)<br>| &nbsp;&nbsp; $(6070)<br>| &nbsp;&nbsp; (227)<br>| &nbsp;&nbsp; $(8802)<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; $(325)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $283 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; $618 |
| Reinvestment of distributions | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (83) <br>| &nbsp;&nbsp; (1291) <br>| &nbsp;&nbsp; (38) <br>| &nbsp;&nbsp; (568) <br>| &nbsp;&nbsp; (45) <br>| &nbsp;&nbsp; (1571) <br>| &nbsp;&nbsp; (29) <br>| &nbsp;&nbsp; (958) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (75)<br>| &nbsp;&nbsp; $(1163)<br>| &nbsp;&nbsp; (32)<br>| &nbsp;&nbsp; $(484)<br>| &nbsp;&nbsp; (36)<br>| &nbsp;&nbsp; $(1242)<br>| &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; $(303)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 489 | &nbsp;&nbsp; $7827 | &nbsp;&nbsp; 6527 | &nbsp;&nbsp; $101042 | &nbsp;&nbsp; 381 | &nbsp;&nbsp; $13704 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; $28944 |
| Reinvestment of distributions | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 8906 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 1604 | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 4880 | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 4467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (759) <br>| &nbsp;&nbsp; (12493) <br>| &nbsp;&nbsp; (451) <br>| &nbsp;&nbsp; (6890) <br>| &nbsp;&nbsp; (430) <br>| &nbsp;&nbsp; (15454) <br>| &nbsp;&nbsp; (1418) <br>| &nbsp;&nbsp; (48072) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 323 | &nbsp;&nbsp; $4240 | &nbsp;&nbsp; 6186 | &nbsp;&nbsp; $95756 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; $3130 | &nbsp;&nbsp; (430)<br>| &nbsp;&nbsp; $(14661)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 236 | &nbsp;&nbsp; $3814 | &nbsp;&nbsp; 724 | &nbsp;&nbsp; $11014 | &nbsp;&nbsp; 911 | &nbsp;&nbsp; $32560 | &nbsp;&nbsp; 925 | &nbsp;&nbsp; $32176 |
| Reinvestment of distributions | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 4778 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 5436 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (53) <br>| &nbsp;&nbsp; (834) <br>| &nbsp;&nbsp; (6631) <br>| &nbsp;&nbsp; (102676) <br>| &nbsp;&nbsp; (243) <br>| &nbsp;&nbsp; (8844) <br>| &nbsp;&nbsp; (895) <br>| &nbsp;&nbsp; (30489) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 278 | &nbsp;&nbsp; $4406 | &nbsp;&nbsp; (5569)<br>| &nbsp;&nbsp; $(86884)<br>| &nbsp;&nbsp; 826 | &nbsp;&nbsp; $29152 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; $5821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; $308 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; $455 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; $3504 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; $9553 |
| Reinvestment of distributions | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 326 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 3823 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 7518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (50) <br>| &nbsp;&nbsp; (804) <br>| &nbsp;&nbsp; (98) <br>| &nbsp;&nbsp; (1431) <br>| &nbsp;&nbsp; (650) <br>| &nbsp;&nbsp; (12119) <br>| &nbsp;&nbsp; (1157) <br>| &nbsp;&nbsp; (22055) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; $(331)<br>| &nbsp;&nbsp; (43)<br>| &nbsp;&nbsp; $(650)<br>| &nbsp;&nbsp; (247)<br>| &nbsp;&nbsp; $(4792)<br>| &nbsp;&nbsp; (244)<br>| &nbsp;&nbsp; $(4984)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $3 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; $113 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; $340 |
| Reinvestment of distributions | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (12) <br>| &nbsp;&nbsp; (204) <br>| &nbsp;&nbsp; (3) <br>| &nbsp;&nbsp; (47) <br>| &nbsp;&nbsp; (13) <br>| &nbsp;&nbsp; (252) <br>| &nbsp;&nbsp; (42) <br>| &nbsp;&nbsp; (828) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; $(202)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; $(39)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; $(280)<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **Six Months Ended**<br> **March 31, 2026**<sup>\*</sup><br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<sup>\*</sup><br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; $414 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; $1627 | &nbsp;&nbsp; 439 | &nbsp;&nbsp; $8132 | &nbsp;&nbsp; 1193 | &nbsp;&nbsp; $22770 |
| Reinvestment of distributions | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 5173 | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 11487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (34) <br>| &nbsp;&nbsp; (557) <br>| &nbsp;&nbsp; (176) <br>| &nbsp;&nbsp; (2617) <br>| &nbsp;&nbsp; (1025) <br>| &nbsp;&nbsp; (19016) <br>| &nbsp;&nbsp; (3087) <br>| &nbsp;&nbsp; (58366) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $26 | &nbsp;&nbsp; (46)<br>| &nbsp;&nbsp; $(698)<br>| &nbsp;&nbsp; (294)<br>| &nbsp;&nbsp; $(5711)<br>| &nbsp;&nbsp; (1266)<br>| &nbsp;&nbsp; $(24109)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 774 | &nbsp;&nbsp; $12306 | &nbsp;&nbsp; 1054 | &nbsp;&nbsp; $15689 | &nbsp;&nbsp; 1181 | &nbsp;&nbsp; $21907 | &nbsp;&nbsp; 2289 | &nbsp;&nbsp; $43903 |
| Reinvestment of distributions | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 6889 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 11013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (215) <br>| &nbsp;&nbsp; (3471) <br>| &nbsp;&nbsp; (79) <br>| &nbsp;&nbsp; (1189) <br>| &nbsp;&nbsp; (1002) <br>| &nbsp;&nbsp; (18538) <br>| &nbsp;&nbsp; (1655) <br>| &nbsp;&nbsp; (31846) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 596 | &nbsp;&nbsp; $9417 | &nbsp;&nbsp; 979 | &nbsp;&nbsp; $14552 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; $10258 | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; $23070 |

---

&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** |
|  | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; $194 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $105 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; $5637 | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; $15946 |
| Reinvestment of distributions | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 837 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (6) <br>| &nbsp;&nbsp; (59) <br>| &nbsp;&nbsp; (— ) <sup>(1)</sup><br>| &nbsp;&nbsp; (4) <br>| &nbsp;&nbsp; (344) <br>| &nbsp;&nbsp; (5706) <br>| &nbsp;&nbsp; (1120) <br>| &nbsp;&nbsp; (18191) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $141 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; $768 | &nbsp;&nbsp; (38)<br>| &nbsp;&nbsp; $(1170)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $25 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $165 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; $501 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (13) <br>| &nbsp;&nbsp; (143) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; (54) <br>| &nbsp;&nbsp; (896) <br>| &nbsp;&nbsp; (64) <br>| &nbsp;&nbsp; (992) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; $(143)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; $25 | &nbsp;&nbsp; (41)<br>| &nbsp;&nbsp; $(686)<br>| &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; $(409)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; $161 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; $752 | &nbsp;&nbsp; 2428 | &nbsp;&nbsp; $41312 | &nbsp;&nbsp; 5644 | &nbsp;&nbsp; $93142 |
| Reinvestment of distributions | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 8047 | &nbsp;&nbsp; 637 | &nbsp;&nbsp; 9516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (78) <br>| &nbsp;&nbsp; (846) <br>| &nbsp;&nbsp; (2) <br>| &nbsp;&nbsp; (23) <br>| &nbsp;&nbsp; (2400) <br>| &nbsp;&nbsp; (40402) <br>| &nbsp;&nbsp; (7089) <br>| &nbsp;&nbsp; (108587) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (60)<br>| &nbsp;&nbsp; $(661)<br>| &nbsp;&nbsp; 75 | &nbsp;&nbsp; $730 | &nbsp;&nbsp; 523 | &nbsp;&nbsp; $8957 | &nbsp;&nbsp; (808)<br>| &nbsp;&nbsp; $(5929)<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R6** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>&nbsp;&nbsp; — <br><sup>(1)</sup><br>&nbsp;&nbsp; $— <br><sup>(2)</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $135 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; $987 |
| Reinvestment of distributions<br>&nbsp;&nbsp; — <br><sup>(1)</sup><br>&nbsp;&nbsp; — <br><sup>(2)</sup><br>| &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>&nbsp;&nbsp; (— ) <sup>(1)</sup><br>&nbsp;&nbsp; (— ) <sup>(2)</sup><br>| &nbsp;&nbsp; (19) <br>| &nbsp;&nbsp; (172) <br>| &nbsp;&nbsp; (13) <br>| &nbsp;&nbsp; (210) <br>| &nbsp;&nbsp; (70) <br>| &nbsp;&nbsp; (1089) <br>|
| Net Increase / (Decrease)<br>&nbsp;&nbsp; — <br><sup>(1)</sup><br>&nbsp;&nbsp; $— <br><sup>(2)</sup><br>| &nbsp;&nbsp; (19)<br>| &nbsp;&nbsp; $(169)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; $(16)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; $(77)<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** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** | **Newfleet Core Plus Bond Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 302 | &nbsp;&nbsp; $6235 | &nbsp;&nbsp; 929 | &nbsp;&nbsp; $19098 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; $3590 | &nbsp;&nbsp; 909 | &nbsp;&nbsp; $9139 |
| Reinvestment of distributions | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 1004 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 2166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (565) <br>| &nbsp;&nbsp; (11786) <br>| &nbsp;&nbsp; (1033) <br>| &nbsp;&nbsp; (21300) <br>| &nbsp;&nbsp; (1325) <br>| &nbsp;&nbsp; (13475) <br>| &nbsp;&nbsp; (696) <br>| &nbsp;&nbsp; (6974) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (199)<br>| &nbsp;&nbsp; $(4259)<br>| &nbsp;&nbsp; (65)<br>| &nbsp;&nbsp; $(1473)<br>| &nbsp;&nbsp; (873)<br>| &nbsp;&nbsp; $(8881)<br>| &nbsp;&nbsp; 428 | &nbsp;&nbsp; $4331 |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; $202 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; $568 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; $522 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; $1675 |
| Reinvestment of distributions | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (211) <br>| &nbsp;&nbsp; (4250) <br>| &nbsp;&nbsp; (343) <br>| &nbsp;&nbsp; (6881) <br>| &nbsp;&nbsp; (76) <br>| &nbsp;&nbsp; (753) <br>| &nbsp;&nbsp; (109) <br>| &nbsp;&nbsp; (1065) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (196)<br>| &nbsp;&nbsp; $(3952)<br>| &nbsp;&nbsp; (310)<br>| &nbsp;&nbsp; $(6226)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; $(134)<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; $813 |
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 4837 | &nbsp;&nbsp; $100712 | &nbsp;&nbsp; 9150 | &nbsp;&nbsp; $190549 | &nbsp;&nbsp; 13058 | &nbsp;&nbsp; $135098 | &nbsp;&nbsp; 23760 | &nbsp;&nbsp; $242415 |
| Reinvestment of distributions | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 29568 | &nbsp;&nbsp; 797 | &nbsp;&nbsp; 14990 | &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 12214 | &nbsp;&nbsp; 2114 | &nbsp;&nbsp; 21612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (12949) <br>| &nbsp;&nbsp; (263632) <br>| &nbsp;&nbsp; (13501) <br>| &nbsp;&nbsp; (273431) <br>| &nbsp;&nbsp; (8084) <br>| &nbsp;&nbsp; (83502) <br>| &nbsp;&nbsp; (12782) <br>| &nbsp;&nbsp; (130082) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (6656)<br>| &nbsp;&nbsp; $(133352)<br>| &nbsp;&nbsp; (3554)<br>| &nbsp;&nbsp; $(67892)<br>| &nbsp;&nbsp; 6157 | &nbsp;&nbsp; $63810 | &nbsp;&nbsp; 13092 | &nbsp;&nbsp; $133945 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 523 | &nbsp;&nbsp; $10870 | &nbsp;&nbsp; 966 | &nbsp;&nbsp; $20281 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; $11435 | &nbsp;&nbsp; 3189 | &nbsp;&nbsp; $32728 |
| Reinvestment of distributions | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 2126 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1199) <br>| &nbsp;&nbsp; (23286) <br>| &nbsp;&nbsp; (1095) <br>| &nbsp;&nbsp; (22358) <br>| &nbsp;&nbsp; (317) <br>| &nbsp;&nbsp; (3273) <br>| &nbsp;&nbsp; (544) <br>| &nbsp;&nbsp; (5609) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (571)<br>| &nbsp;&nbsp; $(10290)<br>| &nbsp;&nbsp; (71)<br>| &nbsp;&nbsp; $(975)<br>| &nbsp;&nbsp; 878 | &nbsp;&nbsp; $9060 | &nbsp;&nbsp; 2695 | &nbsp;&nbsp; $27634 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet High Yield Fund** | **Newfleet High Yield Fund** | **Newfleet High Yield Fund** | **Newfleet High Yield 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** |
|  | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 797 | &nbsp;&nbsp; $3063 | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; $4962 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; $5746 | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; $11834 |
| Reinvestment of distributions | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 932 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 2119 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 2202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (925) <br>| &nbsp;&nbsp; (3550) <br>| &nbsp;&nbsp; (2236) <br>| &nbsp;&nbsp; (8584) <br>| &nbsp;&nbsp; (613) <br>| &nbsp;&nbsp; (6594) <br>| &nbsp;&nbsp; (1314) <br>| &nbsp;&nbsp; (14012) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 115 | &nbsp;&nbsp; $445 | &nbsp;&nbsp; (400)<br>| &nbsp;&nbsp; $(1503)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; $217 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; $24 |
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; $126 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; $261 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; $441 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; $1153 |
| Reinvestment of distributions | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (361) <br>| &nbsp;&nbsp; (1365) <br>| &nbsp;&nbsp; (322) <br>| &nbsp;&nbsp; (1215) <br>| &nbsp;&nbsp; (106) <br>| &nbsp;&nbsp; (1140) <br>| &nbsp;&nbsp; (259) <br>| &nbsp;&nbsp; (2765) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (324)<br>| &nbsp;&nbsp; $(1223)<br>| &nbsp;&nbsp; (225)<br>| &nbsp;&nbsp; $(848)<br>| &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; $(604)<br>| &nbsp;&nbsp; (130)<br>| &nbsp;&nbsp; $(1386)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1895 | &nbsp;&nbsp; $7295 | &nbsp;&nbsp; 1592 | &nbsp;&nbsp; $6144 | &nbsp;&nbsp; 6753 | &nbsp;&nbsp; $72672 | &nbsp;&nbsp; 13704 | &nbsp;&nbsp; $145993 |
| Reinvestment of distributions | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 316 | &nbsp;&nbsp; 136 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 7825 | &nbsp;&nbsp; 1591 | &nbsp;&nbsp; 16985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (999) <br>| &nbsp;&nbsp; (3846) <br>| &nbsp;&nbsp; (1340) <br>| &nbsp;&nbsp; (5188) <br>| &nbsp;&nbsp; (11470) <br>| &nbsp;&nbsp; (123296) <br>| &nbsp;&nbsp; (12164) <br>| &nbsp;&nbsp; (129647) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 978 | &nbsp;&nbsp; $3765 | &nbsp;&nbsp; 388 | &nbsp;&nbsp; $1481 | &nbsp;&nbsp; (3989)<br>| &nbsp;&nbsp; $(42799)<br>| &nbsp;&nbsp; 3131 | &nbsp;&nbsp; $33331 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 66 | &nbsp;&nbsp; $254 | &nbsp;&nbsp; 303 | &nbsp;&nbsp; $1170 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; $472 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; $1913 |
| Reinvestment of distributions | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (52) <br>| &nbsp;&nbsp; (200) <br>| &nbsp;&nbsp; (1527) <br>| &nbsp;&nbsp; (5692) <br>| &nbsp;&nbsp; (47) <br>| &nbsp;&nbsp; (503) <br>| &nbsp;&nbsp; (893) <br>| &nbsp;&nbsp; (9518) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 73 | &nbsp;&nbsp; $279 | &nbsp;&nbsp; (1054)<br>| &nbsp;&nbsp; $(3865)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $13 | &nbsp;&nbsp; (704)<br>| &nbsp;&nbsp; $(7513)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 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** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 679 | &nbsp;&nbsp; $6306 | &nbsp;&nbsp; 2012 | &nbsp;&nbsp; $18453 | &nbsp;&nbsp; 8459 | &nbsp;&nbsp; $38698 | &nbsp;&nbsp; 16935 | &nbsp;&nbsp; $76799 |
| Reinvestment of distributions | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 4149 | &nbsp;&nbsp; 2375 | &nbsp;&nbsp; 10865 | &nbsp;&nbsp; 5229 | &nbsp;&nbsp; 23745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (950) <br>| &nbsp;&nbsp; (8821) <br>| &nbsp;&nbsp; (2603) <br>| &nbsp;&nbsp; (23848) <br>| &nbsp;&nbsp; (16493) <br>| &nbsp;&nbsp; (75452) <br>| &nbsp;&nbsp; (30074) <br>| &nbsp;&nbsp; (136338) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; $(640)<br>| &nbsp;&nbsp; (138)<br>| &nbsp;&nbsp; $(1246)<br>| &nbsp;&nbsp; (5659)<br>| &nbsp;&nbsp; $(25889)<br>| &nbsp;&nbsp; (7910)<br>| &nbsp;&nbsp; $(35794)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 256 | &nbsp;&nbsp; $2405 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; $2991 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $6 |
| Reinvestment of distributions | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (149) <br>| &nbsp;&nbsp; (1402) <br>| &nbsp;&nbsp; (397) <br>| &nbsp;&nbsp; (3677) <br>| &nbsp;&nbsp; (2995) <br>| &nbsp;&nbsp; (13936) <br>| &nbsp;&nbsp; (5709) <br>| &nbsp;&nbsp; (26303) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 131 | &nbsp;&nbsp; $1228 | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; $(231)<br>| &nbsp;&nbsp; (2642)<br>| &nbsp;&nbsp; $(12293)<br>| &nbsp;&nbsp; (4810)<br>| &nbsp;&nbsp; $(22152)<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 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** |
|  | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class C1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; 472 | &nbsp;&nbsp; $2191 | &nbsp;&nbsp; 1375 | &nbsp;&nbsp; $6317 |
| Reinvestment of distributions | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 911 |
| &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; (1213) <br>| &nbsp;&nbsp; (5626) <br>| &nbsp;&nbsp; (1973) <br>| &nbsp;&nbsp; (9064) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; (654)<br>| &nbsp;&nbsp; $(3032)<br>| &nbsp;&nbsp; (400)<br>| &nbsp;&nbsp; $(1836)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 17980 | &nbsp;&nbsp; $166173 | &nbsp;&nbsp; 27213 | &nbsp;&nbsp; $247883 | &nbsp;&nbsp; 127023 | &nbsp;&nbsp; $582105 | &nbsp;&nbsp; 218767 | &nbsp;&nbsp; $994213 |
| Reinvestment of distributions | &nbsp;&nbsp; 1885 | &nbsp;&nbsp; 17393 | &nbsp;&nbsp; 3701 | &nbsp;&nbsp; 33723 | &nbsp;&nbsp; 18364 | &nbsp;&nbsp; 84103 | &nbsp;&nbsp; 37055 | &nbsp;&nbsp; 168619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (7481) <br>| &nbsp;&nbsp; (69117) <br>| &nbsp;&nbsp; (19433) <br>| &nbsp;&nbsp; (176620) <br>| &nbsp;&nbsp; (113225) <br>| &nbsp;&nbsp; (518829) <br>| &nbsp;&nbsp; (219334) <br>| &nbsp;&nbsp; (995984) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 12384 | &nbsp;&nbsp; $114449 | &nbsp;&nbsp; 11481 | &nbsp;&nbsp; $104986 | &nbsp;&nbsp; 32162 | &nbsp;&nbsp; $147379 | &nbsp;&nbsp; 36488 | &nbsp;&nbsp; $166848 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1311 | &nbsp;&nbsp; $12272 | &nbsp;&nbsp; 3358 | &nbsp;&nbsp; $30881 | &nbsp;&nbsp; 4001 | &nbsp;&nbsp; $18399 | &nbsp;&nbsp; 13614 | &nbsp;&nbsp; $62103 |
| Reinvestment of distributions | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 3675 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (2010) <br>| &nbsp;&nbsp; (18813) <br>| &nbsp;&nbsp; (2143) <br>| &nbsp;&nbsp; (19792) <br>| &nbsp;&nbsp; (4847) <br>| &nbsp;&nbsp; (22272) <br>| &nbsp;&nbsp; (5970) <br>| &nbsp;&nbsp; (27318) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (492)<br>| &nbsp;&nbsp; $(4606)<br>| &nbsp;&nbsp; 1613 | &nbsp;&nbsp; $14764 | &nbsp;&nbsp; (615)<br>| &nbsp;&nbsp; $(2811)<br>| &nbsp;&nbsp; 7989 | &nbsp;&nbsp; $36364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026**<sup>\*</sup> <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 160 | &nbsp;&nbsp; $1356 | &nbsp;&nbsp; 502 | &nbsp;&nbsp; $4358 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; $1022 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; $551 |
| Reinvestment of distributions | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 1146 | &nbsp;&nbsp; 394 | &nbsp;&nbsp; 3405 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (645) <br>| &nbsp;&nbsp; (5483) <br>| &nbsp;&nbsp; (3009) <br>| &nbsp;&nbsp; (25912) <br>| &nbsp;&nbsp; (176) <br>| &nbsp;&nbsp; (1817) <br>| &nbsp;&nbsp; (390) <br>| &nbsp;&nbsp; (3961) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (350)<br>| &nbsp;&nbsp; $(2981)<br>| &nbsp;&nbsp; (2113)<br>| &nbsp;&nbsp; $(18149)<br>| &nbsp;&nbsp; (53)<br>| &nbsp;&nbsp; $(545)<br>| &nbsp;&nbsp; (281)<br>| &nbsp;&nbsp; $(2857)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; $38 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; $997 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; $34 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $78 |
| Reinvestment of distributions | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (61) <br>| &nbsp;&nbsp; (517) <br>| &nbsp;&nbsp; (228) <br>| &nbsp;&nbsp; (1973) <br>| &nbsp;&nbsp; (91) <br>| &nbsp;&nbsp; (941) <br>| &nbsp;&nbsp; (43) <br>| &nbsp;&nbsp; (439) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (44)<br>| &nbsp;&nbsp; $(376)<br>| &nbsp;&nbsp; (82)<br>| &nbsp;&nbsp; $(705)<br>| &nbsp;&nbsp; (87)<br>| &nbsp;&nbsp; $(902)<br>| &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; $(340)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1038 | &nbsp;&nbsp; $8819 | &nbsp;&nbsp; 5798 | &nbsp;&nbsp; $50024 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; $2750 | &nbsp;&nbsp; 704 | &nbsp;&nbsp; $7110 |
| Reinvestment of distributions | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 2952 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 7807 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (5850) <br>| &nbsp;&nbsp; (49444) <br>| &nbsp;&nbsp; (7511) <br>| &nbsp;&nbsp; (64710) <br>| &nbsp;&nbsp; (387) <br>| &nbsp;&nbsp; (3998) <br>| &nbsp;&nbsp; (969) <br>| &nbsp;&nbsp; (9858) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (4464)<br>| &nbsp;&nbsp; $(37673)<br>| &nbsp;&nbsp; (808)<br>| &nbsp;&nbsp; $(6879)<br>| &nbsp;&nbsp; (85)<br>| &nbsp;&nbsp; $(883)<br>| &nbsp;&nbsp; (192)<br>| &nbsp;&nbsp; $(2008)<br>|

---

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Newfleet Senior Floating Rate Fund** | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** | **Seix Tax-Exempt Bond Fund** |
|  | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Six Months Ended**<br> **March 31, 2026**<sup>\*</sup><br> **(Unaudited)** | **Six Months Ended**<br> **March 31, 2026**<sup>\*</sup><br> **(Unaudited)** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; $388 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; $655 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Reinvestment of distributions | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (72) <br>| &nbsp;&nbsp; (610) <br>| &nbsp;&nbsp; (57) <br>| &nbsp;&nbsp; (490) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; $(187)<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; $240 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SGA Emerging Markets Equity Fund** | **SGA Emerging Markets Equity Fund** | **SGA Emerging Markets Equity Fund** | **SGA Emerging Markets Equity Fund** |
|  | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Six Months Ended** <br>**March 31, 2026** <br>**(Unaudited)** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 1103 | &nbsp;&nbsp; $8806 | &nbsp;&nbsp; 3018 | &nbsp;&nbsp; $21764 |
| Reinvestment of distributions | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 1762 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (2036) <br>| &nbsp;&nbsp; (16391) <br>| &nbsp;&nbsp; (6145) <br>| &nbsp;&nbsp; (44614) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (708)<br>| &nbsp;&nbsp; $(5823)<br>| &nbsp;&nbsp; (3127)<br>| &nbsp;&nbsp; $(22850)<br>|
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; $120 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; $217 |
| Reinvestment of distributions | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (159) <br>| &nbsp;&nbsp; (1203) <br>| &nbsp;&nbsp; (603) <br>| &nbsp;&nbsp; (4046) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (141)<br>| &nbsp;&nbsp; $(1066)<br>| &nbsp;&nbsp; (570)<br>| &nbsp;&nbsp; $(3829)<br>|
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 4364 | &nbsp;&nbsp; $36709 | &nbsp;&nbsp; 9505 | &nbsp;&nbsp; $70697 |
| Reinvestment of distributions | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 6908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (6642) <br>| &nbsp;&nbsp; (56098) <br>| &nbsp;&nbsp; (31609) <br>| &nbsp;&nbsp; (239350) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (1446)<br>| &nbsp;&nbsp; $(12481)<br>| &nbsp;&nbsp; (22104)<br>| &nbsp;&nbsp; $(168653)<br>|
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 371 | &nbsp;&nbsp; $3169 | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; $8466 |
| Reinvestment of distributions | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (676) <br>| &nbsp;&nbsp; (5822) <br>| &nbsp;&nbsp; (1474) <br>| &nbsp;&nbsp; (11554) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (229)<br>| &nbsp;&nbsp; $(2015)<br>| &nbsp;&nbsp; (382)<br>| &nbsp;&nbsp; $(3088)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* On January 26, 2026, all Class C shares were converted into Class A shares. These transactions are included as Class A subscriptions and Class C redemptions.

<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 (Unaudited) (Continued)**

**March 31, 2026**

**Note 7. 10% Shareholders**

As of March 31, 2026, 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; 59<br> %<br>| &nbsp;&nbsp;&nbsp; 1 |
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 59<br>| &nbsp;&nbsp;&nbsp; 3 |
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp;&nbsp; 14<br>| &nbsp;&nbsp;&nbsp; 1 |
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp; 79<br>| &nbsp;&nbsp;&nbsp; 1 <br><sup>\*</sup><br>|
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp; 64<br>| &nbsp;&nbsp;&nbsp; 4 |
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; 58<br>| &nbsp;&nbsp;&nbsp; 4 |
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 58<br>| &nbsp;&nbsp;&nbsp; 3 |
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 75<br>| &nbsp;&nbsp;&nbsp; 5 |
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp; 51<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; 25<br>| &nbsp;&nbsp;&nbsp; 2 |
| Seix Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 25<br>| &nbsp;&nbsp;&nbsp; 2 |
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp; 52<br>| &nbsp;&nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>\*</sup> Includes affiliated shareholder account(s).

**Note 8. 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

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

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 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.

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.

At March 31, 2026, 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<br> %<br>|
| Duff & Phelps Global Infrastructure Fund | Industrials | &nbsp;&nbsp;&nbsp; 28 |
| KAR Developing Markets Fund | Industrials | &nbsp;&nbsp;&nbsp; 39 |
| KAR Emerging Markets Small-Cap Fund | Industrials | &nbsp;&nbsp;&nbsp; 40 |
| KAR International Small-Mid Cap Fund | Industrials | &nbsp;&nbsp;&nbsp; 36 |
| Newfleet High Yield Fund | Financials | &nbsp;&nbsp;&nbsp; 25 |
| SGA Emerging Markets Equity Fund | Financials | &nbsp;&nbsp;&nbsp; 28 |
| SGA Emerging Markets Equity Fund | Consumer Discretionary | &nbsp;&nbsp;&nbsp; 25 |

---

**Note 9. Indemnifications**

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

**Note 10. Restricted Securities**

Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

At March 31, 2026, the Funds did not hold any securities that were restricted.

**Note 11. 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. The Credit Agreement has $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

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the six months ended March 31, 2026, are included in the "interest expense and/or commitment fees" line on the Statements of Operations.

The following Funds had outstanding loans during the six months period. 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>|
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; $333 | &nbsp;&nbsp;&nbsp;&nbsp; 4.64<br> %<br>| &nbsp;&nbsp;&nbsp; 3 |
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 8900 | &nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp; 2 |
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp; 1 |
| Newfleet Senior Floating Rate Fund | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 3266 | &nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp; 22 |
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 1775 | &nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp; 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Amount is less than $500 (not in thousands).

**Note 12. Federal Income Tax Information**

**($ reported in thousands)**

At March 31, 2026, 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; $140713<br>| $34189 | $(2778) <br>| $31411<br>|
| Duff & Phelps Global Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 316993<br>| 102936 | (20865) <br>| 82071<br>|
| Duff & Phelps Real Asset Fund | &nbsp;&nbsp;&nbsp; 37766<br>| 11065 | (243) <br>| 10822<br>|
| Duff & Phelps Real Estate Securities Fund | &nbsp;&nbsp;&nbsp; 219903<br>| 130633 | (11021) <br>| 119612<br>|
| KAR Developing Markets Fund | &nbsp;&nbsp;&nbsp; 2988<br>| 835 | (237) <br>| 598<br>|
| KAR Emerging Markets Small-Cap Fund | &nbsp;&nbsp;&nbsp; 305760<br>| 50500 | (24782) <br>| 25718<br>|
| KAR International Small-Mid Cap Fund | &nbsp;&nbsp;&nbsp; 708720<br>| 160982 | (86648) <br>| 74334<br>|
| Newfleet Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 629664<br>| 3710 | (13099) <br>| (9389) <br>|
| Newfleet High Yield Fund | &nbsp;&nbsp;&nbsp; 50559<br>| 1041 | (1835) <br>| (794) <br>|
| Newfleet Low Duration Core Plus Bond Fund | &nbsp;&nbsp;&nbsp; 405772<br>| 2206 | (2530) <br>| (324) <br>|
| Newfleet Multi-Sector Intermediate Bond Fund | &nbsp;&nbsp;&nbsp; 933381<br>| 11281 | (15416) <br>| (4135) <br>|
| Newfleet Multi-Sector Short Term Bond Fund | &nbsp;&nbsp;&nbsp; 4727541<br>| 33859 | (54704) <br>| (20845) <br>|
| Newfleet Senior Floating Rate Fund | &nbsp;&nbsp;&nbsp; 123838<br>| 565 | (3352) <br>| (2787) <br>|
| Seix Tax-Exempt Bond Fund | &nbsp;&nbsp;&nbsp; 44468<br>| 466 | (574) <br>| (108) <br>|
| SGA Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp; 420998<br>| 75962 | (55473) <br>| 20489<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** |
| 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 |
| 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 |
| SGA Emerging Markets Equity Fund | 297923 | 164803 |

---

------

**VIRTUS OPPORTUNITIES TRUST**

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

**March 31, 2026**

**Note 13. 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 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 subsequent events requiring recognition or disclosure in these financial statements.

As approved by the Board of Trustees of Virtus Opportunities Trust, pursuant to an Agreement and Plan of Reorganization, Virtus Seix Tax-Exempt Bond Fund (the "Acquired Fund") will reorganize with and into Virtus Seix Investment Grade Tax-Exempt Bond Fund (the "Acquiring Fund"), a series of Virtus Asset Trust, on or about June 12, 2026. The Acquired Fund and the Acquiring Fund have the same Board of Trustees and subadviser, as well as the same portfolio manager.

Effective upon the reorganization, the funds' investment adviser has agreed to lower the Acquiring Fund's investment advisory fee rates so that they are contractually 0.45% on the first billion of the Acquiring Fund's net assets and to 0.40% on net assets over $1 billion, which is equal to or lower than that of the Acquired Fund's advisory fee rate of 0.45% on all net assets. The Acquiring Fund's expenses also will be contractually limited by the investment adviser to levels the same as or lower than those of the Acquired Fund.

------

**VIRTUS OPPORTUNITIES TRUST**

**OTHER INFORMATION (Unaudited)**

**March 31, 2026**

**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**

**($ reported in thousands)**

For the six months ended March 31, 2026, the Funds incurred independent Trustee's fees totaling $313 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**

**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR 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 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, AND VIRTUS SGA EMERGING MARKETS EQUITY FUND (EACH A "FUND" AND COLLECTIVELY, THE "FUNDS") BY THE BOARD OF TRUSTEES**

The Board of Trustees (the "Board") of Virtus Opportunities Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, LLC ("VIA") and of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements" and together with the Advisory Agreement, the "Agreements") among the Trust, VIA and Duff & Phelps Investment Management Co. ("Duff & Phelps"), with respect to Virtus Duff & Phelps Global Infrastructure Fund, Virtus Duff & Phelps Global Real Estate Securities Fund, Virtus Duff & Phelps Real Asset Fund and Virtus Duff & Phelps Real Estate Securities Fund; among the Trust, VIA and Kayne Anderson Rudnick Investment Management, LLC ("KAR"), with respect to Virtus KAR Developing Markets Fund, Virtus KAR Emerging Markets Small-Cap Fund and Virtus KAR International Small-Mid Cap Fund; among the Trust, VIA and Virtus Fixed Income Advisers, LLC ("VFIA"), operating through its division Newfleet Asset Management ("Newfleet"), with respect to 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, and Virtus Newfleet Senior Floating Rate Fund; among the Trust, VIA and VFIA, operating through its division Seix Investment Advisors ("Seix"), with respect to Virtus Seix Tax-Exempt Bond Fund; and among the Trust, VIA and Sustainable Growth Advisers, LP ("SGA") with respect to Virtus SGA Emerging Markets Equity Fund (each of Duff & Phelps, KAR, Newfleet, Seix and SGA, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on August 27, 2025, October 30, 2025, and November 17-18, 2025 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered the continuation of each Agreement, as further discussed below. The Agreements were approved at the November 17-18, 2025, meeting.

In connection with the approval of the Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and each Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Subadvisers with respect to the Fund(s) they manage. The Board noted the affiliation of each Subadviser with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. The Independent Trustees also submitted written information requests to VIA and the Subadvisers and considered the responses provided. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

------

**VIRTUS OPPORTUNITIES TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including (but not limited to): (a) the nature, extent and quality of the services provided to the Fund by VIA and each of the Subadvisers; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index and comparable funds/accounts; (c) the level and method of computing the Fund's advisory and subadvisory fees, and comparisons of the Fund's advisory fee rates and total expenses with those of a group of funds with similar investment strategies; (d) the profitability of VIA under the Advisory Agreement; (e) any "fall-out" benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA's or the applicable Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on the Fund's performance and expenses; (g) fees paid to VIA and the Subadvisers by comparable funds/accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

<u>Nature, Extent and Quality of Services</u>

In response to the Independent Trustees' request, the Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. In considering the Advisory Agreement with VIA, the Board considered that VIA is responsible for management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers, subject to shareholder approval, as applicable. In considering the Advisory Agreement with VIA, the Board considered VIA's process for supervising and managing the Funds' subadvisers, including (but not limited to) (a) VIA's ability to select and monitor subadvisers; (b) VIA's ability to provide the services necessary to monitor a subadviser's compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA's supervision of the Funds' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties to the Funds and other funds managed through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Fund('s)(s') investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the respective Fund(s) is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund('s)(s') prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (but not limited to) (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and use of soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe"), as selected by Broadridge, and relevant indexes. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio compositions, as well as each Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Fund. The Board was mindful of VIA's focus on each Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, including the performance of comparable funds/accounts managed by VIA and the Subadviser, if any, the information set forth below with respect to the performance of each Fund for the period ended March 31, 2025. The Board also reviewed comparisons of each Fund's contractual and net management fee and net total expense levels to those of its peer universe as of April 30, 2025 when considering Fund performance.

*<u>Virtus Duff & Phelps Global Infrastructure Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1- and 10-year periods and underperformed the median of its Performance Universe for the 3- and 5-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 5-, and 10-year periods and underperformed its benchmark for the 3-year period. The Board also noted that the Fund's performance was equal to the median of its Performance Universe for the quarter ended March 31, 2025 and that the Fund outperformed its benchmark for the quarter ended March 31, 2025.

------

**VIRTUS OPPORTUNITIES TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

The Board also noted that the Fund's performance was in the second quintile of the performance universe for the 1-year period, fifth quintile for the 3-year period, and third quintile for the 5- and 10-year periods.

*<u>Virtus Duff & Phelps Global Real Estate Securities Fund.</u>* The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-, 5-, and 10-year periods and second quintile for the 3-year period.

*<u>Virtus Duff & Phelps Real Asset Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1- and 5-year periods and underperformed the median of its Performance Universe for the 3- and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-year period, fifth quintile for the 3- and 10-year periods, and second quintile for the 5-year period.

*<u>Virtus Duff & Phelps Real Estate Securities Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 5-, and 10-year periods and underperformed its benchmark for the 3-year period. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-, 5- and 10-year periods and second quintile for the 3-year period.

*<u>Virtus KAR Developing Markets Fund.</u>* The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 1- and 3-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1- and 3-year periods.

*<u>Virtus KAR Emerging Markets Small-Cap Fund.</u>* The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median of its Performance Universe for the 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, and 10-year periods and underperformed its benchmark for the 5-year period. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fourth quintile of the performance universe for the 1-year period and first quintile for the 3-, 5-, and 10-year periods.

*<u>Virtus KAR International Small-Mid Cap Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, and 10-year periods and underperformed its benchmark for the 5-year period. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-, 3-, 5-, and 10-year periods.

*<u>Virtus Newfleet Core Plus Bond Fund.</u>* The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the third quintile of the performance universe for the 1-year period and first quintile for the 3-, 5-, and 10-year periods.

*<u>Virtus Newfleet High Yield Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, and 5-year periods and underperformed its benchmark for the 10-year period. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-, 5-, and 10-year periods and second quintile for the 3-year period.

*<u>Virtus Newfleet Low Duration Core Plus Bond Fund.</u>* The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-, 3-, 5-, and 10-year periods.

*<u>Virtus Newfleet Multi-Sector Intermediate Bond Fund.</u>* The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median of its Performance Universe for the 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

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**VIRTUS OPPORTUNITIES TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

The Board also noted that the Fund's performance was in the fourth quintile of the performance universe for the 1-year period, third quintile for the 3-year period, and second quintile for the 5- and 10-year periods.

*<u>Virtus Newfleet Multi-Sector Short Term Bond Fund.</u>* The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-, 3-, 5-, and 10-year periods.

*<u>Virtus Newfleet Senior Floating Rate Fund.</u>* The Board noted that the Fund outperformed the median of its Performance Universe for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the third quintile of the performance universe for the 1-year period, second quintile for the 3- and 10-year periods, and first quintile for the 5-year period.

*<u>Virtus Seix Tax-Exempt Bond Fund.</u>* The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the performance universe for the 1-year period, fourth quintile for the 3- and 5-year periods, and third quintile for the 10-year period.

*<u>Virtus SGA Emerging Markets Equity Fund.</u>* The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the quarter ended March 31, 2025.

The Board also noted that the Fund's performance was in the fifth quintile of the performance universe for the 1-, 3-, 5-, and 10-year periods.

The Board also considered management's discussion about the reasons for each applicable Fund's underperformance relative to its peer group or benchmark, including the reasons discussed for any underperformance and/or actions taken to address the underperformance. The Board also considered management's discussion of any limitations on the comparability of the peer funds presented, if applicable.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, most favorable in these expense component rankings, and fifth being highest and, therefore, least favorable in these expense component rankings). In comparing each Fund's net management fee to that of peer funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also noted that each of the Funds had expense limitations in place to limit the total expenses incurred by the Funds and their shareholders, and that VIA had proposed to lower the expense limitations in place for Class A, C and I shares of Virtus SGA Emerging Markets Equity Fund. The Board also noted that any subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. VIA and the Subadvisers provided, and the Board considered, fee information of comparable funds/accounts managed by VIA and the Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus Duff & Phelps Global Infrastructure Fund.</u>* The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was below the median of the Expense Universe and the net total expenses were above the median of the Expense Universe.

*<u>Virtus Duff & Phelps Global Real Estate Securities Fund.</u>* The Board considered that the Fund's net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Duff & Phelps Real Asset Fund.</u>* The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were below the median of the Expense Universe.

*<u>Virtus Duff & Phelps Real Estate Securities Fund.</u>* The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus KAR Developing Markets Fund.</u>* The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

------

**VIRTUS OPPORTUNITIES TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

*<u>Virtus KAR Emerging Markets Small-Cap Fund.</u>* The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fifth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus KAR International Small-Mid Cap Fund.</u>* The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Newfleet Core Plus Bond Fund.</u>* The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was above the median of the Expense Universe and the net total expenses after waivers were below the median of the Expense Universe.

*<u>Virtus Newfleet High Yield Fund.</u>* The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Newfleet Low Duration Core Plus Bond Fund.</u>* The Board considered that the Fund's net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Newfleet Multi-Sector Intermediate Bond Fund.</u>* The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Newfleet Multi-Sector Short Term Bond Fund.</u>* The Board considered that the Fund's net management fee was in the fifth quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus Newfleet Senior Floating Rate Fund.</u>* The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were below the median of the Expense Universe.

*<u>Virtus Seix Tax-Exempt Bond Fund.</u>* The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

*<u>Virtus SGA Emerging Markets Equity Fund.</u>* The Board considered that the Fund's net management fee was in the fourth quintile of the Expense Universe and net total expenses after waivers were in the fifth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Universe.

The Board concluded that the advisory and subadvisory fees for each Fund, including any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered. The Board also approved lower expense limitations for Class A, C, and I shares of Virtus SGA Emerging Markets Equity Fund.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA's affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results.

In considering the profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadvisers and the profitability to the Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds' assets grow. The Board noted that expense limitations were in place for the Funds. The Board also took into account management's discussion of the Funds' advisory fee and subadvisory fee structure. The Board also took into account the current sizes of the Funds, among other factors. The Board also noted that VIA had agreed to implement an extension of each Fund's expense limitations through at least the end of 2026, and that VIA had agreed to lower the expense limitations applicable to Class A, C, and I shares of Virtus SGA Emerging Markets Equity Fund. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

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**VIRTUS OPPORTUNITIES TRUST**

**OTHER INFORMATION (Unaudited) (Continued)**

**March 31, 2026**

With respect to whether the Subadvisers would realize economies of scale as the Funds' assets grow, the Board noted that because the subadvisory fee rate paid by VIA to each Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense limitations would affect the subadvisory fees paid to the Subadvisers.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Fund(s). Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadvisers, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadvisers also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fees to be earned under the applicable Agreement(s).

The Board considered that there may be certain indirect or ancillary benefits which may accrue to VIA, the Subadvisers and their affiliates, including (but not limited to): (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, including any proposed amendments, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

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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

F. Ford Drummond

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

**How to Contact Us**

Mutual Fund Services

1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

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![](g103450img1063708c2.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**.

8496 05-26

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7(a).

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Please 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.
Please refer to the Other Information Section in Item 7(a).

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Please 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 the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

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#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (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.](d103450dex99cert.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.](d103450dex99906ce.htm) |

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

(Registrant) Virtus Opportunities Trust

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

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 <br> Date 05/29/2026

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.

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

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 <br> Date 05/29/2006

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

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 <br> Date 5/28/2006

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

## Ex-99.Cert

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

**Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

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

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

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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: 05/29/2026 | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

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**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

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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: 05/28/2026 | /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.

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| | |
|:---|:---|
| Date: 05/29/2026 | /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.

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| | |
|:---|:---|
| Date: 05/28/2026 | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President,<br>Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---