# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044731
**Filing Date:** 2023-2
**Character Count:** 73102
**Document Hash:** 46bff23939a08e91de5a1c824ce07ccb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044731.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044731

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 23679955

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

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

## Nport-Ex

#### VIRTUS Seix Tax-Exempt Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds<sup>(1)</sup>—99.1%** | **Municipal Bonds<sup>(1)</sup>—99.1%** | **Municipal Bonds<sup>(1)</sup>—99.1%** |
| **Alabama—1.3%** | **Alabama—1.3%** |  |
| Black Belt Energy Gas District, Natural Gas Purchase Revenue, Mandatory Put, Series A, 12/1/23,<br> 4.000%, 12/1/48<sup>(2)</sup> | $910 | $911 |
| **Arizona—3.6%** | **Arizona—3.6%** |  |
| Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series B<br> 5.000%, 7/1/37 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 378 |
| Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series C<br> 5.000%, 7/1/36 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1053 |
| Arizona Department of Transportation, State Highway Fund Revenue,<br> 5.000%, 7/1/36 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 531 |
| Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue,<br> 5.000%, 12/1/24 | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 586 |
|  |  | &nbsp;&nbsp; 2548 |
| **Arkansas—0.7%** | **Arkansas—0.7%** |  |
| University of Arkansas, Facility Revenue,<br> 5.000%, 11/1/33 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 534 |
| **California—3.1%** | **California—3.1%** |  |
| California Municipal Finance Authority, Bowles Hall Foundation Revenue,<br> 4.500%, 6/1/24 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 151 |
| California Municipal Finance Authority, Bowles Hall Foundation Revenue, Series A<br> 4.500%, 6/1/23 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 226 |
| California State Health Facilities Financing Authority, Providence St. Joseph Health,<br> 4.000%, 10/1/36 | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 276 |
| California State Municipal Finance Authority, Community Medical Centers, Series A (Pre-Refunded 2/1/25 @ 100)<br> 5.000%, 2/1/27 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 419 |
| Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue, (BAM Insured)<br> 5.000%, 5/1/32 | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 593 |
| Santa Clarita Community College District, General Obligation,<br> 3.000%, 8/1/44 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 392 |
| Temecula Valley Unified School District Financing Authority, Special Tax Revenue, (BAM Insured)<br> 5.000%, 9/1/25 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 183 |
|  |  | &nbsp;&nbsp; 2240 |
| **Colorado—8.0%** | **Colorado—8.0%** |  |
| City & County of Denver Co. Airport System Revenue, Series D<br> 5.500%, 11/15/30 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1134 |
| Denver Convention Center Hotel Authority Revenue, Senior Lien,<br> 5.000%, 12/1/27 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 412 |
| Public Authority For Colorado Energy, Natural Gas Purchase Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;6.125%, 11/15/23 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 519 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Colorado—continued** | **Colorado—continued** |  |
| &nbsp;&nbsp;&nbsp;6.250%, 11/15/28 | $2250 | $2427 |
| Regional Transportation District, Sales Tax Revenue, Fastracks Project,<br> 5.000%, 11/1/32 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1288 |
|  |  | &nbsp;&nbsp; 5780 |
| **Connecticut—2.8%** | **Connecticut—2.8%** |  |
| Connecticut Housing Finance Authority, Mortgage Revenue, (GNMA / FNMA / FHLMC Insured)<br> 3.200%, 11/15/33 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 309 |
| Connecticut State Health & Educational Facilities Authority Revenue, Series A<br> 4.000%, 7/1/40 | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 682 |
| Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program Revenue, Series D (Pre-Refunded 11/15/26 @ 100)<br> 3.000%, 11/15/35 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| State of Connecticut, Series E General Obligation,<br> 5.000%, 9/15/34 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 825 |
|  |  | &nbsp;&nbsp; 2019 |
| **District of Columbia—6.4%** | **District of Columbia—6.4%** |  |
| Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Convertible Capital Appreciation Series C Second Lien, (AGC Insured) (Pre-Refunded 10/1/26 @ 100)<br> 6.500%, 10/1/41 | &nbsp;&nbsp; 4030 | &nbsp;&nbsp; 4566 |
| **Florida—15.3%** | **Florida—15.3%** |  |
| Brevard County School Board, Certificates of Participation, Series A<br> 5.000%, 7/1/32 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1079 |
| Broward County School Board, Certificates of Participation, Series A<br> 5.000%, 7/1/32 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 318 |
| Central Florida Expressway Authority, Senior Lien Toll Revenue, Series B<br> 4.000%, 7/1/30 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 236 |
| City of Tallahassee, Health Facilities Revenue, Tallahassee Memorial Healthcare,<br> 5.000%, 12/1/36 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 508 |
| Miami Beach Redevelopment Agency, |  |  |
| &nbsp;&nbsp;&nbsp;Tax Increment Revenue,<br> 5.000%, 2/1/32 | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp;Tax Increment Revenue, (AGM Insured)<br> 5.000%, 2/1/31 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 41 |
| Miami-Dade County Educational Facilities Authority, University of Miami Revenue, Series A<br> 5.000%, 4/1/30 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 207 |
| Miami-Dade County School Board, Certificates of Participation,<br> 5.000%, 2/1/34 | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1772 |
| Seminole County School Board, Certificates of Participation, Series D<br> 5.000%, 7/1/29 | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 2071 |
| South Florida Water Management District, Certificates of Participation,<br> 5.000%, 10/1/35 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 789 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Seix Tax-Exempt Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Florida—continued** | **Florida—continued** |  |
| State of Florida, Department of Transportation Right of Way General Obligation,<br> 5.000%, 7/1/31 | $3000 | $3368 |
| Wildwood Utility Dependent District, South Sumter Utility Project Revenue, (BAM Insured)<br> 5.000%, 10/1/37 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 277 |
|  |  | &nbsp;&nbsp;10991 |
| **Georgia—0.8%** | **Georgia—0.8%** |  |
| Atlanta Water & Wastewater Revenue,<br> 5.000%, 11/1/31 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 576 |
| **Idaho—0.3%** | **Idaho—0.3%** |  |
| Idaho Health Facilities Authority, St. Luke's Health System Revenue,<br> 5.000%, 3/1/37 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 242 |
| **Illinois—7.9%** | **Illinois—7.9%** |  |
| City of Chicago |  |  |
| &nbsp;&nbsp;&nbsp;Second Lien, (AGM Insured)<br> 5.000%, 11/1/31 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 535 |
| &nbsp;&nbsp;&nbsp;Second Lien, (AGM Insured)<br> 5.250%, 11/1/32 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;Waterworks Revenue, Second Lien,<br> 5.000%, 11/1/30 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 520 |
| Cook County School District No. 78 Rosemont, General Obligation, (AGM Insured)<br> 5.000%, 12/1/38 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1116 |
| Illinois Housing Development Authority, Social Bonds Series D (GNMA/FNMA/FHLMC COLL Insured)<br> 2.375%, 10/1/42 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 328 |
| Illinois State Toll Highway Authority, Toll Highway Revenue, Senior Lien, Series B<br> 5.000%, 1/1/32 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1065 |
| Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue,<br> 5.000%, 6/1/27 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 478 |
| State of Illinois, General Obligation,<br> 5.000%, 2/1/27 | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1290 |
|  |  | &nbsp;&nbsp; 5710 |
| **Indiana—3.2%** | **Indiana—3.2%** |  |
| Indiana Finance Authority, Parkview Health System, Series A<br> 5.000%, 11/1/43 | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1741 |
| Indianapolis Local Public Improvement Bond Bank Revenue,<br> 5.000%, 1/1/34 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 543 |
|  |  | &nbsp;&nbsp; 2284 |
| **Maine—1.9%** | **Maine—1.9%** |  |
| City of Portland, General Airport Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 7/1/29 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 584 |
| &nbsp;&nbsp;&nbsp;5.000%, 7/1/30 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 776 |
|  |  | &nbsp;&nbsp; 1360 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Maryland—2.7%** | **Maryland—2.7%** |  |
| Maryland Community Development Administration, Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;1.250%, 3/1/30 | $200 | $167 |
| &nbsp;&nbsp;&nbsp;1.950%, 9/1/41 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 322 |
| Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue,<br> 5.000%, 8/15/26 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 828 |
| Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue, Series A<br> 5.000%, 5/15/42 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 616 |
|  |  | &nbsp;&nbsp; 1933 |
| **Massachusetts—1.2%** | **Massachusetts—1.2%** |  |
| Massachusetts Housing Finance Agency,<br> 2.300%, 12/1/40 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 355 |
| Massachusetts Port Authority, Transportation Revenue, Series A (AMT)<br> 5.000%, 7/1/31 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 529 |
|  |  | &nbsp;&nbsp; 884 |
| **Michigan—1.4%** | **Michigan—1.4%** |  |
| Michigan State Building Authority, Facilities Program Lease Revenue, Series I |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 4/15/25 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 525 |
| &nbsp;&nbsp;&nbsp;4.000%, 10/15/36 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 503 |
|  |  | &nbsp;&nbsp; 1028 |
| **Minnesota—3.5%** | **Minnesota—3.5%** |  |
| Minneapolis Special School District No. 1 |  |  |
| &nbsp;&nbsp;&nbsp;Series B General Obligation, (SD CRED PROG Insured)<br> 5.000%, 2/1/39 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1225 |
| &nbsp;&nbsp;&nbsp;Series B General Obligation, (SD CRED PROG Insured)<br> 5.000%, 2/1/40 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1280 |
|  |  | &nbsp;&nbsp; 2505 |
| **Mississippi—1.4%** | **Mississippi—1.4%** |  |
| State of Mississippi, Series B (Covid-19 Go Emergency Bonds) General Obligation,<br> 4.000%, 10/1/39 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1003 |
| **New Jersey—2.2%** | **New Jersey—2.2%** |  |
| New Jersey Turnpike Authority, Toll Revenue, Series B<br> 4.000%, 1/1/35 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 246 |
| New Jersey, State of, Sales Tax Revenue<br> 4.000%, 6/1/31 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 260 |
| Tobacco Settlement Financing Corp., Tobacco Settlement Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/31 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/32 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/33 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/34 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 260 |
|  |  | &nbsp;&nbsp; 1551 |
| **New York—2.4%** | **New York—2.4%** |  |
| Dutchess County Local Development Corp., The Culinary Institute of America Revenue,<br> 5.000%, 7/1/33 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 187 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Seix Tax-Exempt Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **New York—continued** | **New York—continued** |  |
| New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 3.000%, 1/1/36 | $250 | $218 |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 3.000%, 1/1/37 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 3.000%, 1/1/46 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 559 |
| New York State Dormitory Authority, |  |  |
| &nbsp;&nbsp;&nbsp;New York University Hospitals Center Revenue,<br> 5.000%, 7/1/33 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp;Orange Regional Medical Center Revenue,<br> 144A 5.000%, 12/1/23<sup>(3)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 303 |
| TSASC, Inc., Tobacco Settlement Revenue,<br> 5.000%, 6/1/34 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 194 |
|  |  | &nbsp;&nbsp; 1703 |
| **Ohio—2.9%** | **Ohio—2.9%** |  |
| Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Senior Series A-2 Class 1 Revenue,<br> 4.000%, 6/1/48 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 428 |
| New Albany Community Authority, Community Facilities Revenue, Series C<br> 5.000%, 10/1/24 | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1250 |
| Northeast Ohio Regional Sewer District Revenue,<br> 3.000%, 11/15/40 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 409 |
|  |  | &nbsp;&nbsp; 2087 |
| **Oregon—3.2%** | **Oregon—3.2%** |  |
| Oregon State Housing & Community, Mortgage Revenue, Residential Finance Program Revenue, Series A<br> 4.500%, 1/1/49 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 237 |
| State of Oregon, Article XI-Q Series F General Obligation,<br> 5.000%, 5/1/33 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1173 |
| Washington & Multnomah Counties, Beaverton School District No. 48J, General Obligation, (SCH BD GTY Insured)<br> 5.000%, 6/15/36 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 859 |
|  |  | &nbsp;&nbsp; 2269 |
| **Pennsylvania—5.0%** | **Pennsylvania—5.0%** |  |
| Butler County Hospital Authority, Butler Health System Revenue,<br> 5.000%, 7/1/30 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 256 |
| City of Philadelphia, Water & Wastewater Revenue, Series A<br> 5.000%, 10/1/42 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 316 |
| Delaware River Joint Toll Bridge Commission, Bridge System Revenue,<br> 5.000%, 7/1/34 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 271 |
| Pennsylvania Economic Development Financing Authority Revenue,<br> 5.500%, 6/30/39 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 507 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pennsylvania—continued** | **Pennsylvania—continued** |  |
| Pennsylvania Turnpike Commission, Turnpike Revenue Subordinate Lien, Convertible Capital Appreciation Series E, Toll Highway Revenue,<br> 6.375%, 12/1/38 | $2000 | $2259 |
|  |  | &nbsp;&nbsp; 3609 |
| **South Carolina—0.4%** | **South Carolina—0.4%** |  |
| South Carolina Association of Governmental Organizations Educational Facilities Corp., for Pickens School District Lease Revenue,<br> 5.000%, 12/1/24 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 301 |
| **Tennessee—5.5%** | **Tennessee—5.5%** |  |
| Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, Series A<br> 5.000%, 10/1/26 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1025 |
| Metropolitan Nashville Airport Authority (The) |  |  |
| &nbsp;&nbsp;&nbsp;Revenue, Series A<br> 5.250%, 7/1/47 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 267 |
| &nbsp;&nbsp;&nbsp;Revenue, Series A<br> 5.000%, 7/1/52 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp;Revenue, Series B<br> 5.500%, 7/1/40 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;Revenue, Series B<br> 5.500%, 7/1/41 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;Revenue, Series B<br> 5.500%, 7/1/52 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
| Tennessee State School Bond Authority, Higher Education Program Revenue, (State Higher Education Intercept Program Insured)<br> 5.000%, 11/1/34 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1090 |
|  |  | &nbsp;&nbsp; 3981 |
| **Texas—9.4%** | **Texas—9.4%** |  |
| Central Texas Regional Mobility Authority, Senior Lien Toll Revenue, Series D<br> 4.000%, 1/1/38 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 724 |
| Lamar Consolidated Independent School District, General Obligation, (PSF-GTD Insured)<br> 5.000%, 2/15/34 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1082 |
| Northwest Independent School District, Series A General Obligation, (PSF-GTD Insured)<br> 5.000%, 2/15/39 | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 1530 |
| Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D<br> 6.250%, 12/15/26 | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 942 |
| Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, LIBOR Index Series C<br> 3.838%, 9/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1895 | &nbsp;&nbsp; 1858 |
| Wharton Independent School District, General Obligation, (PSF-GTD Insured)<br> 3.000%, 2/15/32 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 627 |
|  |  | &nbsp;&nbsp; 6763 |
| **Vermont—0.4%** | **Vermont—0.4%** |  |
| Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue,<br> 5.000%, 12/1/35 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 313 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Seix Tax-Exempt Bond Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **West Virginia—0.4%** | **West Virginia—0.4%** |  |
| Monongalia County Building Commission, Monongalia Health System Revenue,<br> 5.000%, 7/1/23 | $300 | $302 |
| **Wisconsin—1.8%** | **Wisconsin—1.8%** |  |
| Public Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;Renown Regional Medical Center Revenue,<br> 5.000%, 6/1/33 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. Revenue, (AMT)<br> 2.875%, 5/1/27 | &nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 232 |
|  |  | &nbsp;&nbsp;&nbsp; 1266 |
| **Total Municipal Bonds<br> (Identified Cost $72,366)** | **Total Municipal Bonds<br> (Identified Cost $72,366)** | &nbsp;&nbsp;&nbsp;&nbsp;**71259** |
| **Total Long-Term Investments—99.1%<br> (Identified Cost $72,366)** | **Total Long-Term Investments—99.1%<br> (Identified Cost $72,366)** | &nbsp;&nbsp;&nbsp;&nbsp;**71259** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investment—0.0%** | **Short-Term Investment—0.0%** | **Short-Term Investment—0.0%** |
| **Money Market Mutual Fund—0.0%** | **Money Market Mutual Fund—0.0%** | **Money Market Mutual Fund—0.0%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(4)</sup> | 23192 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
| **Total Short-Term Investment<br> (Identified Cost $23)** | **Total Short-Term Investment<br> (Identified Cost $23)** | &nbsp;&nbsp; **23** |
| **TOTAL INVESTMENTS—99.1%<br> (Identified Cost $72,389)** | **TOTAL INVESTMENTS—99.1%<br> (Identified Cost $72,389)** | **$71282** |
| Other assets and liabilities, net—0.9% | Other assets and liabilities, net—0.9% | &nbsp;&nbsp;&nbsp; 624 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$71906** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Build America Municipal Insured |
| FHLMC | Federal Home Loan Mortgage Corporation ("Freddie Mac") |
| FNMA | Federal National Mortgage Association ("Fannie Mae") |
| GNMA | Government National Mortgage Association ("Ginnie Mae") |
| LIBOR | London Interbank Offered Rate |
| PSF-GTD | Permanent School Fund Guarantee Program |
| SCH BD GTY | School Bond Guaranty |
| SD CRED PROG | State Credit Enhancement Program |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | At December 31, 2022, 23.7% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers concentration exceeds 10% of the Fund's net assets. |
| <sup>(2)</sup> | Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. 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. These securities do not indicate a reference rate and spread in their description above. |
| <sup>(3)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $303 or 0.4% of net assets. |
| <sup>(4)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71259 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$71259 |

---

There were no securities valued using significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Schedule of Investments

------

#### VIRTUS SEIX TAX-EXEMPT BOND FUND

#### NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022

#### Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

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

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

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

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

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

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

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

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

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

For additional information about significant accounting policies, refer to the Fund's most recent semi or annual report.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Virtus Opportunities Trust

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

- **c. CIK number of Registrant:** 0001005020

- **d. LEI of Registrant:** 549300O4C4QVD88M4N75

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 101 Munson Street

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301-9668

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

**Item A.2. Information about the Series.**

- **a. Name of Series:** Virtus Seix Tax-Exempt Bond Fund

- **b. EDGAR series identifier (if any):** S000055180

- **c. LEI of Series:** 5493004WPZW0YS0ZK188

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $72885763.94

**Total Liabilities:** $1210851.66

**Net Assets:** $71674912.28

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** -95.00000000 | **5-Year:** -2422.00000000 | **10-Year:** -8665.00000000 | **30-Year:** -27906.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173507 | -3.14%               | 0.31%                | -2.42%               |
| Class ID C000173508 | -1.56%               | 2.19%                | -0.73%               |
| Class ID C000173506 | -0.39%               | 3.17%                | 0.36%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-462220.61              | $-21388.02                                 |
| Month 2  | $51381.67                | $2208835.43                                |
| Month 3  | $87530.34                | $-27252.44                                 |

### Schedule of Portfolio Investments

| Name                               | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MARYLAND ST CMNTY DEV ADMIN DE     | Maryland Community Development Administration                       | CUSIP: 57419TQF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $321809.00    | 0.45%             | 2041-09-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE          | City of Chicago IL Waterworks Revenue                               | CUSIP: 167736L21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $377752.27    | 0.53%             | 2032-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORTLAND ME ARPT REVENUE           | City of Portland ME General Airport Revenue                         | CUSIP: 736564CW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $775665.04    | 1.08%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE          | City of Chicago IL Waterworks Revenue                               | CUSIP: 167736P35<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534790.15    | 0.75%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL     | Maryland Health & Higher Educational Facilities Authority           | CUSIP: 5742182P7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $616257.66    | 0.86%             | 2042-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONONGALIA CNTY WV BLDG COMMIS     | Monongalia County Building Commission                               | CUSIP: 610218BE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302212.23    | 0.42%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DUTCHESS CNTY NY LOCAL DEV COR     | Dutchess County Local Development Corp                              | CUSIP: 267045KP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $187319.95    | 0.26%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                                  | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    158776 | NS      | $158776.45    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES     | New York State Dormitory Authority                                  | CUSIP: 64990BT94<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157315.04    | 0.22%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES     | New York State Dormitory Authority                                  | CUSIP: 64990BGR8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    300000 | PA      | $302555.16    | 0.42%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SCH BRD COP     | School Board of Miami-Dade County/The                               | CUSIP: 59333MU60<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1772137.63   | 2.47%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY      | New York City Industrial Development Agency                         | CUSIP: 64971PLK9<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    750000 | PA      | $558627.53    | 0.78%             | 2046-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC     | Miami-Dade County Educational Facilities Authority                  | CUSIP: 59333ALT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $207387.34    | 0.29%             | 2030-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENU     | Idaho Health Facilities Authority                                   | CUSIP: 451295ZW2<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    235000 | PA      | $241491.05    | 0.34%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S FL WTR MGMT DIST COPS            | South Florida Water Management District                             | CUSIP: 83786PCU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $789053.03    | 1.10%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO SALES T     | Regional Transportation District Sales Tax Revenue                  | CUSIP: 759136TZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1195000 | PA      | $1288559.42   | 1.80%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET WASHINGTON DC ARPTS AUTH D     | Metropolitan Washington Airports Authority Dulles Toll Road Revenue | CUSIP: 592643BM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4030000 | PA      | $4566010.15   | 6.37%             | 2041-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| LAMAR TX CONSOL INDEP SCH DIST     | Lamar Consolidated Independent School District                      | CUSIP: 513174XH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082239.90   | 1.51%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION      | Texas Municipal Gas Acquisition and Supply Corp I                   | CUSIP: 88256CEX3<br>LEI: 6AZ7FRSNC3ZFPM0Z8L86 | Long             | DBT              | MUN               | US        |    895000 | PA      | $942145.47    | 1.31%             | 2026-12-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| INGLEWOOD CA REDEV AGY SUCCESS     | Inglewood Redevelopment Agency Successor Agency                     | CUSIP: 34637QAQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $592536.10    | 0.83%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE      | Michigan State Building Authority                                   | CUSIP: 594615BE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $525117.00    | 0.73%             | 2025-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                      | State of New Jersey                                                 | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $260101.46    | 0.36%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST HSG & CMNTY SVCS DEP     | State of Oregon Housing & Community Services Department             | CUSIP: 686087YJ0<br>LEI: 549300N3PYWYJ0Z8N757 | Long             | DBT              | MUN               | US        |    235000 | PA      | $236633.72    | 0.33%             | 2049-01-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST MUNI GAS ACQUISITION      | Texas Municipal Gas Acquisition and Supply Corp II                  | CUSIP: 88255QBH1<br>LEI: 8E22IH4TQD26WYDGHB25 | Long             | DBT              | MUN               | US        |   1895000 | PA      | $1857725.73   | 2.59%             | 2027-09-15      | Variable      | 3.84%                 | No            |                  2 | On Loan: No      |
| SANTA CLARITA CA CMNTY CLG DIS     | Santa Clarita Community College District                            | CUSIP: 801686SG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $392116.70    | 0.55%             | 2044-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SOL WST DIS     | Public Finance Authority                                            | CUSIP: 74445MAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $232042.35    | 0.32%             | 2027-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA WTR & WSTWTR REVENU     | City of Atlanta GA Water & Wastewater Revenue                       | CUSIP: 047870MZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $575990.53    | 0.80%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HGR EDU SUPPLEM     | Connecticut State Higher Education Supplement Loan Authority        | CUSIP: 207743VZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202734.60    | 0.28%             | 2035-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR L     | Central Florida Expressway Authority                                | CUSIP: 153476BK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $236009.69    | 0.33%             | 2030-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R     | Central Texas Regional Mobility Authority                           | CUSIP: 155498NH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $723792.30    | 1.01%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SCAGO SC EDUCTNL FACS CORP FOR     | SCAGO Educational Facilities Corp for Pickens School District       | CUSIP: 80585TCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $300471.67    | 0.42%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CO CONVENTION CENTER HO     | Denver Convention Center Hotel Authority                            | CUSIP: 249189DF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $411814.88    | 0.57%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHEAST OH REGL SWR DIST         | Northeast Ohio Regional Sewer District                              | CUSIP: 663903HX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $409246.30    | 0.57%             | 2040-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST                         | State of Florida                                                    | CUSIP: 3411504U1<br>LEI: 5493004G5XFOOUT0LQ57 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3368030.10   | 4.70%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP     | Metropolitan Nashville Airport Authority/The                        | CUSIP: 592190QZ8<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528216.80    | 0.74%             | 2052-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1     | Minneapolis Special School District No 1                            | CUSIP: 603790WL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1140000 | PA      | $1279894.99   | 1.79%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN     | Public Authority for Colorado Energy                                | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2427101.10   | 3.39%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP     | Metropolitan Nashville Airport Authority/The                        | CUSIP: 592190QW5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    250000 | PA      | $269506.35    | 0.38%             | 2041-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BUCKEYE OH TOBACCO SETTLEMENT      | Buckeye Tobacco Settlement Financing Authority                      | CUSIP: 118217CX4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $427853.00    | 0.60%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST SCH BOND AUTH         | Tennessee State School Bond Authority                               | CUSIP: 880558KK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1089726.70   | 1.52%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL REDEV AGY           | Miami Beach Redevelopment Agency                                    | CUSIP: 593237FK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40679.45     | 0.06%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING      | Pennsylvania Economic Development Financing Authority               | CUSIP: 70868YAQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    485000 | PA      | $507009.11    | 0.71%             | 2039-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENU     | Public Finance Authority                                            | CUSIP: 74442CBN3<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034127.60   | 1.44%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY     | Arizona State University                                            | CUSIP: 04048RQK5<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |    360000 | PA      | $377927.75    | 0.53%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DE     | Maryland Community Development Administration                       | CUSIP: 57419TPW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $166334.66    | 0.23%             | 2030-03-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                     | State of Connecticut                                                | CUSIP: 20772KEA3<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    750000 | PA      | $824946.45    | 1.15%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SCH DIST #78 ROSE     | Cook County School District No 78 Rosemont                          | CUSIP: 214003CE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1115620.20   | 1.56%             | 2038-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH         | Massachusetts Port Authority                                        | CUSIP: 575896SG1<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529023.10    | 0.74%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVEN     | Indiana Finance Authority                                           | CUSIP: 45471ARL8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1740576.79   | 2.43%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY      | New York City Industrial Development Agency                         | CUSIP: 64971PLF0<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    100000 | PA      | $84607.37     | 0.12%             | 2037-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC I     | Indianapolis Local Public Improvement Bond Bank                     | CUSIP: 45528U5B3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |    500000 | PA      | $543324.60    | 0.76%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI     | Pennsylvania Turnpike Commission                                    | CUSIP: 709223XW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2259195.60   | 3.15%             | 2038-12-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY INDL DEV AGY      | New York City Industrial Development Agency                         | CUSIP: 64971PLE3<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |    250000 | PA      | $218199.60    | 0.30%             | 2036-01-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                        | State of Illinois                                                   | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1289891.38   | 1.80%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BUTLER CNTY PA HOSP AUTH           | Butler County Hospital Authority                                    | CUSIP: 123592DP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255713.73    | 0.36%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE      | Michigan State Building Authority                                   | CUSIP: 594615FU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502802.80    | 0.70%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N     | Tobacco Settlement Financing Corp                                   | CUSIP: 888808HJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261052.43    | 0.36%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY H     | Massachusetts Housing Finance Agency                                | CUSIP: 57587A8C5<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $355023.50    | 0.50%             | 2040-12-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA-HAMILTON CNTY TN H     | Chattanooga-Hamilton County Hospital Authority                      | CUSIP: 162362HN0<br>LEI: 549300BFNMBLLM3M6C70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1025341.10   | 1.43%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP     | Metropolitan Nashville Airport Authority/The                        | CUSIP: 592190QE5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    250000 | PA      | $259485.85    | 0.36%             | 2052-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TALLAHASSEE FL HLTH FACS REVEN     | City of Tallahassee FL                                              | CUSIP: 874485DH5<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    500000 | PA      | $507724.40    | 0.71%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A     | California Health Facilities Financing Authority                    | CUSIP: 13032UFL7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    275000 | PA      | $275896.53    | 0.38%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST TRANSPRTN BRD HIGHW     | Arizona Department of Transportation State Highway Fund Revenue     | CUSIP: 040654XF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $530985.60    | 0.74%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMECULA VLY UNIF SCH DIST FIN     | Temecula Valley Unified School District Financing Authority         | CUSIP: 87975BAL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $183286.51    | 0.26%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                       | TSASC Inc/NY                                                        | CUSIP: 898526FC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $194439.83    | 0.27%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST     | California Municipal Finance Authority                              | CUSIP: 13049YAF8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    150000 | PA      | $151298.88    | 0.21%             | 2024-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| NEW ALBANY OH CMNTY AUTH CMNTY     | New Albany Community Authority                                      | CUSIP: 641846BF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1250322.00   | 1.74%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL SCH BRD COPS      | Seminole County School Board                                        | CUSIP: 816692MV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1935000 | PA      | $2070797.72   | 2.89%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BLACK BELT ENERGY GAS DIST AL      | Black Belt Energy Gas District                                      | CUSIP: 09182RAF8<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    910000 | PA      | $910840.20    | 1.27%             | 2048-12-01      | Variable      | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE          | City of Chicago IL Waterworks Revenue                               | CUSIP: 167736E45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $519910.95    | 0.73%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST TX INDEP SCH DIST        | Northwest Independent School District                               | CUSIP: 667826DQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1370000 | PA      | $1529571.30   | 2.13%             | 2039-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU     | New Jersey Turnpike Authority                                       | CUSIP: 6461397J8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    240000 | PA      | $245816.98    | 0.34%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY OR SCH DIST #4     | Washington & Multnomah Counties School District No 48J Beaverton    | CUSIP: 938429U96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $859270.24    | 1.20%             | 2036-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIVER PA JT TOLL BRID     | Delaware River Joint Toll Bridge Commission                         | CUSIP: 246343LE5<br>LEI: 549300N6IGAQMI0JLE23 | Long             | DBT              | MUN               | US        |    250000 | PA      | $270872.40    | 0.38%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL      | Connecticut State Health & Educational Facilities Authority         | CUSIP: 20775DFD9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    725000 | PA      | $681795.58    | 0.95%             | 2040-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                          | State of Oregon                                                     | CUSIP: 68609BSS7<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1173017.76   | 1.64%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE     | California Municipal Finance Authority                              | CUSIP: 13048TVU4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    400000 | PA      | $419453.36    | 0.59%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVEN     | Illinois Housing Development Authority                              | CUSIP: 45203MDB4<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |    475000 | PA      | $328567.29    | 0.46%             | 2042-10-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SY     | Arizona State University                                            | CUSIP: 04048RRH1<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052826.50   | 1.47%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RAILSPLITTER IL TOBACCO SETTLE     | Railsplitter Tobacco Settlement Authority                           | CUSIP: 75076PAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $478358.51    | 0.67%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL     | Maryland Health & Higher Educational Facilities Authority           | CUSIP: 574218UT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $828286.80    | 1.16%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH      | Illinois State Toll Highway Authority                               | CUSIP: 452252LQ0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065188.40   | 1.49%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS     | Connecticut Housing Finance Authority                               | CUSIP: 20775CXK5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    325000 | PA      | $309052.45    | 0.43%             | 2033-11-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| MINNEAPOLIS MN SPL SCH DIST #1     | Minneapolis Special School District No 1                            | CUSIP: 603790WK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1225332.38   | 1.71%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ARKANSAS AR UNIV REVEN     | University of Arkansas                                              | CUSIP: 914072C68<br>LEI: 549300FFADBQ3NEI2D96 | Long             | DBT              | MUN               | US        |    505000 | PA      | $534192.13    | 0.75%             | 2033-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL REDEV AGY           | Miami Beach Redevelopment Agency                                    | CUSIP: 593237FL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $325265.89    | 0.45%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N     | Tobacco Settlement Financing Corp                                   | CUSIP: 888808HG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $262239.83    | 0.37%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND ME ARPT REVENUE           | City of Portland ME General Airport Revenue                         | CUSIP: 736564CV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $584427.49    | 0.82%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH          | Arizona Health Facilities Authority                                 | CUSIP: 040507PE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    565000 | PA      | $585721.21    | 0.82%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA WTR & WSTWTR R     | City of Philadelphia PA Water & Wastewater Revenue                  | CUSIP: 717893C82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $316656.96    | 0.44%             | 2042-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH ST     | California Municipal Finance Authority                              | CUSIP: 13049YAE1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225856.22    | 0.32%             | 2023-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV     | City & County of Denver CO Airport System Revenue                   | CUSIP: 249182SY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1133567.70   | 1.58%             | 2030-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| WHARTON TX INDEP SCH DIST          | Wharton Independent School District                                 | CUSIP: 962421LQ4<br>LEI: 549300J0CSVSVBHAV698 | Long             | DBT              | MUN               | US        |    645000 | PA      | $627563.84    | 0.88%             | 2032-02-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BROWARD CNTY FL SCH BRD COPS       | School District of Broward County/FL                                | CUSIP: 115065ZC1<br>LEI: 5493006KVNQDJ1D0OD92 | Long             | DBT              | MUN               | US        |    300000 | PA      | $318183.15    | 0.44%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N     | Tobacco Settlement Financing Corp                                   | CUSIP: 888808HK1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259873.58    | 0.36%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST                     | State of Mississippi                                                | CUSIP: 605581LY1<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1003116.60   | 1.40%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BREVARD CNTY FL SCH BRD COPS       | Brevard County School District                                      | CUSIP: 107431LB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1078746.50   | 1.51%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TOBACCO SETTLEMENT FING CORP N     | Tobacco Settlement Financing Corp                                   | CUSIP: 888808HH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $261814.00    | 0.37%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP     | Metropolitan Nashville Airport Authority/The                        | CUSIP: 592190QV7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    500000 | PA      | $541668.25    | 0.76%             | 2040-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| VERMONT ST EDUCTNL & HLTH BLDG     | Vermont Educational & Health Buildings Financing Agency             | CUSIP: 924166HX2<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |    300000 | PA      | $312574.92    | 0.44%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN     | Public Authority for Colorado Energy                                | CUSIP: 744387AB7<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |    510000 | PA      | $519215.70    | 0.72%             | 2023-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| WILDWOOD UTILITY DEPENDENT DIS     | Wildwood Utility Dependent District                                 | CUSIP: 968214AM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277196.48    | 0.39%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET NASHVILLE TN ARPT AUTH ARP     | Metropolitan Nashville Airport Authority/The                        | CUSIP: 592190QD7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266859.45    | 0.37%             | 2047-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer