# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0000940400-26-015359
**Filing Date:** 2026-4
**Character Count:** 142733
**Document Hash:** db3d7b6589629b227c12aa6932d290f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-015359.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0000940400-26-015359

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**PERIOD START**: 20260531

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 26907900

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

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**VIRTUS Stone Harbor Emerging Markets Bond Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**February 28, 2026**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—98.1%** | **Corporate Bonds and Notes—98.1%** | **Corporate Bonds and Notes—98.1%** |
| **Angola—0.9%** | **Angola—0.9%** |  |
| &nbsp;&nbsp;&nbsp; Azule Energy Finance plc 144A <br>8.125%, 1/23/30<sup>(1)</sup> <br>| $66 | &nbsp;&nbsp; $67 |
| **Argentina—4.1%** | **Argentina—4.1%** |  |
| &nbsp;&nbsp;&nbsp; Generacion Mediterranea S.A. 144A <br>11.000%, 11/1/31<sup>(1)(2)</sup> <br>| 54 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; MSU Energy S.A. 144A <br>9.750%, 12/5/30<sup>(1)</sup> <br>| 73 | &nbsp;&nbsp; 74 |
| Telecom Argentina S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 9.500%, 7/18/31<sup>(1)</sup> <br>| 34 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 9.250%, 5/28/33<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; YPF Energia Electrica S.A. 144A <br>7.875%, 10/16/32<sup>(1)</sup> <br>| 50 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; YPF S.A. 144A <br>9.500%, 1/17/31<sup>(1)</sup> <br>| 49 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 288 |
| **Brazil—10.1%** | **Brazil—10.1%** |  |
| &nbsp;&nbsp;&nbsp; 3R Lux S.a.r.l. 144A <br>9.750%, 2/5/31<sup>(1)</sup> <br>| 17 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Adecoagro S.A. 144A <br>7.500%, 7/29/32<sup>(1)</sup> <br>| 27 | &nbsp;&nbsp; 26 |
| Braskem Netherlands Finance B.V. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.875%, 1/31/50<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 4.500%, 1/31/30<sup>(3)</sup> <br>| 54 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Constellation Oil Services Holding S.A. 144A <br>9.375%, 11/7/29<sup>(1)</sup> <br>| 46 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; CSN Inova Ventures 144A <br>6.750%, 1/28/28<sup>(1)</sup> <br>| 12 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; CSN Resources S.A. 144A <br>4.625%, 6/10/31<sup>(1)</sup> <br>| 37 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Eldorado Intl. Finance GmbH 144A <br>8.500%, 12/1/32<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; FORESEA Holding S.A. 144A <br>7.500%, 6/15/30<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; FS Luxembourg S.a.r.l. 144A <br>8.125%, 2/11/36<sup>(1)</sup> <br>| 16 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; JBS N.V. <br>4.375%, 2/2/52<br>| 25 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; MC Brazil Downstream Trading S.a.r.l. 144A <br>7.250%, 6/30/31<sup>(1)</sup> <br>| 51 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Movida Europe S.A. 144A <br>7.850%, 4/11/29<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; OHI Group S.A. 144A <br>13.000%, 7/22/29<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; PRIO Luxembourg Holding S.a.r.l. 144A <br>6.750%, 10/15/30<sup>(1)</sup> <br>| 14 | &nbsp;&nbsp; 14 |
| Raizen Fuels Finance S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.300%, 1/20/27<sup>(1)</sup> <br>| 14 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.250%, 7/8/32<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Samarco Mineracao S.A. (9.500% PIK) 144A <br>9.500%, 6/30/31<sup>(1)(4)</sup> <br>| 63 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Simpar Europe S.A. 144A <br>5.200%, 1/26/31<sup>(1)</sup> <br>| 51 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Sitios Latinoamerica SAB de C.V. 144A <br>5.375%, 4/4/32<sup>(1)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.000%, 3/16/47<sup>(1)</sup> <br>| 31 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Series DM3N <br>3.125%, 1/15/32<br>| 38 | &nbsp;&nbsp; 34 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Brazil—continued** | **Brazil—continued** |  |
| &nbsp;&nbsp;&nbsp; Trident Energy Finance plc 144A <br>12.500%, 11/30/29<sup>(1)</sup> <br>| $27 | &nbsp;&nbsp; $28 |
| &nbsp;&nbsp;&nbsp; Vamos Europe S.A. 144A <br>9.200%, 1/26/31<sup>(1)</sup> <br>| 29 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Yinson Bergenia Production B.V. 144A <br>8.498%, 1/31/45<sup>(1)</sup> <br>| 21 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Yinson Boronia Production B.V. 144A <br>8.947%, 7/31/42<sup>(1)</sup> <br>| 29 | &nbsp;&nbsp; 32 |
|  |  | &nbsp;&nbsp; 710 |
| **Chile—4.4%** | **Chile—4.4%** |  |
| &nbsp;&nbsp;&nbsp; ATP Tower Holdings 144A <br>7.875%, 2/3/30<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Banco de Chile 144A <br>2.990%, 12/9/31<sup>(1)</sup> <br>| 69 | &nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp; Banco de Credito e Inversiones S.A. 144A <br>7.500% <sup>(1)(5)</sup> <br>| 51 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Chile Electricity Lux Mpc II S.a.r.l. 144A <br>5.580%, 10/20/35<sup>(1)</sup> <br>| 34 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Cia Cervecerias Unidas S.A. 144A <br>3.350%, 1/19/32<sup>(1)</sup> <br>| 61 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Inversiones CMPC S.A. 144A <br>6.700%, 12/9/57<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Sociedad Quimica y Minera de Chile S.A. 144A <br>5.625%, 4/22/56<sup>(1)</sup> <br>| 18 | &nbsp;&nbsp; 18 |
|  |  | &nbsp;&nbsp; 313 |
| **China—9.5%** | **China—9.5%** |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br>3.150%, 2/9/51<br>| 50 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; CK Hutchison International 24 II Ltd. (Hong Kong), 144A <br>4.750%, 9/13/34<sup>(1)</sup> <br>| 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; ENN Clean Energy International Investment Ltd. 144A <br>3.375%, 5/12/26<sup>(1)</sup> <br>| 104 | &nbsp;&nbsp; 104 |
| Melco Resorts Finance Ltd. (Macau) |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.750%, 7/21/28<sup>(1)</sup> <br>| 26 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 5.625%, 7/17/27<sup>(3)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 5.750%, 7/21/28<sup>(3)</sup> <br>| 21 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 5.375%, 12/4/29<sup>(3)</sup> <br>| 82 | &nbsp;&nbsp; 81 |
| Standard Chartered plc (Hong Kong) |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.301%, 1/9/29<sup>(1)</sup> <br>| 18 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 2.678%, 6/29/32<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.097%, 1/11/35<sup>(1)</sup> <br>| 46 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Studio City Co., Ltd. (Macau) 144A <br>7.000%, 2/15/27<sup>(1)</sup> <br>| 58 | &nbsp;&nbsp; 58 |
| Studio City Finance Ltd. (Macau) |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.500%, 1/15/28<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.000%, 1/15/29<sup>(1)</sup> <br>| 75 | &nbsp;&nbsp; 72 |
| Tencent Holdings Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 2.390%, 6/3/30<sup>(1)</sup> <br>| 11 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.240%, 6/3/50<sup>(1)</sup> <br>| 11 | &nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp; 672 |
| **Colombia—2.9%** | **Colombia—2.9%** |  |
| &nbsp;&nbsp;&nbsp; AI Candelaria - Spain- S.A. 144A <br>5.750%, 6/15/33<sup>(1)</sup> <br>| 39 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Banco Davivienda S.A. 144A <br>6.650% <sup>(1)(5)</sup> <br>| 56 | &nbsp;&nbsp; 52 |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor Emerging Markets Bond Fund**

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

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Colombia—continued** | **Colombia—continued** |  |
| &nbsp;&nbsp;&nbsp; Ecopetrol S.A. <br>7.375%, 9/18/43<br>| $31 | &nbsp;&nbsp; $28 |
| &nbsp;&nbsp;&nbsp; Geopark Ltd. 144A <br>8.750%, 1/31/30<sup>(1)</sup> <br>| 27 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Gran Tierra Energy, Inc. 144A <br>9.500%, 10/15/29<sup>(1)</sup> <br>| 52 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; SierraCol Energy Andina LLC 144A <br>9.000%, 11/14/30<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
|  |  | &nbsp;&nbsp; 208 |
| **Czech Republic—1.8%** | **Czech Republic—1.8%** |  |
| &nbsp;&nbsp;&nbsp; Energo-Pro AS 144A <br>8.000%, 5/27/30<sup>(1)</sup> <br>| 100 <br><sup>EUR</sup><br>| &nbsp;&nbsp; 126 |
| **Egypt—0.8%** | **Egypt—0.8%** |  |
| &nbsp;&nbsp;&nbsp; African Export-Import Bank (The) 144A <br>2.634%, 5/17/26<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 60 |
| **Ghana—1.0%** | **Ghana—1.0%** |  |
| Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 7.750%, 5/1/27<sup>(3)</sup> <br>| 45 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 7.500%, 3/1/28<sup>(3)</sup> <br>| 31 | &nbsp;&nbsp; 27 |
|  |  | &nbsp;&nbsp; 71 |
| **Guatemala—0.8%** | **Guatemala—0.8%** |  |
| &nbsp;&nbsp;&nbsp; CT Trust 144A <br>5.125%, 2/3/32<sup>(1)</sup> <br>| 15 | &nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Investment Energy Resources Ltd. 144A <br>6.250%, 4/26/29<sup>(1)</sup> <br>| 39 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 54 |
| **India—6.4%** | **India—6.4%** |  |
| &nbsp;&nbsp;&nbsp; Adani Electricity Mumbai Ltd. 144A <br>3.949%, 2/12/30<sup>(1)</sup> <br>| 72 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; Adani Green Energy UP Ltd. 144A <br>6.700%, 3/12/42<sup>(1)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.200%, 8/4/27<sup>(1)</sup> <br>| 38 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 3.100%, 2/2/31<sup>(3)</sup> <br>| 20 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 3.828%, 2/2/32<sup>(3)</sup> <br>| 31 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp; Adani Renewable Energy RJ Ltd. 144A <br>4.625%, 10/15/39<sup>(1)</sup> <br>| 53 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. RegS <br>3.700% <sup>(3)(5)</sup> <br>| 37 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; JSW Hydro Energy Ltd. 144A <br>4.125%, 5/18/31<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Muthoot Finance Ltd. 144A <br>6.375%, 4/23/29<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Reliance Industries Ltd. RegS <br>3.625%, 1/12/52<sup>(3)</sup> <br>| 35 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; ReNew Wind Energy AP2 RegS <br>4.500%, 7/14/28<sup>(3)</sup> <br>| 24 | &nbsp;&nbsp; 23 |
| Vedanta Resources Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 10.875%, 9/17/29<sup>(1)</sup> <br>| 41 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 9.475%, 7/24/30<sup>(1)</sup> <br>| 56 | &nbsp;&nbsp; 59 |
|  |  | &nbsp;&nbsp; 455 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Indonesia—4.1%** | **Indonesia—4.1%** |  |
| &nbsp;&nbsp;&nbsp; Cikarang Listrindo Tbk PT 144A <br>5.650%, 3/12/35<sup>(1)</sup> <br>| $35 | &nbsp;&nbsp; $35 |
| &nbsp;&nbsp;&nbsp; Freeport Indonesia PT RegS <br>6.200%, 4/14/52<sup>(3)</sup> <br>| 34 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Medco Bell Pte Ltd. RegS <br>6.375%, 1/30/27<sup>(3)</sup> <br>| 70 | &nbsp;&nbsp; 70 |
| Minejesa Capital B.V. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.625%, 8/10/30<sup>(1)</sup> <br>| 88 | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.625%, 8/10/37<sup>(1)</sup> <br>| 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Star Energy Geothermal Darajat II 144A <br>4.850%, 10/14/38<sup>(1)</sup> <br>| 4 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Star Energy Geothermal Wayang Windu Ltd. RegS <br>6.750%, 4/24/33<sup>(3)</sup> <br>| 32 | &nbsp;&nbsp; 33 |
|  |  | &nbsp;&nbsp; 286 |
| **Israel—4.1%** | **Israel—4.1%** |  |
| &nbsp;&nbsp;&nbsp; Altice Financing S.A. 144A <br>5.000%, 1/15/28<sup>(1)</sup> <br>| 13 | &nbsp;&nbsp; 9 |
| Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A, RegS 5.375%, 3/30/28<sup>(1)(3)</sup> <br>| 10 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A, RegS 5.875%, 3/30/31<sup>(1)(3)</sup> <br>| 46 | &nbsp;&nbsp; 44 |
| Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A, RegS 6.500%, 6/30/27<sup>(1)(3)</sup> <br>| 85 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A, RegS 6.750%, 6/30/30<sup>(1)(3)</sup> <br>| 98 | &nbsp;&nbsp; 101 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.150%, 10/1/26 | 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.750%, 5/9/27 | 17 | &nbsp;&nbsp; 17 |
|  |  | &nbsp;&nbsp; 288 |
| **Kazakhstan—1.7%** | **Kazakhstan—1.7%** |  |
| KazMunayGas National Co. JSC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.500%, 4/14/33<sup>(1)</sup> <br>| 68 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.750%, 4/19/47<sup>(1)</sup> <br>| 36 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.375%, 10/24/48<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 26 |
|  |  | &nbsp;&nbsp; 122 |
| **Kuwait—1.2%** | **Kuwait—1.2%** |  |
| &nbsp;&nbsp;&nbsp; NBK SPC Ltd. 144A <br>5.500%, 6/6/30<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; NBK Tier 1 Ltd. 144A <br>6.375% <sup>(1)(5)</sup> <br>| 51 | &nbsp;&nbsp; 52 |
|  |  | &nbsp;&nbsp; 88 |
| **Malaysia—0.3%** | **Malaysia—0.3%** |  |
| &nbsp;&nbsp;&nbsp; GENM Capital Labuan Ltd. RegS <br>3.882%, 4/19/31<sup>(3)</sup> <br>| 20 | &nbsp;&nbsp; 18 |
| **Mexico—5.8%** | **Mexico—5.8%** |  |
| &nbsp;&nbsp;&nbsp; Alpek SAB de C.V. 144A <br>3.250%, 2/25/31<sup>(1)</sup> <br>| 7 | &nbsp;&nbsp; 6 |
| Banco Mercantil del Norte S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.500%<sup>(1)(5)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 8.750%<sup>(1)(5)</sup> <br>| 32 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 5.750%, 10/4/31<sup>(3)</sup> <br>| 17 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Cemex SAB de C.V. 144A <br>7.200% <sup>(1)(5)</sup> <br>| 41 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; El Puerto de Liverpool SAB de C.V. 144A <br>5.750%, 2/10/38<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor Emerging Markets Bond Fund**

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

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Mexico—continued** | **Mexico—continued** |  |
| &nbsp;&nbsp;&nbsp; Gruma SAB de C.V. 144A <br>5.761%, 12/9/54<sup>(1)</sup> <br>| $52 | &nbsp;&nbsp; $52 |
| &nbsp;&nbsp;&nbsp; Grupo Aeromexico SAB de C.V. 144A <br>8.625%, 11/15/31<sup>(1)</sup> <br>| 45 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Grupo Televisa SAB <br>6.625%, 1/15/40<br>| 38 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Orbia Advance Corp. SAB de C.V. 144A <br>7.500%, 5/13/35<sup>(1)</sup> <br>| 19 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Poinsettia Finance Ltd. S.a.r.l. RegS <br>6.625%, 6/17/31<sup>(3)</sup> <br>| 44 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Saavi Energia S.a.r.l. 144A <br>8.875%, 2/10/35<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Tierra Mojada Luxembourg II S.a.r.l. 144A <br>5.750%, 12/1/40<sup>(1)</sup> <br>| 23 | &nbsp;&nbsp; 22 |
|  |  | &nbsp;&nbsp; 407 |
| **Morocco—1.8%** | **Morocco—1.8%** |  |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.700%, 3/1/36<sup>(1)</sup> <br>| 68 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.875%, 4/25/44<sup>(1)</sup> <br>| 48 | &nbsp;&nbsp; 51 |
|  |  | &nbsp;&nbsp; 124 |
| **Nigeria—2.5%** | **Nigeria—2.5%** |  |
| &nbsp;&nbsp;&nbsp; Access Bank plc 144A <br>6.125%, 9/21/26<sup>(1)</sup> <br>| 22 | &nbsp;&nbsp; 22 |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.250%, 11/29/28<sup>(1)</sup> <br>| 16 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.875%, 5/29/30<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 8.250%, 11/29/31<sup>(1)</sup> <br>| 22 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; IHS Netherlands Holdco B.V. 144A <br>8.000%, 9/18/27<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 55 |
|  |  | &nbsp;&nbsp; 174 |
| **Panama—0.5%** | **Panama—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Banco General S.A. 144A <br>5.250% <sup>(1)(5)</sup> <br>| 36 | &nbsp;&nbsp; 34 |
| **Peru—2.3%** | **Peru—2.3%** |  |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 5.800%, 3/10/35<sup>(1)</sup> <br>| 36 | &nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.450%, 7/30/35<sup>(1)</sup> <br>| 9 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Marcobre SAC 144A <br>5.750%, 1/22/36<sup>(1)</sup> <br>| 27 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Orazul Energy Peru S.A. 144A <br>6.250%, 9/17/32<sup>(1)</sup> <br>| 27 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Scotiabank Peru SAA 144A <br>6.100%, 10/1/35<sup>(1)</sup> <br>| 34 | &nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Volcan Cia Minera SAA 144A <br>8.500%, 10/28/32<sup>(1)</sup> <br>| 22 | &nbsp;&nbsp; 23 |
|  |  | &nbsp;&nbsp; 159 |
| **Philippines—2.8%** | **Philippines—2.8%** |  |
| &nbsp;&nbsp;&nbsp; Royal Capital B.V. RegS <br>5.000% <sup>(3)(5)</sup> <br>| 200 | &nbsp;&nbsp; 200 |
| **Poland—0.4%** | **Poland—0.4%** |  |
| &nbsp;&nbsp;&nbsp; ORLEN S.A. 144A <br>6.000%, 1/30/35<sup>(1)</sup> <br>| 27 | &nbsp;&nbsp; 29 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Saudi Arabia—3.1%** | **Saudi Arabia—3.1%** |  |
| &nbsp;&nbsp;&nbsp; Acwa Power Management & Investments One Ltd. 144A <br>5.950%, 12/15/39<sup>(1)</sup> <br>| $83 | &nbsp;&nbsp; $86 |
| &nbsp;&nbsp;&nbsp; EIG Pearl Holdings S.a.r.l. 144A <br>3.545%, 8/31/36<sup>(1)</sup> <br>| 72 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Greensaif Pipelines Bidco S.a.r.l. 144A <br>6.129%, 2/23/38<sup>(1)</sup> <br>| 21 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Saudi Arabian Oil Co. 144A <br>4.375%, 4/16/49<sup>(1)</sup> <br>| 53 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 219 |
| **Singapore—1.6%** | **Singapore—1.6%** |  |
| &nbsp;&nbsp;&nbsp; BOC Aviation USA Corp. RegS <br>4.625%, 9/4/31<sup>(3)</sup> <br>| 40 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; United Overseas Bank Ltd. (SOFR + 0.580%) 144A <br>4.271%, 4/2/28<sup>(1)(6)</sup> <br>| 70 | &nbsp;&nbsp; 70 |
|  |  | &nbsp;&nbsp; 111 |
| **South Africa—5.0%** | **South Africa—5.0%** |  |
| Anglo American Capital plc |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 2.625%, 9/10/30<sup>(1)</sup> <br>| 8 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 2.625%, 9/10/30<sup>(3)</sup> <br>| 7 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; AngloGold Ashanti Holdings plc <br>6.500%, 4/15/40<br>| 23 | &nbsp;&nbsp; 25 |
| Prosus N.V. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.832%, 2/8/51<sup>(1)</sup> <br>| 154 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 3.061%, 7/13/31<sup>(3)</sup> <br>| 22 | &nbsp;&nbsp; 20 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>4.375%, 9/18/26 | 89 | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>6.500%, 9/27/28 | 70 | &nbsp;&nbsp; 69 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 8.750%, 5/3/29<sup>(3)</sup> <br>| 28 | &nbsp;&nbsp; 29 |
|  |  | &nbsp;&nbsp; 350 |
| **South Korea—2.6%** | **South Korea—2.6%** |  |
| &nbsp;&nbsp;&nbsp; Hanwha Life Insurance Co., Ltd. 144A <br>6.300%, 6/24/55<sup>(1)</sup> <br>| 27 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Kookmin Bank 144A <br>5.375%, 5/8/27<sup>(1)</sup> <br>| 60 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Shinhan Financial Group Co., Ltd. 144A <br>2.875% <sup>(1)(5)</sup> <br>| 53 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Woori Bank 144A <br>6.375% <sup>(1)(5)</sup> <br>| 38 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 182 |
| **Taiwan—0.9%** | **Taiwan—0.9%** |  |
| TSMC Arizona Corp. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>3.875%, 4/22/27 | 18 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.500%, 10/25/31 | 20 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; TSMC Global Ltd. RegS <br>1.375%, 9/28/30<sup>(3)</sup> <br>| 29 | &nbsp;&nbsp; 26 |
|  |  | &nbsp;&nbsp; 62 |
| **Tanzania—0.9%** | **Tanzania—0.9%** |  |
| &nbsp;&nbsp;&nbsp; HTA Group Ltd. 144A <br>7.500%, 6/4/29<sup>(1)</sup> <br>| 65 | &nbsp;&nbsp; 67 |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor Emerging Markets Bond Fund**

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

**February 28, 2026**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Thailand—3.2%** | **Thailand—3.2%** |  |
| Bangkok Bank PCL |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.733%, 9/25/34<sup>(1)</sup> <br>| $40 | &nbsp;&nbsp; $38 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>RegS 5.082%, 11/26/35<sup>(3)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; GC Treasury Center Co., Ltd. RegS <br>4.300%, 3/18/51<sup>(3)</sup> <br>| 100 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; PTT Treasury Center Co., Ltd. 144A <br>4.500%, 10/25/42<sup>(1)</sup> <br>| 42 | &nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Thaioil Treasury Center Co., Ltd. RegS <br>3.500%, 10/17/49<sup>(3)</sup> <br>| 50 | &nbsp;&nbsp; 36 |
|  |  | &nbsp;&nbsp; 225 |
| **Turkey—4.1%** | **Turkey—4.1%** |  |
| &nbsp;&nbsp;&nbsp; ADM Elektrik Dagitim AS 144A <br>9.500%, 2/5/31<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 25 |
| Akbank TAS |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.498%, 1/20/30<sup>(1)</sup> <br>| 26 | &nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 6.800%, 6/22/31<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.875%, 9/4/35<sup>(1)</sup> <br>| 53 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Aydem Yenilenebilir Enerji AS 144A <br>9.875%, 9/30/30<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Limak Yenilenebilir Enerji AS 144A <br>9.625%, 8/12/30<sup>(1)</sup> <br>| 18 | &nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Turk Telekomunikasyon AS 144A <br>6.950%, 10/7/32<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Turkcell Iletisim Hizmetleri AS 144A <br>7.650%, 1/24/32<sup>(1)</sup> <br>| 53 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; WE Soda Investments Holding plc 144A <br>9.500%, 10/6/28<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Zorlu Enerji Elektrik Uretim AS 144A <br>11.000%, 4/23/30<sup>(1)</sup> <br>| 21 | &nbsp;&nbsp; 19 |
|  |  | &nbsp;&nbsp; 292 |
| **Ukraine—1.7%** | **Ukraine—1.7%** |  |
| &nbsp;&nbsp;&nbsp; Metinvest B.V. 144A <br>7.750%, 10/17/29<sup>(1)</sup> <br>| 51 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; VF Ukraine PAT via VFU Funding plc 144A <br>9.625%, 2/11/27<sup>(1)(7)</sup> <br>| 75 | &nbsp;&nbsp; 75 |
|  |  | &nbsp;&nbsp; 120 |
| **United Arab Emirates—3.1%** | **United Arab Emirates—3.1%** |  |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Crude Oil Pipeline LLC 144A <br>3.650%, 11/2/29<sup>(1)</sup> <br>| 24 | &nbsp;&nbsp; 24 |
| Abu Dhabi National Energy Co. PJSC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 4.696%, 4/24/33<sup>(1)</sup> <br>| 26 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 3.400%, 4/29/51<sup>(1)</sup> <br>| 24 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Aldar Properties PJSC 144A <br>5.875%, 4/14/56<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; DP World Ltd. 144A <br>4.700%, 9/30/49<sup>(1)</sup> <br>| 127 | &nbsp;&nbsp; 110 |
|  |  | &nbsp;&nbsp; 217 |
| **Vietnam—0.3%** | **Vietnam—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Mong Duong Finance Holdings B.V. 144A <br>5.125%, 5/7/29<sup>(1)</sup> <br>| 20 | &nbsp;&nbsp; 20 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Zambia—1.4%** | **Zambia—1.4%** |  |
| First Quantum Minerals Ltd. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 8.625%, 6/1/31<sup>(1)</sup> <br>| $85 | &nbsp;&nbsp; $89 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 7.250%, 2/15/34<sup>(1)</sup> <br>| 11 | &nbsp;&nbsp; 12 |
|  |  | &nbsp;&nbsp; 101 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,788)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $6,788)** | &nbsp;&nbsp; **6919** |
| **Total Long-Term Investments—98.1%** <br>**(Identified Cost $6,788)** | **Total Long-Term Investments—98.1%** <br>**(Identified Cost $6,788)** | &nbsp;&nbsp; **6919** |
| **TOTAL INVESTMENTS—98.1%** <br>**(Identified Cost $6,788)** | **TOTAL INVESTMENTS—98.1%** <br>**(Identified Cost $6,788)** | &nbsp;&nbsp; **$6919** |
| Other assets and liabilities, net—1.9% | Other assets and liabilities, net—1.9% | &nbsp;&nbsp; 132 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$7051** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| PCL | Public Company Limited |
| PIK | Payment-in-Kind Security |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A of the Securities Act of 1933. <br> These securities may be resold in transactions exempt from registration, normally <br> to qualified institutional buyers. At February 28, 2026, these securities amounted <br> to a value of $5,463 or 77.5% of net assets.<br>|
| <sup>(2)</sup> <br>| Security in default; no interest payments are being received. |
| <sup>(3)</sup> <br>| Regulation S security. Security is offered and sold outside of the United States; <br> therefore, it is exempt from registration with the SEC under Rules 903 and 904 of <br> the Securities Act of 1933.<br>|
| <sup>(4)</sup> <br>| Payment-in-kind security which may pay interest/dividends in additional <br> par/shares and/or in cash. Rates shown are the current rate and possible payment <br> rates.<br>|
| <sup>(5)</sup> <br>| No contractual maturity date. |
| <sup>(6)</sup> <br>| Variable rate security. Rate disclosed is as of February 28, 2026. Information in <br> parenthesis represents benchmark and reference rate for each security. Certain <br> variable rate securities are not based on a published reference rate and spread but <br> are determined by the issuer or agent and are based on current market conditions, <br> or, for mortgage-backed securities, are impacted by the individual mortgages <br> which are paying off over time. These securities do not indicate a reference rate <br> and spread in their descriptions.<br>|
| <sup>(7)</sup> <br>| This Note was issued for the sole purpose of funding a loan agreement between <br> the issuer and the borrower. As the credit risk for this security lies solely with the <br> borrower, the name represented here is that of the borrower.<br>|

---

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

---

| | |
|:---|:---|
| **Counterparties:** |  |
| JPM | JPMorgan Chase Bank N.A. |

---

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| EUR | Euro |
| USD | United States Dollar |

---

*See Notes to Schedule of Investments*

------

**VIRTUS Stone Harbor Emerging Markets Bond Fund**

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

**February 28, 2026**

($ reported in thousands)

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| Brazil | 10<br> %<br>|
| China | 10 |
| India | 7 |
| Mexico | 6 |
| South Africa | 5 |
| Chile | 5 |
| Turkey | 4 |
| Other | 53 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of February 28, 2026. | <sup>†</sup> % of total investments as of February 28, 2026. |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of February 28, 2026 were as follows:** | **Forward foreign currency exchange contracts as of February 28, 2026 were as follows:** | **Forward foreign currency exchange contracts as of February 28, 2026 were as follows:** | **Forward foreign currency exchange contracts as of February 28, 2026 were as follows:** | **Forward foreign currency exchange contracts as of February 28, 2026 were as follows:** | **Forward foreign currency exchange contracts as of February 28, 2026 were as follows:** | **Forward foreign currency exchange contracts as of February 28, 2026 were as follows:** | **Forward foreign currency exchange contracts as of February 28, 2026 were as follows:** |
| **Currency** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Purchased**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Sold**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Currency** <br>**Amount** <br>**Sold**<br>| **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Settlement** <br>**Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Unrealized** <br>**Depreciation**<br>|
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | JPM | 04/10/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1) <br>|
| **Total** |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1) <br>|

---

The following table summarizes the value of the Fund's investments as of February 28, 2026, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>February 28, 2026<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6919 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6919 |
| Liabilities: |  |  |
| Other Financial Instruments: |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts<sup>\*</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6918 |

---

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

<sup>\*</sup> Forward Foreign Currency Exchange Contracts are valued at the net unrealized appreciation (depreciation) on the instrument by level and counterparty.

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at February 28, 2026.

There were no transfers into or out of Level 3 related to securities held at February 28, 2026.

*See Notes to Schedule of Investments*

------

**VIRTUS STONE HARBOR EMERGING MARKETS BOND FUND**

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

**February 28, 2026**

**Note 1. Security Valuation**

The Fund's 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. 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.

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

Listed derivatives, such as options 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 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 financial statements.*

------

## 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 Stone Harbor Emerging Markets Bond Fund

- **b. EDGAR series identifier (if any):** S000075276

- **c. LEI of Series:** EKYSAAYBLFGWSLUFAV76

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

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-27

**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:** $7273102.35

**Total Liabilities:** $222523.58

**Net Assets:** $7050578.77

**Cash Not Reported:** $131896.88

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -3.25584446 | **1-Year:** 0.00000000 | **5-Year:** -124.86764640 | **10-Year:** -453.60506920 | **30-Year:** -1324.24165600

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

- **3-Month:** 0.00000000 | **1-Year:** -11.84558572 | **5-Year:** -424.04820400 | **10-Year:** -350.71197570 | **30-Year:** -309.76313080

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234172 | 0.74%                | 1.00%                | 0.82%                |
| Class ID C000234173 | 0.72%                | 0.99%                | 0.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-4632.67                | $21201.93                                  |
| Month 2  | $4194.00                 | $30020.33                                  |
| Month 3  | $6309.58                 | $15405.73                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMorgan Chase Bank, National Association                                                  | EUR/USD FORWARD             | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |         1 | NC      | $-1089.36     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica S.A.B. De C.V                                                         | SILAMX 5.375 04/04/32 144A  | CUSIP: 03217KAB4<br>LEI: 984500D2C0CDC0BFDD35 | Long             | DBT              | CORP              | MX        |     19000 | PA      | $19140.06     | 0.27%             | 2032-04-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| PT Freeport Indonesia                                                                      | FRIDPT 6.2 04/14/52 REGS    | CUSIP: 000000000<br>LEI: 549300T4HTQHRKLNE619 | Long             | DBT              | CORP              | ID        |     34000 | PA      | $34680.00     | 0.49%             | 2052-04-14      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd                                                                          | KOS 7.5 03/01/28 REGS       | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     31000 | PA      | $26776.25     | 0.38%             | 2028-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                                     | OCPMR 6.7 03/01/36 144A     | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     68000 | PA      | $73358.40     | 1.04%             | 2036-03-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| GC Treasury Center Co Ltd.                                                                 | PTTGC 4.3 03/18/51 REGS     | CUSIP: 36830DAC5<br>LEI: 549300LUFQBC2EQNAR40 | Long             | DBT              | CORP              | TH        |    100000 | PA      | $82700.00     | 1.17%             | 2051-03-18      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| Saavi Energia S.a.r.l.                                                                     | SAAVIE 8.875 02/10/35 144A  | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $27462.85     | 0.39%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| El Puerto de Liverpool S.A.B. de C.V.                                                      | LIVEPL 5.75 02/10/38 144A   | CUSIP: 283837AE2<br>LEI: 4469000001BO4JEXZL32 | Long             | DBT              | CORP              | MX        |     25000 | PA      | $24850.00     | 0.35%             | 2038-02-10      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Gran Tierra Energy Inc                                                                     | GTE 9.5 10/15/29 144A       | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |     52000 | PA      | $41662.40     | 0.59%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Energo-Pro AS                                                                              | ENGPRO 8 05/27/30 144A      | CUSIP: 000000000<br>LEI: 315700IQCL9IX158RO36 | Long             | DBT              | CORP              | CZ        |    100000 | PA      | $125545.00    | 1.78%             | 2030-05-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                                                      | TENCNT 3.24 06/03/50 144A   | CUSIP: 88032WAV8<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |     11000 | PA      | $7932.98      | 0.11%             | 2050-06-03      | Fixed         | 3.24%                 | No            |                  2 | On Loan: No      |
| KB Kookmin Bank                                                                            | CITNAT 5.375 05/08/27 144A  | CUSIP: 50050GAW8<br>LEI: 549300XXMOJSIW8P4769 | Long             | DBT              | CORP              | KR        |     60000 | PA      | $61027.20     | 0.87%             | 2027-05-08      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                                        | SUZANO 7 03/16/47 144A      | CUSIP: 86964WAB8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     31000 | PA      | $34526.56     | 0.49%             | 2047-03-16      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Ecopetrol S.A.                                                                             | ECOPET 7.375 09/18/43       | CUSIP: 279158AE9<br>LEI: 254900IDGKCJICKBPA66 | Long             | DBT              | CORP              | CO        |     31000 | PA      | $28520.00     | 0.40%             | 2043-09-18      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Minejesa Capital BV                                                                        | MINCAP 5.625 08/10/37 144A  | CUSIP: 602736AB6<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |     22000 | PA      | $21778.35     | 0.31%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Hanwha Life Insurance Co., Ltd.                                                            | HLINSU V6.3 06/24/55 144A   | CUSIP: 41135UAC9<br>LEI: 988400ZKCI3R9DQHR320 | Long             | DBT              | CORP              | KR        |     27000 | PA      | $28263.38     | 0.40%             | 2055-06-24      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| African Export-Import Bank                                                                 | AFREXI 2.634 05/17/26 144A  | CUSIP: 00831TAB7<br>LEI: 21380068LJCDYA42GJ76 | Long             | DBT              | NUSS              | N/A       |     60000 | PA      | $59625.00     | 0.85%             | 2026-05-17      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| CSN Inova Ventures                                                                         | CSNABZ 6.75 01/28/28 144A   | CUSIP: 12642KAB0<br>LEI: 222100R8R68DM7VM3661 | Long             | DBT              | CORP              | KY        |     12000 | PA      | $10287.00     | 0.15%             | 2028-01-28      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Banco de Credito del Peru                                                                  | BCP V5.8 03/10/35 144A      | CUSIP: 05971U2H9<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |     36000 | PA      | $36720.00     | 0.52%             | 2035-03-10      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Aldar Properties PJSC                                                                      | ALDAR V5.875 04/14/56 144A  | CUSIP: 013917AA7<br>LEI: 98450048CD8AEF13B480 | Long             | DBT              | CORP              | AE        |     40000 | PA      | $39724.00     | 0.56%             | 2056-04-14      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENN Clean Energy International Investment Ltd.                                             | VEYONG 3.375 05/12/26 144A  | CUSIP: 268733AA0<br>LEI: 3003009YZ3S5V395NR77 | Long             | DBT              | CORP              | VG        |    104000 | PA      | $103786.80    | 1.47%             | 2026-05-12      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Ohi Group SA                                                                               | OHIFLY 13 07/22/29 144A     | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |     39900 | PA      | $40510.87     | 0.57%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| Ihs Holding Limited                                                                        | IHS 7.875 05/29/30 144A     | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     55000 | PA      | $57406.25     | 0.81%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Compania Cervecerias Unidas S.A.                                                           | CCUCI 3.35 01/19/32 144A    | CUSIP: 204429AA2<br>LEI: 529900BJW9B0O6LI2R39 | Long             | DBT              | CORP              | CL        |     61000 | PA      | $55242.82     | 0.78%             | 2032-01-19      | Fixed         | 3.35%                 | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd.                                                                  | UOBSP F 04/02/28 144A       | CUSIP: 91127KAL6<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | DBT              | CORP              | SG        |     70000 | PA      | $70182.70     | 1.00%             | 2028-04-02      | Floating      | 4.27%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Limited                                                                | STCITY 5 01/15/29 144A      | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     75000 | PA      | $72562.50     | 1.03%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                              | MPEL 5.75 07/21/28 144A     | CUSIP: 58547DAE9<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     26000 | PA      | $26000.00     | 0.37%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PRIO Luxembourg Holding S.a r.l.                                                           | PRIOBZ 6.75 10/15/30 144A   | CUSIP: 74259PAA5<br>LEI: 2221003VQP4JY7T31H94 | Long             | DBT              | CORP              | LU        |     14000 | PA      | $13758.85     | 0.20%             | 2030-10-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Woori Bank                                                                                 | WOORIB V6.375 PERP 144A     | CUSIP: 98105TAA2<br>LEI: 549300VUVMRL6RE7R376 | Long             | DBT              | CORP              | KR        |     38000 | PA      | $39585.25     | 0.56%             | N/A             | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Telecom Argentina SA                                                                       | TECOAR 9.5 07/18/31 144A    | CUSIP: 879273AU4<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     34000 | PA      | $36239.01     | 0.51%             | 2031-07-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Movida Europe S.A                                                                          | MOVIBZ 7.85 04/11/29 144A   | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |     15000 | PA      | $14582.10     | 0.21%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| Adani Ports And Special Economic Zone Ltd.                                                 | ADSEZ 4.2 08/04/27 144A     | CUSIP: 00652MAG7<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |     38000 | PA      | $37553.88     | 0.53%             | 2027-08-04      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| Akbank T.A.S.                                                                              | AKBNK 7.498 01/20/30 144A   | CUSIP: 00971YAL4<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     26000 | PA      | $27436.28     | 0.39%             | 2030-01-20      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Sierracol Energy Andina LLC / Sierracol Energy Arauca LLC /Colombia Energy Development Co. | SIERRA 9 11/14/30 144A      | CUSIP: 82653NAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25000 | PA      | $25262.50     | 0.36%             | 2030-11-14      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                                                                    | RAIZBZ 6.25 07/08/32 144A   | CUSIP: 75102XAF3<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     15000 | PA      | $7003.20      | 0.10%             | 2032-07-08      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ADANI RENEWABLE ENERGY (RJ) LTD                                                            | ARENRJ 4.625 10/15/39 144A  | CUSIP: 00654CAA0<br>LEI: 335800DKCLYHG21PBG55 | Long             | DBT              | CORP              | IN        |     53381 | PA      | $45240.61     | 0.64%             | 2039-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HTA Group Limited (Mauritius)                                                              | HLSTWR 7.5 06/04/29 144A    | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     65000 | PA      | $67170.46     | 0.95%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                           | TEVA 3.15 10/01/26          | CUSIP: 88167AAE1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     22000 | PA      | $21837.20     | 0.31%             | 2026-10-01      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd.                                                                       | MUTHIN 6.375 04/23/29 144A  | CUSIP: 62828L2D4<br>LEI: 335800HAMJMBFL4RRF02 | Long             | DBT              | CORP              | IN        |     25000 | PA      | $25462.50     | 0.36%             | 2029-04-23      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd.                                                                             | HDFCB V3.7 PERP REGS        | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | DBT              | CORP              | IN        |     37000 | PA      | $36722.50     | 0.52%             | N/A             | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Studio City Company Limited                                                                | STDCTY 7 02/15/27 144A      | CUSIP: 86400GAC3<br>LEI: 984500V5401EFT095A58 | Long             | DBT              | CORP              | VG        |     58000 | PA      | $57942.00     | 0.82%             | 2027-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi Crude Oil Pipeline LLC                                                           | ADNOUH 3.65 11/02/29 144A   | CUSIP: 00401MAA4<br>LEI: 549300DONDFW2383FV66 | Long             | DBT              | CORP              | AE        |     24000 | PA      | $23587.50     | 0.33%             | 2029-11-02      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| Mong Duong Finance Holdings B V                                                            | MONDFI 5.125 05/07/29 144A  | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     20278 | PA      | $20186.76     | 0.29%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                                                    | SASOL 6.5 09/27/28          | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     70000 | PA      | $69499.75     | 0.99%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TSMC Global Ltd.                                                                           | TAISEM 1.375 09/28/30 REGS  | CUSIP: 000000000<br>LEI: 549300N2ZLI21P85T117 | Long             | DBT              | CORP              | VG        |     29000 | PA      | $25957.90     | 0.37%             | 2030-09-28      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| Star Energy Geothermal (Wayang Windu) Ltd.                                                 | STAREN 6.75 04/24/33 REGS   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | VG        |     31875 | PA      | $32711.72     | 0.46%             | 2033-04-24      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                                                         | TAISEM 3.875 04/22/27       | CUSIP: 872898AF8<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |     17500 | PA      | $17497.81     | 0.25%             | 2027-04-22      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Minejesa Capital BV                                                                        | MINCAP 4.625 08/10/30 144A  | CUSIP: 602736AA8<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |     87615 | PA      | $87669.76     | 1.24%             | 2030-08-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Ypf Energia Electrica S.A.                                                                 | YPFLUZ 7.875 10/16/32 144A  | CUSIP: 98424MAB9<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |     50000 | PA      | $51072.00     | 0.72%             | 2032-10-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Chile Electricity Luxembourg Mpc II S.a.r.l.                                               | CHLMPC 5.58 10/20/35 144A   | CUSIP: 16882LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     34213 | PA      | $35375.91     | 0.50%             | 2035-10-20      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| OCP SA                                                                                     | OCPMR 6.875 04/25/44 144A   | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     48000 | PA      | $50572.80     | 0.72%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| JBS USA HOLDING LUX SARL                                                                   | JBS 4.375 02/02/52          | CUSIP: 46590XAQ9<br>LEI: RB8RC03FUD8DSX57C193 | Long             | DBT              | CORP              | LU        |     25000 | PA      | $19765.04     | 0.28%             | 2052-02-02      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                                                           | KZOKZ 3.5 04/14/33 144A     | CUSIP: 48126PAA0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     68000 | PA      | $62326.08     | 0.88%             | 2033-04-14      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| DP World Ltd.                                                                              | DPWDU 4.7 09/30/49 144a     | CUSIP: 23330JAC5<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |    127000 | PA      | $109886.75    | 1.56%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Banco de Credito e Inversiones                                                             | BCICI V7.5 PERP 144A        | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     51000 | PA      | $54544.50     | 0.77%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Ihs Holding Limited                                                                        | IHS 6.25 11/29/28 144A      | CUSIP: 44963HAB1<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     16000 | PA      | $16044.96     | 0.23%             | 2028-11-29      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B V                                                            | BRASKM 5.875 01/31/50 144A  | CUSIP: 10554TAE5<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     35000 | PA      | $13280.05     | 0.19%             | 2050-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Mc Brazil Downstream Trading Sarl                                                          | MCBRAC 7.25 06/30/31 144A   | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     51652 | PA      | $44388.10     | 0.63%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd.                                                                   | RILIN 3.625 01/12/52 REGS   | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | DBT              | CORP              | IN        |     35000 | PA      | $26289.20     | 0.37%             | 2052-01-12      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Turk Telekomunikasyon A.S.                                                                 | TURKTI 6.95 10/07/32 144A   | CUSIP: 90011QAE0<br>LEI: 789000A2TXOI10JZLF90 | Long             | DBT              | CORP              | TR        |     20000 | PA      | $20489.77     | 0.29%             | 2032-10-07      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| Saudi Arabian Oil Company                                                                  | ARAMCO 4.375 04/16/49 144A  | CUSIP: 80414L2F1<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |     53000 | PA      | $44222.14     | 0.63%             | 2049-04-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL HONG KONG BRANCH                                                          | BBLTB V3.733 09/25/34 144A  | CUSIP: 059895AT9<br>LEI: 549300CCL2BKJGMYXV60 | Long             | DBT              | CORP              | HK        |     40000 | PA      | $38404.80     | 0.54%             | 2034-09-25      | Fixed         | 3.73%                 | No            |                  2 | On Loan: No      |
| Telecom Argentina SA                                                                       | TECOAR 9.25 05/28/33 144A   | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     35000 | PA      | $37000.83     | 0.52%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Akbank T.A.S.                                                                              | AKBNK V7.875 09/04/35 144A  | CUSIP: 00971YAM2<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     53000 | PA      | $54426.76     | 0.77%             | 2035-09-04      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                     | STANLN V6.301 01/09/29 144A | CUSIP: 853254CS7<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     18000 | PA      | $18666.90     | 0.26%             | 2029-01-09      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                                                           | KZOKZ 5.75 04/19/47 144A    | CUSIP: 48667QAP0<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     36000 | PA      | $34437.60     | 0.49%             | 2047-04-19      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Simpar Europe                                                                              | SIMHBZ 5.2 01/26/31 144A    | CUSIP: 82883PAA2<br>LEI: 54930068BSUST41D5C30 | Long             | DBT              | CORP              | LU        |     51000 | PA      | $42620.70     | 0.60%             | 2031-01-26      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Limak Yenilenebilir Enerji AS                                                              | LIMYEN 9.625 08/12/30 144A  | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |     18000 | PA      | $18095.58     | 0.26%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Banco General S.A.                                                                         | BANCOG V5.25 PERP 144A      | CUSIP: 059597AF1<br>LEI: 549300B5C08LGDFB7205 | Long             | DBT              | CORP              | PA        |     36000 | PA      | $34425.00     | 0.49%             | 2174-11-07      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Limited                                                                     | LVIATH 6.5 06/30/27         | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     85000 | PA      | $85292.19     | 1.21%             | 2027-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NBK Tier 1 Ltd.                                                                            | NTBKKK V6.375 PERP 144A     | CUSIP: 62879NAB3<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |     51000 | PA      | $52111.29     | 0.74%             | N/A             | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Eldorado International Finance GMBH                                                        | ECELUP 8.5 12/01/32 144A    | CUSIP: 284697AC3<br>LEI: 2549002HQE45WFK9EY03 | Long             | DBT              | CORP              | AT        |     25000 | PA      | $26003.50     | 0.37%             | 2032-12-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                              | MPEL 5.375 12/04/29 REGS    | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     82000 | PA      | $81045.03     | 1.15%             | 2029-12-04      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                                           | VEDLN 10.875 09/17/29 144A  | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     41000 | PA      | $43819.49     | 0.62%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| JSW Hydro Energy Ltd.                                                                      | HBSPIN 4.125 05/18/31 144A  | CUSIP: 46653YAA6<br>LEI: 3358006ZP5KO7VUH2790 | Long             | DBT              | CORP              | IN        |     34750 | PA      | $32762.65     | 0.46%             | 2031-05-18      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Banco de Chile                                                                             | BNCHIL 2.99 12/09/31 144A   | CUSIP: 059520AC0<br>LEI: 8B4EZFY8IHJC44TT2K84 | Long             | DBT              | CORP              | CL        |     69000 | PA      | $63801.54     | 0.90%             | 2031-12-09      | Fixed         | 2.99%                 | No            |                  2 | On Loan: No      |
| Investment Energy Resources Ltd.                                                           | CMIENE 6.25 04/26/29 144A   | CUSIP: 46143NAB6<br>LEI: 254900A71Y7WHN7L5K89 | Long             | DBT              | CORP              | BM        |     39000 | PA      | $39134.16     | 0.56%             | 2029-04-26      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| AngloGold Ashanti Holdings PLC                                                             | ANGSJ 6.5 04/15/40          | CUSIP: 03512TAB7<br>LEI: 213800745ZIXC4L6A131 | Long             | DBT              | CORP              | IM        |     23000 | PA      | $24710.74     | 0.35%             | 2040-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Constellation Oil Services Holding SA                                                      | COSHSA 9.375 11/07/29 144A  | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     46000 | PA      | $47968.80     | 0.68%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| Suzano Austria GmbH                                                                        | SUZANO 3.125 01/15/32       | CUSIP: 86964WAK8<br>LEI: 254900287ZNSGVP1R341 | Long             | DBT              | CORP              | AT        |     38000 | PA      | $34312.42     | 0.49%             | 2032-01-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| BANGKOK BANK PCL HONG KONG BRANCH                                                          | BBLTB 5.082 11/26/35 REGS   | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | HK        |     30000 | PA      | $30427.20     | 0.43%             | 2035-11-26      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch                                         | BANORT V7.5 PERP 144A       | CUSIP: 05971PAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     35000 | PA      | $36167.69     | 0.51%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Turkcell Iletisim Hizmetleri AS                                                            | TCELLT 7.65 01/24/32 144A   | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     53000 | PA      | $56561.07     | 0.80%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| PTT Treasury Center Co Ltd.                                                                | PTTTB 4.5 10/25/42 144a     | CUSIP: 69374WAB8<br>LEI: 254900FBQLIN5XACCX50 | Long             | DBT              | CORP              | TH        |     42000 | PA      | $37640.40     | 0.53%             | 2042-10-25      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                     | STANLN V2.678 06/29/32 144A | CUSIP: 853254CC2<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $18237.15     | 0.26%             | 2032-06-29      | Fixed         | 2.68%                 | No            |                  2 | On Loan: No      |
| CT Trust                                                                                   | COMCEL 5.125 02/03/32 144A  | CUSIP: 12659BAA2<br>LEI: 5493003LN2KNNGM2Q244 | Long             | DBT              | CORP              | KY        |     15000 | PA      | $14403.60     | 0.20%             | 2032-02-03      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| AI Candelaria Spain S.A.                                                                   | AICNRA 5.75 06/15/33 144A   | CUSIP: 00870WAA4<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |     39000 | PA      | $34792.39     | 0.49%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EIG Pearl Holdings S.a r.l.                                                                | EIGPRL 3.545 08/31/36 144A  | CUSIP: 28249NAA9<br>LEI: 549300KIMRL45BWA5H76 | Long             | DBT              | CORP              | LU        |     71792 | PA      | $66479.32     | 0.94%             | 2036-08-31      | Fixed         | 3.54%                 | No            |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                                                    | SASOL 4.375 09/18/26        | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     89000 | PA      | $88255.96     | 1.25%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Adecoagro SA                                                                               | AGRO 7.5 07/29/32 144A      | CUSIP: 00676LAC0<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |     27000 | PA      | $26021.25     | 0.37%             | 2032-07-29      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| GENERACION MEDITERRANEA SA                                                                 | ALBAAR 11 11/01/31 144A     | CUSIP: 36875KAJ0<br>LEI: 529900OOUXIUDG4V4468 | Long             | DBT              | CORP              | AR        |     54000 | PA      | $37935.00     | 0.54%             | 2031-11-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CSN Resources S.A.                                                                         | CSNABZ 4.625 06/10/31 144A  | CUSIP: 12644VAD0<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |     37000 | PA      | $25946.25     | 0.37%             | 2031-06-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Adani Ports And Special Economic Zone Ltd.                                                 | ADSEZ 3.1 02/02/31 REGS     | CUSIP: 000000000<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |     20000 | PA      | $18215.00     | 0.26%             | 2031-02-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| Teva Pharmaceutical Finance Netherlands III B.V.                                           | TEVA 4.75 05/09/27          | CUSIP: 88167AAP6<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |     17000 | PA      | $17000.00     | 0.24%             | 2027-05-09      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd.                                                                 | BABA 3.15 02/09/51          | CUSIP: 01609WAZ5<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |     50000 | PA      | $34410.50     | 0.49%             | 2051-02-09      | Fixed         | 3.15%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi National Energy Co PJSC (TAQA)                                                   | TAQAUH 3.4 04/29/51 144A    | CUSIP: 00388WAK7<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |     24000 | PA      | $17478.96     | 0.25%             | 2051-04-29      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| ACWA Power Management & Investments One Ltd.                                               | INTLWT 5.95 12/15/39 144A   | CUSIP: 005117AA4<br>LEI: 635400M3OWQGQBZOYO38 | Long             | DBT              | CORP              | AE        |     83342 | PA      | $85529.60     | 1.21%             | 2039-12-15      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Adani Electricity Mumbai Ltd.                                                              | ADANEM 3.949 02/12/30 144A  | CUSIP: 00654GAA1<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |     72000 | PA      | $68270.40     | 0.97%             | 2030-02-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| Standard Chartered PLC                                                                     | STANLN V6.097 01/11/35 144A | CUSIP: 853254CZ1<br>LEI: U4LOSYZ7YG4W3S5F2G91 | Long             | DBT              | CORP              | GB        |     46000 | PA      | $49575.58     | 0.70%             | 2035-01-11      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Thaioil Treasury Center Co Ltd.                                                            | TOPTB 3.5 10/17/49 REGS     | CUSIP: 88323AAE2<br>LEI: 549300NH03B9E8VGJR89 | Long             | DBT              | CORP              | TH        |     50000 | PA      | $36236.00     | 0.51%             | 2049-10-17      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                                | FMCN 7.25 02/15/34 144A     | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     11000 | PA      | $11509.54     | 0.16%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Yinson Bergenia Production BV                                                              | YPMQBR 8.498 01/31/45 144A  | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |     20721 | PA      | $22044.23     | 0.31%             | 2045-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Fs Luxembourg SARL                                                                         | FSBIOE 8.125 02/11/36 144A  | CUSIP: 30315XAE4<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     16000 | PA      | $15043.25     | 0.21%             | 2036-02-11      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Sasol Financing USA LLC                                                                    | SASOL 8.75 05/03/29 REGS    | CUSIP: 000000000<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     28000 | PA      | $28708.68     | 0.41%             | 2029-05-03      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Ck Hutchison International 24 II Ltd.                                                      | CKHH 4.75 09/13/34 144A     | CUSIP: 178908AB5<br>LEI: 254900C3VDI6RVRNF366 | Long             | DBT              | CORP              | KY        |    100000 | PA      | $100874.00    | 1.43%             | 2034-09-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Samarco Mineracao SA                                                                       | SAMMIN 9.5 06/30/31 144A    | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     62766 | PA      | $63059.96     | 0.89%             | 2031-06-30      | Variable      | 9.50%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                                               | ENOIGA 5.375 03/30/28       | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     10000 | PA      | $9835.20      | 0.14%             | 2028-03-30      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| Vedanta Resources Finance II PLC                                                           | VEDLN 9.475 07/24/30 144A   | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |     56000 | PA      | $58920.96     | 0.84%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| IHS Netherlands Holdco BV                                                                  | IHS 8 09/18/27 144A         | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |     54998 | PA      | $55218.01     | 0.78%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Leviathan Bond Limited                                                                     | LVIATH 6.75 06/30/30        | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |     98000 | PA      | $100989.00    | 1.43%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| GeoPark Ltd.                                                                               | GEOPAR 8.75 01/31/30 144A   | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |     27000 | PA      | $25644.60     | 0.36%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                              | MPEL 5.625 07/17/27 REGS    | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     30000 | PA      | $29952.30     | 0.42%             | 2027-07-17      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ATP TOWER HOLDINGS LLC                                                                     | ATPTOW 7.875 02/03/30 144A  | CUSIP: 00193BAA0<br>LEI: 254900CIKL1FQZ45N873 | Long             | DBT              | CORP              | US        |     30000 | PA      | $30982.50     | 0.44%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Vfu Funding PLC                                                                            | VODUKR 9.625 02/11/27 144A  | CUSIP: 918212AA9<br>LEI: 213800C9OW7RIPPP6Z96 | Long             | DBT              | CORP              | GB        |     75023 | PA      | $75022.51     | 1.06%             | 2027-02-11      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| Scotiabank Peru S.A.A.                                                                     | BNSPE V6.1 10/01/35 144A    | CUSIP: 80928HAB9<br>LEI: 5493001E54CPRG5J5Q41 | Long             | DBT              | CORP              | PE        |     34000 | PA      | $35366.29     | 0.50%             | 2035-10-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| ADANI GREEN ENERGY (UP) LTD                                                                | ADGREG 6.7 03/12/42 144A    | CUSIP: 00654AAC0<br>LEI: 335800NT8W2YDE1C2270 | Long             | DBT              | CORP              | IN        |      9912 | PA      | $9629.91      | 0.14%             | 2042-03-12      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| JSC National Company KazMunayGas                                                           | KZOKZ 6.375 10/24/48 144A   | CUSIP: 48667QAS4<br>LEI: 2138001H1M69RFJCSH88 | Long             | DBT              | CORP              | KZ        |     25000 | PA      | $25501.50     | 0.36%             | 2048-10-24      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| WE Soda Investments Holding PLC                                                            | WESODA 9.5 10/06/28 144A    | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     20000 | PA      | $20635.82     | 0.29%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| First Quantum Minerals Ltd.                                                                | FMCN 8.625 06/01/31 144A    | CUSIP: 335934AU9<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |     85000 | PA      | $89106.35     | 1.26%             | 2031-06-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| MSU Energy S.A.                                                                            | MSUNRG 9.75 12/05/30 144A   | CUSIP: 55377JAC1<br>LEI: 529900D1ZX75KRP2HC66 | Long             | DBT              | CORP              | AR        |     73000 | PA      | $73301.73     | 1.04%             | 2030-12-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| Studio City Finance Limited                                                                | STCITY 6.5 01/15/28 144A    | CUSIP: 86389QAF9<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     40000 | PA      | $40025.20     | 0.57%             | 2028-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RENEW WIND ENERGY (AP 2) PRIVATE LTD                                                       | RPVIN 4.5 07/14/28 REGS     | CUSIP: 000000000<br>LEI: 335800HUUTPY6YMI3284 | Long             | DBT              | CORP              | IN        |     24000 | PA      | $23223.00     | 0.33%             | 2028-07-14      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Greensaif Pipelines Bidco S.a r.l.                                                         | GASBCM 6.129 02/23/38 144A  | CUSIP: 39541EAA1<br>LEI: 549300YWDGUXPB8GRP47 | Long             | DBT              | CORP              | LU        |     21000 | PA      | $22298.01     | 0.32%             | 2038-02-23      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| Sociedad Quimica y Minera de Chile S A                                                     | SQM V5.625 04/22/56 144A    | CUSIP: 833636AQ6<br>LEI: TJ88LXZZW5PWIN93ZC81 | Long             | DBT              | CORP              | CL        |     18000 | PA      | $18220.50     | 0.26%             | 2056-04-22      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ADM Elektrik Dagitim AS                                                                    | ADMELE 9.5 02/05/31 144A    | CUSIP: 00710QAA1<br>LEI: 984500CB836F7EC9CF60 | Long             | DBT              | CORP              | TR        |     25000 | PA      | $25025.00     | 0.35%             | 2031-02-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Vamos Europe                                                                               | VAMOBZ 9.2 01/26/31 144a    | CUSIP: 92049NAA7<br>LEI: 894500FA5CLVV8HLE261 | Long             | DBT              | CORP              | LU        |     29000 | PA      | $27651.50     | 0.39%             | 2031-01-26      | Fixed         | 9.20%                 | No            |                  2 | On Loan: No      |
| Zorlu Enerji Elektrik Ueretim AS                                                           | ZOREN 11 04/23/30 144A      | CUSIP: 98977LAA4<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |     21000 | PA      | $18877.43     | 0.27%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| Trident Energy Finance PLC                                                                 | TRIEGY 12.5 11/30/29 144A   | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |     27000 | PA      | $28283.85     | 0.40%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| Adani Ports And Special Economic Zone Ltd.                                                 | ADSEZ 3.828 02/02/32 REGS   | CUSIP: 000000000<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |     31000 | PA      | $28520.00     | 0.40%             | 2032-02-02      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| CEMEX S.A.B. de C.V.                                                                       | CEMEX V7.2 PERP 144A        | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     41000 | PA      | $43132.00     | 0.61%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| Orbia Advance Corp S A B De Cv                                                             | ORBIA 7.5 05/13/35 144A     | CUSIP: 68560EAD0<br>LEI: 549300MVHZ20SBIOEQ79 | Long             | DBT              | CORP              | MX        |     19000 | PA      | $19091.96     | 0.27%             | 2035-05-13      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Banco Davivienda SA                                                                        | DAVIVI V6.65 PERP 144A      | CUSIP: 059501AD8<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |     56000 | PA      | $52080.00     | 0.74%             | N/A             | Fixed         | 6.65%                 | No            |                  2 | On Loan: No      |
| Tsmc Arizona Corp.                                                                         | TAISEM 2.5 10/25/31         | CUSIP: 872898AC5<br>LEI: 2549005GOBWLCSY63Q97 | Long             | DBT              | CORP              | US        |     20000 | PA      | $18531.20     | 0.26%             | 2031-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Tierra Mojada Luxembourg II S.a r.l.                                                       | TIEMOD 5.75 12/01/40 144A   | CUSIP: 30260LAA3<br>LEI: 254900H2U8PBIY32VI94 | Long             | DBT              | CORP              | LU        |     22772 | PA      | $22334.13     | 0.32%             | 2040-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PT Cikarang Listrindo Tbk                                                                  | CIKLIS 5.65 03/12/35 144A   | CUSIP: 74448QAA5<br>LEI: 254900NPCIO562Z7FN53 | Long             | DBT              | CORP              | ID        |     35000 | PA      | $35656.25     | 0.51%             | 2035-03-12      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| Orazul Energy Peru SA                                                                      | ORSAPE 6.25 09/17/32 144A   | CUSIP: 685948AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | PE        |     27000 | PA      | $27348.03     | 0.39%             | 2032-09-17      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Abu Dhabi National Energy Co PJSC (TAQA)                                                   | TAQAUH 4.696 04/24/33 144A  | CUSIP: 00388WAM3<br>LEI: 213800UNJSVQFNUYYW03 | Long             | DBT              | CORP              | AE        |     26000 | PA      | $26261.04     | 0.37%             | 2033-04-24      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| Banco de Credito del Peru                                                                  | BCP V6.45 07/30/35 144A     | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |      9000 | PA      | $9392.45      | 0.13%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Prosus NV                                                                                  | PRXNA 3.832 02/08/51 144A   | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |    154000 | PA      | $105091.14    | 1.49%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| Gruma S.A.B.de C.V.                                                                        | GRUMAB 5.761 12/09/54 144A  | CUSIP: 400131AJ7<br>LEI: 5493000XJLJ6C4T0PG82 | Long             | DBT              | CORP              | MX        |     52000 | PA      | $52373.75     | 0.74%             | 2054-12-09      | Fixed         | 5.76%                 | No            |                  2 | On Loan: No      |
| Marcobre S.A.C.                                                                            | MARSAC 5.75 01/22/36 144A   | CUSIP: 56625AAA2<br>LEI: 254900BORIUZFCM1XB72 | Long             | DBT              | CORP              | PE        |     27000 | PA      | $27217.56     | 0.39%             | 2036-01-22      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd.                                                                      | TENCNT 2.39 06/03/30 144A   | CUSIP: 88032WAU0<br>LEI: 254900N4SLUMW4XUYY11 | Long             | DBT              | CORP              | KY        |     11000 | PA      | $10395.00     | 0.15%             | 2030-06-03      | Fixed         | 2.39%                 | No            |                  2 | On Loan: No      |
| NBK SPC Ltd.                                                                               | NTBKKK V5.5 06/06/30 144A   | CUSIP: 62877P2A1<br>LEI: 549300P1ANDK86KWB419 | Long             | DBT              | CORP              | AE        |     35000 | PA      | $36294.65     | 0.51%             | 2030-06-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Access Holdings PLC                                                                        | ACCESS 6.125 09/21/26 144A  | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |     22000 | PA      | $21917.50     | 0.31%             | 2026-09-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Foresea Holding SA                                                                         | FORSEA 7.5 06/15/30 144A    | CUSIP: 262051AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |     55000 | PA      | $53672.30     | 0.76%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Energean Israel Finance Ltd.                                                               | ENOIGA 5.875 03/30/31       | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     46000 | PA      | $44246.48     | 0.63%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| 3R Lux S.a.r.l                                                                             | RRRPBZ 9.75 02/05/31 144A   | CUSIP: 88563PAA6<br>LEI: 9845007D0DF0BEFD8D97 | Long             | DBT              | CORP              | LU        |     17000 | PA      | $17765.00     | 0.25%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| GENM Capital Labuan Ltd.                                                                   | GENMMK 3.882 04/19/31 REGS  | CUSIP: 000000000<br>LEI: 254900DWSHIWTSE0YG58 | Long             | DBT              | CORP              | MY        |     20000 | PA      | $18475.00     | 0.26%             | 2031-04-19      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Anglo American Capital PLC                                                                 | AALLN 2.625 09/10/30 144A   | CUSIP: 034863AX8<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      8000 | PA      | $7448.00      | 0.11%             | 2030-09-10      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| YPF Sociedad Anonima                                                                       | YPFDAR 9.5 01/17/31 144A    | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     49000 | PA      | $51940.00     | 0.74%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| Anglo American Capital PLC                                                                 | AALLN 2.625 09/10/30 REGS   | CUSIP: 000000000<br>LEI: TINT358G1SSHR3L3PW36 | Long             | DBT              | CORP              | GB        |      7000 | PA      | $6517.00      | 0.09%             | 2030-09-10      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| Volcan Compania Minera S.A.A.                                                              | VOLCAN 8.5 10/28/32 144A    | CUSIP: 92863UAD8<br>LEI: 549300XKJ91C4SZLG750 | Long             | DBT              | CORP              | PE        |     22000 | PA      | $23018.22     | 0.33%             | 2032-10-28      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Akbank T.A.S.                                                                              | AKBNK V6.8 06/22/31 144A    | CUSIP: 00971YAJ9<br>LEI: 789000TUMN63Z28TJ497 | Long             | DBT              | CORP              | TR        |     20000 | PA      | $20050.00     | 0.28%             | 2031-06-22      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| Grupo Televisa S.A.B.                                                                      | TELVIS 6.625 01/15/40       | CUSIP: 40049JAZ0<br>LEI: 549300O4AF0C816ILN62 | Long             | DBT              | CORP              | MX        |     38000 | PA      | $33763.00     | 0.48%             | 2040-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| Grupo Aeromexico S. A. B. De C. V.                                                         | AEROMX 8.625 11/15/31 144A  | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     45000 | PA      | $46222.07     | 0.66%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LTD SARL                                                                | PNSTTA 6.625 06/17/31 REGS  | CUSIP: 000000000<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | LU        |     44376 | PA      | $43621.24     | 0.62%             | 2031-06-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| STAR ENERGY GEOTHERMAL DARAJAT II LTD                                                      | STENGE 4.85 10/14/38 144A   | CUSIP: 85513LAB0<br>LEI: 254900A5FGTHUYFJ7K08 | Long             | DBT              | CORP              | BM        |      4000 | PA      | $3868.00      | 0.05%             | 2038-10-14      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| Azule Energy Finance PLC                                                                   | AZURGY 8.125 01/23/30 144A  | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     66000 | PA      | $67031.80     | 0.95%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| Yinson Boronia Production BV                                                               | YPANBR 8.947 07/31/42 144A  | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     29144 | PA      | $32054.97     | 0.45%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| Braskem Netherlands Finance B V                                                            | BRASKM 4.5 01/31/30 REGS    | CUSIP: 000000000<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     54000 | PA      | $22744.80     | 0.32%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Metinvest B.V.                                                                             | METINV 7.75 10/17/29 144A   | CUSIP: 591555AF4<br>LEI: 635400TMCKVEU87EJ582 | Long             | DBT              | CORP              | NL        |     51000 | PA      | $45390.00     | 0.64%             | 2029-10-17      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BOC Aviation (USA) Corp.                                                                   | BOCAVI 4.625 09/04/31 REGS  | CUSIP: 66980Q2F3<br>LEI: 254900QKLTY6MF4Y3P65 | Long             | DBT              | CORP              | US        |     40000 | PA      | $41066.00     | 0.58%             | 2031-09-04      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Royal Capital B.V.                                                                         | ICTPM V5 PERP               | CUSIP: 000000000<br>LEI: 72450057BWJ6BYW0TI63 | Long             | DBT              | CORP              | NL        |    200000 | PA      | $199638.00    | 2.83%             | N/A             | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Melco Resorts Finance Limited                                                              | MPEL 5.75 07/21/28 REGS     | CUSIP: 000000000<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |     21000 | PA      | $21000.00     | 0.30%             | 2028-07-21      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch                                         | BANORT V8.75 PERP 144A      | CUSIP: 05971PAE8<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     32000 | PA      | $35083.52     | 0.50%             | N/A             | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Alpek SAB de CV                                                                            | ALPEKA 3.25 02/25/31 144A   | CUSIP: 020564AE0<br>LEI: 549300PWKJTP62D4IQ66 | Long             | DBT              | CORP              | MX        |      7000 | PA      | $5677.81      | 0.08%             | 2031-02-25      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Inversiones CMPC SA                                                                        | CMPCCI V6.7 12/09/57 144A   | CUSIP: 46128MAU5<br>LEI: 549300G475ACIABB4385 | Long             | DBT              | CORP              | CL        |     55000 | PA      | $54898.25     | 0.78%             | 2057-12-09      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| Orlen SA                                                                                   | PKNPW 6 01/30/35 144A       | CUSIP: 68666UAA3<br>LEI: 259400VVMM70CQREJT74 | Long             | DBT              | CORP              | PL        |     27000 | PA      | $28683.99     | 0.41%             | 2035-01-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Banco Mercantil Del Norte SA Cayman Islands Branch                                         | BANORT V5.75 10/04/31 REGS  | CUSIP: 000000000<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | KY        |     17000 | PA      | $16796.51     | 0.24%             | 2031-10-04      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Altice Financing S.A.                                                                      | ALTICE 5 01/15/28 144A      | CUSIP: 02154CAF0<br>LEI: 549300DIYGW8HVDF7Q17 | Long             | DBT              | CORP              | LU        |     13000 | PA      | $9166.50      | 0.13%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ihs Holding Limited                                                                        | IHS 8.25 11/29/31 144A      | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     22000 | PA      | $23431.54     | 0.33%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| Kosmos Energy Ltd                                                                          | KOS 7.75 05/01/27 REGS      | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     45000 | PA      | $44212.50     | 0.63%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Aydem Yenilenebilir Enerji A S                                                             | AYDEMT 9.875 09/30/30 144A  | CUSIP: 054644AB5<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |     30000 | PA      | $30414.24     | 0.43%             | 2030-09-30      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| Raizen Fuels Finance SA                                                                    | RAIZBZ 5.3 01/20/27 144A    | CUSIP: 75102XAA4<br>LEI: 52990010NH26VC32Q522 | Long             | DBT              | CORP              | LU        |     14000 | PA      | $7507.64      | 0.11%             | 2027-01-20      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Prosus NV                                                                                  | PRXNA 3.061 07/13/31 REGS   | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     22000 | PA      | $20234.06     | 0.29%             | 2031-07-13      | Fixed         | 3.06%                 | No            |                  2 | On Loan: No      |
| Medco Bell Pte Ltd                                                                         | MEDCIJ 6.375 01/30/27 REGS  | CUSIP: 000000000<br>LEI: 2549003PNDCWIWGKC768 | Long             | DBT              | CORP              | SG        |     70000 | PA      | $70000.00     | 0.99%             | 2027-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Shinhan Financial Group Co Ltd.                                                            | SHINFN V2.875 PERP 144A     | CUSIP: 824596AA8<br>LEI: 988400EB8A6G49E5KO54 | Long             | DBT              | CORP              | KR        |     53000 | PA      | $52668.75     | 0.75%             | N/A             | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-28

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer