# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001193125-25-134542
**Filing Date:** 2025-6
**Character Count:** 1397252
**Document Hash:** a8e3777420942c363a3f7d06488f6caa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-134542.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001193125-25-134542

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251022128

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

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

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

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

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

## Series and Classes Contracts Data

### Virtus Newfleet Core Plus Bond Fund (Series ID: S000001336)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-07455

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

------

101 Munson Street

Greenfield, MA 01301-9668

------

Jennifer Fromm, Esq.

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

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### (800)-243-1574

#### Date of fiscal year end:

#### Sep 30

#### Date of reporting period:

#### March 31, 2025

------

 **Item 1. Report to Stockholders.**

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Infrastructure Fund<br>Class A / PGUAX | $63 | 1.25% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$145543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

---

| | |
|:---|:---|
| Utilities | 48% |
| Industrials | 27% |
| Energy | 17% |
| Real Estate | 6% |
| Communication Services | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Infrastructure Fund<br>Class C / PGUCX | $102 | 2.03% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$145543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

---

| | |
|:---|:---|
| Utilities | 48% |
| Industrials | 27% |
| Energy | 17% |
| Real Estate | 6% |
| Communication Services | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Infrastructure Fund<br>Class I / PGIUX | $50 | 0.99% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$145543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

---

| | |
|:---|:---|
| Utilities | 48% |
| Industrials | 27% |
| Energy | 17% |
| Real Estate | 6% |
| Communication Services | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Infrastructure Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Infrastructure Fund<br>Class R6 / VGIRX | $43 | 0.85% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$145543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

---

| | |
|:---|:---|
| Utilities | 48% |
| Industrials | 27% |
| Energy | 17% |
| Real Estate | 6% |
| Communication Services | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Real Estate Securities Fund<br>Class A / VGSAX | $63 | 1.32% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$367382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

---

| | |
|:---|:---|
| Industrial/Office REITS | 19% |
| Residential REITS | 17% |
| Retail REITS | 13% |
| Health Care REITS | 13% |
| Data Centers REITS | 9% |
| Self Storage REITS | 6% |
| Real Estate Operating Companies | 6% |
| Other REITS | 17% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Real Estate Securities Fund<br>Class C / VGSCX | $99 | 2.07% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$367382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

---

| | |
|:---|:---|
| Industrial/Office REITS | 19% |
| Residential REITS | 17% |
| Retail REITS | 13% |
| Health Care REITS | 13% |
| Data Centers REITS | 9% |
| Self Storage REITS | 6% |
| Real Estate Operating Companies | 6% |
| Other REITS | 17% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Real Estate Securities Fund<br>Class I / VGISX | $51 | 1.07% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$367382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

---

| | |
|:---|:---|
| Industrial/Office REITS | 19% |
| Residential REITS | 17% |
| Retail REITS | 13% |
| Health Care REITS | 13% |
| Data Centers REITS | 9% |
| Self Storage REITS | 6% |
| Real Estate Operating Companies | 6% |
| Other REITS | 17% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Global Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Global Real Estate Securities Fund<br>Class R6 / VRGEX | $42 | 0.88% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$367382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;10% |

---

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

---

| | |
|:---|:---|
| Industrial/Office REITS | 19% |
| Residential REITS | 17% |
| Retail REITS | 13% |
| Health Care REITS | 13% |
| Data Centers REITS | 9% |
| Self Storage REITS | 6% |
| Real Estate Operating Companies | 6% |
| Other REITS | 17% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Asset Fund<br>Class A / PDPAX | $26 | 0.51% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$20214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 80% |
| Exchange-Traded Funds | 18% |
| Affiliated Exchange-Traded Fund | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Asset Fund<br>Class C / PDPCX | $63 | 1.26% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$20214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 80% |
| Exchange-Traded Funds | 18% |
| Affiliated Exchange-Traded Fund | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Asset Fund<br>Class I / VADIX | $13 | 0.26% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$20214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 80% |
| Exchange-Traded Funds | 18% |
| Affiliated Exchange-Traded Fund | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Asset Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Asset Fund<br>Class R6 / VAABX | $11 | 0.21% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$20214 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Affiliated Mutual Funds | 80% |
| Exchange-Traded Funds | 18% |
| Affiliated Exchange-Traded Fund | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Fund<br>Class A / PHRAX | $63 | 1.30% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$361700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

---

| | |
|:---|:---|
| Residential REITS | 18% |
| Industrial/Office REITS | 18% |
| Health Care REITS | 16% |
| Retail REITS | 15% |
| Data Centers REITS | 12% |
| Self Storage REITS | 7% |
| Specialty REITS | 5% |
| Other REITS | 9% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR VVIT QR Code](g945773images_27635.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Fund<br>Class C / PHRCX | $99 | 2.04% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$361700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

---

| | |
|:---|:---|
| Residential REITS | 18% |
| Industrial/Office REITS | 18% |
| Health Care REITS | 16% |
| Retail REITS | 15% |
| Data Centers REITS | 12% |
| Self Storage REITS | 7% |
| Specialty REITS | 5% |
| Other REITS | 9% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR VVIT QR Code](g945773images_27635.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Fund<br>Class I / PHRIX | $51 | 1.04% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$361700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

---

| | |
|:---|:---|
| Residential REITS | 18% |
| Industrial/Office REITS | 18% |
| Health Care REITS | 16% |
| Retail REITS | 15% |
| Data Centers REITS | 12% |
| Self Storage REITS | 7% |
| Specialty REITS | 5% |
| Other REITS | 9% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR VVIT QR Code](g945773images_27635.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Real Estate Securities Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Real Estate Securities Fund<br>Class R6 / VRREX | $38 | 0.79% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$361700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

---

| | |
|:---|:---|
| Residential REITS | 18% |
| Industrial/Office REITS | 18% |
| Health Care REITS | 16% |
| Retail REITS | 15% |
| Data Centers REITS | 12% |
| Self Storage REITS | 7% |
| Specialty REITS | 5% |
| Other REITS | 9% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR QR Code 2 MF](g945773images_27634.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

## Virtus KAR Developing Markets Fund
Class A / VDMAX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Developing Markets Fund<br>Class A / VDMAX | $72 | 1.42% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Industrials | 29% |
| Communication Services | 21% |
| Consumer Staples | 15% |
| Financials | 13% |
| Information Technology | 12% |
| Consumer Discretionary | 8% |
| Short-Term Investment | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

## Virtus KAR Developing Markets Fund
Class C / VDMCX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Developing Markets Fund<br>Class C / VDMCX | $109 | 2.17% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Industrials | 29% |
| Communication Services | 21% |
| Consumer Staples | 15% |
| Financials | 13% |
| Information Technology | 12% |
| Consumer Discretionary | 8% |
| Short-Term Investment | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

## Virtus KAR Developing Markets Fund
Class I / VIDMX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Developing Markets Fund<br>Class I / VIDMX | $59 | 1.16% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Industrials | 29% |
| Communication Services | 21% |
| Consumer Staples | 15% |
| Financials | 13% |
| Information Technology | 12% |
| Consumer Discretionary | 8% |
| Short-Term Investment | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

## Virtus KAR Developing Markets Fund
Class R6 / VDMRX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Developing Markets Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Developing Markets Fund<br>Class R6 / VDMRX | $57 | 1.12% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3131 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Industrials | 29% |
| Communication Services | 21% |
| Consumer Staples | 15% |
| Financials | 13% |
| Information Technology | 12% |
| Consumer Discretionary | 8% |
| Short-Term Investment | 2% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Emerging Markets Small-Cap Fund<br>Class A / VAESX | $84 | 1.73% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$271122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Industrials | 27% |
| Communication Services | 22% |
| Consumer Staples | 14% |
| Financials | 12% |
| Information Technology | 9% |
| Consumer Discretionary | 7% |
| Materials | 4% |
| Other | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Emerging Markets Small-Cap Fund<br>Class C / VCESX | $120 | 2.46% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$271122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Industrials | 27% |
| Communication Services | 22% |
| Consumer Staples | 14% |
| Financials | 12% |
| Information Technology | 9% |
| Consumer Discretionary | 7% |
| Materials | 4% |
| Other | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Emerging Markets Small-Cap Fund<br>Class I / VIESX | $72 | 1.48% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$271122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Industrials | 27% |
| Communication Services | 22% |
| Consumer Staples | 14% |
| Financials | 12% |
| Information Technology | 9% |
| Consumer Discretionary | 7% |
| Materials | 4% |
| Other | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR Emerging Markets Small-Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR Emerging Markets Small-Cap Fund<br>Class R6 / VRESX | $66 | 1.36% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$271122 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;13% |

---

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

---

| | |
|:---|:---|
| Industrials | 27% |
| Communication Services | 22% |
| Consumer Staples | 14% |
| Financials | 12% |
| Information Technology | 9% |
| Consumer Discretionary | 7% |
| Materials | 4% |
| Other | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR International Small-Mid Cap Fund<br>Class A / VISAX | $71 | 1.43% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$958198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

---

| | |
|:---|:---|
| Communication Services | 24% |
| Industrials | 19% |
| Financials | 18% |
| Information Technology | 15% |
| Health Care | 7% |
| Materials | 7% |
| Consumer Staples | 5% |
| Other | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR International Small-Mid Cap Fund<br>Class C / VCISX | $110 | 2.22% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$958198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

---

| | |
|:---|:---|
| Communication Services | 24% |
| Industrials | 19% |
| Financials | 18% |
| Information Technology | 15% |
| Health Care | 7% |
| Materials | 7% |
| Consumer Staples | 5% |
| Other | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR International Small-Mid Cap Fund<br>Class I / VIISX | $58 | 1.17% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$958198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

---

| | |
|:---|:---|
| Communication Services | 24% |
| Industrials | 19% |
| Financials | 18% |
| Information Technology | 15% |
| Health Care | 7% |
| Materials | 7% |
| Consumer Staples | 5% |
| Other | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus KAR International Small-Mid Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus KAR International Small-Mid Cap Fund<br>Class R6 / VRISX | $54 | 1.08% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$958198 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;15% |

---

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

---

| | |
|:---|:---|
| Communication Services | 24% |
| Industrials | 19% |
| Financials | 18% |
| Information Technology | 15% |
| Health Care | 7% |
| Materials | 7% |
| Consumer Staples | 5% |
| Other | 5% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Core Plus Bond Fund<br>Class A / SAVAX | $35 | 0.70% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$500464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 11% |  |
| Mortgage-Backed Securities |  | 28% |
| U.S. Government Securities |  | 17% |
| Asset-Backed Securities |  | 11% |
| Leveraged Loans |  | 8% |
| Foreign Government Securities |  | 3% |
| Short-Term Investment |  | 2% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Core Plus Bond Fund<br>Class C / SAVCX | $72 | 1.45% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$500464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 11% |  |
| Mortgage-Backed Securities |  | 28% |
| U.S. Government Securities |  | 17% |
| Asset-Backed Securities |  | 11% |
| Leveraged Loans |  | 8% |
| Foreign Government Securities |  | 3% |
| Short-Term Investment |  | 2% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Core Plus Bond Fund<br>Class I / SAVYX | $22 | 0.45% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$500464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 11% |  |
| Mortgage-Backed Securities |  | 28% |
| U.S. Government Securities |  | 17% |
| Asset-Backed Securities |  | 11% |
| Leveraged Loans |  | 8% |
| Foreign Government Securities |  | 3% |
| Short-Term Investment |  | 2% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Core Plus Bond Fund<br>Class R6 / VBFRX | $20 | 0.41% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$500464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;712 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 11% |  |
| Mortgage-Backed Securities |  | 28% |
| U.S. Government Securities |  | 17% |
| Asset-Backed Securities |  | 11% |
| Leveraged Loans |  | 8% |
| Foreign Government Securities |  | 3% |
| Short-Term Investment |  | 2% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

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

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

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

## Virtus Newfleet High Yield Fund
Class A / PHCHX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet High Yield Fund<br>Class A / PHCHX | $48 | 0.95% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$54261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 19% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 45% |  |
| Securities Lending Collateral |  | 3% |
| Leveraged Loans |  | 1% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

## Virtus Newfleet High Yield Fund
Class C / PGHCX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet High Yield Fund<br>Class C / PGHCX | $85 | 1.70% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$54261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 19% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 45% |  |
| Securities Lending Collateral |  | 3% |
| Leveraged Loans |  | 1% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

## Virtus Newfleet High Yield Fund
Class I / PHCIX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet High Yield Fund<br>Class I / PHCIX | $35 | 0.70% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$54261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 19% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 45% |  |
| Securities Lending Collateral |  | 3% |
| Leveraged Loans |  | 1% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

## Virtus Newfleet High Yield Fund
Class R6 / VRHYX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet High Yield Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet High Yield Fund<br>Class R6 / VRHYX | $30 | 0.59% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$54261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;12% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 95% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 20% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 19% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 45% |  |
| Securities Lending Collateral |  | 3% |
| Leveraged Loans |  | 1% |
| Other |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Low Duration Core Plus Bond Fund<br>Class A / HIMZX | $38 | 0.75% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$474385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 34% |
| Mortgage-Backed Securities |  | 27% |
| Corporate Bonds and Notes |  | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Leveraged Loans |  | 7% |
| U.S. Government Securities |  | 6% |
| Other (includes securities lending collateral) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Low Duration Core Plus Bond Fund<br>Class C / PCMZX | $75 | 1.50% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$474385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 34% |
| Mortgage-Backed Securities |  | 27% |
| Corporate Bonds and Notes |  | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Leveraged Loans |  | 7% |
| U.S. Government Securities |  | 6% |
| Other (includes securities lending collateral) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Low Duration Core Plus Bond Fund<br>Class I / HIBIX | $25 | 0.50% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$474385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 34% |
| Mortgage-Backed Securities |  | 27% |
| Corporate Bonds and Notes |  | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Leveraged Loans |  | 7% |
| U.S. Government Securities |  | 6% |
| Other (includes securities lending collateral) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Low Duration Core Plus Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Low Duration Core Plus Bond Fund<br>Class R6 / VLDRX | $22 | 0.43% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$474385 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

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

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 34% |
| Mortgage-Backed Securities |  | 27% |
| Corporate Bonds and Notes |  | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Leveraged Loans |  | 7% |
| U.S. Government Securities |  | 6% |
| Other (includes securities lending collateral) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund<br>Class A / NAMFX | $50 | 0.99% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$768079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 13% |  |
| Mortgage-Backed Securities |  | 20% |
| Leveraged Loans |  | 14% |
| Foreign Government Securities |  | 13% |
| Asset-Backed Securities |  | 13% |
| U.S. Government Securities |  | 2% |
| Securities Lending Collateral |  | 1% |
| Other (includes short-term investment) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund<br>Class C / NCMFX | $87 | 1.74% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$768079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 13% |  |
| Mortgage-Backed Securities |  | 20% |
| Leveraged Loans |  | 14% |
| Foreign Government Securities |  | 13% |
| Asset-Backed Securities |  | 13% |
| U.S. Government Securities |  | 2% |
| Securities Lending Collateral |  | 1% |
| Other (includes short-term investment) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund<br>Class I / VMFIX | $37 | 0.74% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$768079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 13% |  |
| Mortgage-Backed Securities |  | 20% |
| Leveraged Loans |  | 14% |
| Foreign Government Securities |  | 13% |
| Asset-Backed Securities |  | 13% |
| U.S. Government Securities |  | 2% |
| Securities Lending Collateral |  | 1% |
| Other (includes short-term investment) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund<br>Class R6 / VMFRX | $30 | 0.60% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$768079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 13% |  |
| Mortgage-Backed Securities |  | 20% |
| Leveraged Loans |  | 14% |
| Foreign Government Securities |  | 13% |
| Asset-Backed Securities |  | 13% |
| U.S. Government Securities |  | 2% |
| Securities Lending Collateral |  | 1% |
| Other (includes short-term investment) |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class A / NARAX | $45 | 0.90% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4569346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

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

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 24% |
| Leveraged Loans |  | 10% |
| U.S. Government Securities |  | 6% |
| Foreign Government Securities |  | 5% |
| Other (includes short-term investment and securities lending collateral) |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class C / PSTCX | $58 | 1.16% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4569346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

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

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 24% |
| Leveraged Loans |  | 10% |
| U.S. Government Securities |  | 6% |
| Foreign Government Securities |  | 5% |
| Other (includes short-term investment and securities lending collateral) |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class C1 / PMSTX | $83 | 1.66% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4569346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

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

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 24% |
| Leveraged Loans |  | 10% |
| U.S. Government Securities |  | 6% |
| Foreign Government Securities |  | 5% |
| Other (includes short-term investment and securities lending collateral) |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class I / PIMSX | $33 | 0.65% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4569346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

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

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 24% |
| Leveraged Loans |  | 10% |
| U.S. Government Securities |  | 6% |
| Foreign Government Securities |  | 5% |
| Other (includes short-term investment and securities lending collateral) |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Multi-Sector Short Term Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Multi-Sector Short Term Bond Fund<br>Class R6 / VMSSX | $26 | 0.52% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$4569346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

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

---

| | | |
|:---|:---|:---|
| Asset-Backed Securities |  | 28% |
| Corporate Bonds and Notes |  | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 10% |  |
| Mortgage-Backed Securities |  | 24% |
| Leveraged Loans |  | 10% |
| U.S. Government Securities |  | 6% |
| Foreign Government Securities |  | 5% |
| Other (includes short-term investment and securities lending collateral) |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Senior Floating Rate Fund<br>Class A / PSFRX | $47 | 0.93% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$193088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

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

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 36% |  |
| Exchange-Traded Funds |  | 5% |
| Corporate Bonds and Notes |  | 4% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Senior Floating Rate Fund<br>Class C / PFSRX | $85 | 1.68% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$193088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

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

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 36% |  |
| Exchange-Traded Funds |  | 5% |
| Corporate Bonds and Notes |  | 4% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Senior Floating Rate Fund<br>Class I / PSFIX | $34 | 0.68% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$193088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

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

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 36% |  |
| Exchange-Traded Funds |  | 5% |
| Corporate Bonds and Notes |  | 4% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Senior Floating Rate Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Senior Floating Rate Fund<br>Class R6 / VRSFX | $29 | 0.57% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$193088 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;285 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;66% |

---

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

---

| | | |
|:---|:---|:---|
| Leveraged Loans |  | 91% |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | 12% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Manufacturing | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gaming / Leisure | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Leveraged Loans | 36% |  |
| Exchange-Traded Funds |  | 5% |
| Corporate Bonds and Notes |  | 4% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Tax-Exempt Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Tax-Exempt Bond Fund<br>Class A / HXBZX | $41 | 0.83% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$46368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

---

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

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

## Virtus Seix Tax-Exempt Bond Fund
Class C / PXCZX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Tax-Exempt Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Tax-Exempt Bond Fund<br>Class C / PXCZX | $78 | 1.58% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$46368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

---

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

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Seix Tax-Exempt Bond Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Seix Tax-Exempt Bond Fund<br>Class I / HXBIX | $29 | 0.58% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$46368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;8% |

---

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

---

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

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Emerging Markets Equity Fund<br>Class A / HEMZX | $77 | 1.60% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$523003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Staples | 23% |
| Consumer Discretionary | 17% |
| Information Technology | 17% |
| Communication Services | 14% |
| Industrials | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Emerging Markets Equity Fund<br>Class C / PICEX | $113 | 2.36% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$523003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Staples | 23% |
| Consumer Discretionary | 17% |
| Information Technology | 17% |
| Communication Services | 14% |
| Industrials | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Emerging Markets Equity Fund<br>Class I / HIEMX | $65 | 1.36% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$523003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Staples | 23% |
| Consumer Discretionary | 17% |
| Information Technology | 17% |
| Communication Services | 14% |
| Industrials | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

![Virtus_FC_Logo](g945773images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus SGA Emerging Markets Equity Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus SGA Emerging Markets Equity Fund<br>Class R6 / VREMX | $52 | 1.09% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$523003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

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

---

| | |
|:---|:---|
| Financials | 26% |
| Consumer Staples | 23% |
| Consumer Discretionary | 17% |
| Information Technology | 17% |
| Communication Services | 14% |
| Industrials | 3% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g945773images_27636.jpg)

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

8134 Virtus Duff & Phelps Global Infrastructure Fund

------

(b) Not applicable.

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

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

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

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

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

(b) Not applicable.

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

------

SEMIANNUAL FINANCIALS (FORM N-CSR Item 7-11)

## VIRTUS OPPORTUNITIES TRUST
![](g945773imgb9948e9f1.gif)

------

March 31, 2025

---

| |
|:---|
| Virtus Newfleet Core Plus Bond Fund |
| Virtus Newfleet High Yield Fund |
| Virtus Newfleet Low Duration Core Plus Bond Fund |
| Virtus Newfleet Multi-Sector Intermediate Bond Fund |
| Virtus Newfleet Multi-Sector Short Term Bond Fund |
| Virtus Newfleet Senior Floating Rate Fund |
| Virtus Seix Tax-Exempt Bond Fund |

---

------

Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_5829a81d-a03c-484e-8914-9edcf995696e_1) | 1 |
| **Fund** | **Schedule<br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet Core Plus Bond Fund ("Newfleet Core Plus Bond Fund")](#xx_dd0a46ec-6570-47b2-a942-1c6e0d8f2c1c_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet High Yield Fund ("Newfleet High Yield Fund")](#xx_d4678f09-91b5-409e-a9d7-cb323e68344f_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet Low Duration Core Plus Bond Fund ("Newfleet Low Duration Core Plus Bond Fund")](#xx_08e81cb2-6025-48dc-a76b-7d99629ac53d_1) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet Multi-Sector Intermediate Bond Fund ("Newfleet Multi-Sector Intermediate Bond Fund")](#xx_61d43a64-efb1-4592-8a3b-840b8d918a53_1) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet Multi-Sector Short Term Bond Fund ("Newfleet Multi-Sector Short Term Bond Fund")](#xx_5681925b-6241-4c95-b84d-464a1ff02f83_1) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet Senior Floating Rate Fund ("Newfleet Senior Floating Rate Fund")](#xx_249aa1cb-7b23-41bc-a142-e83d4b7f0c08_1) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Seix Tax-Exempt Bond Fund ("Seix Tax-Exempt Bond Fund")](#xx_fc554a91-beef-4bb6-aca9-14c769befb72_1) | 70 |
| [Statements of Assets and Liabilities](#xx_75040fbc-d9a5-4148-82e0-0e09e9f55032_1) | 73 |
| [Statements of Operations](#xx_5f3da3be-804e-43d7-bae1-0a72521f04e1_1) | 77 |
| [Statements of Changes in Net Assets](#xx_63ae63f0-edcc-4f69-94f4-9d1539c2b786_1) | 79 |
| [Financial Highlights](#xx_26f9549b-cc2e-4191-9bff-08661c98b8a5_1) | 83 |
| [Notes to Financial Statements](#xx_f9c4f848-9876-4d42-91a4-1fa828be9804_1) | 89 |
| [Other Information](#xx_823df674-3638-46a2-a8a0-499313b7ddba_1) | 103 |

---

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

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

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

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### March 31, 2025

#### American Depositary Receipt ("ADR")
Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

#### Asset-Backed Securities ("ABS")
Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.

#### Build America Municipal Insured ("BAM")
Build America Municipal Insured Bonds are municipal bonds insured against default by Build America Mutual, a Financial Guaranty insurance company.

#### Business Development Company ("BDC")
A type of pooled investment vehicle that is often described as a hybrid between a traditional investment company and an operating company.

#### Collateralized Loan Obligation ("CLO")
A collateralized loan obligation is a type of security backed by a pool of debt, typically low-rated corporate loans, structured so that there are several classes of bondholders with varying maturities, called tranches.

#### Designated Activity Company ("DAC")
A flexible legal structure chosen for specialized financial activities in Ireland. A DAC is incorporated as a private company with limited liability.

#### Exchange-Traded Fund ("ETF")
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

#### Federal Home Loan Mortgage Corporation ("Freddie Mac")
A government-owned corporation that buys mortgages and packages them into mortgage-backed securities.

#### Federal National Mortgage Association ("Fannie Mae")
A government-sponsored, publicly traded enterprise that makes mortgages available to low- and moderate-income borrowers. It does not provide loans but backs or guarantees them in the secondary mortgage market.

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

#### Government National Mortgage Association ("Ginnie Mae")
A U.S. government corporation that guarantees the timely payment of principal and interest on mortgage-backed securities (MBSs) issued by approved Ginnie Mae lenders, with the goal of expanding the pool of homeowners by mostly aiding lending to homeowners who are traditionally underserved in the mortgage marketplace such as first-time home buyers and low-income borrowers.

#### Joint Stock Company ("JSC")
A joint stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.

#### Leveraged Loan
Leveraged loans (also known as bank, senior or floating-rate loans) consists of below investment-grade credit quality loans that are arranged by banks and other financial institutions to help companies finance acquisitions, recapitalizations, or other highly leveraged transactions. Such loans may be especially vulnerable to adverse changes in economic or market conditions, although they are senior in the capital structure which typically provides investors/lenders a degree of potential credit risk protection.

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

#### Mortgage-Backed Securities ("MBS")
Mortgage-backed securities represent interests in pools of mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders.

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### KEY INVESTMENT TERMS (Unaudited) (Continued)

#### March 31, 2025

#### Permanent School Fund Guarantee Program ("PSF GTD")
A program by which the bonds issued by certain public school districts and/or charter schools are guaranteed using a pool of assets held by a state for the purpose of ensuring the availability of public education.

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

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

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—16.9%** | **U.S. Government Securities—16.9%** | **U.S. Government Securities—16.9%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.375%, 2/15/42 | $720 | $534 |
| &nbsp;&nbsp;&nbsp;3.875%, 5/15/43 | &nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp; 1314 |
| &nbsp;&nbsp;&nbsp;3.000%, 8/15/48 | &nbsp;&nbsp; 3115 | &nbsp;&nbsp;&nbsp; 2365 |
| &nbsp;&nbsp;&nbsp;1.250%, 5/15/50 | &nbsp;&nbsp; 5910 | &nbsp;&nbsp;&nbsp; 2935 |
| &nbsp;&nbsp;&nbsp;1.375%, 8/15/50 | &nbsp;&nbsp; 9840 | &nbsp;&nbsp;&nbsp; 5014 |
| &nbsp;&nbsp;&nbsp;1.875%, 2/15/51 | &nbsp;&nbsp; 1335 | &nbsp;&nbsp;&nbsp; 774 |
| &nbsp;&nbsp;&nbsp;1.875%, 11/15/51 | &nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp; 541 |
| &nbsp;&nbsp;&nbsp;2.250%, 2/15/52 | &nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp;2.875%, 5/15/52 | &nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp; 715 |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/52 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; 2525 |
| &nbsp;&nbsp;&nbsp;3.625%, 2/15/53 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp; 1196 |
| &nbsp;&nbsp;&nbsp;3.625%, 5/15/53 | &nbsp;&nbsp; 7550 | &nbsp;&nbsp;&nbsp; 6360 |
| &nbsp;&nbsp;&nbsp;4.125%, 8/15/53 | &nbsp;&nbsp; 6110 | &nbsp;&nbsp;&nbsp; 5630 |
| &nbsp;&nbsp;&nbsp;4.750%, 11/15/53 | &nbsp;&nbsp; 1590 | &nbsp;&nbsp;&nbsp; 1625 |
| &nbsp;&nbsp;&nbsp;4.250%, 2/15/54 | &nbsp;&nbsp; 9175 | &nbsp;&nbsp;&nbsp; 8645 |
| &nbsp;&nbsp;&nbsp;4.625%, 5/15/54 | &nbsp;&nbsp; 5930 | &nbsp;&nbsp;&nbsp; 5949 |
| &nbsp;&nbsp;&nbsp;4.250%, 8/15/54 | &nbsp;&nbsp; 4155 | &nbsp;&nbsp;&nbsp; 3922 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54 | &nbsp;&nbsp; 3155 | &nbsp;&nbsp;&nbsp; 3109 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55 | &nbsp;&nbsp; 3565 | &nbsp;&nbsp;&nbsp; 3589 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.250%, 6/30/29 | &nbsp;&nbsp; 1765 | &nbsp;&nbsp;&nbsp; 1787 |
| &nbsp;&nbsp;&nbsp;4.000%, 7/31/29 | &nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp; 2191 |
| &nbsp;&nbsp;&nbsp;4.250%, 1/31/30 | &nbsp;&nbsp; 2290 | &nbsp;&nbsp;&nbsp; 2319 |
| &nbsp;&nbsp;&nbsp;1.500%, 2/15/30 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp;4.000%, 2/28/30 | &nbsp;&nbsp; 2405 | &nbsp;&nbsp;&nbsp; 2410 |
| &nbsp;&nbsp;&nbsp;3.375%, 5/15/33 | &nbsp;&nbsp; 2435 | &nbsp;&nbsp;&nbsp; 2307 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/33 | &nbsp;&nbsp; 870 | &nbsp;&nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/34 | &nbsp;&nbsp; 4705 | &nbsp;&nbsp;&nbsp; 4769 |
| &nbsp;&nbsp;&nbsp;3.875%, 8/15/34 | &nbsp;&nbsp; 4260 | &nbsp;&nbsp;&nbsp; 4152 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/35 | &nbsp;&nbsp; 5055 | &nbsp;&nbsp;&nbsp; 5222 |
| **Total U.S. Government Securities<br> (Identified Cost $89,580)** | **Total U.S. Government Securities<br> (Identified Cost $89,580)** | &nbsp;&nbsp;&nbsp;&nbsp; **84518** |
| **Foreign Government Securities—2.6%** | **Foreign Government Securities—2.6%** | **Foreign Government Securities—2.6%** |
| Abu Dhabi Government International Bond 144A<br> 3.125%, 9/30/49<sup>(1)</sup> | &nbsp;&nbsp; 519 | &nbsp;&nbsp;&nbsp; 354 |
| Costa Rica Government |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.550%, 4/3/34<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.300%, 11/13/54<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 67 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 2/22/29<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.875%, 9/23/32<sup>(1)</sup> | &nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp; 651 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp;7.125%, 5/13/54 | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 101 |
| Hungary Government International Bond 144A<br> 6.250%, 9/22/32<sup>(1)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 612 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/7/36 | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 230 |
| Republic of El Salvador 144A<br> 8.625%, 2/28/29<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 179 |
| Republic of Guatemala 144A<br> 6.600%, 6/13/36<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 227 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Indonesia<br> 5.100%, 2/10/54<sup>(2)</sup> | $513 | $467 |
| Republic of Ivory Coast 144A<br> 8.250%, 1/30/37<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 196 |
| Republic of Panama<br> 8.000%, 3/1/38 | &nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 278 |
| Republic of Paraguay 144A<br> 6.000%, 2/9/36<sup>(1)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 150 |
| Republic of Peru<br> 5.375%, 2/8/35 | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 441 |
| Republic of Philippines<br> 4.750%, 3/5/35 | &nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp; 566 |
| Republic of Poland<br> 4.875%, 10/4/33 | &nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp; 461 |
| Republic of Serbia 144A<br> 6.500%, 9/26/33<sup>(1)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 141 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 6/22/30 | &nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;5.650%, 9/27/47 | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 44 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 7/13/30 | &nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp;7.625%, 5/15/34 | &nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/17/45 | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 113 |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 6/18/50 | &nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;4.975%, 4/20/55 | &nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; 309 |
| Romania Government International Bond 144A<br> 5.875%, 1/30/29<sup>(1)</sup> | &nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 1020 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.875%, 7/18/33<sup>(1)</sup> | &nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.625%, 1/13/35<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 10/26/46<sup>(1)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 152 |
| State of Qatar 144A<br> 3.750%, 4/16/30<sup>(1)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp; 373 |
| UAE International Government Bond 144A<br> 4.050%, 7/7/32<sup>(1)</sup> | &nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; 295 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 5/13/30 | &nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;6.350%, 2/9/35 | &nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 155 |
| &nbsp;&nbsp;&nbsp;6.000%, 5/7/36 | &nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp;6.875%, 5/13/37 | &nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp; 753 |
| &nbsp;&nbsp;&nbsp;6.400%, 5/7/54 | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 123 |
| Uzbekistan International Bond 144A<br> 6.900%, 2/28/32<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 64 |
| **Total Foreign Government Securities<br> (Identified Cost $13,028)** | **Total Foreign Government Securities<br> (Identified Cost $13,028)** | &nbsp;&nbsp;&nbsp;&nbsp; **12812** |
| **Mortgage-Backed Securities—27.6%** | **Mortgage-Backed Securities—27.6%** | **Mortgage-Backed Securities—27.6%** |
| **Agency—9.3%** | **Agency—9.3%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SB8269<br> 6.000%, 10/1/38 | &nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp; 382 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #SD2026<br> 5.000%, 11/1/52 | $1460 | $1434 |
| &nbsp;&nbsp;&nbsp;Pool #SD3238<br> 5.500%, 12/1/52 | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;Pool #SD5594<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 2983 | &nbsp;&nbsp; 2984 |
| &nbsp;&nbsp;&nbsp;Pool #SD5856<br> 3.500%, 1/1/54 | &nbsp;&nbsp; 4945 | &nbsp;&nbsp; 4463 |
| &nbsp;&nbsp;&nbsp;Pool #SD6881<br> 2.500%, 2/1/52 | &nbsp;&nbsp; 5531 | &nbsp;&nbsp; 4613 |
| &nbsp;&nbsp;&nbsp;Pool #SD8289<br> 5.500%, 1/1/53 | &nbsp;&nbsp; 2728 | &nbsp;&nbsp; 2730 |
| &nbsp;&nbsp;&nbsp;Pool #SD8309<br> 6.000%, 3/1/53 | &nbsp;&nbsp; 2562 | &nbsp;&nbsp; 2605 |
| &nbsp;&nbsp;&nbsp;Pool #SD8317<br> 6.000%, 4/1/53 | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;Pool #SD8343<br> 6.000%, 7/1/53 | &nbsp;&nbsp; 1213 | &nbsp;&nbsp; 1233 |
| &nbsp;&nbsp;&nbsp;Pool #SD8350<br> 6.000%, 8/1/53 | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 714 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #323702<br> 6.000%, 5/1/29 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;Pool #535371<br> 6.500%, 5/1/30 | &nbsp;&nbsp; —<sup>(3)</sup> | &nbsp;&nbsp; —<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;Pool #590108<br> 7.000%, 7/1/31 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;Pool #880117<br> 5.500%, 4/1/36 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;Pool #909092<br> 6.000%, 9/1/37 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;Pool #909220<br> 6.000%, 8/1/38 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp;Pool #938574<br> 5.500%, 9/1/36 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;Pool #986067<br> 6.000%, 8/1/38 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp;Pool #CB6857<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 2431 | &nbsp;&nbsp; 2329 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp;Pool #FS4991<br> 3.000%, 3/1/52 | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 1238 |
| &nbsp;&nbsp;&nbsp;Pool #FS6679<br> 6.000%, 12/1/53 | &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 2050 |
| &nbsp;&nbsp;&nbsp;Pool #FS7751<br> 4.000%, 3/1/53 | &nbsp;&nbsp; 5431 | &nbsp;&nbsp; 5068 |
| &nbsp;&nbsp;&nbsp;Pool #FS8360<br> 3.500%, 9/1/52 | &nbsp;&nbsp; 2387 | &nbsp;&nbsp; 2154 |
| &nbsp;&nbsp;&nbsp;Pool #FS8791<br> 6.000%, 8/1/54 | &nbsp;&nbsp; 4201 | &nbsp;&nbsp; 4287 |
| &nbsp;&nbsp;&nbsp;Pool #MA4785<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 293 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp;Pool #MA4980<br> 6.000%, 4/1/53 | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; 1961 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 1664 | &nbsp;&nbsp; 1664 |
| &nbsp;&nbsp;&nbsp;Pool #MA5385<br> 4.000%, 6/1/54 | &nbsp;&nbsp; 3244 | &nbsp;&nbsp; 3027 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| Government National Mortgage Association I Pool #443000<br> 6.500%, 9/15/28 | $4 | $4 |
|  |  | &nbsp;&nbsp; 46414 |
| **Non-Agency—18.3%** | **Non-Agency—18.3%** |  |
| A&D Mortgage Trust 2023-NQM3, A1 144A<br> 6.733%, 7/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1159 | &nbsp;&nbsp; 1172 |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 687 | &nbsp;&nbsp; 654 |
| &nbsp;&nbsp;&nbsp;2022-B, A1 144A<br> 3.500%, 3/27/62<sup>(1)(4)</sup> | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 679 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, C 144A<br> 2.533%, 7/17/37<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 440 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-8, A1 144A<br> 1.820%, 11/25/66<sup>(1)(4)</sup> | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1105 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 4.750%, 9/26/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 2155 | &nbsp;&nbsp; 2136 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(4)</sup> | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(1)(4)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;2020-1, A3 144A<br> 3.328%, 3/25/55<sup>(1)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp;2022-1, A1B 144A<br> 3.269%, 12/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 248 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.239%, 3/15/37<sup>(1)(4)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1123 |
| BBCMS Trust 2018-CBM, A (1 month Term SOFR + 1.297%, Cap N/A, Floor 1.250%) 144A<br> 5.617%, 7/15/37<sup>(1)(4)</sup> | &nbsp;&nbsp; 1324 | &nbsp;&nbsp; 1309 |
| Benchmark Mortgage Trust 2023-B38, A2<br> 5.626%, 4/15/56 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 236 |
| BPR Trust 2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A<br> 6.217%, 4/15/37<sup>(1)(4)</sup> | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1345 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A<br> 6.280%, 2/15/39<sup>(1)(4)</sup> | $227 | $227 |
| &nbsp;&nbsp;&nbsp;2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.711%, 3/15/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 1247 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, A 144A<br> 3.202%, 12/9/41<sup>(1)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 3.944%, 12/9/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1673 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(1)</sup> | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1244 |
| &nbsp;&nbsp;&nbsp;2025-ROIC, C (1 month Term SOFR + 1.543%, Cap N/A, Floor 1.543%) 144A<br> 5.862%, 3/15/30<sup>(1)(4)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 870 |
| CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A<br> 6.939%, 9/15/38<sup>(1)(4)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 852 |
| Chase Home Lending Mortgage Trust 2024-RPL4, A1A 144A<br> 3.375%, 12/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 1061 | &nbsp;&nbsp; 948 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(4)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.749%, 12/25/45<sup>(1)(4)</sup> | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 123 |
| CIM Trust 2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 478 |
| Citigroup Mortgage Loan Trust, Inc. 2019-RP1, A1 144A<br> 3.500%, 1/25/66<sup>(1)(4)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 218 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-4, A1 144A<br> 7.163%, 10/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1221 | &nbsp;&nbsp; 1239 |
| &nbsp;&nbsp;&nbsp;2024-5, A1 144A<br> 5.123%, 8/25/69<sup>(1)(4)</sup> | &nbsp;&nbsp; 866 | &nbsp;&nbsp; 861 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-300P, A1 144A<br> 4.353%, 8/10/30<sup>(1)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1173 |
| &nbsp;&nbsp;&nbsp;2015-CR24, AM<br> 4.028%, 8/10/48<sup>(4)</sup> | &nbsp;&nbsp; 1019 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp;2024-WCL1, B (1 month Term SOFR + 2.590%, Cap N/A, Floor 2.590%) 144A<br> 6.909%, 6/15/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1143 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-3, C 144A<br> 3.265%, 10/15/52<sup>(1)</sup> | $220 | $201 |
| &nbsp;&nbsp;&nbsp;2020-3, A 144A<br> 1.358%, 8/15/53<sup>(1)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;2022-1, A 144A<br> 4.744%, 6/17/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 554 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 2.208%, 5/25/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 820 |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 316 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1188 | &nbsp;&nbsp; 1033 |
| ELM Trust 2024-ELM, A10 144A<br> 5.414%, 6/10/39<sup>(1)(4)</sup> | &nbsp;&nbsp; 897 | &nbsp;&nbsp; 909 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 4.764%, 10/10/41<sup>(1)(4)</sup> | &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 2011 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 216 |
| Flagstar Mortgage Trust 2017-1, 1A3 144A<br> 3.500%, 3/25/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 32 |
| Fontainebleau Miami Beach Mortgage Trust 2024-FBLU, A (1 month Term SOFR + 1.450%, Cap N/A, Floor 1.450%) 144A<br> 5.769%, 12/15/39<sup>(1)(4)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 660 |
| Galton Funding Mortgage Trust 2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 273 |
| GCAT Trust 2020-NQM1, A1 144A<br> 3.247%, 1/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 637 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1326 |
| Houston Galleria Mall Trust 2025-HGLR, A 144A<br> 5.462%, 2/5/45<sup>(1)(4)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 891 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.467%, 1/13/40<sup>(1)(4)</sup> | &nbsp;&nbsp; 1345 | &nbsp;&nbsp; 1368 |
| Imperial Fund Mortgage Trust 2022-NQM3, A1 144A<br> 4.380%, 5/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 752 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| JP Morgan Seasoned Mortgage Trust Series 2024-1, A4 144A<br> 4.451%, 1/25/63<sup>(1)(4)</sup> | $763 | $744 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2024-OMNI, A 144A<br> 5.797%, 10/5/39<sup>(1)(4)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1131 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 5.011%, 10/26/48<sup>(1)(4)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, A3 144A<br> 5.947%, 2/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 584 |
| &nbsp;&nbsp;&nbsp;2025-CES1, A1 144A<br> 5.666%, 5/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 828 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-RTL3, A1 144A<br> 8.150%, 11/25/27<sup>(1)(4)</sup> | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;2024-RTL1, A1 144A<br> 7.017%, 1/25/29<sup>(1)(4)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 541 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, M1 144A<br> 3.435%, 4/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 271 |
| &nbsp;&nbsp;&nbsp;2018-1A, A 144A<br> 3.750%, 3/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 829 | &nbsp;&nbsp; 798 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-INV2, A1 144A<br> 4.950%, 7/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1574 | &nbsp;&nbsp; 1519 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(1)(4)</sup> | &nbsp;&nbsp; 1101 | &nbsp;&nbsp; 1096 |
| &nbsp;&nbsp;&nbsp;2020-NQM3, A1 144A<br> 1.014%, 1/26/65<sup>(1)(4)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 131 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-3, B1 144A<br> 3.250%, 1/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(1)(4)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;2019-GS2, A1 144A<br> 2.750%, 8/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 1400 |
| &nbsp;&nbsp;&nbsp;2021-NMR1, A1 144A<br> 1.125%, 11/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 59 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(1)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 836 |
| Morgan Stanley Bank of America Merrill Lynch Trust 2015-C22, AS<br> 3.561%, 4/15/48 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 933 |
| MSSG Trust 2017-237P, A 144A<br> 3.397%, 9/13/39<sup>(1)</sup> | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 1072 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 39 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(1)(4)</sup> | $28 | $27 |
| &nbsp;&nbsp;&nbsp;2016-3A, B1 144A<br> 4.000%, 9/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 408 |
| &nbsp;&nbsp;&nbsp;2016-4A, B1A 144A<br> 4.500%, 11/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 652 | &nbsp;&nbsp; 632 |
| &nbsp;&nbsp;&nbsp;2018-2A, A1 144A<br> 4.500%, 2/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 3.079%, 3/27/62<sup>(1)(4)</sup> | &nbsp;&nbsp; 1451 | &nbsp;&nbsp; 1356 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 5.466%, 11/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 402 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 343 | &nbsp;&nbsp; 333 |
| NLT Trust 2021-INV2, A1 144A<br> 1.162%, 8/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 110 |
| NYMT Loan Trust 2024-CP1, A1 144A<br> 3.750%, 2/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1057 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM1, A1 144A<br> 2.305%, 11/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 1736 |
| &nbsp;&nbsp;&nbsp;2023-NQM10, A1 144A<br> 6.465%, 10/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 496 |
| &nbsp;&nbsp;&nbsp;2023-NQM5, A1A 144A<br> 6.567%, 6/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 800 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, A1 144A<br> 7.159%, 10/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 721 | &nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp;2024-HYB1, A1 144A<br> 3.646%, 3/25/53<sup>(1)(4)</sup> | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 608 |
| &nbsp;&nbsp;&nbsp;2024-HYB2, A1 144A<br> 3.665%, 4/25/53<sup>(1)(4)</sup> | &nbsp;&nbsp; 746 | &nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 6.129%, 12/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 1123 | &nbsp;&nbsp; 1130 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, A1 144A<br> 6.030%, 1/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 444 | &nbsp;&nbsp; 447 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-INV1, A2 144A<br> 6.000%, 10/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 794 |
| &nbsp;&nbsp;&nbsp;2024-INV2, A1 144A<br> 6.000%, 12/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 446 |
| PRET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, A1 144A<br> 3.900%, 10/25/63<sup>(1)(4)</sup> | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1098 |
| PRPM LLC 2024-RPL1, A1 144A<br> 4.200%, 12/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 951 | &nbsp;&nbsp; 930 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(1)(4)</sup> | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp;2023-CES1, A1A 144A<br> 6.515%, 6/25/43<sup>(1)(4)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp;2023-CES2, A1A 144A<br> 6.808%, 9/25/43<sup>(1)(4)</sup> | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 812 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(1)(4)</sup> | $1140 | $1148 |
| RIDE 2025-SHRE, B 144A<br> 5.438%, 2/14/47<sup>(1)(4)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 905 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 836 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 928 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.480%, 6/25/43<sup>(4)</sup> | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| Starwood Mortgage Residential Trust 2021-5, A2 144A<br> 2.178%, 9/25/66<sup>(1)(4)</sup> | &nbsp;&nbsp; 1428 | &nbsp;&nbsp; 1226 |
| THPT Mortgage Trust 2023-THL, A 144A<br> 6.994%, 12/10/34<sup>(1)(4)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 500 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-6, B2 144A<br> 3.814%, 4/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 589 |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 4.007%, 7/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(1)(4)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1467 |
| &nbsp;&nbsp;&nbsp;2018-2, A2 144A<br> 3.500%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 644 |
| &nbsp;&nbsp;&nbsp;2018-6, A1B 144A<br> 3.750%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 956 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 540 |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.750%, 3/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 893 |
| &nbsp;&nbsp;&nbsp;2019-4, A2 144A<br> 3.250%, 10/25/59<sup>(1)(4)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp;2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A<br> 6.035%, 5/25/58<sup>(1)(4)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp;2020-MH1, A2 144A<br> 2.500%, 2/25/60<sup>(1)(4)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 383 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(1)(4)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 3.750%, 1/25/63<sup>(1)</sup> | &nbsp;&nbsp; 1313 | &nbsp;&nbsp; 1257 |
| &nbsp;&nbsp;&nbsp;2024-1, A1 144A<br> 4.780%, 3/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 844 |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 289 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(1)(4)</sup> | $782 | $778 |
| &nbsp;&nbsp;&nbsp;2022-6, A1 144A<br> 4.910%, 6/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp; 831 |
| &nbsp;&nbsp;&nbsp;2022-6, A3 144A<br> 4.910%, 6/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp; 711 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(1)(4)</sup> | &nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(1)(4)</sup> | &nbsp;&nbsp; 1318 | &nbsp;&nbsp;&nbsp; 1328 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(1)</sup> | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(1)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;2022-1, A2 144A<br> 5.850%, 8/25/57<sup>(1)(4)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp; 378 |
|  |  | &nbsp;&nbsp;&nbsp; 91596 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $138,758)** | **Total Mortgage-Backed Securities<br> (Identified Cost $138,758)** | &nbsp;&nbsp;&nbsp;&nbsp;**138010** |
| **Asset-Backed Securities—10.9%** | **Asset-Backed Securities—10.9%** | **Asset-Backed Securities—10.9%** |
| **Automobiles—3.7%** | **Automobiles—3.7%** |  |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, D 144A<br> 2.460%, 3/13/28<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 5.630%, 1/14/30<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 563 |
| &nbsp;&nbsp;&nbsp;2024-4, C 144A<br> 4.910%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 5.090%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp; 1325 |
| Arivo Acceptance Auto Loan Receivables Trust 2024-1A, B 144A<br> 6.870%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp; 724 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-2A, A 144A<br> 2.020%, 2/20/27<sup>(1)</sup> | &nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp; 374 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2022-5A, A 144A<br> 6.120%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-3A, A 144A<br> 5.440%, 2/22/28<sup>(1)</sup> | &nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 407 |
| Bridgecrest Lending Auto Securitization Trust 2025-1, C<br> 5.150%, 12/17/29 | &nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp; 944 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-P1, C<br> 1.320%, 11/9/26 | &nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp; 887 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 42 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Consumer Portfolio Services Auto Trust 2025-A, C 144A<br> 5.250%, 4/15/31<sup>(1)</sup> | $1220 | $1223 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-D, C 144A<br> 7.170%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp;2024-A, C 144A<br> 5.740%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 546 |
| Credit Acceptance Auto Loan Trust 2024-1A, A 144A<br> 5.680%, 3/15/34<sup>(1)</sup> | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 494 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 5.190%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;2023-3A, C 144A<br> 6.400%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B<br> 5.610%, 9/15/27 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp;2023-5A, B<br> 6.580%, 4/17/28 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp;2024-5A, B<br> 4.480%, 4/16/29 | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1012 |
| FHF Trust 2023-1A, A2 144A<br> 6.570%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 97 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, C 144A<br> 1.170%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 3.130%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 267 |
| Foursight Capital Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, B 144A<br> 2.150%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;2023-2, A2 144A<br> 5.990%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 137 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 6.090%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 394 |
| &nbsp;&nbsp;&nbsp;2023-2A, A3 144A<br> 6.380%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 362 |
| GM Financial Consumer Automobile Receivables Trust 2023-4, A2A<br> 5.890%, 11/16/26 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 98 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 268 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp;2023-2A, D 144A<br> 6.300%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;2023-4A, C 144A<br> 6.760%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 480 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 4.220%, 5/17/27<sup>(1)</sup> | $59 | $59 |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.990%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 544 |
| SAFCO Auto Receivables Trust 2024-1A, B 144A<br> 6.310%, 11/20/28<sup>(1)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 549 |
| Santander Drive Auto Receivables Trust 2023-1, B<br> 4.980%, 2/15/28 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 400 |
| SBNA Auto Receivables Trust 2024-A, C 144A<br> 5.590%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 460 |
| Veridian Auto Receivables Trust 2023-1A, A4 144A<br> 5.590%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 319 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, D 144A<br> 2.120%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 227 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.550%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 705 |
| &nbsp;&nbsp;&nbsp;2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 882 |
|  |  | &nbsp;&nbsp; 18515 |
| **Consumer Loans—0.4%** | **Consumer Loans—0.4%** |  |
| Affirm Asset Securitization Trust 2023-B, A 144A<br> 6.820%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 514 |
| Marlette Funding Trust 2023-2A, B 144A<br> 6.540%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 131 |
| Oportun Issuance Trust 2021-C, A 144A<br> 2.180%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 191 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 7.330%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 685 |
|  |  | &nbsp;&nbsp; 1793 |
| **Credit Card—0.2%** | **Credit Card—0.2%** |  |
| Mercury Financial Credit Card Master Trust 2024-2A, A 144A<br> 6.560%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 730 |
| **Equipment—0.1%** | **Equipment—0.1%** |  |
| Post Road Equipment Finance LLC 2024-1A, A2 144A<br> 5.590%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 556 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—6.5%** | **Other—6.5%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-B, A 144A<br> 4.620%, 9/15/29<sup>(1)</sup> | $410 | $409 |
| &nbsp;&nbsp;&nbsp;2024-X2, A 144A<br> 5.220%, 12/17/29<sup>(1)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 462 |
| ALLO Issuer LLC 2025-1A, A2 144A<br> 5.528%, 4/20/55<sup>(1)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1206 |
| Applebee's Funding LLC 2023-1A, A2 144A<br> 7.824%, 3/5/53<sup>(1)</sup> | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 1073 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, A 144A<br> 3.140%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 133 |
| &nbsp;&nbsp;&nbsp;2020-AA, B 144A<br> 2.790%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;2024-A, B 144A<br> 5.060%, 4/18/50<sup>(1)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1004 |
| Auxilior Term Funding LLC 2023-1A, C 144A<br> 6.500%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 503 |
| BHG Securitization Trust 2024-1CON, A 144A<br> 5.810%, 4/17/35<sup>(1)</sup> | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 338 |
| Bojangles Issuer LLC 2024-1A, A2 144A<br> 6.584%, 11/20/54<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1054 |
| BXG Receivables Note Trust 2023-A, A 144A<br> 5.770%, 11/15/38<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 234 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1, B 144A<br> 5.080%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 865 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 4.890%, 10/14/32<sup>(1)</sup> | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1198 |
| Commercial Equipment Finance LLC 2024-1A, A 144A<br> 5.970%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 520 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.990%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp;2023-2, B 144A<br> 6.410%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 474 |
| Diamond Resorts Owner Trust 2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 37 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.270%, 5/15/41<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 6.530%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 4.600%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 762 |
| Hardee's Funding LLC 2024-1A, A2 144A<br> 7.253%, 3/20/54<sup>(1)</sup> | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 702 |
| HINNT LLC 2025-A, B 144A<br> 5.450%, 3/15/44<sup>(1)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1206 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | $317 | $313 |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 5.636%, 2/15/55<sup>(1)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1110 |
| Libra Solutions LLC 2024-1A, A 144A<br> 5.880%, 9/30/38<sup>(1)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 964 |
| MAPS Trust 2021-1A, A 144A<br> 2.521%, 6/15/46<sup>(1)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 62 |
| MetroNet Infrastructure Issuer LLC 2024-1A, A2 144A<br> 6.230%, 4/20/54<sup>(1)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 583 |
| Momnt Technologies Trust 2023-1A, A 144A<br> 6.920%, 3/20/45<sup>(1)</sup> | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 161 |
| MVW LLC 2020-1A, A 144A<br> 1.740%, 10/20/37<sup>(1)</sup> | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 103 |
| MVW Owner Trust 2019-1A, A 144A<br> 2.890%, 11/20/36<sup>(1)</sup> | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27 |
| Navient Private Education Refi Loan Trust 2021-EA, A 144A<br> 0.970%, 12/16/69<sup>(1)</sup> | &nbsp;&nbsp; 144 | &nbsp;&nbsp; 127 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 340 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 3.350%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;2023-A, B 144A<br> 6.830%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;2024-A, A2 144A<br> 5.150%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp; 792 | &nbsp;&nbsp; 794 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 6.370%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp;2023-3A, B 144A<br> 6.480%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp; 532 | &nbsp;&nbsp; 543 |
| OWN Equipment Fund I LLC 2024-2M, A 144A<br> 5.700%, 12/20/32<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1058 |
| PEAC Solutions Receivables LLC 2024-1A, B 144A<br> 5.790%, 11/20/30<sup>(1)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 759 |
| PowerPay Issuance Trust 2024-1A, A 144A<br> 6.530%, 2/18/39<sup>(1)</sup> | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 392 |
| PRET LLC 2024-NPL4, A1 144A<br> 6.996%, 7/25/54<sup>(1)(4)</sup> | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 583 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR6, D 144A<br> 2.225%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;2024-SFR5, A 144A<br> 3.000%, 8/9/29<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 923 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES3, A1A 144A<br> 7.113%, 11/25/43<sup>(1)(4)</sup> | $838 | $851 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 6.025%, 2/25/44<sup>(1)(4)</sup> | &nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 446 |
| Reach ABS Trust 2024-2A, B 144A<br> 5.840%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1012 |
| Retained Vantage Data Centers Issuer LLC 2024-1A, A2 144A<br> 4.992%, 9/15/49<sup>(1)</sup> | &nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp; 1228 |
| Sierra Timeshare Receivables Funding LLC 2023-2A, B 144A<br> 6.280%, 4/20/40<sup>(1)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 140 |
| Switch ABS Issuer LLC 2024-2A, A2 144A<br> 5.436%, 6/25/54<sup>(1)</sup> | &nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 1253 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(1)</sup> | &nbsp;&nbsp; 928 | &nbsp;&nbsp;&nbsp; 927 |
| Towd Point Mortgage Trust 2024-CES1, A1A 144A<br> 5.848%, 1/25/64<sup>(1)(4)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 239 |
| Trafigura Securitisation Finance plc 2024-1A, A2 144A<br> 5.980%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp; 718 |
| Tricon Residential Trust 2024-SFR3, A 144A<br> 4.500%, 8/17/41<sup>(1)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 339 |
| TSC SPV Funding LLC 2024-1A, A2 144A<br> 6.291%, 8/20/54<sup>(1)</sup> | &nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 870 |
| USQ Rail III LLC 2024-1A, A 144A<br> 4.990%, 9/28/54<sup>(1)</sup> | &nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp; 950 |
| VFI ABS LLC 2023-1A, A 144A<br> 7.270%, 3/26/29<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 116 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp; 349 |
|  |  | &nbsp;&nbsp;&nbsp; 32726 |
| **Total Asset-Backed Securities<br> (Identified Cost $54,047)** | **Total Asset-Backed Securities<br> (Identified Cost $54,047)** | &nbsp;&nbsp;&nbsp;&nbsp; **54320** |
| **Corporate Bonds and Notes—29.2%** | **Corporate Bonds and Notes—29.2%** | **Corporate Bonds and Notes—29.2%** |
| **Communication Services—0.5%** | **Communication Services—0.5%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 621 |
| CSC Holdings LLC 144A<br> 11.750%, 1/31/29<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 296 |
| DIRECTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 698 |
| Level 3 Financing, Inc. 144A<br> 3.625%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 182 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| Sprint Capital Corp.<br> 8.750%, 3/15/32 | $425 | $511 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 302 |
|  |  | &nbsp;&nbsp; 2633 |
| **Consumer Discretionary—1.5%** | **Consumer Discretionary—1.5%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 798 |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/11/32<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;144A 5.950%, 10/15/33<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 482 |
| &nbsp;&nbsp;&nbsp;144A 5.800%, 4/15/34<sup>(1)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 533 |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 506 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| DR Horton, Inc.<br> 5.500%, 10/15/35 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1267 |
| Ford Motor Co.<br> 4.750%, 1/15/43 | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 83 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.800%, 5/12/28 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp;6.054%, 11/5/31 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 250 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, 3/15/35 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 467 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 893 | &nbsp;&nbsp; 850 |
| Newell Brands, Inc.<br> 6.375%, 9/15/27 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 412 |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 307 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 249 |
| PetSmart, Inc. 144A<br> 7.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 735 |
|  |  | &nbsp;&nbsp; 7468 |
| **Consumer Staples—1.4%** | **Consumer Staples—1.4%** |  |
| Anheuser-Busch Cos. LLC<br> 4.900%, 2/1/46 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 221 |
| Anheuser-Busch InBev Worldwide, Inc.<br> 5.550%, 1/23/49 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 706 |
| BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 10/19/32 | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp;4.390%, 8/15/37 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;4.758%, 9/6/49 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 199 |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 712 |
| Kronos Acquisition Holdings, Inc. 144A<br> 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 559 |
| Mars, Inc. 144A<br> 5.700%, 5/1/55<sup>(1)</sup> | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1214 |
| Philip Morris International, Inc.<br> 4.900%, 11/1/34 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1022 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Staples—continued** | **Consumer Staples—continued** |  |
| Pilgrim's Pride Corp.<br> 6.250%, 7/1/33 | $1122 | $1161 |
| Post Holdings, Inc. 144A<br> 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 369 |
|  |  | &nbsp;&nbsp; 6834 |
| **Energy—3.3%** | **Energy—3.3%** |  |
| Ascent Resources Utica Holdings LLC 144A<br> 8.250%, 12/31/28<sup>(1)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 413 |
| BP Capital Markets plc<br> 4.875% <sup>(5)</sup> | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1086 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 289 |
| Columbia Pipelines Operating Co. LLC 144A<br> 6.036%, 11/15/33<sup>(1)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 356 |
| CrownRock LP 144A<br> 5.000%, 5/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 137 |
| Diamondback Energy, Inc.<br> 5.900%, 4/18/64 | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 626 |
| Enbridge, Inc.<br> 8.500%, 1/15/84 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 252 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(5)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;Series H<br> 6.500%<sup>(5)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 230 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 1091 |
| Genesis Energy LP<br> 8.875%, 4/15/30 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 535 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(1)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 966 |
| HF Sinclair Corp.<br> 6.250%, 1/15/35 | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1075 |
| KazMunayGas National Co. JSC 144A<br> 5.750%, 4/19/47<sup>(1)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 141 |
| Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 1/15/38 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;7.500%, 11/15/40 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 248 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 571 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 464 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, 10/1/34 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 620 |
| &nbsp;&nbsp;&nbsp;6.200%, 3/15/40 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 603 |
| Pertamina Persero PT 144A<br> 6.450%, 5/30/44<sup>(1)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 640 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 784 |
| &nbsp;&nbsp;&nbsp;5.350%, 2/12/28 | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;8.750%, 6/2/29 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 117 |
| QatarEnergy 144A<br> 2.250%, 7/12/31<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 272 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Reliance Industries Ltd. 144A<br> 2.875%, 1/12/32<sup>(1)</sup> | $530 | $461 |
| Saudi Arabian Oil Co. 144A<br> 5.250%, 7/17/34<sup>(1)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 603 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.500%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 617 |
| Transcanada Trust<br> 5.600%, 3/7/82 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 584 |
| Western Midstream Operating LP<br> 5.250%, 2/1/50 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 801 |
| Williams Cos., Inc. (The)<br> 5.150%, 3/15/34 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 996 |
|  |  | &nbsp;&nbsp; 16477 |
| **Financials—12.2%** | **Financials—12.2%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, 1/30/32 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 330 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 481 |
| Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.350%, 9/6/53<sup>(1)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;144A 5.600%, 9/3/54<sup>(1)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 373 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.523%, 8/15/53<sup>(4)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 546 |
| Ally Financial, Inc.<br> 5.543%, 1/17/31 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1040 |
| American Express Co.<br> 5.625%, 7/28/34 | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1324 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 840 |
| Apollo Global Management, Inc.<br> 6.000%, 12/15/54 | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 937 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 558 |
| Avolon Holdings Funding Ltd. 144A<br> 5.750%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1080 |
| Banco de Credito del Peru S.A. 144A<br> 3.125%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 460 |
| Banco de Credito e Inversiones S.A. 144A<br> 8.750% <sup>(1)(5)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 250 |
| Banco Mercantil del Norte S.A. 144A<br> 6.625% <sup>(1)(5)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 210 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.687%, 4/22/32 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp;5.288%, 4/25/34 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp;5.468%, 1/23/35 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp;5.425%, 8/15/35 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 680 |
| Bank of New York Mellon Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.834%, 10/25/33 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 210 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 4.700%<sup>(5)</sup> | $670 | $666 |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 1055 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 189 |
| BlackRock Funding, Inc.<br> 5.250%, 3/14/54 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 969 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 7/16/29 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp;6.000%, 1/29/32 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 431 |
| Block, Inc. 144A<br> 6.500%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 283 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 245 |
| Blue Owl Finance LLC<br> 3.125%, 6/10/31 | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1185 |
| BNSF Funding Trust I<br> 6.613%, 12/15/55 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 527 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.003%, 10/19/34<sup>(1)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 893 |
| &nbsp;&nbsp;&nbsp;144A 6.915%, 1/14/46<sup>(1)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 135 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.359%, 7/29/32 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp;6.377%, 6/8/34 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 847 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.136%, 8/24/34 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 788 |
| &nbsp;&nbsp;&nbsp;Series H<br> 4.000%<sup>(5)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 421 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.980%, 3/20/30 | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;6.270%, 11/17/33 | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp;6.174%, 5/25/34 | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(5)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 503 |
| Citizens Bank N.A.<br> 2.250%, 4/28/25 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 414 |
| Citizens Financial Group, Inc.<br> 5.718%, 7/23/32 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 295 |
| Corebridge Financial, Inc.<br> 6.375%, 9/15/54 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1028 |
| CRH America Finance, Inc.<br> 5.400%, 5/21/34 | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1065 |
| Deutsche Bank AG<br> 5.403%, 9/11/35 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 717 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 275 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 952 |
| Fifth Third Bancorp<br> 4.337%, 4/25/33 | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 857 |
| Gallagher (Arthur J.) & Co.<br> 5.550%, 2/15/55 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1056 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 6/15/33<sup>(1)</sup> | $606 | $683 |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 176 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.851%, 4/25/35 | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 951 |
| &nbsp;&nbsp;&nbsp;5.330%, 7/23/35 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;6.450%, 5/1/36 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 153 |
| HA Sustainable Infrastructure Capital, Inc. 144A<br> 6.375%, 7/1/34<sup>(1)</sup> | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 1039 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.709%, 2/2/35 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp;6.141%, 11/18/39 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 619 |
| Icon Investments Six DAC<br> 6.000%, 5/8/34 | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1317 |
| Imperial Brands Finance plc 144A<br> 5.875%, 7/1/34<sup>(1)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 881 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.717%, 9/14/33 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp;5.350%, 6/1/34 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 462 |
| &nbsp;&nbsp;&nbsp;6.254%, 10/23/34 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp;1.953%, 2/4/32 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 583 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;4.789%, 6/1/33 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp;6.401%, 3/6/35 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 259 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 436 |
| MetLife, Inc. Series G<br> 3.850% <sup>(5)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 771 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 4/21/34 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;5.424%, 7/21/34 | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp;5.948%, 1/19/38 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 382 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp; 816 | &nbsp;&nbsp; 755 |
| National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)<br> 7.459%, 4/30/43<sup>(4)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| NatWest Group plc<br> 6.475%, 6/1/34 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1047 |
| NextEra Energy Capital Holdings, Inc.<br> 6.500%, 8/15/55 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 851 |
| Nippon Life Insurance Co. 144A<br> 6.250%, 9/13/53<sup>(1)</sup> | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 847 |
| Northern Trust Corp.<br> 3.375%, 5/8/32 | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1106 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 46 |
| PNC Financial Services Group, Inc. (The)<br> 5.575%, 1/29/36 | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1135 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52 | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 235 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;6.750%, 3/1/53 | $185 | $193 |
| &nbsp;&nbsp;&nbsp;6.500%, 3/15/54 | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 479 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 763 |
| Societe Generale S.A. 144A<br> 6.066%, 1/19/35<sup>(1)</sup> | &nbsp;&nbsp; 745 | &nbsp;&nbsp; 757 |
| South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.584%, 10/1/34<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 597 |
| &nbsp;&nbsp;&nbsp;144A 6.176%, 10/1/54<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 415 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.123%, 11/21/34 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp;Series I<br> 6.700%<sup>(5)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 410 |
| Stellantis Finance U.S., Inc. 144A<br> 6.450%, 3/18/35<sup>(1)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 675 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 6/13/25 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;4.500%, 7/23/25 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 180 |
| &nbsp;&nbsp;&nbsp;3.700%, 8/4/26 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 130 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 321 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 874 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.122%, 1/26/34 | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 642 |
| &nbsp;&nbsp;&nbsp;5.711%, 1/24/35 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 344 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;4.967%, 7/22/33 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 491 |
| &nbsp;&nbsp;&nbsp;5.424%, 2/12/36 | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1142 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(1)(5)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 160 |
| &nbsp;&nbsp;&nbsp;144A 4.988%, 8/5/33<sup>(1)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 805 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%<sup>(5)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 316 |
| &nbsp;&nbsp;&nbsp;5.389%, 4/24/34 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 483 |
| &nbsp;&nbsp;&nbsp;6.491%, 10/23/34 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp;Series BB<br> 3.900%<sup>(5)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;Series U<br> 5.875%<sup>(4)(5)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 359 |
|  |  | &nbsp;&nbsp; 60965 |
| **Health Care—2.0%** | **Health Care—2.0%** |  |
| Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 3/2/33 | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 542 |
| &nbsp;&nbsp;&nbsp;5.650%, 3/2/53 | &nbsp;&nbsp; 488 | &nbsp;&nbsp; 479 |
| Community Health Systems, Inc. 144A<br> 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 767 |
| CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, 3/25/48 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;5.625%, 2/21/53 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp;6.750%, 12/10/54 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 90 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 991 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 6/1/33 | $250 | $251 |
| &nbsp;&nbsp;&nbsp;5.600%, 4/1/34 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp;5.450%, 9/15/34 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;5.250%, 6/15/49 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp;6.000%, 4/1/54 | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 259 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, 5/15/28 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 487 |
| &nbsp;&nbsp;&nbsp;6.250%, 2/1/29 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 760 |
| Molina Healthcare, Inc. 144A<br> 6.250%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 231 |
| Orlando Health Obligated Group<br> 5.475%, 10/1/35 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 318 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(1)(6)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; — |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;5.400%, 9/2/34<sup>(2)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 875 |
| &nbsp;&nbsp;&nbsp;3.350%, 9/2/51 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 222 |
| Smith & Nephew plc<br> 5.400%, 3/20/34 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1121 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.650%, 1/15/32 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 791 |
| &nbsp;&nbsp;&nbsp;5.050%, 10/15/34 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 531 |
| Viatris, Inc. 144A<br> 2.300%, 6/22/27<sup>(1)</sup> | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 10197 |
| **Industrials—2.6%** | **Industrials—2.6%** |  |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 661 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 11/1/27<sup>(1)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 473 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 10/25/28<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 4/10/30<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 482 |
| Boeing Co. (The)<br> 5.930%, 5/1/60 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 860 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(1)</sup> | &nbsp;&nbsp; 813 | &nbsp;&nbsp; 729 |
| Builders FirstSource, Inc. 144A<br> 6.375%, 3/1/34<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 471 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 832 |
| Delta Air Lines Pass-Through Trust 2015-1, AA<br> 3.625%, 1/30/29 | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 351 |
| DP World Ltd. 144A<br> 6.850%, 7/2/37<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 194 |
| Ferguson Enterprises, Inc.<br> 5.000%, 10/3/34 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 569 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 212 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Hertz Corp. (The) 144A<br> 4.625%, 12/1/26<sup>(1)</sup> | $665 | $464 |
| Huntington Ingalls Industries, Inc.<br> 5.749%, 1/15/35 | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1069 |
| Icahn Enterprises LP<br> 5.250%, 5/15/27 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 190 |
| L3Harris Technologies, Inc.<br> 5.400%, 7/31/33 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1043 |
| Quikrete Holdings, Inc. 144A<br> 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 121 |
| Regal Rexnord Corp.<br> 6.400%, 4/15/33 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1329 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 273 |
| Sempra Infrastructure Partners LP 144A<br> 3.250%, 1/15/32<sup>(1)</sup> | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 287 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
| United Airlines Pass-Through Trust 2023-1, A<br> 5.800%, 7/15/37 | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 371 |
| United Airlines Pass-Through-Trust 2024-1, AA<br> 5.450%, 8/15/38 | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 599 |
| Veralto Corp.<br> 5.450%, 9/18/33 | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1132 |
|  |  | &nbsp;&nbsp; 13229 |
| **Information Technology—1.1%** | **Information Technology—1.1%** |  |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 8/4/33 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 553 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 9/1/28<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 259 |
| Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.150%, 11/15/31 | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 543 |
| &nbsp;&nbsp;&nbsp;144A 3.137%, 11/15/35<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 597 |
| Gartner, Inc. 144A<br> 3.750%, 10/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1467 |
| Insight Enterprises, Inc. 144A<br> 6.625%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| Leidos, Inc.<br> 2.300%, 2/15/31 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 408 |
| Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 11/9/32 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;6.900%, 11/9/52 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;5.550%, 2/6/53 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp;3.850%, 4/1/60 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp; 5495 |
| **Materials—1.3%** | **Materials—1.3%** |  |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(1)</sup> | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 815 |
| Berry Global, Inc.<br> 5.650%, 1/15/34 | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1370 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Corp. Nacional del Cobre de Chile 144A<br> 5.950%, 1/8/34<sup>(1)</sup> | $776 | $785 |
| Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.850%, 4/27/31<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;144A 5.634%, 4/4/34<sup>(1)</sup> | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1090 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 465 |
| Smurfit Kappa Treasury ULC 144A<br> 5.777%, 4/3/54<sup>(1)</sup> | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 967 |
| Sonoco Products Co.<br> 5.000%, 9/1/34 | &nbsp;&nbsp; 725 | &nbsp;&nbsp; 693 |
| Windsor Holdings III LLC 144A<br> 8.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 186 |
|  |  | &nbsp;&nbsp; 6569 |
| **Real Estate—0.4%** | **Real Estate—0.4%** |  |
| NNN REIT, Inc.<br> 5.500%, 6/15/34 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 980 |
| Safehold GL Holdings LLC<br> 5.650%, 1/15/35 | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 786 |
|  |  | &nbsp;&nbsp; 1766 |
| **Utilities—2.9%** | **Utilities—2.9%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 338 |
| Black Hills Corp.<br> 6.150%, 5/15/34 | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 969 |
| Brooklyn Union Gas Co. (The) 144A<br> 4.866%, 8/5/32<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 342 |
| CMS Energy Corp.<br> 4.750%, 6/1/50 | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1119 |
| Dominion Energy, Inc. Series B<br> 7.000%, 6/1/54 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 914 |
| Electricite de France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 5/23/33<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;144A 6.900%, 5/23/53<sup>(1)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 812 |
| Enel Finance International N.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 10/14/32<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 453 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 6/26/34<sup>(1)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 537 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; 724 |
| Entergy Texas, Inc.<br> 5.800%, 9/1/53 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 455 |
| Ferrellgas LP 144A<br> 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 539 |
| KeySpan Gas East Corp. 144A<br> 5.994%, 3/6/33<sup>(1)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 564 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
| New York State Electric & Gas Corp. 144A<br> 5.850%, 8/15/33<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 562 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 81 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 2/15/32<sup>(1)</sup> | $125 | $125 |
| Northern Natural Gas Co. 144A<br> 5.625%, 2/1/54<sup>(1)</sup> | &nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp; 671 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp; 695 |
| PacifiCorp<br> 5.800%, 1/15/55 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 488 |
| Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.379%, 6/15/28 | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 190 |
| &nbsp;&nbsp;&nbsp;4.224%, 3/15/32 | &nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp; 906 |
| Southern California Edison Co.<br> 6.000%, 1/15/34 | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 660 |
| Southern Co. (The)<br> 6.375%, 3/15/55 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp;&nbsp; 1203 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(5)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 167 |
| Vistra Operations Co. LLC 144A<br> 5.700%, 12/30/34<sup>(1)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp; 875 |
|  |  | &nbsp;&nbsp;&nbsp; 14632 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $146,469)** | **Total Corporate Bonds and Notes<br> (Identified Cost $146,469)** | &nbsp;&nbsp;&nbsp;&nbsp;**146265** |
| **Leveraged Loans—7.8%** | **Leveraged Loans—7.8%** | **Leveraged Loans—7.8%** |
| **Aerospace—0.5%** | **Aerospace—0.5%** |  |
| American Airlines, Inc.<br> 0.000%, 4/20/28<sup>(4)(7)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 331 |
| Delta Air Lines, Inc. (3 month Term SOFR + 3.750%)<br> 8.043%, 10/20/27<sup>(4)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 41 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(4)</sup> | &nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp; 516 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(4)</sup> | &nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; 196 |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.322%, 1/27/32<sup>(4)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 571 |
| Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%)<br> 8.175%, 2/1/28<sup>(4)</sup> | &nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 260 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche J (3 month Term SOFR + 2.500%)<br> 6.799%, 2/28/31<sup>(4)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp;Tranche L (3 month Term SOFR + 2.500%)<br> 6.799%, 1/19/32<sup>(4)</sup> | &nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 178 |
|  |  | &nbsp;&nbsp;&nbsp; 2406 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Chemicals—0.2%** | **Chemicals—0.2%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.575%, 2/18/30<sup>(4)</sup> | $375 | $359 |
| Lummus Technology Holdings V LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 12/31/29<sup>(4)</sup> | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 620 |
|  |  | &nbsp;&nbsp; 979 |
| **Consumer Non-Durables—0.1%** | **Consumer Non-Durables—0.1%** |  |
| Energizer Holdings, Inc. 2025, Tranche B (1 month Term SOFR + 2.000%)<br> 6.319%, 3/13/32<sup>(4)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 204 |
| Kronos Acquisition Holdings, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.299%, 7/8/31<sup>(4)</sup> | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 228 |
|  |  | &nbsp;&nbsp; 432 |
| **Energy—0.6%** | **Energy—0.6%** |  |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.302%, 10/15/31<sup>(4)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 389 |
| Freeport LNG Investments LLP 2025, Tranche B (3 month Term SOFR + 3.250%)<br> 7.543%, 12/21/28<sup>(4)</sup> | &nbsp;&nbsp; 482 | &nbsp;&nbsp; 475 |
| GIP Pilot Acquisition Partners LP (3 month Term SOFR + 2.000%)<br> 6.302%, 10/4/30<sup>(4)</sup> | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 501 |
| Hilcorp Energy I LP Tranche B (1 month Term SOFR + 2.000%)<br> 6.322%, 2/5/30<sup>(4)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 155 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500%)<br> 7.799%, 11/6/31<sup>(4)</sup> | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 553 |
| Oryx Midstream Services Permian Basin LLC Tranche B (1 month Term SOFR + 2.250%)<br> 6.569%, 10/5/28<sup>(4)</sup> | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 633 |
| Whitewater DBR Holdco LLC Tranche C (3 month Term SOFR + 2.250%)<br> 6.549%, 3/3/31<sup>(4)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp; 2830 |
| **Financials—0.5%** | **Financials—0.5%** |  |
| Acrisure LLC 2024, Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.325%, 11/6/30<sup>(4)</sup> | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 410 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| AL GCX Holdings LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/30/32<sup>(4)</sup> | $275 | $273 |
| BroadStreet Partners, Inc. 2024, Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 6/13/31<sup>(4)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44 |
| Citadel Securities LP 2024 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(4)</sup> | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 1054 |
| HUB International Ltd. 2025 (3 month Term SOFR + 2.500%)<br> 6.787%, 6/20/30<sup>(4)</sup> | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 446 |
| Truist Insurance Holdings LLC 2024, Tranche B (3 month Term SOFR + 2.750%)<br> 7.049%, 5/6/31<sup>(4)</sup> | &nbsp;&nbsp; 185 | &nbsp;&nbsp; 184 |
|  |  | &nbsp;&nbsp; 2411 |
| **Food / Tobacco—0.4%** | **Food / Tobacco—0.4%** |  |
| Chobani LLC Tranche B, First Lien (1 month Term SOFR + 2.500%)<br> 6.825%, 10/25/27<sup>(4)</sup> | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 79 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.400%)<br> 8.699% - 8.719%, 8/2/28<sup>(4)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.199%, 8/2/28<sup>(4)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.469%, 8/2/28<sup>(4)</sup> | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 73 |
| Froneri International Ltd. Tranche B-4 (3-6 month Term SOFR + 2.000%)<br> 6.237%, 9/17/31<sup>(4)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 630 |
| JBT Marel Corp. (1 month Term SOFR + 2.250%)<br> 6.575% - 6.675%, 1/2/32<sup>(4)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 309 |
| Red SPV LLC (3 month Term SOFR + 2.250%)<br> 6.575%, 3/8/32<sup>(4)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 461 |
| Triton Water Holdings, Inc. 2025 (3 month Term SOFR + 2.250%)<br> 6.549%, 3/31/28<sup>(4)</sup> | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 266 |
|  |  | &nbsp;&nbsp; 1887 |
| **Forest Prod / Containers—0.4%** | **Forest Prod / Containers—0.4%** |  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 3/27/32<sup>(4)(7)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;Tranche B<br> 0.000%, 3/27/32<sup>(4)(7)</sup> | &nbsp;&nbsp; 828 | &nbsp;&nbsp; 824 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Forest Prod / Containers—continued** | **Forest Prod / Containers—continued** |  |
| Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 3.000%)<br> 7.319% -7.323%, 4/15/27<sup>(4)</sup> | $494 | $491 |
| TricorBraun, Inc. (1 month Term SOFR + 3.364%)<br> 7.689%, 3/3/28<sup>(4)</sup> | &nbsp;&nbsp; 501 | &nbsp;&nbsp; 496 |
|  |  | &nbsp;&nbsp; 1825 |
| **Gaming / Leisure—0.5%** | **Gaming / Leisure—0.5%** |  |
| Caesars Entertainment, Inc. Tranche B (3 month Term SOFR + 2.250%)<br> 6.563%, 2/6/30<sup>(4)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 41 |
| Flutter Entertainment plc 2024, Tranche B (3 month Term SOFR + 1.750%)<br> 6.049%, 11/30/30<sup>(4)</sup> | &nbsp;&nbsp; 272 | &nbsp;&nbsp; 270 |
| Life Time, Inc. 2024 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/5/31<sup>(4)</sup> | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 666 |
| Scientific Games Holdings LP 2024 (3 month Term SOFR + 3.000%)<br> 7.296%, 4/4/29<sup>(4)</sup> | &nbsp;&nbsp; 452 | &nbsp;&nbsp; 449 |
| SeaWorld Parks & Entertainment, Inc. Tranche B-3 (1 month Term SOFR + 2.000%)<br> 6.325%, 12/4/31<sup>(4)</sup> | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 380 |
| UFC Holdings LLC Tranche B-4 (2 month Term SOFR + 2.250%)<br> 6.580%, 11/21/31<sup>(4)</sup> | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 701 |
|  |  | &nbsp;&nbsp; 2507 |
| **Health Care—0.4%** | **Health Care—0.4%** |  |
| CHG Healthcare Services, Inc. (2-3 month Term SOFR + 3.000%)<br> 7.299% - 7.313%, 9/29/28<sup>(4)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 230 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.575%, 10/23/28<sup>(4)</sup> | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 641 |
| Opal U.S. LLC Tranche B<br> 0.000%, 3/31/32<sup>(4)(7)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 309 |
| Perrigo Investments LLC 2024, Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 4/20/29<sup>(4)</sup> | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 260 |
| Phoenix Guarantor, Inc. Tranche B-5 (1 month Term SOFR + 2.500%)<br> 6.825%, 2/21/31<sup>(4)</sup> | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 335 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Radnet Management, Inc. 2024 (3 month Term SOFR + 2.250%)<br> 6.568%, 4/18/31<sup>(4)</sup> | $70 | $69 |
| Select Medical Corp. Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.325%, 12/3/31<sup>(4)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 378 |
|  |  | &nbsp;&nbsp; 2222 |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR + 2.250%)<br> 6.575%, 12/17/31<sup>(4)</sup> | &nbsp;&nbsp; 244 | &nbsp;&nbsp; 244 |
| Quikrete Holdings, Inc. Tranche B-1 (1 month Term SOFR + 2.250%)<br> 6.575%, 4/14/31<sup>(4)</sup> | &nbsp;&nbsp; 667 | &nbsp;&nbsp; 659 |
|  |  | &nbsp;&nbsp; 903 |
| **Information Technology—1.0%** | **Information Technology—1.0%** |  |
| Applied Systems, Inc. Tranche B-1 (3 month Term SOFR + 2.750%)<br> 7.049%, 2/24/31<sup>(4)</sup> | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 354 |
| BMC Software 2031 (3 month Term SOFR + 3.000%)<br> 7.291%, 7/30/31<sup>(4)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 221 |
| Boost Newco Borrower LLC Tranche B-2 (3 month Term SOFR + 2.000%)<br> 6.299%, 1/31/31<sup>(4)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 486 |
| CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/23/32<sup>(4)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Central Parent LLC 2024 (3 month Term SOFR + 3.250%)<br> 7.549%, 7/6/29<sup>(4)</sup> | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 357 |
| Ellucian Holding, Inc. Tranche B-1 (1 month Term SOFR + 3.000%)<br> 7.325%, 10/9/29<sup>(4)</sup> | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 360 |
| Go Daddy Operating Co. LLC Tranche B-7 (1 month Term SOFR + 1.750%)<br> 6.075%, 5/30/31<sup>(4)</sup> | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 638 |
| Icon Parent I, Inc. (2 month Term SOFR + 3.000%)<br> 7.315%, 11/13/31<sup>(4)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 322 |
| Indicor LLC Tranche D (3 month Term SOFR + 2.750%)<br> 7.049%, 11/22/29<sup>(4)</sup> | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 550 |
| Iron Mountain Information Management LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/31/31<sup>(4)</sup> | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 555 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Thunder Generation Funding LLC Tranche B (3 month Term SOFR + 3.000% - 3 month PRIME + 2.000%)<br> 7.299% - 9.500%, 10/3/31<sup>(4)</sup> | $443 | $442 |
| UKG, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.300%, 2/10/31<sup>(4)</sup> | &nbsp;&nbsp; 790 | &nbsp;&nbsp; 788 |
|  |  | &nbsp;&nbsp; 5123 |
| **Manufacturing—0.5%** | **Manufacturing—0.5%** |  |
| Construction Partners, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 11/3/31<sup>(4)</sup> | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 481 |
| Gates Corp. Tranche B-5 (1 month Term SOFR + 1.750%)<br> 6.075%, 6/4/31<sup>(4)</sup> | &nbsp;&nbsp; 588 | &nbsp;&nbsp; 581 |
| Igloo Holdings Corp. Tranche B<br> 0.000%, 2/20/32<sup>(4)(7)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 379 |
| Madison IAQ LLC<br> 0.000%, 3/26/32<sup>(4)(7)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 470 |
| Terex Corp. (3 month Term SOFR + 2.000%)<br> 6.299%, 10/8/31<sup>(4)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 380 |
| Titan Acquisition Ltd. (3 month Term SOFR + 4.500%)<br> 8.785%, 2/15/29<sup>(4)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 195 |
|  |  | &nbsp;&nbsp; 2486 |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.939%, 1/31/29<sup>(4)</sup> | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 622 |
| **Media / Telecom - Cable/Wireless<br> Video—0.7%** | **Media / Telecom - Cable/Wireless<br> Video—0.7%** |  |
| Charter Communications Operating LLC Tranche B-5 (3 month Term SOFR + 2.250%)<br> 6.560%, 12/15/31<sup>(4)</sup> | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 641 |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.575%, 9/18/30<sup>(4)</sup> | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 810 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.819%, 1/18/28<sup>(4)</sup> | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 570 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless<br> Video—continued** | **Media / Telecom - Cable/Wireless<br> Video—continued** |  |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.802%, 8/2/29<sup>(4)</sup> | $558 | $549 |
| Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)<br> 7.561%, 11/12/27<sup>(4)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 467 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.934%, 1/31/28<sup>(4)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 641 |
|  |  | &nbsp;&nbsp; 3678 |
| **Media / Telecom - Diversified<br> Media—0.3%** | **Media / Telecom - Diversified<br> Media—0.3%** |  |
| Century DE Buyer LLC Tranche B (3 month Term SOFR + 3.500%)<br> 7.787%, 10/30/30<sup>(4)</sup> | &nbsp;&nbsp; 533 | &nbsp;&nbsp; 533 |
| EOC Borrower LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.319%, 3/24/32<sup>(4)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 195 |
| Formula One Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 9/30/31<sup>(4)(7)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.000%)<br> 6.299%, 9/30/31<sup>(4)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 269 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)<br> 9.389%, 4/11/29<sup>(4)</sup> | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 509 |
|  |  | &nbsp;&nbsp; 1640 |
| **Media / Telecom -<br> Telecommunications—0.1%** | **Media / Telecom -<br> Telecommunications—0.1%** |  |
| Cincinnati Bell, Inc. Tranche B-4 (1 month Term SOFR + 2.750%)<br> 7.075%, 11/22/28<sup>(4)</sup> | &nbsp;&nbsp; 466 | &nbsp;&nbsp; 465 |
| **Metals / Minerals—0.0%** | **Metals / Minerals—0.0%** |  |
| Arsenal AIC Parent LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 8/18/30<sup>(4)</sup> | &nbsp;&nbsp; 184 | &nbsp;&nbsp; 182 |
| **Retail—0.2%** | **Retail—0.2%** |  |
| Burlington Coat Factory Warehouse Corp. Tranche B (1 month Term SOFR + 1.750%)<br> 6.075%, 9/19/31<sup>(4)</sup> | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 451 |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.500%)<br> 6.825%, 6/11/31<sup>(4)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 158 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail—continued** | **Retail—continued** |  |
| Peer Holding III B.V. Tranche B (3 month Term SOFR + 2.500%)<br> 6.799%, 10/26/30<sup>(4)</sup> | $109 | $109 |
| PetsMart LLC (1 month Term SOFR + 3.850%)<br> 8.175%, 2/11/28<sup>(4)</sup> | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 328 |
|  |  | &nbsp;&nbsp; 1046 |
| **Service—0.6%** | **Service—0.6%** |  |
| Amentum Holdings LLC (1 month Term SOFR + 2.250%)<br> 6.575%, 9/29/31<sup>(4)</sup> | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 481 |
| BrightView Landscapes LLC Tranche B (3 month Term SOFR + 2.000%)<br> 6.294%, 4/20/29<sup>(4)</sup> | &nbsp;&nbsp; 621 | &nbsp;&nbsp; 614 |
| Fugue Finance LLC (3 month Term SOFR + 3.250%)<br> 7.496%, 1/9/32<sup>(4)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.799%, 11/23/28<sup>(4)</sup> | &nbsp;&nbsp; 672 | &nbsp;&nbsp; 666 |
| Prime Security Services Borrower LLC Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/13/30<sup>(4)</sup> | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 376 |
| St. George's University Scholastic Services LLC (3 month Term SOFR + 2.750%)<br> 7.063%, 2/10/29<sup>(4)</sup> | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 172 |
| TransUnion Intermediate Holdings, Inc. Tranche B-9 (1 month Term SOFR + 1.750%)<br> 6.075%, 6/24/31<sup>(4)</sup> | &nbsp;&nbsp; 524 | &nbsp;&nbsp; 522 |
|  |  | &nbsp;&nbsp; 2891 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.052%, 10/16/31<sup>(4)</sup> | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 456 |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 2.750%)<br> 7.075%, 1/28/32<sup>(4)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 398 |
| &nbsp;&nbsp;&nbsp;2024, Tranche B (1 month Term SOFR + 2.500%)<br> 6.825%, 5/6/30<sup>(4)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 167 |
| PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.012%)<br> 8.302%, 10/28/27<sup>(4)</sup> | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 200 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Transportation - Automotive—continued** | **Transportation - Automotive—continued** |  |
| Wand NewCo 3, Inc. Tranche B-2 (1 month Term SOFR + 2.500%)<br> 6.825%, 1/30/31<sup>(4)</sup> | $99 | $97 |
|  |  | &nbsp;&nbsp;&nbsp; 1318 |
| **Utilities—0.3%** | **Utilities—0.3%** |  |
| Calpine Corp. Tranche B-10 (1 month Term SOFR + 1.750%)<br> 6.075%, 1/31/31<sup>(4)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 637 |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(4)(7)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 215 |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.573%, 1/27/31<sup>(4)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 525 |
|  |  | &nbsp;&nbsp;&nbsp; 1377 |
| **Total Leveraged Loans<br> (Identified Cost $39,753)** | **Total Leveraged Loans<br> (Identified Cost $39,753)** | &nbsp;&nbsp;&nbsp;&nbsp; **39230** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** | **Affiliated Exchange-Traded Fund—0.4%** |
| **Financials—0.4%** | **Financials—0.4%** |  |
| Virtus Newfleet ABS/MBS ETF<sup>(8)(9)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp; 2269 |
| **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $2,262)** | **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $2,262)** | **2269** |
| **Total Long-Term Investments—95.4%<br> (Identified Cost $483,897)** | **Total Long-Term Investments—95.4%<br> (Identified Cost $483,897)** | **477424** |
| **Short-Term Investment—1.8%** | **Short-Term Investment—1.8%** | **Short-Term Investment—1.8%** |
| **Money Market Mutual Fund—1.8%** | **Money Market Mutual Fund—1.8%** | **Money Market Mutual Fund—1.8%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(9)</sup> | 8821927 | &nbsp;&nbsp; 8822 |
| **Total Short-Term Investment<br> (Identified Cost $8,822)** | **Total Short-Term Investment<br> (Identified Cost $8,822)** | **8822** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Securities Lending Collateral—0.3%** | **Securities Lending Collateral—0.3%** | **Securities Lending Collateral—0.3%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(9)(10)</sup> | 1488787 | $1489 |
| **Total Securities Lending Collateral<br> (Identified Cost $1,489)** | **Total Securities Lending Collateral<br> (Identified Cost $1,489)** | &nbsp;&nbsp;&nbsp;&nbsp; **1489** |
| **TOTAL INVESTMENTS—97.5%<br> (Identified Cost $494,208)** | **TOTAL INVESTMENTS—97.5%<br> (Identified Cost $494,208)** | &nbsp;&nbsp;**$487735** |
| Other assets and liabilities, net—2.5% | Other assets and liabilities, net—2.5% | &nbsp;&nbsp;&nbsp;&nbsp; 12729 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$500464** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MBS | Mortgage-Backed Securities |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities amounted to a value of $195,373 or 39.0% of net assets. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | Amount is less than $500 (not in thousands). |
| <sup>(4)</sup> | Variable rate security. Rate disclosed is as of March 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(5)</sup> | No contractual maturity date. |
| <sup>(6)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(7)</sup> | This loan will settle after March 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |

---

<sup>(8)</sup> Affiliated investment. See Note 3G in Notes to Financial Statements.

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(10)</sup> Represents security purchased with cash collateral received for securities on loan.

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$487735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$475155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet High Yield Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—95.1%** | **Corporate Bonds and Notes—95.1%** | **Corporate Bonds and Notes—95.1%** |
| **Communication Services—10.8%** | **Communication Services—10.8%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(1)</sup> | $405 | $119 |
| Altice France S.A. 144A<br> 5.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 313 |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1025 |
| CMG Media Corp. 144A<br> 8.875%, 6/18/29<sup>(1)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 543 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 439 |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 1/31/29<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 388 |
| DIRECTV Financing LLC 144A<br> 8.875%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 267 |
| Gray Media, Inc. 144A<br> 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 588 |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 417 |
| Level 3 Financing, Inc. 144A<br> 3.625%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 345 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 333 |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 91 |
| Sinclair Television Group, Inc. 144A<br> 8.125%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 54 |
| Snap, Inc. 144A<br> 6.875%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 280 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 75 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 536 |
|  |  | &nbsp;&nbsp; 5830 |
| **Consumer Discretionary—8.3%** | **Consumer Discretionary—8.3%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 411 |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 308 |
| Caesars Entertainment, Inc. 144A<br> 8.125%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 59 |
| Carnival Corp. 144A<br> 7.625%, 3/1/26<sup>(1)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 615 |
| Churchill Downs, Inc. 144A<br> 6.750%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 292 |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 300 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Great Canadian Gaming Corp. 144A<br> 8.750%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 96 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Light & Wonder International, Inc. 144A<br> 7.000%, 5/15/28<sup>(1)</sup> | $410 | $410 |
| Newell Brands, Inc.<br> 6.625%, 9/15/29 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 486 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 303 |
| PetSmart, Inc. 144A<br> 7.750%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 390 |
| Prime Security Services Borrower LLC 144A<br> 6.250%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 375 |
| Wayfair LLC 144A<br> 7.250%, 10/31/29<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 459 |
|  |  | &nbsp;&nbsp; 4519 |
| **Consumer Staples—4.0%** | **Consumer Staples—4.0%** |  |
| Albertsons Cos., Inc. 144A<br> 4.625%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 281 |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 338 |
| Herbalife Nutrition Ltd. 144A<br> 7.875%, 9/1/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 220 |
| Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 297 |
| &nbsp;&nbsp;&nbsp;144A 10.750%, 6/30/32<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 303 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 226 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 309 |
|  |  | &nbsp;&nbsp; 2175 |
| **Energy—18.7%** | **Energy—18.7%** |  |
| Alliance Resource Operating Partners LP 144A<br> 8.625%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 283 |
| Antero Midstream Partners LP 144A<br> 5.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 338 |
| Ascent Resources Utica Holdings LLC 144A<br> 8.250%, 12/31/28<sup>(1)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 367 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 142 |
| Civitas Resources, Inc. 144A<br> 8.750%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 288 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 250 |
| CrownRock LP 144A<br> 5.000%, 5/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 234 |
| CVR Energy, Inc. 144A<br> 8.500%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 259 |
| DT Midstream, Inc. 144A<br> 4.125%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 395 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Enbridge, Inc.<br> 8.500%, 1/15/84 | $545 | $600 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;Series H<br> 6.500%<sup>(3)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 494 |
| EQM Midstream Partners LP 144A<br> 6.375%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
| Expand Energy Corp. 144A<br> 5.875%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 165 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 282 |
| Genesis Energy LP<br> 8.875%, 4/15/30 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 405 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 229 |
| Helix Energy Solutions Group, Inc. 144A<br> 9.750%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 326 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 2/1/31<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 228 |
| International Petroleum Corp. 144A, RegS<br> 7.250%, 2/1/27<sup>(1)(4)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 502 |
| Kimmeridge Texas Gas LLC 144A<br> 8.500%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 205 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 151 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 464 |
| Mesquite Energy, Inc. 144A<br> 7.250%, 7/15/25<sup>(1)(5)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 2 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 523 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.500%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 395 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 371 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/31<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 107 |
| Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;144A 4.125%, 8/15/31<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 454 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.000%<sup>(1)(3)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 247 |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 531 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet High Yield Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Viper Energy, Inc. 144A<br> 7.375%, 11/1/31<sup>(1)</sup> | $55 | $57 |
|  |  | &nbsp;&nbsp;10139 |
| **Financials—20.1%** | **Financials—20.1%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 431 |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 521 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 560 |
| Aston Martin Capital Holdings Ltd. 144A<br> 10.000%, 3/31/29<sup>(1)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 375 |
| Block, Inc. 144A<br> 6.500%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 207 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 536 | &nbsp;&nbsp; 547 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 360 |
| Chobani Holdco II LLC 144A<br> 8.750%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Citigroup, Inc. Series X<br> 3.875% <sup>(3)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 542 |
| Clydesdale Acquisition Holdings, Inc. 144A<br> 6.750%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Endo Finance Holdings, Inc. 144A<br> 8.500%, 4/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 261 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 3/15/54<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 239 |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 130 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 314 |
| Gulfport Energy Operating Corp. 144A<br> 6.750%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 142 |
| HUB International Ltd. 144A<br> 7.375%, 1/31/32<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 66 |
| ION Trading Technologies S.a.r.l. 144A<br> 9.500%, 5/30/29<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 191 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 472 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 531 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 401 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 578 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Nationstar Mortgage Holdings, Inc. 144A<br> 5.750%, 11/15/31<sup>(1)</sup> | $660 | $660 |
| NatWest Group plc<br> 6.475%, 6/1/34 | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 578 |
| New Red Finance, Inc. 144A<br> 6.125%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| OneMain Finance Corp.<br> 7.125%, 11/15/31 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 533 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 41 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 177 |
| Saks Global Enterprises LLC 144A<br> 11.000%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 316 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(1)(3)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(1)(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 87 |
| Wells Fargo & Co.<br> 6.850% <sup>(3)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 597 |
|  |  | &nbsp;&nbsp;10892 |
| **Health Care—4.0%** | **Health Care—4.0%** |  |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 407 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 215 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/31<sup>(1)(2)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 126 |
| CVS Health Corp.<br> 6.750%, 12/10/54 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
| Insulet Corp. 144A<br> 6.500%, 4/1/33<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 31 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 148 |
| Medline Borrower LP 144A<br> 5.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 542 |
| Molina Healthcare, Inc. 144A<br> 6.250%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 118 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(1)(5)</sup> | &nbsp;&nbsp; 256 | &nbsp;&nbsp; — |
| Prime Healthcare Services, Inc. 144A<br> 9.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 245 |
|  |  | &nbsp;&nbsp; 2186 |
| **Industrials—11.4%** | **Industrials—11.4%** |  |
| Builders FirstSource, Inc. 144A<br> 6.375%, 3/1/34<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 536 |
| Chart Industries, Inc. 144A<br> 9.500%, 1/1/31<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 294 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(1)</sup> | $270 | $248 |
| Cornerstone Building Brands, Inc. 144A<br> 9.500%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 345 |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 51 |
| Garda World Security Corp. 144A<br> 8.375%, 11/15/32<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 270 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 424 |
| Hertz Corp. (The) 144A<br> 4.625%, 12/1/26<sup>(1)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 446 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;5.250%, 5/15/27 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 266 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 139 |
| LBM Acquisition LLC 144A<br> 6.250%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 445 | &nbsp;&nbsp; 379 |
| Quikrete Holdings, Inc. 144A<br> 6.750%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| Regal Rexnord Corp.<br> 6.400%, 4/15/33 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 541 |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(1)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 417 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 208 |
| United Rentals North America, Inc.<br> 3.750%, 1/15/32 | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 357 |
| VistaJet Malta Finance plc 144A<br> 9.500%, 6/1/28<sup>(1)(2)</sup> | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 541 |
|  |  | &nbsp;&nbsp; 6161 |
| **Information Technology—3.4%** | **Information Technology—3.4%** |  |
| Amentum Holdings, Inc. 144A<br> 7.250%, 8/1/32<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 59 |
| Boost Newco Borrower LLC 144A<br> 7.500%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 366 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 334 |
| Helios Software Holdings, Inc. 144A<br> 8.750%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 169 |
| Insight Enterprises, Inc. 144A<br> 6.625%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Rocket Software, Inc. 144A<br> 9.000%, 11/28/28<sup>(1)</sup> | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 237 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet High Yield Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Viasat, Inc. 144A<br> 5.625%, 9/15/25<sup>(1)</sup> | $535 | $531 |
|  |  | &nbsp;&nbsp; 1860 |
| **Materials—8.1%** | **Materials—8.1%** |  |
| ASP Unifrax Holdings, Inc. 144A<br> 5.250%, 9/30/28<sup>(1)</sup> | &nbsp;&nbsp; 568 | &nbsp;&nbsp; 315 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 597 |
| Graham Packaging Co., Inc. 144A<br> 7.125%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 606 |
| Illuminate Buyer LLC 144A<br> 9.000%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 398 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 367 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 458 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 231 |
| Sealed Air Corp. 144A<br> 6.500%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 126 |
| Taseko Mines Ltd. 144A<br> 8.250%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 352 |
| Trivium Packaging Finance B.V. 144A<br> 8.500%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 393 |
| Windsor Holdings III LLC 144A<br> 8.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 241 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 321 |
|  |  | &nbsp;&nbsp; 4405 |
| **Real Estate—0.1%** | **Real Estate—0.1%** |  |
| Iron Mountain, Inc. 144A<br> 6.250%, 1/15/33<sup>(1)</sup> | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 64 |
| **Utilities—6.2%** | **Utilities—6.2%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 252 |
| Alexander Funding Trust II 144A<br> 7.467%, 7/31/28<sup>(1)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 303 |
| American Electric Power Co., Inc.<br> 6.950%, 12/15/54 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 541 |
| Dominion Energy, Inc. Series B<br> 7.000%, 6/1/54 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 273 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 273 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 159 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 2/15/29<sup>(1)</sup> | $60 | $61 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 356 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 253 |
| Vistra Corp. 144A<br> 8.000% <sup>(1)(3)</sup> | &nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 285 |
| Vistra Operations Co. LLC 144A<br> 6.875%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 280 |
|  |  | &nbsp;&nbsp;&nbsp; 3359 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $52,659)** | **Total Corporate Bonds and Notes<br> (Identified Cost $52,659)** | &nbsp;&nbsp;&nbsp;&nbsp;**51590** |
| **Leveraged Loans—1.1%** | **Leveraged Loans—1.1%** | **Leveraged Loans—1.1%** |
| **Forest Prod / Containers—0.5%** | **Forest Prod / Containers—0.5%** |  |
| Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%)<br> 9.227%, 2/12/26<sup>(6)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 271 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Lannett Co., Inc. First Lien (3 month Term SOFR + 2.000%)<br> 2.000%, 6/16/30<sup>(5)(6)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 5 |
| **Information Technology—0.3%** | **Information Technology—0.3%** |  |
| Infinite Bidco LLC Second Lien (3 month Term SOFR + 7.262%)<br> 11.552%, 3/2/29<sup>(6)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 151 |
| **Manufacturing—0.3%** | **Manufacturing—0.3%** |  |
| Arcline FM Holdings LLC 2024 (3 month Term SOFR + 4.500%)<br> 8.803%, 6/23/28<sup>(6)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 144 |
| **Total Leveraged Loans<br> (Identified Cost $615)** | **Total Leveraged Loans<br> (Identified Cost $615)** | &nbsp;&nbsp;&nbsp;&nbsp; **571** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.4%** | **Preferred Stock—0.4%** | **Preferred Stock—0.4%** |
| **Financials—0.4%** | **Financials—0.4%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250<sup>(7)</sup> | &nbsp;&nbsp; 242 |
| **Total Preferred Stock<br> (Identified Cost $250)** | **Total Preferred Stock<br> (Identified Cost $250)** | **242** |
| **Common Stocks—0.2%** | **Common Stocks—0.2%** | **Common Stocks—0.2%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| ESC NMG Parent LLC<sup>(5)(8)</sup> | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| MYT Holding LLC Class B<sup>(5)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;33144 | $9 |
|  |  | &nbsp;&nbsp;&nbsp; 9 |
| **Energy—0.1%** | **Energy—0.1%** |  |
| Talos Energy, Inc.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2973 | &nbsp;&nbsp;&nbsp; 29 |
| **Health Care—0.1%** | **Health Care—0.1%** |  |
| Endo GUC Trust Class A<sup>(5)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp;&nbsp; — |
| Endo, Inc.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp;&nbsp; 61 |
| Envision Healthcare Corp.<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp; 8 |
| Lannett Co., Inc.<sup>(5)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp; 69 |
| **Total Common Stocks<br> (Identified Cost $252)** | **Total Common Stocks<br> (Identified Cost $252)** | &nbsp;&nbsp;&nbsp;&nbsp; **107** |
| **Total Long-Term Investments—96.8%<br> (Identified Cost $53,776)** | **Total Long-Term Investments—96.8%<br> (Identified Cost $53,776)** | &nbsp;&nbsp;&nbsp;&nbsp;**52510** |
| **Securities Lending Collateral—2.9%** | **Securities Lending Collateral—2.9%** | **Securities Lending Collateral—2.9%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(9)(10)</sup> | 1610673 | &nbsp;&nbsp;&nbsp; 1611 |
| **Total Securities Lending Collateral<br> (Identified Cost $1,611)** | **Total Securities Lending Collateral<br> (Identified Cost $1,611)** | &nbsp;&nbsp;&nbsp;&nbsp; **1611** |
| **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $55,387)** | **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $55,387)** | &nbsp;&nbsp;**$54121** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp;&nbsp;&nbsp; 140 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$54261** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ACA | American Capital Access Financial Guarantee Corp. |
| BDC | Business Development Companies |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LP | Limited Partnership |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities amounted to a value of $42,687 or 78.7% of net assets. |
| <sup>(2)</sup> | All or a portion of security is on loan. |
| <sup>(3)</sup> | No contractual maturity date. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet High Yield Fund

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

#### March 31, 2025
($ reported in thousands)

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

<sup>(5)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(6)</sup> Variable rate security. Rate disclosed is as of March 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(7)</sup> Value shown as par value.

<sup>(8)</sup> Non-income producing.

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(10)</sup> Represents security purchased with cash collateral received for securities on loan.

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;82% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$51588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2 |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9<sup>(1)</sup> |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$52404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16 |

---

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

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

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—5.7%** | **U.S. Government Securities—5.7%** | **U.S. Government Securities—5.7%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 8/31/25 | $6390 | $6408 |
| &nbsp;&nbsp;&nbsp;4.625%, 6/30/26 | &nbsp;&nbsp; 10590 | &nbsp;&nbsp;&nbsp; 10669 |
| &nbsp;&nbsp;&nbsp;4.000%, 7/31/29 | &nbsp;&nbsp; 9735 | &nbsp;&nbsp;&nbsp; 9760 |
| **Total U.S. Government Securities<br> (Identified Cost $26,702)** | **Total U.S. Government Securities<br> (Identified Cost $26,702)** | &nbsp;&nbsp;&nbsp;&nbsp; **26837** |
| **Foreign Government Securities—0.6%** | **Foreign Government Securities—0.6%** | **Foreign Government Securities—0.6%** |
| Dominican Republic 144A<br> 5.500%, 2/22/29<sup>(1)</sup> | &nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp; 754 |
| Republic of Guatemala 144A<br> 6.600%, 6/13/36<sup>(1)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 81 |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 3/5/30 | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp;4.750%, 3/5/35 | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 136 |
| Republic of South Africa<br> 5.875%, 9/16/25 | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 265 |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 1/30/29<sup>(1)</sup> | &nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp; 998 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.125%, 1/17/33<sup>(1)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 493 |
| United Mexican States<br> 6.875%, 5/13/37 | &nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp; 184 |
| **Total Foreign Government Securities<br> (Identified Cost $3,104)** | **Total Foreign Government Securities<br> (Identified Cost $3,104)** | &nbsp;&nbsp;&nbsp;&nbsp; **3049** |
| **Mortgage-Backed Securities—26.2%** | **Mortgage-Backed Securities—26.2%** | **Mortgage-Backed Securities—26.2%** |
| **Agency—4.4%** | **Agency—4.4%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SB8269<br> 6.000%, 10/1/38 | &nbsp;&nbsp; 2699 | &nbsp;&nbsp;&nbsp; 2776 |
| &nbsp;&nbsp;&nbsp;Pool #SD3238<br> 5.500%, 12/1/52 | &nbsp;&nbsp; 1094 | &nbsp;&nbsp;&nbsp; 1095 |
| &nbsp;&nbsp;&nbsp;Pool #SD8309<br> 6.000%, 3/1/53 | &nbsp;&nbsp; 3265 | &nbsp;&nbsp;&nbsp; 3321 |
| &nbsp;&nbsp;&nbsp;Pool #SD8350<br> 6.000%, 8/1/53 | &nbsp;&nbsp; 1756 | &nbsp;&nbsp;&nbsp; 1784 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #AC3654<br> 5.000%, 10/1/39 | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;Pool #AD3841<br> 4.500%, 4/1/40 | &nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;Pool #AD6058<br> 4.000%, 8/1/25 | &nbsp;&nbsp; —<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; —<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;Pool #AL7532<br> 3.000%, 11/1/27 | &nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;Pool #AO5149<br> 3.000%, 6/1/27 | &nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;Pool #AS5730<br> 3.000%, 9/1/30 | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 1979 | &nbsp;&nbsp;&nbsp; 1946 |
| &nbsp;&nbsp;&nbsp;Pool #FS8791<br> 6.000%, 8/1/54 | &nbsp;&nbsp; 2041 | &nbsp;&nbsp;&nbsp; 2083 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #MA0908<br> 4.000%, 11/1/31 | $62 | $61 |
| &nbsp;&nbsp;&nbsp;Pool #MA3663<br> 3.500%, 5/1/49 | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 1940 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 1885 | &nbsp;&nbsp; 1885 |
| &nbsp;&nbsp;&nbsp;Pool #MA5139<br> 6.000%, 9/1/53 | &nbsp;&nbsp; 3632 | &nbsp;&nbsp; 3689 |
|  |  | &nbsp;&nbsp; 21050 |
| **Non-Agency—21.8%** | **Non-Agency—21.8%** |  |
| Ajax Mortgage Loan Trust 2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 307 |
| American Homes 4 Rent Trust 2015-SFR1, A 144A<br> 3.467%, 4/17/52<sup>(1)</sup> | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 161 |
| AMSR Trust 2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 967 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 1.469%, 6/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;2020-R1, A2 144A<br> 1.247%, 4/25/53<sup>(1)(3)</sup> | &nbsp;&nbsp; 341 | &nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp;2021-8, A1 144A<br> 1.820%, 11/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 1848 | &nbsp;&nbsp; 1637 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(3)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 622 |
| &nbsp;&nbsp;&nbsp;2020-1, A1B 144A<br> 2.100%, 3/25/55<sup>(1)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 587 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.239%, 3/15/37<sup>(1)(3)</sup> | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1099 |
| BBCMS Trust 2018-CBM, A (1 month Term SOFR + 1.297%, Cap N/A, Floor 1.250%) 144A<br> 5.617%, 7/15/37<sup>(1)(3)</sup> | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1334 |
| BPR Trust 2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A<br> 6.217%, 4/15/37<sup>(1)(3)</sup> | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1525 |
| Bunker Hill Loan Depositary Trust 2019-2, A1 144A<br> 2.879%, 7/25/49<sup>(1)(3)</sup> | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 209 |
| BX Commercial Mortgage Trust 2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.711%, 3/15/41<sup>(1)(3)</sup> | &nbsp;&nbsp; 1081 | &nbsp;&nbsp; 1083 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, A 144A<br> 3.202%, 12/9/41<sup>(1)</sup> | $460 | $425 |
| &nbsp;&nbsp;&nbsp;2019-OC11, B 144A<br> 3.605%, 12/9/41<sup>(1)</sup> | &nbsp;&nbsp; 951 | &nbsp;&nbsp; 882 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 3.944%, 12/9/41<sup>(1)(3)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 788 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(1)</sup> | &nbsp;&nbsp; 1721 | &nbsp;&nbsp; 1741 |
| &nbsp;&nbsp;&nbsp;2025-ROIC, C (1 month Term SOFR + 1.543%, Cap N/A, Floor 1.543%) 144A<br> 5.862%, 3/15/30<sup>(1)(3)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 889 |
| CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A<br> 6.939%, 9/15/38<sup>(1)(3)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 827 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(3)</sup> | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 148 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.749%, 12/25/45<sup>(1)(3)</sup> | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 274 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2019-RP1, A1 144A<br> 3.500%, 1/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 794 |
| &nbsp;&nbsp;&nbsp;2025-INV1, A2 144A<br> 6.000%, 1/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 803 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-3, A1 144A<br> 3.901%, 2/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1217 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.301%, 3/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 508 | &nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;2023-3, A1 144A<br> 7.180%, 9/25/68<sup>(1)(3)</sup> | &nbsp;&nbsp; 887 | &nbsp;&nbsp; 899 |
| &nbsp;&nbsp;&nbsp;2023-4, A1 144A<br> 7.163%, 10/25/68<sup>(1)(3)</sup> | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 820 |
| &nbsp;&nbsp;&nbsp;2024-5, A1 144A<br> 5.123%, 8/25/69<sup>(1)(3)</sup> | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1024 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-300P, A1 144A<br> 4.353%, 8/10/30<sup>(1)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1574 |
| &nbsp;&nbsp;&nbsp;2015-CR24, AM<br> 4.028%, 8/10/48<sup>(3)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1042 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-RPL1, A1 144A<br> 2.750%, 7/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1551 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 3413 | &nbsp;&nbsp; 3052 |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 72 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 121 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2020-2, A1 144A<br> 1.178%, 10/25/65<sup>(1)(3)</sup> | $1080 | $1008 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 1.003%, 2/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 328 |
| ELM Trust 2024-ELM, A10 144A<br> 5.414%, 6/10/39<sup>(1)(3)</sup> | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 919 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 4.764%, 10/10/41<sup>(1)(3)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 895 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 519 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;2019-2, A52 144A<br> 3.500%, 6/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 251 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 3.247%, 1/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 1404 | &nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp;2021-NQM6, A1 144A<br> 1.855%, 8/25/66<sup>(1)(3)</sup> | &nbsp;&nbsp; 849 | &nbsp;&nbsp; 765 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, A1 144A<br> 5.837%, 11/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 944 | &nbsp;&nbsp; 944 |
| Goldman Sachs Mortgage Securities Trust 2020-GC45, AS<br> 3.173%, 2/13/53<sup>(3)</sup> | &nbsp;&nbsp; 1426 | &nbsp;&nbsp; 1306 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(1)(3)</sup> | &nbsp;&nbsp; 1481 | &nbsp;&nbsp; 1488 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.467%, 1/13/40<sup>(1)(3)</sup> | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1750 |
| JP Morgan Seasoned Mortgage Trust Series 2024-1, A4 144A<br> 4.451%, 1/25/63<sup>(1)(3)</sup> | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 734 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1, 2A12 144A<br> 3.500%, 1/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp;2015-1, AM1 144A<br> 5.649%, 12/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;2015-5, A2 144A<br> 5.866%, 5/25/45<sup>(1)(3)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(1)(3)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 5.011%, 10/26/48<sup>(1)(3)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 5.919%, 6/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 732 |
| &nbsp;&nbsp;&nbsp;2025-CES1, A1 144A<br> 5.666%, 5/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp;2025-CES2, A1 144A<br> 5.592%, 6/25/55<sup>(1)(4)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1101 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-RTL3, A1 144A<br> 8.150%, 11/25/27<sup>(1)(3)</sup> | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 558 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-RTL1, A1 144A<br> 7.017%, 1/25/29<sup>(1)(3)</sup> | $500 | $505 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1A, A 144A<br> 3.750%, 3/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 1327 | &nbsp;&nbsp; 1278 |
| &nbsp;&nbsp;&nbsp;2019-1A, A1A 144A<br> 3.750%, 4/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 1439 | &nbsp;&nbsp; 1411 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(1)(3)</sup> | &nbsp;&nbsp; 1123 | &nbsp;&nbsp; 1118 |
| &nbsp;&nbsp;&nbsp;2020-NQM3, A1 144A<br> 1.014%, 1/26/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp;2021-INV1, A1 144A<br> 0.852%, 1/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 310 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, M2 144A<br> 3.250%, 11/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp;2019-GS2, A1 144A<br> 2.750%, 8/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 1256 | &nbsp;&nbsp; 1208 |
| &nbsp;&nbsp;&nbsp;2021-NMR1, A1 144A<br> 1.125%, 11/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 348 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(1)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 810 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, B2 144A<br> 5.887%, 6/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;2024-INV4, A1 144A<br> 6.000%, 9/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 531 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;2016-3A, A1 144A<br> 3.750%, 9/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 214 |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 917 | &nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 583 |
| &nbsp;&nbsp;&nbsp;2014-3A, AFX3 144A<br> 3.750%, 11/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 816 |
| &nbsp;&nbsp;&nbsp;2016-2A, A1 144A<br> 3.750%, 11/26/35<sup>(1)(3)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 1480 | &nbsp;&nbsp; 1435 |
| NYMT Loan Trust 2022-CP1, A1 144A<br> 2.042%, 7/25/61<sup>(1)</sup> | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1538 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM10, A1 144A<br> 6.465%, 10/25/63<sup>(1)(3)</sup> | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp;2023-NQM5, A1A 144A<br> 6.567%, 6/25/63<sup>(1)(3)</sup> | &nbsp;&nbsp; 548 | &nbsp;&nbsp; 554 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, A1 144A<br> 7.159%, 10/25/63<sup>(1)(3)</sup> | &nbsp;&nbsp; 1955 | &nbsp;&nbsp; 1992 |
| &nbsp;&nbsp;&nbsp;2024-HYB1, A1 144A<br> 3.646%, 3/25/53<sup>(1)(3)</sup> | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 892 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-HYB2, A1 144A<br> 3.665%, 4/25/53<sup>(1)(3)</sup> | $887 | $876 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, A1 144A<br> 5.928%, 11/25/63<sup>(1)(3)</sup> | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 378 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 6.129%, 12/25/63<sup>(1)(3)</sup> | &nbsp;&nbsp; 807 | &nbsp;&nbsp; 813 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, A1 144A<br> 5.400%, 2/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp;2018-1, A2 (1 month Term SOFR + 0.764%) 144A<br> 5.085%, 6/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 67 |
| PMT Loan Trust 2024-INV2, A1 144A<br> 6.000%, 12/25/59<sup>(1)(3)</sup> | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 772 |
| PRET Trust 2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 659 | &nbsp;&nbsp; 661 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR3, C 144A<br> 2.088%, 5/17/26<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 486 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 982 |
| Provident Funding Mortgage Trust 2025-1, A3 144A<br> 5.500%, 2/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 615 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES2, A1A 144A<br> 6.808%, 9/25/43<sup>(1)(3)</sup> | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;2024-CES8, A1A 144A<br> 5.490%, 11/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp; 686 | &nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp;2024-CES9, A1A 144A<br> 5.582%, 12/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp; 944 | &nbsp;&nbsp; 947 |
| Residential Mortgage Loan Trust 2020-1, A1 144A<br> 2.376%, 1/26/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 574 | &nbsp;&nbsp; 566 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(1)(3)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1158 |
| RIDE 2025-SHRE, B 144A<br> 5.438%, 2/14/47<sup>(1)(3)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 905 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1164 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 480 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.275%, 2/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.127%, 6/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 768 |
| THPT Mortgage Trust 2023-THL, A 144A<br> 6.994%, 12/10/34<sup>(1)(3)</sup> | &nbsp;&nbsp; 1416 | &nbsp;&nbsp; 1444 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-2, M2 144A<br> 3.000%, 8/25/55<sup>(1)(3)</sup> | &nbsp;&nbsp; 3370 | &nbsp;&nbsp; 3196 |
| &nbsp;&nbsp;&nbsp;2017-1, A2 144A<br> 3.500%, 10/25/56<sup>(1)(3)</sup> | &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 1171 |
| &nbsp;&nbsp;&nbsp;2018-2, A2 144A<br> 3.500%, 3/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 1503 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2018-3, A1 144A<br> 3.750%, 5/25/58<sup>(1)(3)</sup> | $1418 | $1384 |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 523 |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.750%, 3/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp;2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A<br> 6.035%, 5/25/58<sup>(1)(3)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp; 1458 |
| &nbsp;&nbsp;&nbsp;2024-1, A1 144A<br> 4.780%, 3/25/64<sup>(1)(3)</sup> | &nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; 836 |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(1)(3)</sup> | &nbsp;&nbsp; 1170 | &nbsp;&nbsp;&nbsp; 1100 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 2389 | &nbsp;&nbsp;&nbsp; 2378 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 5.850%, 12/25/67<sup>(1)(3)</sup> | &nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp; 785 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(1)(3)</sup> | &nbsp;&nbsp; 666 | &nbsp;&nbsp;&nbsp; 671 |
| &nbsp;&nbsp;&nbsp;2024-3, A1 144A<br> 6.338%, 4/25/69<sup>(1)(3)</sup> | &nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp; 1298 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 3.417%, 1/25/60<sup>(1)(3)</sup> | &nbsp;&nbsp; 2253 | &nbsp;&nbsp;&nbsp; 2206 |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 2.502%, 5/25/65<sup>(1)(3)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 296 |
| &nbsp;&nbsp;&nbsp;2021-R1, A1 144A<br> 0.820%, 10/25/63<sup>(1)(3)</sup> | &nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 468 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 2.722%, 11/25/54<sup>(1)(3)</sup> | &nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp; 843 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(1)</sup> | &nbsp;&nbsp; 974 | &nbsp;&nbsp;&nbsp; 897 |
| Wells Fargo Commercial Mortgage Trust 2015-P2, A3<br> 3.541%, 12/15/48 | &nbsp;&nbsp; 1322 | &nbsp;&nbsp;&nbsp; 1313 |
| Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A<br> 3.000%, 7/25/50<sup>(1)(3)</sup> | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 202 |
|  |  | &nbsp;&nbsp;&nbsp;103467 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $126,399)** | **Total Mortgage-Backed Securities<br> (Identified Cost $126,399)** | &nbsp;&nbsp;&nbsp;&nbsp;**124517** |
| **Asset-Backed Securities—33.5%** | **Asset-Backed Securities—33.5%** | **Asset-Backed Securities—33.5%** |
| **Automobiles—16.8%** | **Automobiles—16.8%** |  |
| ACM Auto Trust 2024-2A, A 144A<br> 6.060%, 2/20/29<sup>(1)</sup> | &nbsp;&nbsp; 659 | &nbsp;&nbsp;&nbsp; 660 |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, E 144A<br> 3.640%, 3/13/28<sup>(1)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp; 1084 |
| &nbsp;&nbsp;&nbsp;2024-4, C 144A<br> 4.910%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp; 1079 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 5.090%, 8/12/31<sup>(1)</sup> | $1320 | $1325 |
| American Heritage Auto Receivables Trust 2024-1A, A3 144A<br> 4.900%, 9/17/29<sup>(1)</sup> | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1067 |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-2A, A 144A<br> 6.900%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.870%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 1169 | &nbsp;&nbsp; 1202 |
| Avid Automobile Receivables Trust 2021-1, D 144A<br> 1.990%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 81 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-2A, A 144A<br> 2.020%, 2/20/27<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 393 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, A 144A<br> 1.380%, 8/20/27<sup>(1)</sup> | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1685 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, D 144A<br> 4.080%, 2/20/28<sup>(1)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-3A, A 144A<br> 5.440%, 2/22/28<sup>(1)</sup> | &nbsp;&nbsp; 1181 | &nbsp;&nbsp; 1196 |
| Bridgecrest Lending Auto Securitization Trust 2025-1, C<br> 5.150%, 12/17/29 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 964 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-P1, B<br> 0.920%, 11/9/26 | &nbsp;&nbsp; 1253 | &nbsp;&nbsp; 1246 |
| &nbsp;&nbsp;&nbsp;2021-N1, C<br> 1.300%, 1/10/28 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 197 |
| &nbsp;&nbsp;&nbsp;2021-N2, C<br> 1.070%, 3/10/28 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;2022-N1, C 144A<br> 3.320%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp;2022-N1, D 144A<br> 4.130%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 279 |
| &nbsp;&nbsp;&nbsp;2023-N1, C 144A<br> 5.920%, 7/10/29<sup>(1)</sup> | &nbsp;&nbsp; 1109 | &nbsp;&nbsp; 1122 |
| &nbsp;&nbsp;&nbsp;2023-N4, C 144A<br> 6.590%, 2/11/30<sup>(1)</sup> | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1038 |
| &nbsp;&nbsp;&nbsp;2024-N1, B 144A<br> 5.630%, 5/10/30<sup>(1)</sup> | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1345 |
| &nbsp;&nbsp;&nbsp;2024-N2, A3 144A<br> 5.710%, 7/10/28<sup>(1)</sup> | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1072 |
| CIG Auto Receivables Trust 2021-1A, D 144A<br> 2.110%, 4/12/27<sup>(1)</sup> | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 721 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Consumer Portfolio Services Auto Trust 2025-A, C 144A<br> 5.250%, 4/15/31<sup>(1)</sup> | $1000 | $1002 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-D, C 144A<br> 7.170%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 972 | &nbsp;&nbsp; 995 |
| &nbsp;&nbsp;&nbsp;2024-A, C 144A<br> 5.740%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 1000 |
| &nbsp;&nbsp;&nbsp;2024-C, C 144A<br> 5.760%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1060 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 5.920%, 5/16/33<sup>(1)</sup> | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 925 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.680%, 3/15/34<sup>(1)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 810 |
| Drive Auto Receivables Trust 2024-1, C<br> 5.430%, 11/17/31 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1051 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 5.190%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 718 |
| &nbsp;&nbsp;&nbsp;2023-3A, C 144A<br> 6.400%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1116 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A, E 144A<br> 3.440%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 1149 | &nbsp;&nbsp; 1145 |
| &nbsp;&nbsp;&nbsp;2022-3A, C<br> 5.300%, 9/15/27 | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp;2023-2A, B<br> 5.610%, 9/15/27 | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;2023-5A, B<br> 6.580%, 4/17/28 | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 1006 |
| &nbsp;&nbsp;&nbsp;2024-5A, B<br> 4.480%, 4/16/29 | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1082 |
| FHF Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 5.690%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 931 | &nbsp;&nbsp; 941 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.260%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1032 |
| FHF Trust 2023-1A, A2 144A<br> 6.570%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 468 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, C 144A<br> 1.170%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;2021-2A, C 144A<br> 1.470%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1845 | &nbsp;&nbsp; 1817 |
| Flagship Credit Auto Trust 2024-3, B 144A<br> 5.350%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1079 |
| Foursight Capital Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, B 144A<br> 2.150%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 624 |
| &nbsp;&nbsp;&nbsp;2023-1, A3 144A<br> 5.390%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 753 |
| &nbsp;&nbsp;&nbsp;2023-2, A2 144A<br> 5.990%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 339 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, E 144A<br> 3.200%, 10/16/28<sup>(1)</sup> | $1180 | $1152 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.300%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 1059 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1796 |
| &nbsp;&nbsp;&nbsp;2025-1A, D 144A<br> 5.610%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1165 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 6.090%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1315 | &nbsp;&nbsp; 1346 |
| &nbsp;&nbsp;&nbsp;2023-2A, A3 144A<br> 6.380%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 826 |
| &nbsp;&nbsp;&nbsp;2024-3A, B 144A<br> 5.640%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 863 |
| &nbsp;&nbsp;&nbsp;2025-1A, B 144A<br> 5.040%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1837 |
| GM Financial Consumer Automobile Receivables Trust 2023-4, A2A<br> 5.890%, 11/16/26 | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 278 |
| Huntington Bank Auto Credit-Linked Notes 2024-1, B1 144A<br> 6.153%, 5/20/32<sup>(1)</sup> | &nbsp;&nbsp; 567 | &nbsp;&nbsp; 574 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1988 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp;2023-2A, D 144A<br> 6.300%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 837 |
| &nbsp;&nbsp;&nbsp;2023-3A, D 144A<br> 6.920%, 12/16/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1033 |
| &nbsp;&nbsp;&nbsp;2023-4A, C 144A<br> 6.760%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1023 | &nbsp;&nbsp; 1054 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 4.930%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1284 |
| &nbsp;&nbsp;&nbsp;2025-1A, C 144A<br> 5.110%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 1377 |
| &nbsp;&nbsp;&nbsp;2025-1A, D 144A<br> 5.520%, 5/17/32<sup>(1)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1228 |
| Lendbuzz Auto Receivables Trust<br> 0.000%, 6/17/30<sup>(3)(4)</sup> | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1180 |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 6.190%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.990%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp;2024-3A, A2 144A<br> 4.970%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 1063 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 5.100%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1001 |
| Merchants Fleet Funding LLC 2023-1A, A 144A<br> 7.210%, 5/20/36<sup>(1)</sup> | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 570 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| OCCU Auto Receivables Trust 2023-1A, A2 144A<br> 6.230%, 4/15/27<sup>(1)</sup> | $257 | $257 |
| OneMain Direct Auto Receivables Trust 2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(1)</sup> | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1208 |
| Oscar U.S. Funding XV LLC 2023-1A, A3 144A<br> 5.810%, 12/10/27<sup>(1)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1109 |
| Prestige Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.640%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1001 | &nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp;2024-2A, C 144A<br> 4.730%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1075 |
| SAFCO Auto Receivables Trust 2024-1A, B 144A<br> 6.310%, 11/20/28<sup>(1)</sup> | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 1003 |
| Santander Consumer Auto Receivables Trust 2021-AA, C 144A<br> 1.030%, 11/16/26<sup>(1)</sup> | &nbsp;&nbsp; 523 | &nbsp;&nbsp; 520 |
| Santander Drive Auto Receivables Trust 2022-5, C<br> 4.740%, 10/16/28 | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1154 |
| SBNA Auto Receivables Trust 2024-A, C 144A<br> 5.590%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 734 |
| United Auto Credit Securitization Trust 2022-2, D 144A<br> 6.840%, 1/10/28<sup>(1)</sup> | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 861 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, D 144A<br> 2.120%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1743 | &nbsp;&nbsp; 1729 |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 5.740%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1109 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.550%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1190 |
| &nbsp;&nbsp;&nbsp;2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1014 |
|  |  | &nbsp;&nbsp; 79649 |
| **Collateralized Loan Obligation—0.3%** | **Collateralized Loan Obligation—0.3%** |  |
| GoldenTree Loan Management U.S. CLO 9 Ltd. 2021-9A, AR (3 month Term SOFR + 1.500%, Cap N/A, Floor 1.500%) 144A<br> 5.793%, 4/20/37<sup>(1)(3)</sup> | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1303 |
| **Consumer Loans—2.2%** | **Consumer Loans—2.2%** |  |
| ACHV ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1PL, A 144A<br> 5.900%, 4/25/31<sup>(1)</sup> | &nbsp;&nbsp; 386 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;2025-1PL, B 144A<br> 5.040%, 4/26/32<sup>(1)</sup> | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1168 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Loans—continued** | **Consumer Loans—continued** |  |
| Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.540%, 6/15/33<sup>(1)</sup> | $603 | $606 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.070%, 7/17/34<sup>(1)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1057 |
| OneMain Financial Issuance Trust 2022-3A, A 144A<br> 5.940%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 855 |
| Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-C, A 144A<br> 2.180%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp; 1429 | &nbsp;&nbsp; 1395 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 6.334%, 4/8/31<sup>(1)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
| &nbsp;&nbsp;&nbsp;2025-A, A 144A<br> 5.010%, 2/8/33<sup>(1)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1100 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 7.330%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 896 | &nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 4.960%, 8/16/32<sup>(1)</sup> | &nbsp;&nbsp; 1136 | &nbsp;&nbsp; 1136 |
| Regional Management Issuance Trust 2021-1, A 144A<br> 1.680%, 3/17/31<sup>(1)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 268 |
|  |  | &nbsp;&nbsp; 10212 |
| **Credit Card—0.6%** | **Credit Card—0.6%** |  |
| Discover Card Execution Note Trust 2023-A2, A<br> 4.930%, 6/15/28 | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1903 |
| Mission Lane Credit Card Master Trust 2023-B, A 144A<br> 7.690%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1089 |
|  |  | &nbsp;&nbsp; 2992 |
| **Equipment—0.7%** | **Equipment—0.7%** |  |
| CLI Funding VI LLC 2020-1A, A 144A<br> 2.080%, 9/18/45<sup>(1)</sup> | &nbsp;&nbsp; 1279 | &nbsp;&nbsp; 1181 |
| Post Road Equipment Finance 2022-1A, B 144A<br> 5.150%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1208 |
| Post Road Equipment Finance LLC 2024-1A, A2 144A<br> 5.590%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 971 |
|  |  | &nbsp;&nbsp; 3360 |
| **Other—12.9%** | **Other—12.9%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-B, A 144A<br> 4.620%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1078 |
| &nbsp;&nbsp;&nbsp;2024-X2, A 144A<br> 5.220%, 12/17/29<sup>(1)</sup> | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 758 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Amur Equipment Finance Receivables XII LLC 2023-1A, A2 144A<br> 6.090%, 12/20/29<sup>(1)</sup> | $707 | $715 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, A 144A<br> 3.140%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 1138 | &nbsp;&nbsp; 1090 |
| &nbsp;&nbsp;&nbsp;2024-A, B 144A<br> 5.060%, 4/18/50<sup>(1)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1058 |
| Auxilior Term Funding LLC 2023-1A, C 144A<br> 6.500%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1487 |
| BHG Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-B, B 144A<br> 1.670%, 10/17/34<sup>(1)</sup> | &nbsp;&nbsp; 1419 | &nbsp;&nbsp; 1384 |
| &nbsp;&nbsp;&nbsp;2023-B, A 144A<br> 6.920%, 12/17/36<sup>(1)</sup> | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 524 |
| Business Jet Securities LLC 2024-2A, A 144A<br> 5.364%, 9/15/39<sup>(1)</sup> | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 1021 |
| BXG Receivables Note Trust 2020-A, B 144A<br> 2.490%, 2/28/36<sup>(1)</sup> | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 331 |
| Castlelake Aircraft Structured Trust 2025-1A, A 144A<br> 5.783%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 1326 | &nbsp;&nbsp; 1334 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.820%, 9/16/30<sup>(1)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;2024-1, B 144A<br> 5.080%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1257 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 4.890%, 10/14/32<sup>(1)</sup> | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1168 |
| CoreVest American Finance Trust 2018-1, D 144A<br> 4.920%, 6/15/51<sup>(1)</sup> | &nbsp;&nbsp; 1039 | &nbsp;&nbsp; 1029 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.990%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 323 |
| &nbsp;&nbsp;&nbsp;2023-2, B 144A<br> 6.410%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp;2025-1, B 144A<br> 4.980%, 8/15/35<sup>(1)</sup> | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1173 |
| Diamond Resorts Owner Trust 2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 344 |
| Elara HGV Timeshare Issuer LLC 2023-A, A 144A<br> 6.160%, 2/25/38<sup>(1)</sup> | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 595 |
| Five Guys Holdings, Inc. 2023-1A, A2 144A<br> 7.549%, 1/26/54<sup>(1)</sup> | &nbsp;&nbsp; 1307 | &nbsp;&nbsp; 1355 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 6.530%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 4.600%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp; 887 | &nbsp;&nbsp; 885 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| GCI Funding I LLC 2021-1, A 144A<br> 2.380%, 6/18/46<sup>(1)</sup> | $935 | $857 |
| GreenSky Home Improvement Issuer Trust 2024-2, A2 144A<br> 5.250%, 10/27/59<sup>(1)</sup> | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 746 |
| Hardee's Funding LLC 2020-1A, A2 144A<br> 3.981%, 12/20/50<sup>(1)</sup> | &nbsp;&nbsp; 1877 | &nbsp;&nbsp; 1786 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-AA, A 144A<br> 3.540%, 2/25/32<sup>(1)</sup> | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 5.500%, 3/25/38<sup>(1)</sup> | &nbsp;&nbsp; 613 | &nbsp;&nbsp; 624 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(1)</sup> | &nbsp;&nbsp; 562 | &nbsp;&nbsp; 546 |
| HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-A, A 144A<br> 5.490%, 3/15/43<sup>(1)</sup> | &nbsp;&nbsp; 1203 | &nbsp;&nbsp; 1224 |
| &nbsp;&nbsp;&nbsp;2025-A, B 144A<br> 5.450%, 3/15/44<sup>(1)</sup> | &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1186 |
| Jersey Mike's Funding LLC 2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 989 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-1A, A 144A<br> 1.740%, 10/20/37<sup>(1)</sup> | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 626 |
| &nbsp;&nbsp;&nbsp;2021-1WA, B 144A<br> 1.440%, 1/22/41<sup>(1)</sup> | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 294 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.320%, 2/20/43<sup>(1)</sup> | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 940 |
| MVW Owner Trust 2019-1A, A 144A<br> 2.890%, 11/20/36<sup>(1)</sup> | &nbsp;&nbsp; 131 | &nbsp;&nbsp; 131 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 1906 | &nbsp;&nbsp; 1826 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 3.350%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp;2023-A, B 144A<br> 6.830%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;2024-A, A2 144A<br> 5.150%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp; 931 | &nbsp;&nbsp; 933 |
| &nbsp;&nbsp;&nbsp;2025-A, B 144A<br> 5.180%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1160 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 6.370%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1476 |
| &nbsp;&nbsp;&nbsp;2023-3A, B 144A<br> 6.480%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 1203 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.660%, 5/20/30<sup>(1)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1059 |
| OWN Equipment Fund I LLC 2024-2M, A 144A<br> 5.700%, 12/20/32<sup>(1)</sup> | &nbsp;&nbsp; 1241 | &nbsp;&nbsp; 1251 |
| PEAC Solutions Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.790%, 11/20/30<sup>(1)</sup> | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1077 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| &nbsp;&nbsp;&nbsp;2025-1A, C 144A<br> 5.490%, 7/20/32<sup>(1)</sup> | $800 | $804 |
| Planet Fitness Master Issuer LLC 2024-1A, A2I 144A<br> 5.765%, 6/5/54<sup>(1)</sup> | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1055 |
| PowerPay Issuance Trust 2024-1A, A 144A<br> 6.530%, 2/18/39<sup>(1)</sup> | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 623 |
| Purchasing Power Funding LLC 2024-A, B 144A<br> 6.430%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1305 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES3, A1A 144A<br> 7.113%, 11/25/43<sup>(1)(3)</sup> | &nbsp;&nbsp; 1675 | &nbsp;&nbsp; 1703 |
| &nbsp;&nbsp;&nbsp;2024-CES3, A1A 144A<br> 6.591%, 5/25/44<sup>(1)(3)</sup> | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 920 |
| Regional Management Issuance Trust 2024-2, A 144A<br> 5.110%, 12/15/33<sup>(1)</sup> | &nbsp;&nbsp; 1065 | &nbsp;&nbsp; 1070 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-2A, B 144A<br> 2.320%, 7/20/37<sup>(1)</sup> | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.280%, 4/20/40<sup>(1)</sup> | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 387 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 5.140%, 6/20/41<sup>(1)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 612 |
| SoFi Consumer Loan Program Trust 2025-1, A 144A<br> 4.800%, 2/27/34<sup>(1)</sup> | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1161 |
| STAR Trust 2025-SFR5, A (1 month Term SOFR + 1.450%, Cap N/A, Floor 1.450%) 144A<br> 5.770%, 2/17/42<sup>(1)(3)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 662 |
| Subway Funding LLC 2024-1A, A2II 144A<br> 6.268%, 7/30/54<sup>(1)</sup> | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 1063 |
| Switch ABS Issuer LLC 2024-2A, A2 144A<br> 5.436%, 6/25/54<sup>(1)</sup> | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1348 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(1)</sup> | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 1077 |
| TIC Home Improvement Trust 2024-A, A 144A<br> 6.670%, 10/15/46<sup>(1)</sup> | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 706 |
| Towd Point Mortgage Trust 2024-CES1, A1A 144A<br> 5.848%, 1/25/64<sup>(1)(3)</sup> | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 341 |
| Upgrade Receivables Trust 2024-1A, B 144A<br> 5.770%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 885 |
| Verizon Master Trust 2024-1, A1A<br> 5.000%, 12/20/28 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1269 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Westgate Resorts LLC 2022-1A, B 144A<br> 2.288%, 8/20/36<sup>(1)</sup> | $374 | $369 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 1279 | &nbsp;&nbsp;&nbsp; 1169 |
|  |  | &nbsp;&nbsp;&nbsp; 61302 |
| **Student Loan—0.0%** | **Student Loan—0.0%** |  |
| Commonbond Student Loan Trust 2017-AGS, A1 144A<br> 2.550%, 5/25/41<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 57 |
| **Total Asset-Backed Securities<br> (Identified Cost $158,767)** | **Total Asset-Backed Securities<br> (Identified Cost $158,767)** | &nbsp;&nbsp;&nbsp;&nbsp;**158875** |
| **Corporate Bonds and Notes—23.6%** | **Corporate Bonds and Notes—23.6%** | **Corporate Bonds and Notes—23.6%** |
| **Communication Services—0.4%** | **Communication Services—0.4%** |  |
| CCO Holdings LLC 144A<br> 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; 614 |
| Sprint Capital Corp.<br> 6.875%, 11/15/28 | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 710 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 313 |
|  |  | &nbsp;&nbsp;&nbsp; 1637 |
| **Consumer Discretionary—0.9%** | **Consumer Discretionary—0.9%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 783 |
| Ashtead Capital, Inc. 144A<br> 4.375%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 1584 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 20 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350%, 11/4/27 | &nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;6.054%, 11/5/31 | &nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 88 |
| Meritage Homes Corp. 144A<br> 3.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp; 1100 |
|  |  | &nbsp;&nbsp;&nbsp; 4119 |
| **Consumer Staples—0.9%** | **Consumer Staples—0.9%** |  |
| BAT Capital Corp.<br> 2.259%, 3/25/28 | &nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp; 733 |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp; 630 |
| Kronos Acquisition Holdings, Inc. 144A<br> 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 638 |
| Mars, Inc. 144A<br> 4.800%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 644 |
| Philip Morris International, Inc.<br> 4.625%, 11/1/29 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp;&nbsp; 1048 |
| Post Holdings, Inc. 144A<br> 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 359 |
|  |  | &nbsp;&nbsp;&nbsp; 4052 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—2.1%** | **Energy—2.1%** |  |
| Adnoc Murban Rsc Ltd. 144A<br> 4.250%, 9/11/29<sup>(1)</sup> | $90 | $88 |
| BP Capital Markets plc<br> 4.875% <sup>(5)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1067 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 294 |
| Civitas Resources, Inc. 144A<br> 8.375%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 336 |
| Enbridge, Inc.<br> 7.375%, 1/15/83<sup>(6)</sup> | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 798 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 5/15/54 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(5)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 329 |
| EQM Midstream Partners LP 144A<br> 7.500%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| HF Sinclair Corp.<br> 5.750%, 1/15/31<sup>(6)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 906 |
| Korea National Oil Corp. 144A<br> 4.875%, 4/3/28<sup>(1)(6)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 848 |
| NGPL PipeCo LLC 144A<br> 4.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 954 | &nbsp;&nbsp; 952 |
| Occidental Petroleum Corp.<br> 5.200%, 8/1/29 | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1054 |
| Petroleos Mexicanos<br> 6.500%, 3/13/27 | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1183 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.625%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 842 |
| Venture Global Calcasieu Pass LLC 144A<br> 4.125%, 8/15/31<sup>(1)</sup> | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 872 |
| Viper Energy, Inc. 144A<br> 7.375%, 11/1/31<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 94 |
|  |  | &nbsp;&nbsp; 9991 |
| **Financials—11.1%** | **Financials—11.1%** |  |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, 4/15/27 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 471 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.523%, 8/15/53<sup>(3)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 796 |
| Ally Financial, Inc.<br> 5.543%, 1/17/31 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 826 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.085%, 1/30/31 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 365 |
| &nbsp;&nbsp;&nbsp;(SOFR + 0.750%)<br> 5.110%, 4/23/27<sup>(3)(6)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp;(SOFR + 0.930%)<br> 5.291%, 7/26/28<sup>(3)</sup> | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 87 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.528%, 11/18/27<sup>(1)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 145 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 11/15/29<sup>(1)</sup> | $775 | $789 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 5/30/30<sup>(1)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 235 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.734%, 7/22/27 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp;2.551%, 2/4/28 | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 694 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(5)</sup> | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1137 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;7.325%, 11/2/26 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp;7.385%, 11/2/28 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 382 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 12/15/26 | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp;5.950%, 7/16/29 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 515 |
| Block, Inc. 144A<br> 6.500%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 737 |
| BPCE S.A. 144A<br> 5.975%, 1/18/27<sup>(1)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 615 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 5.375%<sup>(5)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp;Series H<br> 4.000%<sup>(5)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 736 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 1.512%)<br> 5.809%, 7/1/26<sup>(3)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.280%)<br> 5.639%, 2/24/28<sup>(3)</sup> | &nbsp;&nbsp; 962 | &nbsp;&nbsp; 972 |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(5)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1084 |
| Citizens Bank N.A.<br> 2.250%, 4/28/25 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 379 |
| Citizens Financial Group, Inc.<br> 5.841%, 1/23/30 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 439 |
| Corebridge Financial, Inc.<br> 6.875%, 12/15/52 | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 960 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;2.311%, 11/16/27 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;6.819%, 11/20/29 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;4.999%, 9/11/30 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 428 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1402 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 850 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;4.055%, 4/25/28 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 252 |
| &nbsp;&nbsp;&nbsp;4.895%, 9/6/30 | &nbsp;&nbsp; 638 | &nbsp;&nbsp; 636 |
| Foundry JV Holdco LLC 144A<br> 5.900%, 1/25/30<sup>(1)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 430 |
| Global Atlantic Fin Co. 144A<br> 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 202 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 1.432%)<br> 5.755%, 5/15/26<sup>(3)</sup> | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 476 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 2.012%)<br> 6.311%, 10/28/27<sup>(3)</sup> | $1750 | $1785 |
| HAT Holdings I LLC 144A<br> 8.000%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1128 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.208%, 8/21/29 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 385 |
| &nbsp;&nbsp;&nbsp;5.272%, 1/15/31 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 510 |
| Imperial Brands Finance plc 144A<br> 5.500%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 849 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.578%, 4/22/27 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.180%)<br> 5.539%, 2/24/28<sup>(3)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1515 |
| KeyCorp<br> 5.121%, 4/4/31 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 909 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1081 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 1385 | &nbsp;&nbsp; 1326 |
| MetLife, Inc. Series G<br> 3.850% <sup>(5)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 628 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;2.475%, 1/21/28 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp;5.123%, 2/1/29 | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1201 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 918 |
| NextEra Energy Capital Holdings, Inc.<br> 6.375%, 8/15/55 | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1151 |
| Northern Trust Corp.<br> 3.375%, 5/8/32 | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 671 |
| PNC Financial Services Group, Inc. (The)<br> 5.222%, 1/29/31 | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1124 |
| Prudential Financial, Inc.<br> 5.375%, 5/15/45 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 962 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.448%, 5/24/29<sup>(1)</sup> | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 1/9/30<sup>(1)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 672 |
| Rio Tinto Finance USA plc<br> 5.000%, 3/14/32 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 492 |
| Societe Generale S.A. 144A<br> 5.634%, 1/19/30<sup>(1)(6)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 570 |
| South Bow USA Infrastructure Holdings LLC 144A<br> 5.026%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 774 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.751%, 11/4/26 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;5.684%, 11/21/29 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;Series I<br> 6.700%<sup>(5)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 400 |
| Stellantis Finance U.S., Inc. 144A<br> 5.350%, 3/17/28<sup>(1)</sup> | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 305 |
| Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 6/13/25 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;3.700%, 8/4/26 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 299 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | $1020 | $992 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 900 |
| Truist Bank<br> 3.625%, 9/16/25 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 960 |
| Truist Financial Corp.<br> 7.161%, 10/30/29 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 657 |
| U.S. Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;5.046%, 2/12/31 | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;4.967%, 7/22/33 | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 472 |
| UBS AG<br> 5.650%, 9/11/28 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 620 |
| UBS Group AG 144A<br> 9.250% <sup>(1)(5)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 429 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%<sup>(5)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 441 |
| &nbsp;&nbsp;&nbsp;3.526%, 3/24/28 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 686 |
| &nbsp;&nbsp;&nbsp;6.303%, 10/23/29 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 768 |
| &nbsp;&nbsp;&nbsp;Series U<br> 5.875%<sup>(3)(5)(6)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 634 |
| Wrangler Holdco Corp. 144A<br> 6.625%, 4/1/32<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 280 |
|  |  | &nbsp;&nbsp; 52656 |
| **Health Care—1.6%** | **Health Care—1.6%** |  |
| Community Health Systems, Inc. 144A<br> 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 747 |
| CVS Health Corp.<br> 7.000%, 3/10/55 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 378 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 951 |
| HCA, Inc.<br> 5.450%, 4/1/31 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1051 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, 5/15/28 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 764 |
| &nbsp;&nbsp;&nbsp;6.250%, 2/1/29 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 453 |
| Royalty Pharma plc<br> 5.150%, 9/2/29 | &nbsp;&nbsp; 1030 | &nbsp;&nbsp; 1037 |
| Smith & Nephew plc<br> 2.032%, 10/14/30 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1092 |
| Universal Health Services, Inc.<br> 1.650%, 9/1/26 | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1153 |
| Viatris, Inc. 144A<br> 2.300%, 6/22/27<sup>(1)</sup> | &nbsp;&nbsp; —<sup>(2)</sup> | &nbsp;&nbsp; —<sup>(2)</sup> |
|  |  | &nbsp;&nbsp; 7626 |
| **Industrials—2.0%** | **Industrials—2.0%** |  |
| Air Canada 144A<br> 3.875%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 875 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 1074 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 215 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.259%, 5/1/27 | $320 | $329 |
| &nbsp;&nbsp;&nbsp;6.388%, 5/1/31 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 352 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(1)</sup> | &nbsp;&nbsp; 847 | &nbsp;&nbsp; 760 |
| Builders FirstSource, Inc. 144A<br> 4.250%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 322 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 964 |
| Hexcel Corp.<br> 4.200%, 2/15/27 | &nbsp;&nbsp; 1203 | &nbsp;&nbsp; 1188 |
| Huntington Ingalls Industries, Inc.<br> 2.043%, 8/16/28 | &nbsp;&nbsp; 1208 | &nbsp;&nbsp; 1102 |
| Quikrete Holdings, Inc. 144A<br> 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 96 |
| Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, 2/15/26 | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;6.050%, 4/15/28 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 401 |
| &nbsp;&nbsp;&nbsp;6.300%, 2/15/30 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 468 |
| TransDigm, Inc. 144A<br> 6.750%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 406 |
|  |  | &nbsp;&nbsp; 9420 |
| **Information Technology—1.0%** | **Information Technology—1.0%** |  |
| AppLovin Corp.<br> 5.125%, 12/1/29 | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 833 |
| Booz Allen Hamilton, Inc. 144A<br> 4.000%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1081 | &nbsp;&nbsp; 1016 |
| Broadcom, Inc.<br> 4.350%, 2/15/30 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1064 |
| Kyndryl Holdings, Inc.<br> 2.700%, 10/15/28 | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 643 |
| Oracle Corp.<br> 5.250%, 2/3/32 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 456 |
| Vontier Corp.<br> 2.400%, 4/1/28 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 761 |
|  |  | &nbsp;&nbsp; 4773 |
| **Materials—1.5%** | **Materials—1.5%** |  |
| Ardagh Packaging Finance plc 144A<br> 4.125%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1033 |
| Bayport Polymers LLC 144A<br> 4.743%, 4/14/27<sup>(1)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1182 |
| Berry Global, Inc.<br> 5.800%, 6/15/31 | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1044 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 607 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)(6)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 471 |
| Silgan Holdings, Inc. 144A<br> 1.400%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1038 | &nbsp;&nbsp; 1002 |
| Smurfit Kappa Treasury ULC 144A<br> 5.200%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 802 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Sonoco Products Co.<br> 4.600%, 9/1/29 | $1145 | $1129 |
|  |  | &nbsp;&nbsp;&nbsp; 7270 |
| **Real Estate—0.4%** | **Real Estate—0.4%** |  |
| EPR Properties<br> 4.950%, 4/15/28 | &nbsp;&nbsp; 735 | &nbsp;&nbsp;&nbsp; 728 |
| Office Properties Income Trust 144A<br> 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 219 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 698 |
|  |  | &nbsp;&nbsp;&nbsp; 2077 |
| **Utilities—1.7%** | **Utilities—1.7%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55 | &nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 399 |
| Algonquin Power & Utilities Corp.<br> 5.365%, 6/15/26<sup>(7)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 427 |
| American Electric Power Co., Inc.<br> 5.699%, 8/15/25 | &nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp; 967 |
| DPL, Inc.<br> 4.125%, 7/1/25 | &nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 146 |
| Electricite de France S.A. 144A<br> 5.700%, 5/23/28<sup>(1)</sup> | &nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 708 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 835 | &nbsp;&nbsp;&nbsp; 845 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 31 |
| National Grid plc<br> 5.602%, 6/12/28 | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 633 |
| NiSource, Inc.<br> 6.950%, 11/30/54 | &nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; 517 |
| Puget Energy, Inc.<br> 2.379%, 6/15/28 | &nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp; 765 |
| Southern California Edison Co.<br> 5.450%, 6/1/31 | &nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 679 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51 | &nbsp;&nbsp; 1640 | &nbsp;&nbsp;&nbsp; 1594 |
| Vistra Operations Co. LLC 144A<br> 6.875%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 464 |
|  |  | &nbsp;&nbsp;&nbsp; 8175 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $111,921)** | **Total Corporate Bonds and Notes<br> (Identified Cost $111,921)** | &nbsp;&nbsp;&nbsp;&nbsp;**111796** |
| **Leveraged Loans—6.9%** | **Leveraged Loans—6.9%** | **Leveraged Loans—6.9%** |
| **Aerospace—0.3%** | **Aerospace—0.3%** |  |
| American Airlines, Inc.<br> 0.000%, 4/20/28<sup>(3)(8)</sup> | &nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 321 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| Delta Air Lines, Inc. (3 month Term SOFR + 3.750%)<br> 8.043%, 10/20/27<sup>(3)</sup> | $204 | $206 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(3)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(3)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 182 |
| TransDigm, Inc. Tranche J (3 month Term SOFR + 2.500%)<br> 6.799%, 2/28/31<sup>(3)</sup> | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 465 |
|  |  | &nbsp;&nbsp; 1652 |
| **Chemicals—0.1%** | **Chemicals—0.1%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.575%, 2/18/30<sup>(3)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 441 |
| **Consumer Non-Durables—0.0%** | **Consumer Non-Durables—0.0%** |  |
| Energizer Holdings, Inc. 2025, Tranche B (1 month Term SOFR + 2.000%)<br> 6.319%, 3/13/32<sup>(3)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| **Energy—0.6%** | **Energy—0.6%** |  |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.302%, 10/15/31<sup>(3)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 394 |
| Freeport LNG Investments LLP 2025, Tranche B (3 month Term SOFR + 3.250%)<br> 7.543%, 12/21/28<sup>(3)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 385 |
| GIP Pilot Acquisition Partners LP (3 month Term SOFR + 2.000%)<br> 6.302%, 10/4/30<sup>(3)</sup> | &nbsp;&nbsp; 465 | &nbsp;&nbsp; 462 |
| Hilcorp Energy I LP Tranche B (1 month Term SOFR + 2.000%)<br> 6.322%, 2/5/30<sup>(3)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 160 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500%)<br> 7.799%, 11/6/31<sup>(3)</sup> | &nbsp;&nbsp; 562 | &nbsp;&nbsp; 563 |
| Oryx Midstream Services Permian Basin LLC Tranche B (1 month Term SOFR + 2.250%)<br> 6.569%, 10/5/28<sup>(3)</sup> | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 733 |
| Paragon Offshore Finance Co. (3 month LIBOR + 1.750%)<br> 3.750%, 7/16/21<sup>(4)(9)(10)</sup> | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Whitewater DBR Holdco LLC Tranche C (3 month Term SOFR + 2.250%)<br> 6.549%, 3/3/31<sup>(3)</sup> | $214 | $213 |
|  |  | &nbsp;&nbsp; 2910 |
| **Financials—0.6%** | **Financials—0.6%** |  |
| AL GCX Holdings LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/30/32<sup>(3)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 407 |
| AmWINS Group, Inc. (1 month Term SOFR + 2.250%)<br> 6.575%, 1/30/32<sup>(3)</sup> | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 465 |
| Citadel Securities LP 2024 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(3)</sup> | &nbsp;&nbsp; 1363 | &nbsp;&nbsp; 1361 |
| Finco I LLC 2024 (1 month Term SOFR + 2.250%)<br> 6.575%, 6/27/29<sup>(3)</sup> | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 123 |
| HUB International Ltd. 2025 (3 month Term SOFR + 2.500%)<br> 6.787%, 6/20/30<sup>(3)</sup> | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 451 |
|  |  | &nbsp;&nbsp; 2807 |
| **Food / Tobacco—0.3%** | **Food / Tobacco—0.3%** |  |
| Froneri International Ltd. Tranche B-4 (3-6 month Term SOFR + 2.000%)<br> 6.237%, 9/17/31<sup>(3)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 735 |
| JBT Marel Corp. (1 month Term SOFR + 2.250%)<br> 6.575% - 6.675%, 1/2/32<sup>(3)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 314 |
| Red SPV LLC (3 month Term SOFR + 2.250%)<br> 6.575%, 3/8/32<sup>(3)</sup> | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 357 |
|  |  | &nbsp;&nbsp; 1406 |
| **Forest Prod / Containers—0.1%** | **Forest Prod / Containers—0.1%** |  |
| TricorBraun, Inc.<br> 0.000%, 3/3/28<sup>(3)(8)</sup> | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 443 |
| **Gaming / Leisure—0.8%** | **Gaming / Leisure—0.8%** |  |
| Caesars Entertainment, Inc. Tranche B (3 month Term SOFR + 2.250%)<br> 6.563%, 2/6/30<sup>(3)</sup> | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 211 |
| Entain plc Tranche B-3 (3 month Term SOFR + 2.750%)<br> 7.053%, 10/31/29<sup>(3)</sup> | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 427 |
| Flutter Entertainment plc 2024, Tranche B (3 month Term SOFR + 1.750%)<br> 6.049%, 11/30/30<sup>(3)</sup> | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 579 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Life Time, Inc. 2024 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/5/31<sup>(3)</sup> | $424 | $423 |
| Playtika Holding Corp. Tranche B-1 (1 month Term SOFR + 2.864%)<br> 7.189%, 3/13/28<sup>(3)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 594 |
| Scientific Games International, Inc. Tranche B-2 (1 month Term SOFR + 2.250%)<br> 6.566%, 4/14/29<sup>(3)</sup> | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 360 |
| SeaWorld Parks & Entertainment, Inc. Tranche B-3 (1 month Term SOFR + 2.000%)<br> 6.325%, 12/4/31<sup>(3)</sup> | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 380 |
| UFC Holdings LLC Tranche B-4 (2 month Term SOFR + 2.250%)<br> 6.580%, 11/21/31<sup>(3)</sup> | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 706 |
|  |  | &nbsp;&nbsp; 3680 |
| **Health Care—0.5%** | **Health Care—0.5%** |  |
| CHG Healthcare Services, Inc. (2-3 month Term SOFR + 3.000%)<br> 7.299% - 7.313%, 9/29/28<sup>(3)</sup> | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 311 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.575%, 10/23/28<sup>(3)</sup> | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 764 |
| Opal U.S. LLC Tranche B<br> 0.000%, 3/31/32<sup>(3)(8)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
| Perrigo Investments LLC 2024, Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 4/20/29<sup>(3)</sup> | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 225 |
| Phoenix Guarantor, Inc. Tranche B-5 (1 month Term SOFR + 2.500%)<br> 6.825%, 2/21/31<sup>(3)</sup> | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 419 |
| Radnet Management, Inc. 2024 (3 month Term SOFR + 2.250%)<br> 6.568%, 4/18/31<sup>(3)</sup> | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 114 |
| Select Medical Corp. Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.325%, 12/3/31<sup>(3)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 378 |
|  |  | &nbsp;&nbsp; 2410 |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR + 2.250%)<br> 6.575%, 12/17/31<sup>(3)</sup> | &nbsp;&nbsp; 239 | &nbsp;&nbsp; 239 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| Quikrete Holdings, Inc. 2029, Tranche B (1 month Term SOFR + 2.250%)<br> 6.575%, 3/19/29<sup>(3)</sup> | $621 | $614 |
| Standard Industries, Inc. (1 month Term SOFR + 1.750%)<br> 6.069%, 9/22/28<sup>(3)</sup> | &nbsp;&nbsp; 204 | &nbsp;&nbsp; 204 |
|  |  | &nbsp;&nbsp; 1057 |
| **Information Technology—0.8%** | **Information Technology—0.8%** |  |
| Boost Newco Borrower LLC Tranche B-2 (3 month Term SOFR + 2.000%)<br> 6.299%, 1/31/31<sup>(3)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 476 |
| CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/23/32<sup>(3)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| Go Daddy Operating Company LLC Tranche B-8 (1 month Term SOFR + 1.750%)<br> 6.075%, 11/9/29<sup>(3)</sup> | &nbsp;&nbsp; 702 | &nbsp;&nbsp; 698 |
| Iron Mountain Information Management LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/31/31<sup>(3)</sup> | &nbsp;&nbsp; 1540 | &nbsp;&nbsp; 1529 |
| Thunder Generation Funding LLC Tranche B (3 month PRIME + 2.000%)<br> 9.500%, 10/3/31 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 229 |
| UKG, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.300%, 2/10/31<sup>(3)</sup> | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 650 |
|  |  | &nbsp;&nbsp; 3642 |
| **Manufacturing—0.4%** | **Manufacturing—0.4%** |  |
| Construction Partners, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 11/3/31<sup>(3)</sup> | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 490 |
| Gates Corp. Tranche B-5 (1 month Term SOFR + 1.750%)<br> 6.075%, 6/4/31<sup>(3)</sup> | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 587 |
| Igloo Holdings Corp. Tranche B<br> 0.000%, 2/20/32<sup>(3)(8)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 319 |
| Terex Corp. (3 month Term SOFR + 2.000%)<br> 6.299%, 10/8/31<sup>(3)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 395 |
|  |  | &nbsp;&nbsp; 1791 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.939%, 1/31/29<sup>(3)</sup> | $667 | $647 |
| **Media / Telecom - Cable/Wireless<br> Video—0.6%** | **Media / Telecom - Cable/Wireless<br> Video—0.6%** |  |
| Charter Communications Operating LLC Tranche B-5 (3 month Term SOFR + 2.250%)<br> 6.560%, 12/15/31<sup>(3)</sup> | &nbsp;&nbsp; 643 | &nbsp;&nbsp; 641 |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.575%, 9/18/30<sup>(3)</sup> | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 900 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.802%, 8/2/29<sup>(3)</sup> | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 513 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 0.000%, 1/31/28<sup>(3)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 641 |
|  |  | &nbsp;&nbsp; 2695 |
| **Media / Telecom - Diversified<br> Media—0.1%** | **Media / Telecom - Diversified<br> Media—0.1%** |  |
| EOC Borrower LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.319%, 3/24/32<sup>(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 150 |
| Formula One Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 9/30/31<sup>(3)(8)</sup> | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.000%)<br> 6.299%, 9/30/31<sup>(3)</sup> | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 292 |
|  |  | &nbsp;&nbsp; 588 |
| **Retail—0.2%** | **Retail—0.2%** |  |
| Burlington Coat Factory Warehouse Corp. Tranche B (1 month Term SOFR + 1.750%)<br> 6.075%, 9/19/31<sup>(3)</sup> | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 510 |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.500%)<br> 6.825%, 6/11/31<sup>(3)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 241 |
| Peer Holding III B.V. Tranche B (3 month Term SOFR + 2.500%)<br> 6.799%, 10/26/30<sup>(3)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 247 |
|  |  | &nbsp;&nbsp; 998 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—0.6%** | **Service—0.6%** |  |
| Amentum Holdings LLC (1 month Term SOFR + 2.250%)<br> 6.575%, 9/29/31<sup>(3)</sup> | $573 | $554 |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.799%, 11/23/28<sup>(3)</sup> | &nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp; 588 |
| Pike Corp. 2028 (1 month Term SOFR + 3.114%)<br> 7.439%, 1/21/28<sup>(3)</sup> | &nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp; 432 |
| Prime Security Services Borrower LLC Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/13/30<sup>(3)</sup> | &nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp; 549 |
| TransUnion Intermediate Holdings, Inc. Tranche B-9 (1 month Term SOFR + 1.750%)<br> 6.075%, 6/24/31<sup>(3)</sup> | &nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp; 522 |
|  |  | &nbsp;&nbsp;&nbsp; 2645 |
| **Transportation - Automotive—0.2%** | **Transportation - Automotive—0.2%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.052%, 10/16/31<sup>(3)</sup> | &nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp; 471 |
| Clarios Global LP (1 month Term SOFR + 2.750%)<br> 7.075%, 1/28/32<sup>(3)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 315 |
|  |  | &nbsp;&nbsp;&nbsp; 786 |
| **Utilities—0.4%** | **Utilities—0.4%** |  |
| Calpine Corp. Tranche B-10 (1 month Term SOFR + 1.750%)<br> 6.075%, 1/31/31<sup>(3)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 663 |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(3)(8)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 664 |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.573%, 1/27/31<sup>(3)</sup> | &nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp; 634 |
|  |  | &nbsp;&nbsp;&nbsp; 1961 |
| **Total Leveraged Loans<br> (Identified Cost $32,949)** | **Total Leveraged Loans<br> (Identified Cost $32,949)** | &nbsp;&nbsp;&nbsp;&nbsp; **32759** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Funds—0.9%** | **Affiliated Exchange-Traded Funds—0.9%** | **Affiliated Exchange-Traded Funds—0.9%** |
| **Financials—0.9%** | **Financials—0.9%** |  |
| Virtus Newfleet ABS/MBS ETF<sup>(11)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp; 2269 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Virtus Newfleet Short Duration High Yield Bond ETF<sup>(11)(12)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;103000 | $2230 |
|  |  | &nbsp;&nbsp;&nbsp; 4499 |
| **Total Affiliated Exchange-Traded Funds<br> (Identified Cost $4,521)** | **Total Affiliated Exchange-Traded Funds<br> (Identified Cost $4,521)** | &nbsp;&nbsp;&nbsp;&nbsp; **4499** |
| **Total Long-Term Investments—97.4%<br> (Identified Cost $464,363)** | **Total Long-Term Investments—97.4%<br> (Identified Cost $464,363)** | &nbsp;&nbsp;&nbsp;&nbsp;**462332** |
| **Short-Term Investment—0.3%** | **Short-Term Investment—0.3%** | **Short-Term Investment—0.3%** |
| **Money Market Mutual Fund—0.3%** | **Money Market Mutual Fund—0.3%** | **Money Market Mutual Fund—0.3%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(12)</sup> | 1445583 | &nbsp;&nbsp;&nbsp; 1446 |
| **Total Short-Term Investment<br> (Identified Cost $1,446)** | **Total Short-Term Investment<br> (Identified Cost $1,446)** | &nbsp;&nbsp;&nbsp;&nbsp; **1446** |
| **Securities Lending Collateral—0.6%** | **Securities Lending Collateral—0.6%** | **Securities Lending Collateral—0.6%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(12)(13)</sup> | 2747571 | &nbsp;&nbsp;&nbsp; 2748 |
| **Total Securities Lending Collateral<br> (Identified Cost $2,748)** | **Total Securities Lending Collateral<br> (Identified Cost $2,748)** | &nbsp;&nbsp;&nbsp;&nbsp; **2748** |
| **TOTAL INVESTMENTS—98.3%<br> (Identified Cost $468,557)** | **TOTAL INVESTMENTS—98.3%<br> (Identified Cost $468,557)** | &nbsp;&nbsp;**$466526** |
| Other assets and liabilities, net—1.7% | Other assets and liabilities, net—1.7% | &nbsp;&nbsp;&nbsp;&nbsp; 7859 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$474385** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MBS | Mortgage-Backed Securities |
| MSCI | Morgan Stanley Capital International |
| plc | Public Limited Company |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities amounted to a value of $286,514 or 60.4% of net assets. |
| <sup>(2)</sup> | Amount is less than $500 (not in thousands). |
| <sup>(3)</sup> | Variable rate security. Rate disclosed is as of March 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(4)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(5)</sup> | No contractual maturity date. |
| <sup>(6)</sup> | All or a portion of security is on loan. |
| <sup>(7)</sup> | Represents step coupon bond. Rate shown reflects the rate in effect as of March 31, 2025. |
| <sup>(8)</sup> | This loan will settle after March 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
| <sup>(9)</sup> | Security in default; no interest payments are being received. |
| <sup>(10)</sup> | At March 31, 2025, the one-, three-, and six-month reference rates are published by ICE Benchmark Administration under a synthetic methodology. See the Notes to Financial Statements regarding the risk disclosure. |
| <sup>(11)</sup> | Affiliated investment. See Note 3G in Notes to Financial Statements. |
| <sup>(12)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(13)</sup> | Represents security purchased with cash collateral received for securities on loan. |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;94% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Low Duration Core Plus Bond Fund

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

#### March 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$466526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$455552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2281 |

---

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

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

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **U.S. Government Securities—2.0%** | **U.S. Government Securities—2.0%** | **U.S. Government Securities—2.0%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.000%, 11/15/52 | $2140 | $1930 |
| &nbsp;&nbsp;&nbsp;3.625%, 5/15/53 | &nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp; 901 |
| &nbsp;&nbsp;&nbsp;4.250%, 2/15/54 | &nbsp;&nbsp; 4515 | &nbsp;&nbsp;&nbsp; 4254 |
| &nbsp;&nbsp;&nbsp;4.250%, 8/15/54 | &nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp; 953 |
| &nbsp;&nbsp;&nbsp;4.625%, 2/15/55 | &nbsp;&nbsp; 3800 | &nbsp;&nbsp;&nbsp; 3826 |
| U.S. Treasury Note<br> 4.000%, 2/15/34 | &nbsp;&nbsp; 3940 | &nbsp;&nbsp;&nbsp; 3887 |
| **Total U.S. Government Securities<br> (Identified Cost $15,832)** | **Total U.S. Government Securities<br> (Identified Cost $15,832)** | &nbsp;&nbsp;&nbsp;&nbsp; **15751** |
| **Foreign Government Securities—13.3%** | **Foreign Government Securities—13.3%** | **Foreign Government Securities—13.3%** |
| Abu Dhabi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.000%, 4/30/34<sup>(2)</sup> | &nbsp;&nbsp; 607 | &nbsp;&nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.125%, 9/30/49<sup>(2)</sup> | &nbsp;&nbsp; 1776 | &nbsp;&nbsp;&nbsp; 1213 |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 2/4/30<sup>(2)</sup> | &nbsp;&nbsp; 1325 | &nbsp;&nbsp;&nbsp; 1281 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 2/16/31<sup>(2)</sup> | &nbsp;&nbsp; 1314 | &nbsp;&nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 5/29/32<sup>(2)</sup> | &nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp; 653 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.500%, 1/31/47<sup>(2)</sup> | &nbsp;&nbsp; 1064 | &nbsp;&nbsp;&nbsp; 804 |
| Benin Government International Bond 144A<br> 7.960%, 2/13/38<sup>(2)(3)</sup> | &nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp; 1228 |
| Bolivarian Republic of Venezuela<br> 9.375%, 1/13/34<sup>(4)</sup> | &nbsp;&nbsp; 2011 | &nbsp;&nbsp;&nbsp; 465 |
| Bolivia Government RegS<br> 4.500%, 3/20/28<sup>(5)</sup> | &nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 106 |
| Brazil Notas do Tesouro Nacional Series F<br> 10.000%, 1/1/31 | &nbsp;&nbsp; 9400<sup>BRL</sup> | &nbsp;&nbsp;&nbsp; 1352 |
| Czech Republic Government Bond<br> 1.750%, 6/23/32 | &nbsp;&nbsp; 40000<sup>CZK</sup> | &nbsp;&nbsp;&nbsp; 1482 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 2/22/29<sup>(2)</sup> | &nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 237 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.875%, 9/23/32<sup>(2)</sup> | &nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.950%, 3/15/37<sup>(2)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; 662 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.150%, 2/24/55<sup>(2)</sup> | &nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp; 435 |
| Dubai Government International Bonds RegS<br> 3.900%, 9/9/50<sup>(5)</sup> | &nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp; 347 |
| Federal Republic of Ethiopia 144A<br> 6.625%, 12/11/25<sup>(2)(4)</sup> | &nbsp;&nbsp; 1183 | &nbsp;&nbsp;&nbsp; 1011 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 884 | &nbsp;&nbsp;&nbsp; 859 |
| &nbsp;&nbsp;&nbsp;7.125%, 5/13/54 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp;&nbsp; 1022 |
| Gaci First Investment Co. RegS<br> 4.875%, 2/14/35<sup>(5)</sup> | &nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp; 748 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Honduras Government |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 11/27/34<sup>(2)</sup> | $560 | $557 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.625%, 6/24/30<sup>(5)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 598 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.250%, 9/22/32<sup>(2)</sup> | &nbsp;&nbsp; 2423 | &nbsp;&nbsp; 2491 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 3/26/36<sup>(2)</sup> | &nbsp;&nbsp; 1033 | &nbsp;&nbsp; 987 |
| Islamic Republic of Pakistan 144A<br> 7.375%, 4/8/31<sup>(2)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 233 |
| Kingdom of Jordan 144A<br> 5.850%, 7/7/30<sup>(2)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1061 |
| Lebanon Government International Bond RegS<br> 7.000%, 3/23/32<sup>(4)(5)</sup> | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 160 |
| Malaysia Government Bond<br> 2.632%, 4/15/31 | &nbsp;&nbsp; 6970<sup>MYR</sup> | &nbsp;&nbsp; 1480 |
| Mex Bonos Desarr<br> 7.750%, 11/13/42 | &nbsp;&nbsp; 36100<sup>MXN</sup> | &nbsp;&nbsp; 1447 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.000%, 11/26/29<sup>(2)</sup> | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 4/14/32<sup>(2)</sup> | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 783 |
| &nbsp;&nbsp;&nbsp;144A<br> 9.125%, 11/26/49<sup>(2)</sup> | &nbsp;&nbsp; 541 | &nbsp;&nbsp; 415 |
| Republic of Argentina<br> 0.750%, 7/9/30<sup>(6)</sup> | &nbsp;&nbsp; 5737 | &nbsp;&nbsp; 4171 |
| Republic of Armenia 144A<br> 3.600%, 2/2/31<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 381 |
| Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, 1/13/37 | &nbsp;&nbsp; 1323 | &nbsp;&nbsp; 1345 |
| &nbsp;&nbsp;&nbsp;5.330%, 1/5/54<sup>(3)</sup> | &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 1278 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 3211 | &nbsp;&nbsp; 3233 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/7/36 | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp;3.875%, 2/15/61 | &nbsp;&nbsp; 958 | &nbsp;&nbsp; 499 |
| Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.900%, 7/31/30<sup>(5)(6)</sup> | &nbsp;&nbsp; 1806 | &nbsp;&nbsp; 1073 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.500%, 7/31/35<sup>(5)(6)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp; 104 |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 4/10/32<sup>(2)</sup> | &nbsp;&nbsp; 951 | &nbsp;&nbsp; 936 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.650%, 6/15/35<sup>(5)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.625%, 2/1/41<sup>(5)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 266 |
| Republic of Gabon |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.950%, 6/16/25<sup>(2)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 2/6/31<sup>(2)</sup> | &nbsp;&nbsp; 148 | &nbsp;&nbsp; 115 |
| Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 7/3/26<sup>(2)(7)</sup> | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.000%, 7/3/29<sup>(2)(6)</sup> | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 444 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 1/3/30<sup>(2)(7)</sup> | $28 | $22 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 7/3/26<sup>(5)(7)</sup> | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.000%, 7/3/29<sup>(5)(6)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 1/3/30<sup>(5)(7)</sup> | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.000%, 7/3/35<sup>(5)(6)</sup> | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 511 |
| Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.600%, 6/13/36<sup>(2)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.875%, 2/13/28<sup>(5)</sup> | &nbsp;&nbsp; 383 | &nbsp;&nbsp; 375 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;2.850%, 2/14/30 | &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp;4.750%, 9/10/34 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 560 |
| &nbsp;&nbsp;&nbsp;5.100%, 2/10/54<sup>(3)</sup> | &nbsp;&nbsp; 182 | &nbsp;&nbsp; 166 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.375%, 3/3/28<sup>(2)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.125%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; 971 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.075%, 4/1/36<sup>(2)</sup> | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 392 |
| Republic of Kenya |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 9.750%, 2/16/31<sup>(2)</sup> | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 218 |
| &nbsp;&nbsp;&nbsp;144A<br> 9.500%, 3/5/36<sup>(2)</sup> | &nbsp;&nbsp; 786 | &nbsp;&nbsp; 713 |
| Republic of Mozambique 144A<br> 9.000%, 9/15/31<sup>(2)(6)</sup> | &nbsp;&nbsp; 951 | &nbsp;&nbsp; 773 |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.143%, 2/23/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 772 | &nbsp;&nbsp; 696 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.375%, 9/28/33<sup>(2)</sup> | &nbsp;&nbsp; 1891 | &nbsp;&nbsp; 1592 |
| Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 3/17/28 | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 623 |
| &nbsp;&nbsp;&nbsp;3.870%, 7/23/60 | &nbsp;&nbsp; 2112 | &nbsp;&nbsp; 1138 |
| Republic of Paraguay RegS<br> 6.000%, 2/9/36<sup>(5)</sup> | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 492 |
| Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 1/15/34 | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1290 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/8/35 | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1003 |
| &nbsp;&nbsp;&nbsp;5.875%, 8/8/54 | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 403 |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 2/4/35 | &nbsp;&nbsp; 623 | &nbsp;&nbsp; 641 |
| &nbsp;&nbsp;&nbsp;4.750%, 3/5/35 | &nbsp;&nbsp; 1171 | &nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp;3.700%, 3/1/41 | &nbsp;&nbsp; 1565 | &nbsp;&nbsp; 1259 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;4.875%, 10/4/33 | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 1009 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/12/35 | &nbsp;&nbsp; 2529 | &nbsp;&nbsp; 2537 |
| Republic of Senegal RegS<br> 7.750%, 6/10/31<sup>(5)</sup> | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 445 |
| Republic of Serbia 144A<br> 6.500%, 9/26/33<sup>(2)</sup> | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 875 |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 6/22/30 | &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 1477 |
| &nbsp;&nbsp;&nbsp;5.650%, 9/27/47 | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;8.750%, 2/28/48 | &nbsp;&nbsp; 32300<sup>ZAR</sup> | &nbsp;&nbsp; 1365 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;144A<br> 7.100%, 11/19/36<sup>(2)</sup> | $2292 | $2224 |
| Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.000%, 4/15/28<sup>(2)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.100%, 1/15/30<sup>(2)(6)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.350%, 3/15/33<sup>(2)(6)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 6/15/35<sup>(2)(6)</sup> | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 2/15/38<sup>(2)(6)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 132 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 7/13/30 | &nbsp;&nbsp; 2073 | &nbsp;&nbsp; 2255 |
| &nbsp;&nbsp;&nbsp;7.625%, 5/15/34 | &nbsp;&nbsp; 2289 | &nbsp;&nbsp; 2300 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/17/45 | &nbsp;&nbsp; 953 | &nbsp;&nbsp; 800 |
| Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.750%, 6/30/33<sup>(2)(6)</sup> | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.500%, 12/31/53<sup>(2)</sup> | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 255 |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 6/18/50 | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2224 |
| &nbsp;&nbsp;&nbsp;4.975%, 4/20/55 | &nbsp;&nbsp; 801 | &nbsp;&nbsp; 715 |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 1/30/29<sup>(2)</sup> | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1222 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.125%, 1/17/33<sup>(2)</sup> | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 777 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.375%, 1/30/34<sup>(2)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 572 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.750%, 3/24/35<sup>(2)</sup> | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 642 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.625%, 1/13/35<sup>(2)</sup> | &nbsp;&nbsp; 2423 | &nbsp;&nbsp; 2487 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 10/26/46<sup>(2)</sup> | &nbsp;&nbsp; 3640 | &nbsp;&nbsp; 2981 |
| State of Qatar 144A<br> 3.750%, 4/16/30<sup>(2)</sup> | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 390 |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.950%, 1/14/31<sup>(2)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.400%, 6/26/34<sup>(2)</sup> | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.400%, 6/26/34<sup>(5)</sup> | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 1022 |
| UAE International Government Bond 144A<br> 4.050%, 7/7/32<sup>(2)</sup> | &nbsp;&nbsp; 1898 | &nbsp;&nbsp; 1847 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/29<sup>(2)(6)</sup> | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/30<sup>(2)(6)</sup> | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/34<sup>(2)(6)</sup> | &nbsp;&nbsp; 273 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/35<sup>(2)(6)</sup> | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 50 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/36<sup>(2)(6)</sup> | $12 | $6 |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/36<sup>(2)(6)</sup> | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/29<sup>(5)(6)</sup> | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/30<sup>(5)(6)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/34<sup>(5)(6)</sup> | &nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/35<sup>(5)(6)</sup> | &nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/35<sup>(5)(6)</sup> | &nbsp;&nbsp; 528 | &nbsp;&nbsp;&nbsp; 275 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/36<sup>(5)(6)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/36<sup>(5)(6)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;(N/A + 0.000%) 144A<br> 0.000%, 8/1/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 1041 | &nbsp;&nbsp;&nbsp; 750 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 5/13/30 | &nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp;3.500%, 2/12/34 | &nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp;6.350%, 2/9/35 | &nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp; 990 |
| &nbsp;&nbsp;&nbsp;6.875%, 5/13/37 | &nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp; 3793 |
| &nbsp;&nbsp;&nbsp;6.338%, 5/4/53 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp;6.400%, 5/7/54 | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 822 |
| Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.700%, 11/25/30<sup>(2)</sup> | &nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.900%, 2/28/32<sup>(2)</sup> | &nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp; 701 |
| **Total Foreign Government Securities<br> (Identified Cost $103,049)** | **Total Foreign Government Securities<br> (Identified Cost $103,049)** | &nbsp;&nbsp;&nbsp;&nbsp;**101865** |
| **Mortgage-Backed Securities—20.8%** | **Mortgage-Backed Securities—20.8%** | **Mortgage-Backed Securities—20.8%** |
| **Agency—4.6%** | **Agency—4.6%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SD3238<br> 5.500%, 12/1/52 | &nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;Pool #SD5594<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 5283 | &nbsp;&nbsp;&nbsp; 5283 |
| &nbsp;&nbsp;&nbsp;Pool #SD6322<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 5344 | &nbsp;&nbsp;&nbsp; 5120 |
| &nbsp;&nbsp;&nbsp;Pool #SD8289<br> 5.500%, 1/1/53 | &nbsp;&nbsp; 2067 | &nbsp;&nbsp;&nbsp; 2069 |
| &nbsp;&nbsp;&nbsp;Pool #SD8309<br> 6.000%, 3/1/53 | &nbsp;&nbsp; 3326 | &nbsp;&nbsp;&nbsp; 3383 |
| &nbsp;&nbsp;&nbsp;Pool #SD8317<br> 6.000%, 4/1/53 | &nbsp;&nbsp; 1058 | &nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp;Pool #SD8382<br> 5.000%, 12/1/53 | &nbsp;&nbsp; 6186 | &nbsp;&nbsp;&nbsp; 6076 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #CB6857<br> 4.500%, 8/1/53 | &nbsp;&nbsp; 2163 | &nbsp;&nbsp;&nbsp; 2072 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp; 888 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #FS7751<br> 4.000%, 3/1/53 | $5349 | $4991 |
| &nbsp;&nbsp;&nbsp;Pool #MA4785<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 1649 | &nbsp;&nbsp; 1621 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 1378 | &nbsp;&nbsp; 1321 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1265 |
|  |  | &nbsp;&nbsp; 35430 |
| **Non-Agency—16.2%** | **Non-Agency—16.2%** |  |
| A&D Mortgage Trust 2023-NQM3, A1 144A<br> 6.733%, 7/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 1908 |
| ADMT 2024-NQM6, A1 144A<br> 5.666%, 1/25/70<sup>(2)(8)</sup> | &nbsp;&nbsp; 1296 | &nbsp;&nbsp; 1298 |
| Ajax Mortgage Loan Trust 2022-B, A1 144A<br> 3.500%, 3/27/62<sup>(2)(8)</sup> | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1213 |
| American Homes 4 Rent Trust 2015-SFR2, C 144A<br> 4.691%, 10/17/52<sup>(2)</sup> | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 1008 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(2)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.177%, 10/17/38<sup>(2)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 514 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 3011 | &nbsp;&nbsp; 2968 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 4.750%, 9/26/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 3443 | &nbsp;&nbsp; 3413 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(2)(8)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(2)(8)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;2020-1, A3 144A<br> 3.328%, 3/25/55<sup>(2)</sup> | &nbsp;&nbsp; 1183 | &nbsp;&nbsp; 1055 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.239%, 3/15/37<sup>(2)(8)</sup> | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1777 |
| BBCMS Trust 2018-CBM, A (1 month Term SOFR + 1.297%, Cap N/A, Floor 1.250%) 144A<br> 5.617%, 7/15/37<sup>(2)(8)</sup> | &nbsp;&nbsp; 2296 | &nbsp;&nbsp; 2269 |
| BPR Trust 2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A<br> 6.217%, 4/15/37<sup>(2)(8)</sup> | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2201 |
| Bunker Hill Loan Depositary Trust 2019-2, A1 144A<br> 2.879%, 7/25/49<sup>(2)(8)</sup> | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 137 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| BX Commercial Mortgage Trust 2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.711%, 3/15/41<sup>(2)(8)</sup> | $1729 | $1732 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, B 144A<br> 3.605%, 12/9/41<sup>(2)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1048 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 3.944%, 12/9/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 3087 | &nbsp;&nbsp; 2830 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(2)</sup> | &nbsp;&nbsp; 1773 | &nbsp;&nbsp; 1794 |
| CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A<br> 6.939%, 9/15/38<sup>(2)(8)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1503 |
| Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-RPL1, A1 144A<br> 3.500%, 6/25/62<sup>(2)(8)</sup> | &nbsp;&nbsp; 2269 | &nbsp;&nbsp; 2100 |
| &nbsp;&nbsp;&nbsp;2024-RPL4, A1A 144A<br> 3.375%, 12/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 1692 | &nbsp;&nbsp; 1513 |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(2)(8)</sup> | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.749%, 12/25/45<sup>(2)(8)</sup> | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M4 144A<br> 3.749%, 12/25/45<sup>(2)(8)</sup> | &nbsp;&nbsp; 1486 | &nbsp;&nbsp; 1361 |
| CIM Trust 2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(2)(8)</sup> | &nbsp;&nbsp; 818 | &nbsp;&nbsp; 769 |
| Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A<br> 3.000%, 9/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 421 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.301%, 3/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 985 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.550%, 4/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 1251 | &nbsp;&nbsp; 1245 |
| &nbsp;&nbsp;&nbsp;2024-5, A1 144A<br> 5.123%, 8/25/69<sup>(2)(8)</sup> | &nbsp;&nbsp; 1499 | &nbsp;&nbsp; 1489 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-300P, A1 144A<br> 4.353%, 8/10/30<sup>(2)</sup> | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 1792 |
| &nbsp;&nbsp;&nbsp;2024-WCL1, B (1 month Term SOFR + 2.590%, Cap N/A, Floor 2.590%) 144A<br> 6.909%, 6/15/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 1930 | &nbsp;&nbsp; 1902 |
| CoreVest American Finance Trust 2019-3, C 144A<br> 3.265%, 10/15/52<sup>(2)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 229 |
| Credit Suisse Mortgage Capital Trust 2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(2)(8)</sup> | &nbsp;&nbsp; 1316 | &nbsp;&nbsp; 1177 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Deephaven Residential Mortgage Trust 2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(2)(8)</sup> | $266 | $239 |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(2)(8)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 539 |
| ELM Trust 2024-ELM, A10 144A<br> 5.414%, 6/10/39<sup>(2)(8)</sup> | &nbsp;&nbsp; 1719 | &nbsp;&nbsp; 1741 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 4.764%, 10/10/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 2870 | &nbsp;&nbsp; 2871 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(2)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 442 |
| Fontainebleau Miami Beach Mortgage Trust 2024-FBLU, A (1 month Term SOFR + 1.450%, Cap N/A, Floor 1.450%) 144A<br> 5.769%, 12/15/39<sup>(2)(8)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1099 |
| Galton Funding Mortgage Trust 2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 25 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 347 |
| Houston Galleria Mall Trust 2025-HGLR, A 144A<br> 5.462%, 2/5/45<sup>(2)(8)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1469 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.467%, 1/13/40<sup>(2)(8)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1526 |
| Imperial Fund Mortgage Trust 2022-NQM3, A1 144A<br> 4.380%, 5/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 1033 | &nbsp;&nbsp; 1021 |
| JP Morgan Seasoned Mortgage Trust Series 2024-1, A4 144A<br> 4.451%, 1/25/63<sup>(2)(8)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1288 |
| JPMorgan Chase Commercial Mortgage Securities Trust 2024-OMNI, A 144A<br> 5.797%, 10/5/39<sup>(2)(8)</sup> | &nbsp;&nbsp; 1885 | &nbsp;&nbsp; 1912 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-5, B2 144A<br> 2.681%, 10/25/29<sup>(2)(8)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, A3 144A<br> 5.947%, 2/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp;2025-CES2, A1 144A<br> 5.592%, 6/25/55<sup>(2)(9)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2002 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-RTL3, A1 144A<br> 8.150%, 11/25/27<sup>(2)(8)</sup> | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 766 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-RTL1, A1 144A<br> 7.017%, 1/25/29<sup>(2)(8)</sup> | $930 | $940 |
| MetLife Securitization Trust 2017-1A, M1 144A<br> 3.435%, 4/25/55<sup>(2)(8)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 378 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-INV1, A1 144A<br> 3.907%, 4/25/66<sup>(2)(8)</sup> | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp;2022-INV2, A1 144A<br> 4.950%, 7/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 2315 | &nbsp;&nbsp; 2304 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 1124 | &nbsp;&nbsp; 1085 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(2)(8)</sup> | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 1842 |
| &nbsp;&nbsp;&nbsp;2021-INV1, A1 144A<br> 0.852%, 1/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 57 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, M2 144A<br> 3.250%, 11/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 304 |
| &nbsp;&nbsp;&nbsp;2017-3, B1 144A<br> 3.250%, 1/25/61<sup>(2)(8)</sup> | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(2)(8)</sup> | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 705 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(2)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1348 |
| Morgan Stanley Residential Mortgage Loan Trust 2024-INV4, A1 144A<br> 6.000%, 9/25/54<sup>(2)(8)</sup> | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 898 |
| MSSG Trust 2017-237P, A 144A<br> 3.397%, 9/13/39<sup>(2)</sup> | &nbsp;&nbsp; 1951 | &nbsp;&nbsp; 1824 |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-3A, B1 144A<br> 4.000%, 9/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 1112 | &nbsp;&nbsp; 1079 |
| &nbsp;&nbsp;&nbsp;2016-4A, B1A 144A<br> 4.500%, 11/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 303 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1106 |
| &nbsp;&nbsp;&nbsp;2018-2A, A1 144A<br> 4.500%, 2/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 318 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 3.079%, 3/27/62<sup>(2)(8)</sup> | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 1318 |
| NYMT Loan Trust 2024-CP1, A1 144A<br> 3.750%, 2/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 2312 | &nbsp;&nbsp; 2136 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-NQM5, A1A 144A<br> 6.567%, 6/25/63<sup>(2)(8)</sup> | &nbsp;&nbsp; 1371 | &nbsp;&nbsp; 1386 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, A1 144A<br> 7.159%, 10/25/63<sup>(2)(8)</sup> | &nbsp;&nbsp; 2207 | &nbsp;&nbsp; 2250 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, A1 144A<br> 6.030%, 1/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 844 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, A1 144A<br> 5.400%, 2/25/55<sup>(2)(8)</sup> | &nbsp;&nbsp; 1719 | &nbsp;&nbsp; 1715 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 3.487%, 6/25/26<sup>(2)(8)</sup> | $134 | $133 |
| PMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-INV1, A2 144A<br> 6.000%, 10/25/59<sup>(2)(8)</sup> | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 1397 |
| &nbsp;&nbsp;&nbsp;2024-INV2, A1 144A<br> 6.000%, 12/25/59<sup>(2)(8)</sup> | &nbsp;&nbsp; 889 | &nbsp;&nbsp; 896 |
| PRET Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-RPL1, A1 144A<br> 3.900%, 10/25/63<sup>(2)(8)</sup> | &nbsp;&nbsp; 1467 | &nbsp;&nbsp; 1401 |
| &nbsp;&nbsp;&nbsp;2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(2)(8)</sup> | &nbsp;&nbsp; 1846 | &nbsp;&nbsp; 1851 |
| PRKCM Trust 2022-AFC1, A1A 144A<br> 4.100%, 4/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1384 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES1, A1A 144A<br> 6.515%, 6/25/43<sup>(2)(8)</sup> | &nbsp;&nbsp; 733 | &nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp;2023-CES2, A1A 144A<br> 6.808%, 9/25/43<sup>(2)(8)</sup> | &nbsp;&nbsp; 661 | &nbsp;&nbsp; 668 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(2)(8)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1511 |
| RIDE 2025-SHRE, B 144A<br> 5.438%, 2/14/47<sup>(2)(8)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1508 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(2)</sup> | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 766 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(2)</sup> | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 1645 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.480%, 6/25/43<sup>(8)</sup> | &nbsp;&nbsp; 111 | &nbsp;&nbsp; 107 |
| SG Residential Mortgage Trust 2021-1, A1 144A<br> 1.160%, 7/25/61<sup>(2)(8)</sup> | &nbsp;&nbsp; 2079 | &nbsp;&nbsp; 1681 |
| Starwood Mortgage Residential Trust 2021-5, A2 144A<br> 2.178%, 9/25/66<sup>(2)(8)</sup> | &nbsp;&nbsp; 2023 | &nbsp;&nbsp; 1736 |
| THPT Mortgage Trust 2023-THL, A 144A<br> 6.994%, 12/10/34<sup>(2)(8)</sup> | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1662 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 4.007%, 7/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 465 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(2)(8)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1121 |
| &nbsp;&nbsp;&nbsp;2017-4, A2 144A<br> 3.000%, 6/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 794 |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;2018-6, A2 144A<br> 3.750%, 3/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1731 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(2)(8)</sup> | &nbsp;&nbsp; 1798 | &nbsp;&nbsp; 1623 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 3.750%, 1/25/63<sup>(2)</sup> | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; 1431 |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 625 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Tricon American Homes Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-SFR1, C 144A<br> 3.149%, 3/17/38<sup>(2)</sup> | $610 | $599 |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(2)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 782 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 3.800%, 4/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 741 | &nbsp;&nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp;2022-6, A1 144A<br> 4.910%, 6/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 1940 | &nbsp;&nbsp;&nbsp; 1930 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(2)(8)</sup> | &nbsp;&nbsp; 2009 | &nbsp;&nbsp;&nbsp; 1999 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(2)(8)</sup> | &nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp; 1264 |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1R, A2 144A<br> 1.567%, 11/25/55<sup>(2)</sup> | &nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;2022-1, A2 144A<br> 5.850%, 8/25/57<sup>(2)(8)</sup> | &nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp; 819 |
|  |  | &nbsp;&nbsp;&nbsp;124319 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $161,270)** | **Total Mortgage-Backed Securities<br> (Identified Cost $161,270)** | &nbsp;&nbsp;&nbsp;&nbsp;**159749** |
| **Asset-Backed Securities—13.1%** | **Asset-Backed Securities—13.1%** | **Asset-Backed Securities—13.1%** |
| **Automobiles—5.0%** | **Automobiles—5.0%** |  |
| ACM Auto Trust 2023-2A, A 144A<br> 7.970%, 6/20/30<sup>(2)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 110 |
| Arivo Acceptance Auto Loan Receivables Trust 2024-1A, B 144A<br> 6.870%, 6/17/30<sup>(2)</sup> | &nbsp;&nbsp; 1510 | &nbsp;&nbsp;&nbsp; 1553 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-1A, D 144A<br> 3.340%, 8/20/26<sup>(2)</sup> | &nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; 1787 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-2A, C 144A<br> 6.180%, 10/20/27<sup>(2)</sup> | &nbsp;&nbsp; 2177 | &nbsp;&nbsp;&nbsp; 2188 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-3A, A 144A<br> 5.440%, 2/22/28<sup>(2)</sup> | &nbsp;&nbsp; 841 | &nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2024-1A, A 144A<br> 5.360%, 6/20/30<sup>(2)</sup> | &nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp; 1480 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2024-2A, D 144A<br> 7.430%, 10/20/28<sup>(2)</sup> | &nbsp;&nbsp; 1959 | &nbsp;&nbsp;&nbsp; 1968 |
| Bridgecrest Lending Auto Securitization Trust 2025-1, C<br> 5.150%, 12/17/29 | &nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp; 1691 |
| CPS Auto Receivables Trust 2023-D, C 144A<br> 7.170%, 1/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 1024 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 6.440%, 11/15/28<sup>(2)</sup> | $777 | $789 |
| &nbsp;&nbsp;&nbsp;2023-3A, C 144A<br> 6.400%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 494 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B<br> 5.610%, 9/15/27 | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 521 |
| &nbsp;&nbsp;&nbsp;2023-3A, D<br> 6.680%, 4/16/29 | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 941 |
| &nbsp;&nbsp;&nbsp;2024-5A, B<br> 4.480%, 4/16/29 | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 1805 |
| FHF Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.260%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.430%, 3/17/31<sup>(2)</sup> | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1704 |
| FHF Trust 2023-1A, A2 144A<br> 6.570%, 6/15/28<sup>(2)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 292 |
| Flagship Credit Auto Trust 2023-1, D 144A<br> 6.460%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1780 | &nbsp;&nbsp; 1790 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, E 144A<br> 3.200%, 10/16/28<sup>(2)</sup> | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 1913 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(2)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 810 |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 6.190%, 6/15/27<sup>(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 175 |
| Huntington Bank Auto Credit-Linked Notes 2024-1, B1 144A<br> 6.153%, 5/20/32<sup>(2)</sup> | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 793 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(2)</sup> | &nbsp;&nbsp; 221 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 7.300%, 6/17/30<sup>(2)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 799 |
| &nbsp;&nbsp;&nbsp;2023-2A, D 144A<br> 6.300%, 2/15/31<sup>(2)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 761 |
| Lendbuzz Securitization Trust 2024-3A, B 144A<br> 5.030%, 11/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1865 | &nbsp;&nbsp; 1871 |
| Merchants Fleet Funding LLC 2023-1A, A 144A<br> 7.210%, 5/20/36<sup>(2)</sup> | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 587 |
| OneMain Direct Auto Receivables Trust 2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(2)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1218 |
| SAFCO Auto Receivables Trust 2024-1A, C 144A<br> 6.960%, 1/18/30<sup>(2)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1221 |
| Tricolor Auto Securitization Trust 2023-1A, C 144A<br> 7.240%, 2/16/27<sup>(2)</sup> | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 347 |
| U.S. Bank N.A. 2023-1, B 144A<br> 6.789%, 8/25/32<sup>(2)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 522 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| United Auto Credit Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, C 144A<br> 6.280%, 7/10/28<sup>(2)</sup> | $344 | $344 |
| &nbsp;&nbsp;&nbsp;2023-1, D 144A<br> 8.000%, 7/10/28<sup>(2)</sup> | &nbsp;&nbsp; 1102 | &nbsp;&nbsp; 1111 |
| Veros Auto Receivables Trust 2024-1, C 144A<br> 7.570%, 12/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1650 |
| Westlake Automobile Receivables Trust 2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 1886 |
|  |  | &nbsp;&nbsp; 38353 |
| **Consumer Loans—0.7%** | **Consumer Loans—0.7%** |  |
| ACHV ABS Trust 2024-1PL, A 144A<br> 5.900%, 4/25/31<sup>(2)</sup> | &nbsp;&nbsp; 501 | &nbsp;&nbsp; 505 |
| Affirm Asset Securitization Trust 2023-B, A 144A<br> 6.820%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1172 | &nbsp;&nbsp; 1181 |
| BHG Securitization Trust 2021-B, D 144A<br> 3.170%, 10/17/34<sup>(2)</sup> | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 819 |
| Marlette Funding Trust 2023-2A, B 144A<br> 6.540%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 391 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 7.330%, 2/18/31<sup>(2)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(2)</sup> | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1582 |
| Upstart Pass-Through Trust Series 2021-ST2, A 144A<br> 2.500%, 4/20/27<sup>(2)</sup> | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 |
|  |  | &nbsp;&nbsp; 5184 |
| **Credit Card—0.2%** | **Credit Card—0.2%** |  |
| Mercury Financial Credit Card Master Trust 2024-2A, A 144A<br> 6.560%, 7/20/29<sup>(2)</sup> | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1450 |
| Mission Lane Credit Card Master Trust 2023-B, A 144A<br> 7.690%, 11/15/28<sup>(2)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 572 |
|  |  | &nbsp;&nbsp; 2022 |
| **Equipment—0.3%** | **Equipment—0.3%** |  |
| Auxilior Term Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 7.270%, 12/16/30<sup>(2)</sup> | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.690%, 7/15/31<sup>(2)</sup> | &nbsp;&nbsp; 1520 | &nbsp;&nbsp; 1547 |
|  |  | &nbsp;&nbsp; 2326 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Other—6.9%** | **Other—6.9%** |  |
| Affirm Asset Securitization Trust 2024-B, A 144A<br> 4.620%, 9/15/29<sup>(2)</sup> | $450 | $449 |
| Applebee's Funding LLC 2023-1A, A2 144A<br> 7.824%, 3/5/53<sup>(2)</sup> | &nbsp;&nbsp; 1926 | &nbsp;&nbsp; 1980 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(2)</sup> | &nbsp;&nbsp; 481 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp;2024-A, B 144A<br> 5.060%, 4/18/50<sup>(2)</sup> | &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1784 |
| BHG Securitization Trust 2024-1CON, A 144A<br> 5.810%, 4/17/35<sup>(2)</sup> | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 735 |
| Bojangles Issuer LLC 2024-1A, A2 144A<br> 6.584%, 11/20/54<sup>(2)</sup> | &nbsp;&nbsp; 1835 | &nbsp;&nbsp; 1842 |
| Business Jet Securities LLC 2024-2A, A 144A<br> 5.364%, 9/15/39<sup>(2)</sup> | &nbsp;&nbsp; 1532 | &nbsp;&nbsp; 1522 |
| CCG Receivables Trust 2023-1, A2 144A<br> 5.820%, 9/16/30<sup>(2)</sup> | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 312 |
| Commercial Equipment Finance LLC 2024-1A, A 144A<br> 5.970%, 7/16/29<sup>(2)</sup> | &nbsp;&nbsp; 1063 | &nbsp;&nbsp; 1073 |
| Dext ABS LLC 2023-1, A2 144A<br> 5.990%, 3/15/32<sup>(2)</sup> | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 393 |
| Elara HGV Timeshare Issuer LLC 2023-A, A 144A<br> 6.160%, 2/25/38<sup>(2)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 597 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 5.750%, 4/25/51<sup>(2)</sup> | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 717 |
| Foundation Finance Trust 2023-2A, A 144A<br> 6.530%, 6/15/49<sup>(2)</sup> | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 642 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(2)</sup> | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 458 |
| Jack in the Box Funding LLC 2022-1A, A2I 144A<br> 3.445%, 2/26/52<sup>(2)</sup> | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1658 |
| Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(2)</sup> | &nbsp;&nbsp; 612 | &nbsp;&nbsp; 605 |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 5.636%, 2/15/55<sup>(2)</sup> | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1918 |
| Libra Solutions LLC 2024-1A, A 144A<br> 5.880%, 9/30/38<sup>(2)</sup> | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1719 |
| MetroNet Infrastructure Issuer LLC 2024-1A, A2 144A<br> 6.230%, 4/20/54<sup>(2)</sup> | &nbsp;&nbsp; 1754 | &nbsp;&nbsp; 1794 |
| Momnt Technologies Trust 2023-1A, A 144A<br> 6.920%, 3/20/45<sup>(2)</sup> | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 432 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Other—continued** | **Other—continued** |  |
| MVW LLC 2024-1A, A 144A<br> 5.320%, 2/20/43<sup>(2)</sup> | $1191 | $1207 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 916 |
| Octane Receivables Trust 2023-3A, C 144A<br> 6.740%, 8/20/29<sup>(2)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 801 |
| Oportun Issuance Trust 2024-2, B 144A<br> 5.830%, 2/9/32<sup>(2)</sup> | &nbsp;&nbsp; 1810 | &nbsp;&nbsp; 1819 |
| Pawneee Equipment Receivables LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(2)</sup> | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1399 |
| Planet Fitness Master Issuer LLC 2024-1A, A2I 144A<br> 5.765%, 6/5/54<sup>(2)</sup> | &nbsp;&nbsp; 1731 | &nbsp;&nbsp; 1749 |
| PowerPay Issuance Trust 2024-1A, A 144A<br> 6.530%, 2/18/39<sup>(2)</sup> | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 817 |
| PRET LLC 2024-NPL4, A1 144A<br> 6.996%, 7/25/54<sup>(2)(8)</sup> | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 569 |
| Purchasing Power Funding LLC 2024-A, B 144A<br> 6.430%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1598 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES3, A1A 144A<br> 7.113%, 11/25/43<sup>(2)(8)</sup> | &nbsp;&nbsp; 1457 | &nbsp;&nbsp; 1480 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 6.025%, 2/25/44<sup>(2)(8)</sup> | &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 1030 |
| Retained Vantage Data Centers Issuer LLC 2024-1A, A2 144A<br> 4.992%, 9/15/49<sup>(2)</sup> | &nbsp;&nbsp; 2160 | &nbsp;&nbsp; 2122 |
| Sierra Timeshare Receivables Funding LLC 2023-2A, B 144A<br> 6.280%, 4/20/40<sup>(2)</sup> | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 340 |
| Subway Funding LLC 2024-1A, A2II 144A<br> 6.268%, 7/30/54<sup>(2)</sup> | &nbsp;&nbsp; 1835 | &nbsp;&nbsp; 1862 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.436%, 6/25/54<sup>(2)</sup> | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1915 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 5.036%, 3/25/55<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 386 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(2)</sup> | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; 1638 |
| TIC Home Improvement Trust 2024-A, A 144A<br> 6.670%, 10/15/46<sup>(2)</sup> | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 861 |
| Towd Point Mortgage Trust 2024-CES1, A1A 144A<br> 5.848%, 1/25/64<sup>(2)(8)</sup> | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1290 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Trafigura Securitisation Finance plc 2024-1A, A2 144A<br> 5.980%, 11/15/27<sup>(2)</sup> | $1400 | $1425 |
| TSC SPV Funding LLC 2024-1A, A2 144A<br> 6.291%, 8/20/54<sup>(2)</sup> | &nbsp;&nbsp; 1546 | &nbsp;&nbsp;&nbsp; 1541 |
| USQ Rail III LLC 2024-1A, A 144A<br> 4.990%, 9/28/54<sup>(2)</sup> | &nbsp;&nbsp; 1738 | &nbsp;&nbsp;&nbsp; 1704 |
| Verizon Master Trust 2024-1, A1A<br> 5.000%, 12/20/28 | &nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp; 1530 |
| VFI ABS LLC 2023-1A, A 144A<br> 7.270%, 3/26/29<sup>(2)</sup> | &nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 269 |
| Westgate Resorts LLC 2024-1A, A 144A<br> 6.060%, 1/20/38<sup>(2)</sup> | &nbsp;&nbsp; 938 | &nbsp;&nbsp;&nbsp; 951 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(2)</sup> | &nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 790 |
|  |  | &nbsp;&nbsp;&nbsp; 53100 |
| **Total Asset-Backed Securities<br> (Identified Cost $100,358)** | **Total Asset-Backed Securities<br> (Identified Cost $100,358)** | &nbsp;&nbsp;&nbsp;&nbsp;**100985** |
| **Corporate Bonds and Notes—35.7%** | **Corporate Bonds and Notes—35.7%** | **Corporate Bonds and Notes—35.7%** |
| **Communication Services—2.1%** | **Communication Services—2.1%** |  |
| Altice France Holding S.A. 144A<br> 6.000%, 2/15/28<sup>(2)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 193 |
| Altice France S.A. 144A<br> 5.125%, 7/15/29<sup>(2)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp; 572 |
| CCO Holdings LLC 144A<br> 4.750%, 3/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1985 | &nbsp;&nbsp;&nbsp; 1841 |
| CMG Media Corp. 144A<br> 8.875%, 6/18/29<sup>(2)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 2156 |
| CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 4/1/28<sup>(2)</sup> | &nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 502 |
| &nbsp;&nbsp;&nbsp;144A 11.750%, 1/31/29<sup>(2)</sup> | &nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp; 1338 |
| DIRECTV Financing LLC 144A<br> 8.875%, 2/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp; 992 |
| Gray Media, Inc. 144A<br> 7.000%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp;&nbsp; 951 |
| Hughes Satellite Systems Corp.<br> 6.625%, 8/1/26<sup>(3)</sup> | &nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp; 1258 |
| IHS Holding Ltd. 144A<br> 8.250%, 11/29/31<sup>(2)</sup> | &nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp; 374 |
| Level 3 Financing, Inc. 144A<br> 3.625%, 1/15/29<sup>(2)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp; 394 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(2)</sup> | &nbsp;&nbsp; 1960 | &nbsp;&nbsp;&nbsp; 1389 |
| Rackspace Technology Global, Inc. 144A<br> 5.375%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; 139 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Communication Services—continued** | **Communication Services—continued** |  |
| Sinclair Television Group, Inc. 144A<br> 8.125%, 2/15/33<sup>(2)</sup> | $195 | $192 |
| Snap, Inc. 144A<br> 6.875%, 3/1/33<sup>(2)</sup> | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 975 |
| Sprint Capital Corp.<br> 8.750%, 3/15/32 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 776 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(2)</sup> | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 157 |
| Turkcell Iletisim Hizmetleri AS 144A<br> 7.650%, 1/24/32<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 455 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(2)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1175 |
|  |  | &nbsp;&nbsp; 15829 |
| **Consumer Discretionary—1.9%** | **Consumer Discretionary—1.9%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1165 |
| Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 8/11/32<sup>(2)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 618 |
| &nbsp;&nbsp;&nbsp;144A 5.800%, 4/15/34<sup>(2)</sup> | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 895 |
| Ashton Woods USA LLC 144A<br> 4.625%, 4/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1148 |
| Carnival Corp. 144A<br> 7.625%, 3/1/26<sup>(2)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 610 |
| Churchill Downs, Inc. 144A<br> 6.750%, 5/1/31<sup>(2)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 519 |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Ford Motor Co.<br> 4.750%, 1/15/43 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 360 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350%, 3/6/30 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp;6.054%, 11/5/31 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 294 |
| Great Canadian Gaming Corp. 144A<br> 8.750%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 347 |
| Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.650%, 3/15/35 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 762 |
| &nbsp;&nbsp;&nbsp;144A 3.875%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1377 | &nbsp;&nbsp; 1311 |
| Newell Brands, Inc.<br> 6.625%, 9/15/29 | &nbsp;&nbsp; 892 | &nbsp;&nbsp; 894 |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 535 | &nbsp;&nbsp; 556 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(2)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 627 |
| PetSmart, Inc. 144A<br> 7.750%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1433 | &nbsp;&nbsp; 1316 |
| Prime Security Services Borrower LLC 144A<br> 6.250%, 1/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1131 |
| Wayfair LLC 144A<br> 7.250%, 10/31/29<sup>(2)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(2)</sup> | $1105 | $1045 |
|  |  | &nbsp;&nbsp; 14564 |
| **Consumer Staples—1.2%** | **Consumer Staples—1.2%** |  |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 737 |
| Herbalife Nutrition Ltd. 144A<br> 7.875%, 9/1/25<sup>(2)(3)</sup> | &nbsp;&nbsp; 1407 | &nbsp;&nbsp; 1406 |
| Kronos Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 6/30/31<sup>(2)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp;144A 10.750%, 6/30/32<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 757 |
| Philip Morris International, Inc.<br> 4.900%, 11/1/34 | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1435 |
| Pilgrim's Pride Corp.<br> 6.250%, 7/1/33 | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1558 |
| Post Holdings, Inc. 144A<br> 6.375%, 3/1/33<sup>(2)</sup> | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1603 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(2)</sup> | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 927 |
|  |  | &nbsp;&nbsp; 9221 |
| **Energy—6.9%** | **Energy—6.9%** |  |
| Alliance Resource Operating Partners LP 144A<br> 8.625%, 6/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1179 |
| Ascent Resources Utica Holdings LLC 144A<br> 8.250%, 12/31/28<sup>(2)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 811 |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 399 |
| BP Capital Markets plc<br> 4.875% <sup>(10)</sup> | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 1970 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 517 |
| Columbia Pipelines Operating Co. LLC 144A<br> 6.036%, 11/15/33<sup>(2)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1311 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(2)</sup> | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; 1208 |
| CrownRock LP 144A<br> 5.000%, 5/1/29<sup>(2)(3)</sup> | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 467 |
| CVR Energy, Inc. 144A<br> 8.500%, 1/15/29<sup>(2)</sup> | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 902 |
| Ecopetrol S.A.<br> 4.625%, 11/2/31 | &nbsp;&nbsp; 539 | &nbsp;&nbsp; 449 |
| Energean Israel Finance Ltd. 144A, RegS<br> 5.875%, 3/30/31<sup>(2)(5)</sup> | &nbsp;&nbsp; 323 | &nbsp;&nbsp; 297 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(10)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;Series H<br> 6.500%<sup>(10)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 659 |
| Flex Intermediate Holdco LLC 144A<br> 3.363%, 6/30/31<sup>(2)</sup> | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 1892 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Genesis Energy LP<br> 8.875%, 4/15/30 | $1545 | $1605 |
| Geopark Ltd. 144A<br> 8.750%, 1/31/30<sup>(2)</sup> | &nbsp;&nbsp; 462 | &nbsp;&nbsp; 435 |
| Harbour Energy plc 144A<br> 6.327%, 4/1/35<sup>(2)</sup> | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1548 |
| Helix Energy Solutions Group, Inc. 144A<br> 9.750%, 3/1/29<sup>(2)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 747 |
| HF Sinclair Corp.<br> 6.250%, 1/15/35 | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 1945 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 2/1/29<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 469 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 2/1/31<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 452 |
| &nbsp;&nbsp;&nbsp;144A 7.250%, 2/15/35<sup>(2)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 759 |
| International Petroleum Corp. 144A, RegS<br> 7.250%, 2/1/27<sup>(2)(5)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1204 |
| KazMunayGas National Co. JSC 144A<br> 6.375%, 10/24/48<sup>(2)</sup> | &nbsp;&nbsp; 426 | &nbsp;&nbsp; 397 |
| Kimmeridge Texas Gas LLC 144A<br> 8.500%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 844 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1176 |
| Leviathan Bond Ltd. 144A, RegS<br> 6.750%, 6/30/30<sup>(2)(5)</sup> | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 302 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(2)</sup> | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1547 |
| Mesquite Energy, Inc. 144A<br> 7.250%, 7/15/25<sup>(2)(9)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 6 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1701 |
| Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.550%, 10/1/34 | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 869 |
| &nbsp;&nbsp;&nbsp;6.200%, 3/15/40 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 856 |
| Pertamina Persero PT |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.300%, 2/9/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 2665 | &nbsp;&nbsp; 2273 |
| &nbsp;&nbsp;&nbsp;144A 6.450%, 5/30/44<sup>(2)</sup> | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 384 |
| Petroleos de Venezuela S.A. 144A<br> 6.000%, 5/16/24<sup>(2)(4)</sup> | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 216 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 2507 | &nbsp;&nbsp; 2442 |
| &nbsp;&nbsp;&nbsp;5.350%, 2/12/28 | &nbsp;&nbsp; 2493 | &nbsp;&nbsp; 2310 |
| &nbsp;&nbsp;&nbsp;8.750%, 6/2/29 | &nbsp;&nbsp; 1266 | &nbsp;&nbsp; 1260 |
| &nbsp;&nbsp;&nbsp;5.950%, 1/28/31 | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp;6.700%, 2/16/32 | &nbsp;&nbsp; 988 | &nbsp;&nbsp; 867 |
| Petronas Capital Ltd. 144A<br> 3.500%, 4/21/30<sup>(2)</sup> | &nbsp;&nbsp; 1142 | &nbsp;&nbsp; 1076 |
| QatarEnergy 144A<br> 2.250%, 7/12/31<sup>(2)</sup> | &nbsp;&nbsp; 2349 | &nbsp;&nbsp; 2026 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.500%, 3/1/55<sup>(2)</sup> | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1776 |
| Teine Energy Ltd. 144A<br> 6.875%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 406 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Transcanada Trust<br> 5.600%, 3/7/82 | $1315 | $1229 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 171 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 2/15/30<sup>(2)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 332 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 5/15/31<sup>(2)</sup> | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 598 |
| Venture Global Calcasieu Pass LLC 144A<br> 4.125%, 8/15/31<sup>(2)</sup> | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 441 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.000%<sup>(2)(10)</sup> | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1257 |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 2/1/32<sup>(2)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1221 |
| Viper Energy, Inc. 144A<br> 7.375%, 11/1/31<sup>(2)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 120 |
| Western Midstream Operating LP<br> 5.250%, 2/1/50 | &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1377 |
| Williams Cos., Inc. (The)<br> 5.150%, 3/15/34 | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1411 |
| YPF S.A. 144A<br> 9.500%, 1/17/31<sup>(2)</sup> | &nbsp;&nbsp; 353 | &nbsp;&nbsp; 368 |
|  |  | &nbsp;&nbsp; 53400 |
| **Financials—12.6%** | **Financials—12.6%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 2/1/29<sup>(2)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 8/1/29<sup>(2)</sup> | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 1025 |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;3.300%, 1/30/32 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 567 |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 577 | &nbsp;&nbsp; 591 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56 | &nbsp;&nbsp; 775 | &nbsp;&nbsp; 768 |
| Allianz SE |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.350%, 9/6/53<sup>(2)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp;144A 5.600%, 9/3/54<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 442 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.523%, 8/15/53<sup>(8)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1151 |
| Ally Financial, Inc.<br> 5.543%, 1/17/31 | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1448 |
| Altice Financing S.A. 144A<br> 5.000%, 1/15/28<sup>(2)</sup> | &nbsp;&nbsp; 2260 | &nbsp;&nbsp; 1696 |
| American Express Co.<br> 5.625%, 7/28/34 | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 2173 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29 | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1619 |
| Apollo Global Management, Inc.<br> 6.000%, 12/15/54 | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1497 |
| Ascot Group Ltd. 144A<br> 4.250%, 12/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 875 |
| Aston Martin Capital Holdings Ltd. 144A<br> 10.000%, 3/31/29<sup>(2)</sup> | &nbsp;&nbsp; 1690 | &nbsp;&nbsp; 1528 |
| Avolon Holdings Funding Ltd. 144A<br> 5.750%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 922 |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.125%, 7/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1337 | &nbsp;&nbsp; 1328 |
| &nbsp;&nbsp;&nbsp;RegS 3.125%, 7/1/30<sup>(5)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 236 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Banco de Credito e Inversiones S.A. 144A<br> 8.750% <sup>(2)(10)</sup> | $496 | $527 |
| Banco Mercantil del Norte S.A. 144A<br> 6.625% <sup>(2)(10)</sup> | &nbsp;&nbsp; 419 | &nbsp;&nbsp; 375 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.288%, 4/25/34 | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1512 |
| &nbsp;&nbsp;&nbsp;5.425%, 8/15/35 | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 901 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(10)</sup> | &nbsp;&nbsp; 795 | &nbsp;&nbsp; 790 |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 1245 | &nbsp;&nbsp; 1390 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(2)</sup> | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 382 |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 7/16/29 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp;6.000%, 1/29/32 | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 773 |
| Block, Inc. 144A<br> 6.500%, 5/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1116 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 357 |
| Blue Owl Finance LLC<br> 3.125%, 6/10/31 | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1163 |
| BNSF Funding Trust I<br> 6.613%, 12/15/55 | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1094 |
| BPCE S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.003%, 10/19/34<sup>(2)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1198 |
| &nbsp;&nbsp;&nbsp;144A 6.915%, 1/14/46<sup>(2)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 244 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(2)</sup> | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 639 |
| Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2.359%, 7/29/32 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 591 |
| &nbsp;&nbsp;&nbsp;6.377%, 6/8/34 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 1003 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.136%, 8/24/34 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp;Series H<br> 4.000%<sup>(10)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 638 |
| Chobani Holdco II LLC 144A<br> 8.750%, 10/1/29<sup>(2)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.270%, 11/17/33 | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 1045 |
| &nbsp;&nbsp;&nbsp;6.174%, 5/25/34 | &nbsp;&nbsp; 719 | &nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(10)</sup> | &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1763 |
| Clydesdale Acquisition Holdings, Inc. 144A<br> 6.750%, 4/15/32<sup>(2)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 50 |
| Corebridge Financial, Inc.<br> 6.375%, 9/15/54 | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 1494 |
| DAE Funding LLC 144A<br> 3.375%, 3/20/28<sup>(2)</sup> | &nbsp;&nbsp; 1072 | &nbsp;&nbsp; 1019 |
| Deutsche Bank AG<br> 5.403%, 9/11/35 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1228 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(2)</sup> | $970 | $951 |
| Endo Finance Holdings, Inc. 144A<br> 8.500%, 4/15/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1569 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1552 |
| Fifth Third Bancorp<br> 4.337%, 4/25/33 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 909 |
| FS Luxembourg S.a.r.l. 144A<br> 8.875%, 2/12/31<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 463 |
| Global Atlantic Fin Co. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp;144A 7.950%, 10/15/54<sup>(2)</sup> | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 342 |
| Goldman Sachs Group, Inc. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.851%, 4/25/35 | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 987 |
| &nbsp;&nbsp;&nbsp;6.450%, 5/1/36 | &nbsp;&nbsp; 355 | &nbsp;&nbsp; 376 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(2)</sup> | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 739 |
| Gulfport Energy Operating Corp. 144A<br> 6.750%, 9/1/29<sup>(2)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 497 |
| HA Sustainable Infrastructure Capital, Inc. 144A<br> 6.375%, 7/1/34<sup>(2)</sup> | &nbsp;&nbsp; 1696 | &nbsp;&nbsp; 1676 |
| HUB International Ltd. 144A<br> 7.375%, 1/31/32<sup>(2)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.709%, 2/2/35 | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;6.141%, 11/18/39 | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 1002 |
| Icon Investments Six DAC<br> 6.000%, 5/8/34 | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1730 |
| ION Trading Technologies S.a.r.l. 144A<br> 9.500%, 5/30/29<sup>(2)</sup> | &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 1752 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.717%, 9/14/33 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp;5.350%, 6/1/34 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 610 |
| &nbsp;&nbsp;&nbsp;6.254%, 10/23/34 | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 881 |
| KeyCorp |  |  |
| &nbsp;&nbsp;&nbsp;4.789%, 6/1/33 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 652 |
| &nbsp;&nbsp;&nbsp;6.401%, 3/6/35 | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 438 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(2)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1168 |
| Melco Resorts Finance Ltd. 144A<br> 5.375%, 12/4/29<sup>(2)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 626 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 680 |
| MetLife, Inc. Series G<br> 3.850% <sup>(10)</sup> | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1003 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(2)</sup> | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1041 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;6.342%, 10/18/33 | $710 | $762 |
| &nbsp;&nbsp;&nbsp;5.250%, 4/21/34 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 570 |
| &nbsp;&nbsp;&nbsp;5.424%, 7/21/34 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;5.948%, 1/19/38 | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 356 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1431 | &nbsp;&nbsp; 1324 |
| National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%)<br> 7.459%, 4/30/43<sup>(8)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 450 |
| Nationstar Mortgage Holdings, Inc. 144A<br> 5.750%, 11/15/31<sup>(2)</sup> | &nbsp;&nbsp; 970 | &nbsp;&nbsp; 970 |
| NatWest Group plc<br> 6.475%, 6/1/34 | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1235 |
| NCR Atleos Corp. 144A<br> 9.500%, 4/1/29<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 553 |
| NewCo Holding USD 20 S.a.r.l. 144A<br> 9.375%, 11/7/29<sup>(2)</sup> | &nbsp;&nbsp; 334 | &nbsp;&nbsp; 338 |
| NextEra Energy Capital Holdings, Inc.<br> 6.500%, 8/15/55 | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1147 |
| Nippon Life Insurance Co. 144A<br> 6.250%, 9/13/53<sup>(2)</sup> | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 1387 |
| Northern Trust Corp.<br> 3.375%, 5/8/32 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 580 |
| OneMain Finance Corp.<br> 7.125%, 11/15/31 | &nbsp;&nbsp; 1575 | &nbsp;&nbsp; 1584 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(2)</sup> | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 102 |
| PNC Financial Services Group, Inc. (The)<br> 5.575%, 1/29/36 | &nbsp;&nbsp; 1945 | &nbsp;&nbsp; 1980 |
| Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 3/1/52 | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 327 |
| &nbsp;&nbsp;&nbsp;6.750%, 3/1/53 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 584 |
| &nbsp;&nbsp;&nbsp;6.500%, 3/15/54 | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 621 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1241 |
| Saks Global Enterprises LLC 144A<br> 11.000%, 12/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1069 |
| Societe Generale S.A. 144A<br> 6.066%, 1/19/35<sup>(2)</sup> | &nbsp;&nbsp; 1275 | &nbsp;&nbsp; 1295 |
| South Bow USA Infrastructure Holdings LLC 144A<br> 5.584%, 10/1/34<sup>(2)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 514 |
| State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.123%, 11/21/34 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp;Series I<br> 6.700%<sup>(10)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 564 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Stellantis Finance U.S., Inc. 144A<br> 6.450%, 3/18/35<sup>(2)</sup> | $1475 | $1464 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 920 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 621 |
| Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;5.122%, 1/26/34 | &nbsp;&nbsp; 770 | &nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp;5.711%, 1/24/35 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 403 |
| UBS Group AG |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.250%<sup>(2)(10)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp;144A 4.988%, 8/5/33<sup>(2)</sup> | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1071 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%<sup>(10)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 617 |
| &nbsp;&nbsp;&nbsp;5.389%, 4/24/34 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 428 |
| &nbsp;&nbsp;&nbsp;6.491%, 10/23/34 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 334 |
| &nbsp;&nbsp;&nbsp;Series BB<br> 3.900%<sup>(10)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 931 |
| &nbsp;&nbsp;&nbsp;Series U<br> 5.875%<sup>(8)(10)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 504 |
| Wrangler Holdco Corp. 144A<br> 6.625%, 4/1/32<sup>(2)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 504 |
|  |  | &nbsp;&nbsp; 96460 |
| **Health Care—1.7%** | **Health Care—1.7%** |  |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1405 |
| Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 5/15/30<sup>(2)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 2/15/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1194 |
| CVS Health Corp.<br> 6.750%, 12/10/54 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 199 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1462 |
| HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 6/1/33 | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 743 |
| &nbsp;&nbsp;&nbsp;5.600%, 4/1/34 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp;5.450%, 9/15/34 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp;6.000%, 4/1/54 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 184 |
| Insulet Corp. 144A<br> 6.500%, 4/1/33<sup>(2)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 107 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1176 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 6/1/32<sup>(2)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 405 |
| Molina Healthcare, Inc. 144A<br> 6.250%, 1/15/33<sup>(2)</sup> | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 399 |
| Orlando Health Obligated Group<br> 5.475%, 10/1/35 | &nbsp;&nbsp; 566 | &nbsp;&nbsp; 577 |
| Par Pharmaceutical, Inc. 144A<br> 7.500%, 4/1/27<sup>(2)(9)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; — |
| Prime Healthcare Services, Inc. 144A<br> 9.375%, 9/1/29<sup>(2)</sup> | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 778 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Smith & Nephew plc<br> 5.400%, 3/20/34 | $1530 | $1531 |
| Universal Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.650%, 1/15/32 | &nbsp;&nbsp; 631 | &nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;5.050%, 10/15/34 | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 849 |
|  |  | &nbsp;&nbsp; 12933 |
| **Industrials—3.4%** | **Industrials—3.4%** |  |
| Adani Ports & Special Economic Zone Ltd. 144A<br> 4.375%, 7/3/29<sup>(2)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 628 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 741 |
| Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 11/1/27<sup>(2)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 10/25/28<sup>(2)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 4/10/30<sup>(2)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 617 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;5.805%, 5/1/50 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 309 |
| &nbsp;&nbsp;&nbsp;5.930%, 5/1/60 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1275 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(2)</sup> | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1010 |
| Builders FirstSource, Inc. 144A<br> 6.375%, 3/1/34<sup>(2)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1280 |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(2)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1296 |
| Cornerstone Building Brands, Inc. 144A<br> 9.500%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1123 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1126 |
| DP World Ltd. 144A<br> 6.850%, 7/2/37<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 222 |
| Garda World Security Corp. 144A<br> 8.375%, 11/15/32<sup>(2)</sup> | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 929 |
| Georgian Railway JSC 144A<br> 4.000%, 6/17/28<sup>(2)</sup> | &nbsp;&nbsp; 1201 | &nbsp;&nbsp; 1061 |
| Global Infrastructure Solutions, Inc. 144A<br> 7.500%, 4/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1381 |
| Hertz Corp. (The) 144A<br> 4.625%, 12/1/26<sup>(2)</sup> | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 1338 |
| Icahn Enterprises LP |  |  |
| &nbsp;&nbsp;&nbsp;6.250%, 5/15/26 | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp;5.250%, 5/15/27 | &nbsp;&nbsp; 365 | &nbsp;&nbsp; 347 |
| &nbsp;&nbsp;&nbsp;144A 10.000%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 447 |
| LBM Acquisition LLC 144A<br> 6.250%, 1/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1695 | &nbsp;&nbsp; 1444 |
| Quikrete Holdings, Inc. 144A<br> 6.750%, 3/1/33<sup>(2)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 204 |
| Regal Rexnord Corp.<br> 6.400%, 4/15/33 | &nbsp;&nbsp; 1713 | &nbsp;&nbsp; 1778 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Science Applications International Corp. 144A<br> 4.875%, 4/1/28<sup>(2)</sup> | $650 | $623 |
| Sempra Infrastructure Partners LP 144A<br> 3.250%, 1/15/32<sup>(2)</sup> | &nbsp;&nbsp; 814 | &nbsp;&nbsp; 688 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 12/15/30<sup>(2)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 3/1/32<sup>(2)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp; 638 |
| United Airlines Pass-Through Trust 2023-1, A<br> 5.800%, 7/15/37 | &nbsp;&nbsp; 563 | &nbsp;&nbsp; 570 |
| United Airlines Pass-Through-Trust 2024-1, AA<br> 5.450%, 8/15/38 | &nbsp;&nbsp; 897 | &nbsp;&nbsp; 904 |
| VistaJet Malta Finance plc 144A<br> 9.500%, 6/1/28<sup>(2)(3)</sup> | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1628 |
| WESCO Distribution, Inc. 144A<br> 6.625%, 3/15/32<sup>(2)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 441 |
|  |  | &nbsp;&nbsp; 25903 |
| **Information Technology—0.7%** | **Information Technology—0.7%** |  |
| Amentum Holdings, Inc. 144A<br> 7.250%, 8/1/32<sup>(2)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 162 |
| Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.950%, 8/4/33 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1191 |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/1/29<sup>(2)</sup> | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 564 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(2)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(2)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 623 |
| Helios Software Holdings, Inc. 144A<br> 8.750%, 5/1/29<sup>(2)</sup> | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 428 |
| Insight Enterprises, Inc. 144A<br> 6.625%, 5/15/32<sup>(2)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 91 |
| Oracle Corp.<br> 5.500%, 8/3/35 | &nbsp;&nbsp; 760 | &nbsp;&nbsp; 766 |
| Rocket Software, Inc. 144A<br> 9.000%, 11/28/28<sup>(2)</sup> | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1805 |
|  |  | &nbsp;&nbsp; 5739 |
| **Materials—2.4%** | **Materials—2.4%** |  |
| ASP Unifrax Holdings, Inc. 144A<br> 5.250%, 9/30/28<sup>(2)</sup> | &nbsp;&nbsp; 1235 | &nbsp;&nbsp; 684 |
| Bayport Polymers LLC 144A<br> 5.140%, 4/14/32<sup>(2)</sup> | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1392 |
| Corp Nacional del Cobre de Chile RegS<br> 6.440%, 1/26/36<sup>(5)</sup> | &nbsp;&nbsp; 1312 | &nbsp;&nbsp; 1362 |
| Corp. Nacional del Cobre de Chile 144A<br> 5.950%, 1/8/34<sup>(2)</sup> | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1189 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Graham Packaging Co., Inc. 144A<br> 7.125%, 8/15/28<sup>(2)</sup> | $1493 | $1458 |
| Illuminate Buyer LLC 144A<br> 9.000%, 7/1/28<sup>(2)</sup> | &nbsp;&nbsp; 2120 | &nbsp;&nbsp; 2107 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; 1112 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(2)</sup> | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 1908 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1024 |
| New Enterprise Stone & Lime Co., Inc. 144A<br> 9.750%, 7/15/28<sup>(2)</sup> | &nbsp;&nbsp; 591 | &nbsp;&nbsp; 594 |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 6/23/31<sup>(2)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/25/44<sup>(2)(3)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 6/23/51<sup>(2)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp; 205 |
| Samarco Mineracao S.A. PIK 144A<br> 9.000%, 6/30/31<sup>(2)(11)</sup> | &nbsp;&nbsp; 362 | &nbsp;&nbsp; 351 |
| Sealed Air Corp. 144A<br> 6.500%, 7/15/32<sup>(2)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 349 |
| Sonoco Products Co.<br> 5.000%, 9/1/34 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 937 |
| Taseko Mines Ltd. 144A<br> 8.250%, 5/1/30<sup>(2)</sup> | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 929 |
| Trivium Packaging Finance B.V. 144A<br> 8.500%, 8/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1522 | &nbsp;&nbsp; 1514 |
| WR Grace Holdings LLC 144A<br> 5.625%, 8/15/29<sup>(2)</sup> | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 893 |
|  |  | &nbsp;&nbsp; 18796 |
| **Real Estate—0.3%** | **Real Estate—0.3%** |  |
| Iron Mountain, Inc. 144A<br> 6.250%, 1/15/33<sup>(2)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 223 |
| Office Properties Income Trust 144A<br> 9.000%, 9/30/29<sup>(2)</sup> | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 690 |
| Safehold GL Holdings LLC<br> 5.650%, 1/15/35 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1135 |
| Service Properties Trust<br> 4.950%, 2/15/27 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 442 |
|  |  | &nbsp;&nbsp; 2490 |
| **Utilities—2.5%** | **Utilities—2.5%** |  |
| AES Corp. (The)<br> 7.600%, 1/15/55 | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 666 |
| CMS Energy Corp.<br> 4.750%, 6/1/50 | &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1397 |
| Dominion Energy, Inc. Series B<br> 7.000%, 6/1/54 | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1513 |
| Electricite de France S.A. 144A<br> 6.900%, 5/23/53<sup>(2)</sup> | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1091 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Enel Finance International N.V. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 10/14/32<sup>(2)</sup> | $585 | $662 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 6/26/34<sup>(2)</sup> | &nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 587 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 1420 | &nbsp;&nbsp;&nbsp; 1437 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(2)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(2)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp; 941 |
| KeySpan Gas East Corp. 144A<br> 5.994%, 3/6/33<sup>(2)</sup> | &nbsp;&nbsp; 1460 | &nbsp;&nbsp;&nbsp; 1496 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(2)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 57 |
| Limak Yenilenebilir Enerji AS 144A<br> 9.625%, 8/12/30<sup>(2)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 295 |
| NGL Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 2/15/32<sup>(2)</sup> | &nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp; 1333 |
| NRG Energy, Inc. 144A<br> 7.000%, 3/15/33<sup>(2)</sup> | &nbsp;&nbsp; 1007 | &nbsp;&nbsp;&nbsp; 1086 |
| PacifiCorp<br> 5.800%, 1/15/55 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 1093 |
| Southern California Edison Co.<br> 6.000%, 1/15/34 | &nbsp;&nbsp; 1165 | &nbsp;&nbsp;&nbsp; 1202 |
| Southern Co. (The)<br> 6.375%, 3/15/55 | &nbsp;&nbsp; 1905 | &nbsp;&nbsp;&nbsp; 1951 |
| Vistra Corp. 144A<br> 8.000% <sup>(2)(10)</sup> | &nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 448 |
| Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/15/32<sup>(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 734 |
| &nbsp;&nbsp;&nbsp;144A 5.700%, 12/30/34<sup>(2)</sup> | &nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 244 |
|  |  | &nbsp;&nbsp;&nbsp; 18889 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $277,347)** | **Total Corporate Bonds and Notes<br> (Identified Cost $277,347)** | &nbsp;&nbsp;&nbsp;&nbsp;**274224** |
| **Leveraged Loans—14.4%** | **Leveraged Loans—14.4%** | **Leveraged Loans—14.4%** |
| **Aerospace—0.3%** | **Aerospace—0.3%** |  |
| Arcline FM Holdings LLC<br> 0.000%, 6/24/30<sup>(8)(12)</sup> | &nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp; 343 |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.322%, 1/27/32<sup>(8)</sup> | &nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp; 1132 |
| Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%)<br> 8.175%, 2/1/28<sup>(8)</sup> | &nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 912 |
|  |  | &nbsp;&nbsp;&nbsp; 2387 |
| **Chemicals—0.4%** | **Chemicals—0.4%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.575%, 2/18/30<sup>(8)</sup> | &nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp; 678 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Chemicals—continued** | **Chemicals—continued** |  |
| Lummus Technology Holdings V LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 12/31/29<sup>(8)</sup> | $933 | $930 |
| Nouryon Finance B.V. 2024, Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.553%, 4/3/28<sup>(8)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 558 |
| USALCO LLC (3 month Term SOFR + 4.000%)<br> 8.299%, 9/30/31<sup>(8)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 749 |
|  |  | &nbsp;&nbsp; 2915 |
| **Consumer Durables—0.2%** | **Consumer Durables—0.2%** |  |
| Gloves Buyer, Inc. First Lien (1 month Term SOFR + 4.114%)<br> 8.439%, 12/29/27<sup>(8)</sup> | &nbsp;&nbsp; 669 | &nbsp;&nbsp; 642 |
| White Cap Buyer LLC Tranche C (1 month Term SOFR + 3.250%)<br> 7.575%, 10/19/29<sup>(8)</sup> | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 739 |
|  |  | &nbsp;&nbsp; 1381 |
| **Consumer Non-Durables—0.5%** | **Consumer Non-Durables—0.5%** |  |
| AI Aqua Merger Sub, Inc. 2025, Tranche B (1 month Term SOFR + 3.000%)<br> 7.323%, 7/31/28<sup>(8)</sup> | &nbsp;&nbsp; 1171 | &nbsp;&nbsp; 1160 |
| Albion Financing 3 S.a.r.l. 2025 (3 month Term SOFR + 3.000%)<br> 7.293%, 8/16/29<sup>(8)</sup> | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 581 |
| DS Parent, Inc. Tranche B (3 month Term SOFR + 5.500%)<br> 9.799%, 1/31/31<sup>(8)</sup> | &nbsp;&nbsp; 1123 | &nbsp;&nbsp; 1038 |
| Kronos Acquisition Holdings, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.299%, 7/8/31<sup>(8)</sup> | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 611 |
| Varsity Brands, Inc. 2025 (3 month Term SOFR + 3.500%)<br> 7.819%, 8/26/31<sup>(8)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 401 |
|  |  | &nbsp;&nbsp; 3791 |
| **Energy—0.8%** | **Energy—0.8%** |  |
| CVR CHC LP Tranche B (3 month Term SOFR + 4.000%)<br> 8.229%, 12/30/27<sup>(8)</sup> | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 499 |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.302%, 10/15/31<sup>(8)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 679 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Freeport LNG Investments LLP 2025, Tranche B (3 month Term SOFR + 3.250%)<br> 7.543%, 12/21/28<sup>(8)</sup> | $1197 | $1180 |
| Hamilton Projects Acquiror LLC First Lien (1 month Term SOFR + 3.000%)<br> 7.325%, 5/31/31<sup>(8)</sup> | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 153 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500%)<br> 7.799%, 11/6/31<sup>(8)</sup> | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 977 |
| M6 Etx Holdings Ii Midco LLC<br> 0.000%, 3/25/32<sup>(8)(12)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 593 |
| NGP XI Midstream Holdings LLC Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.799%, 7/25/31<sup>(8)</sup> | &nbsp;&nbsp; 269 | &nbsp;&nbsp; 268 |
| Oryx Midstream Services Permian Basin LLC Tranche B (1 month Term SOFR + 2.250%)<br> 6.569%, 10/5/28<sup>(8)</sup> | &nbsp;&nbsp; 779 | &nbsp;&nbsp; 778 |
| Potomac Energy Center LLC<br> 0.000%, 3/14/32<sup>(8)(12)</sup> | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 776 |
| Traverse Midstream Partners LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.291%, 2/16/28<sup>(8)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 494 |
|  |  | &nbsp;&nbsp; 6397 |
| **Financials—0.5%** | **Financials—0.5%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024, Tranche B-1 (1 month Term SOFR + 2.750%)<br> 7.075%, 2/15/27<sup>(8)</sup> | &nbsp;&nbsp; 361 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp;2024, Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.325%, 11/6/30<sup>(8)</sup> | &nbsp;&nbsp; 601 | &nbsp;&nbsp; 596 |
| Ardonagh Group Finco Pty Ltd. Tranche B<br> 0.000%, 2/17/31<sup>(8)(12)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 686 |
| BroadStreet Partners, Inc. 2024, Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 6/13/31<sup>(8)</sup> | &nbsp;&nbsp; 836 | &nbsp;&nbsp; 828 |
| Dynamo U.S. Bidco, Inc. Tranche B (3 month Term SOFR + 3.500%)<br> 7.762%, 10/1/31<sup>(8)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 159 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| PEX Holdings LLC (3 month Term SOFR + 2.750%)<br> 6.967%, 11/20/31<sup>(8)</sup> | $1070 | $1062 |
|  |  | &nbsp;&nbsp; 3690 |
| **Food / Tobacco—0.5%** | **Food / Tobacco—0.5%** |  |
| Aspire Bakeries Holdings LLC (1 month Term SOFR + 4.250%)<br> 8.575%, 12/23/30<sup>(8)</sup> | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 781 |
| Chobani LLC Tranche B, First Lien (1 month Term SOFR + 2.500%)<br> 6.825%, 10/25/27<sup>(8)</sup> | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 262 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.400%)<br> 8.699% - 8.719%, 8/2/28<sup>(8)</sup> | &nbsp;&nbsp; 202 | &nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.199%, 8/2/28<sup>(8)</sup> | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.469%, 8/2/28<sup>(8)</sup> | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 233 |
| Naked Juice LLC (1 month Term SOFR + 3.100%)<br> 7.399%, 1/24/29<sup>(8)</sup> | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 209 |
| Pegasus Bidco B.V. 2024 (3 month Term SOFR + 3.250%)<br> 7.573%, 7/12/29<sup>(8)</sup> | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 512 |
| Red SPV LLC (3 month Term SOFR + 2.250%)<br> 6.575%, 3/8/32<sup>(8)</sup> | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 749 |
| Sigma Bidco B.V. Tranche B-12 (5 month Term SOFR + 3.910%)<br> 8.210% - 8.240%, 1/3/28<sup>(8)</sup> | &nbsp;&nbsp; 618 | &nbsp;&nbsp; 614 |
|  |  | &nbsp;&nbsp; 3582 |
| **Food and Drug—0.1%** | **Food and Drug—0.1%** |  |
| Dechra Pharmaceuticals Holdings Ltd. Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.513%, 1/27/32<sup>(8)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 868 |
| **Forest Prod / Containers—0.5%** | **Forest Prod / Containers—0.5%** |  |
| Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 3.175%)<br> 7.500%, 4/13/29<sup>(8)</sup> | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1119 |
| Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%)<br> 9.227%, 2/12/26<sup>(8)</sup> | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 1075 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Forest Prod / Containers—continued** | **Forest Prod / Containers—continued** |  |
| Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 3.000%)<br> 7.319% - 7.323%, 4/15/27<sup>(8)</sup> | $943 | $938 |
| TricorBraun, Inc. (1 month Term SOFR + 3.364%)<br> 7.689%, 3/3/28<sup>(8)</sup> | &nbsp;&nbsp; 822 | &nbsp;&nbsp; 814 |
|  |  | &nbsp;&nbsp; 3946 |
| **Gaming / Leisure—0.6%** | **Gaming / Leisure—0.6%** |  |
| Catawba Nation Gaming Authority Tranche B<br> 0.000%, 3/28/32<sup>(8)(12)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 576 |
| Entain plc Tranche B-3 (3 month Term SOFR + 2.750%)<br> 7.053%, 10/31/29<sup>(8)</sup> | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 417 |
| Great Canadian Gaming 2024 (3 month Term SOFR + 4.750%)<br> 9.053%, 11/1/29<sup>(8)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 289 |
| J&J Ventures Gaming LLC 2025, Tranche B (1 month Term SOFR + 3.500%)<br> 7.825%, 4/26/30<sup>(8)</sup> | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 697 |
| Motion Finco LLC Tranche B-3 (3 month Term SOFR + 3.500%)<br> 7.799%, 11/12/29<sup>(8)</sup> | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 631 |
| Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%)<br> 8.549%, 8/1/30<sup>(8)</sup> | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 806 |
| Scientific Games Holdings LP 2024 (3 month Term SOFR + 3.000%)<br> 7.296%, 4/4/29<sup>(8)</sup> | &nbsp;&nbsp; 1074 | &nbsp;&nbsp; 1067 |
|  |  | &nbsp;&nbsp; 4483 |
| **Health Care—1.9%** | **Health Care—1.9%** |  |
| Agiliti Health, Inc. 2023, Tranche B (3-6 month Term SOFR + 3.000%)<br> 7.216% - 7.310%, 5/1/30<sup>(8)</sup> | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 980 |
| Bausch & Lomb Corp. (1 month Term SOFR + 4.000%)<br> 8.325%, 9/29/28<sup>(8)</sup> | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 275 |
| CHG Healthcare Services, Inc. (2-3 month Term SOFR + 3.000%)<br> 7.299% - 7.313%, 9/29/28<sup>(8)</sup> | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 544 |
| Cotiviti, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 3/29/32<sup>(8)(12)</sup> | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 556 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 2.750%)<br> 7.073%, 5/1/31<sup>(8)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 484 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Endo Finance Holdings, Inc. Tranche B (1 month Term SOFR + 4.000%)<br> 8.325%, 4/23/31<sup>(8)</sup> | $199 | $197 |
| Financiere Mendel<br> 0.000%, 11/8/30<sup>(8)(12)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 179 |
| Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%)<br> 8.399%, 10/1/27<sup>(8)</sup> | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 790 |
| Global Medical Response, Inc. 2024 (3 month Term SOFR + 5.500%)<br> 9.790%, 10/31/28<sup>(8)</sup> | &nbsp;&nbsp; 677 | &nbsp;&nbsp; 677 |
| Grifols Worldwide Operations USA, Inc. Tranche B (3 month Term SOFR + 2.150%)<br> 6.463%, 11/15/27<sup>(8)</sup> | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1256 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.500%)<br> 7.825%, 10/23/31<sup>(8)</sup> | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.500%)<br> 7.825%, 10/23/31<sup>(8)</sup> | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 732 |
| Hunter Holdco 3 Ltd. First Lien (3 month Term SOFR + 4.350%)<br> 8.649%, 8/19/28<sup>(8)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 584 |
| IVC Acquisition Ltd. Tranche B-12<br> 0.000%, 12/12/28<sup>(8)(12)</sup> | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 344 |
| Lannett Co., Inc. First Lien (3 month Term SOFR + 2.000%)<br> 2.000%, 6/16/30<sup>(8)(9)</sup> | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 8 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.750%)<br> 8.052%, 5/16/31<sup>(8)</sup> | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 1008 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.817%, 5/16/31<sup>(8)</sup> | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 105 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.575%, 10/23/28<sup>(8)</sup> | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 572 |
| Modivcare, Inc. (3 month Term SOFR + 4.750%)<br> 9.049%, 7/1/31<sup>(8)</sup> | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 113 |
| One Call Corp. Tranche B, First Lien (3 month Term SOFR + 5.762%)<br> 10.062%, 4/22/27<sup>(8)</sup> | &nbsp;&nbsp; 786 | &nbsp;&nbsp; 762 |
| Opal U.S. LLC Tranche B<br> 0.000%, 3/31/32<sup>(8)(12)</sup> | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 642 |
| PointClickCare Technologies, Inc. 2024, Tranche B (3 month Term SOFR + 3.250%)<br> 7.549%, 11/3/31<sup>(8)</sup> | &nbsp;&nbsp; 289 | &nbsp;&nbsp; 288 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Radiology Partners, Inc. Tranche C (3 month Term SOFR + 3.762%)<br> 8.090%, 1/31/29<sup>(8)</sup> | $797 | $767 |
| Southern Veterinary Partners LLC 2024 (1 month Term SOFR + 3.250%)<br> 7.575%, 12/4/31<sup>(8)</sup> | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 509 |
| Star Parent, Inc. Tranche B (3 month Term SOFR + 4.000%)<br> 8.299%, 9/27/30<sup>(8)</sup> | &nbsp;&nbsp; 629 | &nbsp;&nbsp; 600 |
| Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.512%)<br> 8.802%, 11/20/26<sup>(8)</sup> | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 280 |
| Viant Medical Holdings, Inc. Tranche B (1 month Term SOFR + 4.000%)<br> 8.325%, 10/29/31<sup>(8)</sup> | &nbsp;&nbsp; 1076 | &nbsp;&nbsp; 1075 |
|  |  | &nbsp;&nbsp; 14341 |
| **Housing—0.3%** | **Housing—0.3%** |  |
| Chariot Buyer LLC (1 month Term SOFR + 3.250%)<br> 7.675%, 11/3/28<sup>(8)</sup> | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 836 |
| Cornerstone Building Brands, Inc. Tranche B (1 month Term SOFR + 3.250%)<br> 7.669%, 4/12/28<sup>(8)</sup> | &nbsp;&nbsp; 584 | &nbsp;&nbsp; 488 |
| Hunter Douglas Holding B.V. Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.549%, 1/17/32<sup>(8)</sup> | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 415 |
| LBM Acquisition LLC Tranche B (1 month Term SOFR + 3.850%)<br> 8.175%, 6/6/31<sup>(8)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 603 |
|  |  | &nbsp;&nbsp; 2342 |
| **Information Technology—2.0%** | **Information Technology—2.0%** |  |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2024, Second Lien (3 month Term SOFR + 4.500%)<br> 8.799%, 2/23/32<sup>(8)</sup> | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.750%)<br> 7.049%, 2/24/31<sup>(8)</sup> | &nbsp;&nbsp; 589 | &nbsp;&nbsp; 588 |
| BMC Software 2031 (3 month Term SOFR + 3.000%)<br> 7.291%, 7/30/31<sup>(8)</sup> | &nbsp;&nbsp; 804 | &nbsp;&nbsp; 789 |
| CE Intermediate I LLC Tranche B<br> 0.000%, 2/5/32<sup>(8)(12)</sup> | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 806 |
| Central Parent LLC 2024 (3 month Term SOFR + 3.250%)<br> 7.549%, 7/6/29<sup>(8)</sup> | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 651 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Cloud Software Group, Inc. Tranche B (2-3 month Term SOFR + 3.750%)<br> 8.049%, 3/21/31<sup>(8)</sup> | $748 | $740 |
| ConnectWise LLC (3 month Term SOFR + 3.762%)<br> 8.061%, 9/29/28<sup>(8)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 441 |
| Delivery Hero SE Tranche B (2 month Term SOFR + 5.000%)<br> 9.315%, 12/12/29<sup>(8)</sup> | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 856 |
| ECL Entertainment LLC Tranche B (1 month Term SOFR + 3.500%)<br> 7.825%, 8/31/30<sup>(8)</sup> | &nbsp;&nbsp; 514 | &nbsp;&nbsp; 513 |
| Ellucian Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month Term SOFR + 4.750%)<br> 9.075%, 11/15/32<sup>(8)</sup> | &nbsp;&nbsp; 95 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 3.000%)<br> 7.325%, 10/9/29<sup>(8)</sup> | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 706 |
| Epicor Software Corp. Tranche F (1 month Term SOFR + 2.750%)<br> 7.075%, 5/30/31<sup>(8)</sup> | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 632 |
| Icon Parent I, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(2 month Term SOFR + 3.000%)<br> 7.315%, 11/13/31<sup>(8)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 664 |
| &nbsp;&nbsp;&nbsp;Second Lien (2 month Term SOFR + 5.000%)<br> 9.315%, 11/12/32<sup>(8)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| Indicor LLC Tranche D (3 month Term SOFR + 2.750%)<br> 7.049%, 11/22/29<sup>(8)</sup> | &nbsp;&nbsp; 1117 | &nbsp;&nbsp; 1111 |
| Infinite Bidco LLC First Lien (3 month Term SOFR + 4.012%)<br> 8.302%, 3/2/28<sup>(8)</sup> | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 688 |
| ION Trading Finance Ltd. 2024, Tranche B (3 month Term SOFR + 3.500%)<br> 7.799%, 4/1/28<sup>(8)</sup> | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 597 |
| Javelin Buyer, Inc. (3 month Term SOFR + 3.250%)<br> 7.563%, 12/5/31<sup>(8)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 646 |
| NCR Atleos Corp. Tranche B (3 month Term SOFR + 3.750%)<br> 8.053%, 4/16/29<sup>(8)</sup> | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 188 |
| Project Ruby Ultimate Parent Corp. Tranche B-4 (1 month Term SOFR + 3.114%)<br> 7.439%, 3/10/28<sup>(8)</sup> | &nbsp;&nbsp; 858 | &nbsp;&nbsp; 854 |
| Proofpoint, Inc. 2024 (1 month Term SOFR + 3.000%)<br> 7.325%, 8/31/28<sup>(8)</sup> | &nbsp;&nbsp; 846 | &nbsp;&nbsp; 842 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Rocket Software, Inc. (1 month Term SOFR + 4.250%)<br> 8.575%, 11/28/28<sup>(8)</sup> | $951 | $948 |
| Thunder Generation Funding LLC Tranche B (3 month Term SOFR + 3.000% - 3 month PRIME + 2.000%)<br> 7.299% - 9.500%, 10/3/31<sup>(8)</sup> | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 775 |
| UKG, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.300%, 2/10/31<sup>(8)</sup> | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1352 |
|  |  | &nbsp;&nbsp; 15765 |
| **Manufacturing—1.0%** | **Manufacturing—1.0%** |  |
| Arcline FM Holdings LLC 2024 (3 month Term SOFR + 4.500%)<br> 8.803%, 6/23/28<sup>(8)</sup> | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 591 |
| CPM Holdings, Inc. (1 month Term SOFR + 4.500%)<br> 8.823%, 9/28/28<sup>(8)</sup> | &nbsp;&nbsp; 1198 | &nbsp;&nbsp; 1175 |
| Cube Industrials Buyer, Inc. (3 month Term SOFR + 3.500%)<br> 7.793%, 10/17/31<sup>(8)</sup> | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 486 |
| Filtration Group Corp. 2025 (1 month Term SOFR + 3.000%)<br> 7.319%, 10/21/28<sup>(8)</sup> | &nbsp;&nbsp; 614 | &nbsp;&nbsp; 613 |
| Glatfelter Corp. Tranche B (3 month Term SOFR + 4.250%)<br> 8.563%, 11/4/31<sup>(8)</sup> | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 691 |
| LSF12 Crown U.S. Commercial Bidco LLC (1 month Term SOFR + 4.250%)<br> 8.573%, 12/2/31<sup>(8)</sup> | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 1239 |
| Madison IAQ LLC<br> 0.000%, 3/26/32<sup>(8)(12)</sup> | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1114 |
| Star U.S. Bidco LLC (1 month Term SOFR + 3.750%)<br> 8.075%, 3/17/27<sup>(8)</sup> | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 423 |
| Titan Acquisition Ltd. (3 month Term SOFR + 4.500%)<br> 8.785%, 2/15/29<sup>(8)</sup> | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 619 |
| TK Elevator Midco GmbH Tranche B<br> 0.000%, 4/30/30<sup>(8)(12)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 672 |
|  |  | &nbsp;&nbsp; 7623 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Media / Telecom - Broadcasting—0.3%** | **Media / Telecom - Broadcasting—0.3%** |  |
| Gray Television, Inc. Tranche D (1 month Term SOFR + 3.114%)<br> 7.437%, 12/1/28<sup>(8)</sup> | $690 | $631 |
| Terrier Media Buyer, Inc. (3 month Term SOFR + 3.600%)<br> 7.899%, 6/18/29<sup>(8)</sup> | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 762 |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.939%, 1/31/29<sup>(8)</sup> | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1148 |
|  |  | &nbsp;&nbsp; 2541 |
| **Media / Telecom - Cable/Wireless<br> Video—0.7%** | **Media / Telecom - Cable/Wireless<br> Video—0.7%** |  |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.575%, 9/18/30<sup>(8)</sup> | &nbsp;&nbsp; 1214 | &nbsp;&nbsp; 1193 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.819%, 1/18/28<sup>(8)</sup> | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 951 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.802%, 8/2/29<sup>(8)</sup> | &nbsp;&nbsp; 993 | &nbsp;&nbsp; 977 |
| Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)<br> 7.561%, 11/12/27<sup>(8)</sup> | &nbsp;&nbsp; 1193 | &nbsp;&nbsp; 1188 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.934%, 1/31/28<sup>(8)</sup> | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1098 |
|  |  | &nbsp;&nbsp; 5407 |
| **Media / Telecom - Diversified<br> Media—0.5%** | **Media / Telecom - Diversified<br> Media—0.5%** |  |
| Century DE Buyer LLC Tranche B (3 month Term SOFR + 3.500%)<br> 7.787%, 10/30/30<sup>(8)</sup> | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 919 |
| Creative Artists Agency LLC Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 10/1/31<sup>(8)</sup> | &nbsp;&nbsp; 658 | &nbsp;&nbsp; 656 |
| EOC Borrower LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.319%, 3/24/32<sup>(8)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 509 |
| McGraw-Hill Education, Inc. Tranche B (1 month Term SOFR + 3.250%)<br> 7.575%, 8/6/31<sup>(8)</sup> | &nbsp;&nbsp; 327 | &nbsp;&nbsp; 326 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Media / Telecom - Diversified<br> Media—continued** | **Media / Telecom - Diversified<br> Media—continued** |  |
| MH Sub I LLC 2023 (1 month Term SOFR + 4.250%)<br> 8.575%, 5/3/28<sup>(8)</sup> | $630 | $595 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)<br> 9.389%, 4/11/29<sup>(8)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 894 |
|  |  | &nbsp;&nbsp; 3899 |
| **Media / Telecom -<br> Telecommunications—0.3%** | **Media / Telecom -<br> Telecommunications—0.3%** |  |
| Level 3 Financing, Inc. Tranche B-3<br> 0.000%, 3/27/32<sup>(8)(12)</sup> | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 927 |
| Numericable U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-11 (6 month LIBOR + 2.750%)<br> 7.432%, 7/31/25<sup>(8)(13)</sup> | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 894 |
| &nbsp;&nbsp;&nbsp;Tranche B-12 (3 month LIBOR + 3.688%)<br> 8.370%, 1/31/26<sup>(8)(13)</sup> | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 142 |
|  |  | &nbsp;&nbsp; 1963 |
| **Media / Telecom - Wireless<br> Communications—0.1%** | **Media / Telecom - Wireless<br> Communications—0.1%** |  |
| Viasat, Inc. (1 month Term SOFR + 4.614%)<br> 8.939%, 3/2/29<sup>(8)</sup> | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 633 |
| **Metals / Minerals—0.0%** | **Metals / Minerals—0.0%** |  |
| Arsenal AIC Parent LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 8/18/30<sup>(8)</sup> | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 288 |
| **Retail—0.4%** | **Retail—0.4%** |  |
| CNT Holdings I Corp. 2025 (3 month Term SOFR + 2.500%)<br> 6.802%, 11/8/32<sup>(8)</sup> | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 465 |
| EG America LLC Tranche B (3 month Term SOFR + 4.250%)<br> 8.563%, 2/7/28<sup>(8)</sup> | &nbsp;&nbsp; 650 | &nbsp;&nbsp; 649 |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.500%)<br> 6.825%, 6/11/31<sup>(8)</sup> | &nbsp;&nbsp; 776 | &nbsp;&nbsp; 756 |
| Petco Health & Wellness Co., Inc. First Lien (3 month Term SOFR + 3.512%)<br> 7.811%, 3/3/28<sup>(8)</sup> | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 613 |
| Protective Industrial Products, Inc.<br> 0.000%, 1/17/32<sup>(8)(12)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 485 |
|  |  | &nbsp;&nbsp; 2968 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Service—1.8%** | **Service—1.8%** |  |
| AAL Delaware Holdco, Inc. (1 month Term SOFR + 2.750%)<br> 7.075%, 7/30/31<sup>(8)</sup> | $144 | $143 |
| Allied Universal Holdco LLC (1 month Term SOFR + 3.850%)<br> 8.175%, 5/12/28<sup>(8)</sup> | &nbsp;&nbsp; 756 | &nbsp;&nbsp; 755 |
| Ascend Learning LLC (1 month Term SOFR + 3.000%)<br> 7.325%, 12/11/28<sup>(8)</sup> | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 626 |
| BIFM U.S. Finance LLC 2024, Tranche B (1 month Term SOFR + 3.750%)<br> 8.075%, 5/31/28<sup>(8)</sup> | &nbsp;&nbsp; 467 | &nbsp;&nbsp; 467 |
| Crisis Prevention Institute, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.299%, 4/9/31<sup>(8)</sup> | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 314 |
| DG Investment Intermediate Holdings 2, Inc. First Lien (1 month Term SOFR + 3.864%)<br> 8.189%, 3/31/28<sup>(8)</sup> | &nbsp;&nbsp; 1249 | &nbsp;&nbsp; 1239 |
| DXP Enterprises, Inc. 2024 (1 month Term SOFR + 3.750%)<br> 8.075%, 10/11/30<sup>(8)</sup> | &nbsp;&nbsp; 802 | &nbsp;&nbsp; 799 |
| Ensemble RCM LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.291%, 8/1/29<sup>(8)</sup> | &nbsp;&nbsp; 248 | &nbsp;&nbsp; 248 |
| Fugue Finance LLC (3 month Term SOFR + 3.250%)<br> 7.496%, 1/9/32<sup>(8)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 294 |
| Garda World Security Corp. (1 month Term SOFR + 3.000%)<br> 7.322%, 2/1/29<sup>(8)</sup> | &nbsp;&nbsp; 762 | &nbsp;&nbsp; 759 |
| Grant Thornton Advisors LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 6/2/31<sup>(8)</sup> | &nbsp;&nbsp; 442 | &nbsp;&nbsp; 440 |
| Kuehg Corp. (3 month Term SOFR + 3.250%)<br> 7.549%, 6/12/30<sup>(8)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 394 |
| Lernen Bidco Ltd. Tranche B-2 (7 month Term SOFR + 4.000%)<br> 8.310%, 10/27/31<sup>(8)</sup> | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 607 |
| Madison Safety & Flow LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 9/26/31<sup>(8)</sup> | &nbsp;&nbsp; 647 | &nbsp;&nbsp; 645 |
| Omnia Partners LLC (3 month Term SOFR + 2.750%)<br> 7.050%, 7/25/30<sup>(8)</sup> | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 729 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Sapphire Bidco B.V. Tranche B-4 (3 month Term SOFR + 2.750%)<br> 7.046%, 5/3/28<sup>(8)</sup> | $327 | $324 |
| Sedgwick Claims Management Services, Inc. 2024 (3 month Term SOFR + 3.000%)<br> 7.313%, 7/31/31<sup>(8)</sup> | &nbsp;&nbsp; 1008 | &nbsp;&nbsp; 1004 |
| Spin Holdco, Inc. (3 month Term SOFR + 4.262%)<br> 8.562%, 3/4/28<sup>(8)</sup> | &nbsp;&nbsp; 1346 | &nbsp;&nbsp; 1134 |
| The Hertz Corp. 2023 (1 month Term SOFR + 3.750%)<br> 8.072%, 6/30/28<sup>(8)</sup> | &nbsp;&nbsp; 1201 | &nbsp;&nbsp; 920 |
| Trugreen Ltd. Partnership First Lien (1 month Term SOFR + 4.100%)<br> 8.425%, 11/2/27<sup>(8)</sup> | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 690 |
| WCG Intermediate Corp. Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 2/25/32<sup>(8)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 391 |
| WIN Waste Innovations Holdings, Inc. (1 month Term SOFR + 2.864%)<br> 7.189%, 3/24/28<sup>(8)</sup> | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 806 |
|  |  | &nbsp;&nbsp; 13728 |
| **Transportation - Automotive—0.5%** | **Transportation - Automotive—0.5%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.052%, 10/16/31<sup>(8)</sup> | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 764 |
| Clarios Global LP (1 month Term SOFR + 2.750%)<br> 7.075%, 1/28/32<sup>(8)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1082 |
| First Brands Group LLC 2022 (3 month Term SOFR + 5.262%)<br> 9.552%, 3/30/27<sup>(8)</sup> | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 867 |
| PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.012%)<br> 8.302%, 10/28/27<sup>(8)</sup> | &nbsp;&nbsp; 744 | &nbsp;&nbsp; 622 |
| Wand NewCo 3, Inc. Tranche B-2 (1 month Term SOFR + 2.500%)<br> 6.825%, 1/30/31<sup>(8)</sup> | &nbsp;&nbsp; 509 | &nbsp;&nbsp; 501 |
|  |  | &nbsp;&nbsp; 3836 |
| **Utilities—0.2%** | **Utilities—0.2%** |  |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(8)(12)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 379 |
| South Field Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.250%)<br> 7.549%, 8/29/31<sup>(8)</sup> | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 203 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche C (3 month Term SOFR + 3.250%)<br> 7.549%, 8/29/31<sup>(8)</sup> | $13 | $13 |
| Waterbridge NDB Operating LLC (2 month Term SOFR + 4.000%)<br> 8.315%, 5/10/29<sup>(8)</sup> | &nbsp;&nbsp; 652 | &nbsp;&nbsp;&nbsp; 653 |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.573%, 1/27/31<sup>(8)</sup> | &nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp; 573 |
|  |  | &nbsp;&nbsp;&nbsp; 1821 |
| **Total Leveraged Loans<br> (Identified Cost $113,087)** | **Total Leveraged Loans<br> (Identified Cost $113,087)** | &nbsp;&nbsp;&nbsp;&nbsp;**110595** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Preferred Stock—0.1%** | **Preferred Stock—0.1%** | **Preferred Stock—0.1%** |
| **Financials—0.1%** | **Financials—0.1%** |  |
| Capital Farm Credit ACA Series 1 144A, 5.000%<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525<sup>(14)</sup> | &nbsp;&nbsp; 509 |
| **Total Preferred Stock<br> (Identified Cost $525)** | **Total Preferred Stock<br> (Identified Cost $525)** | **509** |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| ESC NMG Parent LLC<sup>(9)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp; — |
| MYT Holding LLC Class B<sup>(9)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 42729 | &nbsp;&nbsp; 12 |
| West Marine<sup>(9)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp; —<sup>(16)</sup> |
|  |  | &nbsp;&nbsp; 12 |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Lannett Co., Inc.<sup>(9)(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 4574 | &nbsp;&nbsp; — |
| **Total Common Stocks<br> (Identified Cost $229)** | **Total Common Stocks<br> (Identified Cost $229)** | **12** |
| **Affiliated Exchange-Traded Fund—0.5%** | **Affiliated Exchange-Traded Fund—0.5%** | **Affiliated Exchange-Traded Fund—0.5%** |
| **Financials—0.5%** | **Financials—0.5%** |  |
| Virtus Newfleet ABS/MBS ETF<sup>(17)(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 157000 | &nbsp;&nbsp; 3830 |
| **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $3,818)** | **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $3,818)** | **3830** |
| **Total Long-Term Investments—99.9%<br> (Identified Cost $775,515)** | **Total Long-Term Investments—99.9%<br> (Identified Cost $775,515)** | **767520** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.5%** | **Short-Term Investment—0.5%** | **Short-Term Investment—0.5%** |
| **Money Market Mutual Fund—0.5%** | **Money Market Mutual Fund—0.5%** | **Money Market Mutual Fund—0.5%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(18)</sup> | 3999031 | $3999 |
| **Total Short-Term Investment<br> (Identified Cost $3,999)** | **Total Short-Term Investment<br> (Identified Cost $3,999)** | &nbsp;&nbsp;&nbsp;&nbsp; **3999** |
| **Securities Lending Collateral—1.1%** | **Securities Lending Collateral—1.1%** | **Securities Lending Collateral—1.1%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(18)(19)</sup> | 8394457 | &nbsp;&nbsp;&nbsp; 8394 |
| **Total Securities Lending Collateral<br> (Identified Cost $8,394)** | **Total Securities Lending Collateral<br> (Identified Cost $8,394)** | &nbsp;&nbsp;&nbsp;&nbsp; **8394** |
| **TOTAL INVESTMENTS—101.5%<br> (Identified Cost $787,908)** | **TOTAL INVESTMENTS—101.5%<br> (Identified Cost $787,908)** | &nbsp;&nbsp;**$779913** |
| Other assets and liabilities, net—(1.5)% | Other assets and liabilities, net—(1.5)% | &nbsp;&nbsp;&nbsp;&nbsp;(11834) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$768079** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| ACA | American Capital Access Financial Guarantee Corp. |
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MBS | Mortgage-Backed Securities |
| MSCI | Morgan Stanley Capital International |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Par Value disclosed in foreign currency is reported in thousands. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities amounted to a value of $421,801 or 54.9% of net assets. |
| <sup>(3)</sup> | All or a portion of security is on loan. |
| <sup>(4)</sup> | Security in default; no interest payments are being received. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

<sup>(5)</sup> Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

<sup>(6)</sup> Represents step coupon bond. Rate shown reflects the rate in effect as of March 31, 2025.

<sup>(7)</sup> Issued with a zero coupon. Income is recognized through the accretion of discount.

<sup>(8)</sup> Variable rate security. Rate disclosed is as of March 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(9)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(10)</sup> No contractual maturity date.

<sup>(11)</sup> 100% of the income received was in PIK.

<sup>(12)</sup> This loan will settle after March 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(13)</sup> At March 31, 2025, the one-, three-, and six-month reference rates are published by ICE Benchmark Administration under a synthetic methodology. See the Notes to Financial Statements regarding the risk disclosure.

<sup>(14)</sup> Value shown as par value.

<sup>(15)</sup> Non-income producing.

<sup>(16)</sup> Amount is less than $500 (not in thousands).

<sup>(17)</sup> Affiliated investment. See Note 3G in Notes to Financial Statements.

<sup>(18)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(19)</sup> Represents security purchased with cash collateral received for securities on loan.

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

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CZK | Czech Koruna |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| ZAR | South African Rand |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;76% |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;16 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

As of March 31, 2025, the Fund had the following unfunded loan commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| DG Investment Intermediate Holdings 2, Inc. 2024, 3/31/28 | $68 | $68 | $67 | $(1) |
| Grant Thornton Advisors LLC 2025, 6/02/31 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Hanger, Inc., 10/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| USALCO LLC, 9/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;78 | &nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Total | $246 | $245 | $244 | $(1) |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Multi-Sector Intermediate Bond Fund

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

#### March 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12<sup>(1)</sup> |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$779913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$761662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2028 |

---

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

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

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—5.8%** | **U.S. Government Securities—5.8%** | **U.S. Government Securities—5.8%** |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, 5/31/25 | $60510 | $60105 |
| &nbsp;&nbsp;&nbsp;1.625%, 2/15/26 | &nbsp;&nbsp; 92090 | &nbsp;&nbsp;&nbsp; 90125 |
| &nbsp;&nbsp;&nbsp;4.375%, 8/15/26 | &nbsp;&nbsp; 61245 | &nbsp;&nbsp;&nbsp; 61563 |
| &nbsp;&nbsp;&nbsp;2.750%, 5/31/29 | &nbsp;&nbsp; 54220 | &nbsp;&nbsp;&nbsp; 51786 |
| **Total U.S. Government Securities<br> (Identified Cost $261,656)** | **Total U.S. Government Securities<br> (Identified Cost $261,656)** | &nbsp;&nbsp;&nbsp;&nbsp; **263579** |
| **Foreign Government Securities—4.4%** | **Foreign Government Securities—4.4%** | **Foreign Government Securities—4.4%** |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.600%, 3/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5032 | &nbsp;&nbsp;&nbsp; 4777 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 2/4/30<sup>(1)</sup> | &nbsp;&nbsp; 3100 | &nbsp;&nbsp;&nbsp; 2996 |
| Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.000%, 12/1/18<sup>(2)(3)</sup> | &nbsp;&nbsp; 1584 | &nbsp;&nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.750%, 10/13/19<sup>(2)(3)</sup> | &nbsp;&nbsp; 4851 | &nbsp;&nbsp;&nbsp; 786 |
| Bolivia Government RegS<br> 4.500%, 3/20/28<sup>(3)</sup> | &nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp; 207 |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 2/22/29<sup>(1)</sup> | &nbsp;&nbsp; 2312 | &nbsp;&nbsp;&nbsp; 2277 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.050%, 2/3/31<sup>(1)</sup> | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 2275 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.950%, 3/15/37<sup>(1)</sup> | &nbsp;&nbsp; 1361 | &nbsp;&nbsp;&nbsp; 1375 |
| Federal Republic of Ethiopia 144A<br> 6.625%, 12/11/25<sup>(1)(2)</sup> | &nbsp;&nbsp; 2310 | &nbsp;&nbsp;&nbsp; 1975 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 6/12/30 | &nbsp;&nbsp; 2264 | &nbsp;&nbsp;&nbsp; 2094 |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 3720 | &nbsp;&nbsp;&nbsp; 3616 |
| Honduras Government RegS<br> 5.625%, 6/24/30<sup>(3)</sup> | &nbsp;&nbsp; 3885 | &nbsp;&nbsp;&nbsp; 3491 |
| Hungary Government International Bond 144A<br> 6.125%, 5/22/28<sup>(1)</sup> | &nbsp;&nbsp; 6522 | &nbsp;&nbsp;&nbsp; 6680 |
| Islamic Republic of Pakistan 144A<br> 6.875%, 12/5/27<sup>(1)</sup> | &nbsp;&nbsp; 2291 | &nbsp;&nbsp;&nbsp; 2085 |
| Kingdom of Bahrain 144A<br> 6.750%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp; 4350 | &nbsp;&nbsp;&nbsp; 4429 |
| Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.500%, 1/13/29<sup>(1)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.850%, 7/7/30<sup>(1)</sup> | &nbsp;&nbsp; 1473 | &nbsp;&nbsp;&nbsp; 1359 |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 5/9/28<sup>(1)</sup> | &nbsp;&nbsp; 2812 | &nbsp;&nbsp;&nbsp; 2613 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.000%, 11/26/29<sup>(1)</sup> | &nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; 1060 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of Argentina<br> 0.750%, 7/9/30<sup>(4)</sup> | $10452 | $7598 |
| Republic of Armenia 144A<br> 3.950%, 9/26/29<sup>(1)</sup> | &nbsp;&nbsp; 1226 | &nbsp;&nbsp; 1097 |
| Republic of Chile<br> 2.450%, 1/31/31 | &nbsp;&nbsp; 1526 | &nbsp;&nbsp; 1340 |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;3.000%, 1/30/30 | &nbsp;&nbsp; 7102 | &nbsp;&nbsp; 6033 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 604 | &nbsp;&nbsp; 608 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/7/36 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2203 |
| &nbsp;&nbsp;&nbsp;3.875%, 2/15/61 | &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 1028 |
| Republic of Ecuador RegS<br> 6.900%, 7/31/30<sup>(3)(4)</sup> | &nbsp;&nbsp; 2954 | &nbsp;&nbsp; 1755 |
| Republic of El Salvador 144A<br> 8.625%, 2/28/29<sup>(1)</sup> | &nbsp;&nbsp; 3685 | &nbsp;&nbsp; 3766 |
| Republic of Gabon 144A<br> 6.625%, 2/6/31<sup>(1)</sup> | &nbsp;&nbsp; 2318 | &nbsp;&nbsp; 1803 |
| Republic of Ghana 144A<br> 5.000%, 7/3/29<sup>(1)(4)</sup> | &nbsp;&nbsp; 2991 | &nbsp;&nbsp; 2600 |
| Republic of Guatemala 144A<br> 5.250%, 8/10/29<sup>(1)</sup> | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 1109 |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.375%, 3/3/28<sup>(1)</sup> | &nbsp;&nbsp; 1573 | &nbsp;&nbsp; 1575 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 1/30/33<sup>(1)</sup> | &nbsp;&nbsp; 2104 | &nbsp;&nbsp; 2043 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.075%, 4/1/36<sup>(1)</sup> | &nbsp;&nbsp; 1602 | &nbsp;&nbsp; 1536 |
| Republic of Kenya 144A<br> 9.750%, 2/16/31<sup>(1)</sup> | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 2184 |
| Republic of Mozambique 144A<br> 9.000%, 9/15/31<sup>(1)(4)</sup> | &nbsp;&nbsp; 2244 | &nbsp;&nbsp; 1823 |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.125%, 9/28/28<sup>(1)</sup> | &nbsp;&nbsp; 1861 | &nbsp;&nbsp; 1697 |
| &nbsp;&nbsp;&nbsp;144A<br> 9.625%, 6/9/31<sup>(1)</sup> | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 2199 |
| Republic of Panama<br> 3.875%, 3/17/28 | &nbsp;&nbsp; 2874 | &nbsp;&nbsp; 2734 |
| Republic of Paraguay 144A<br> 4.950%, 4/28/31<sup>(1)(5)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp; 1774 |
| Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;2.783%, 1/23/31 | &nbsp;&nbsp; 6204 | &nbsp;&nbsp; 5455 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/8/35 | &nbsp;&nbsp; 2270 | &nbsp;&nbsp; 2222 |
| Republic of Philippines<br> 4.375%, 3/5/30 | &nbsp;&nbsp; 6185 | &nbsp;&nbsp; 6092 |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 3/18/29 | &nbsp;&nbsp; 3242 | &nbsp;&nbsp; 3238 |
| &nbsp;&nbsp;&nbsp;4.875%, 2/12/30 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2015 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/12/35 | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 1894 |
| Republic of Senegal RegS<br> 7.750%, 6/10/31<sup>(3)</sup> | &nbsp;&nbsp; 1553 | &nbsp;&nbsp; 1295 |
| Republic of Serbia 144A<br> 6.250%, 5/26/28<sup>(1)(5)</sup> | &nbsp;&nbsp; 2468 | &nbsp;&nbsp; 2516 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;5.875%, 6/22/30 | $6959 | $6773 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.100%, 11/19/36<sup>(1)</sup> | &nbsp;&nbsp; 1846 | &nbsp;&nbsp; 1791 |
| Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.000%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.100%, 1/15/30<sup>(1)(4)</sup> | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.350%, 3/15/33<sup>(1)(4)</sup> | &nbsp;&nbsp; 614 | &nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 6/15/35<sup>(1)(4)</sup> | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 2/15/38<sup>(1)(4)</sup> | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 451 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;9.125%, 7/13/30 | &nbsp;&nbsp; 6733 | &nbsp;&nbsp; 7325 |
| &nbsp;&nbsp;&nbsp;7.125%, 2/12/32 | &nbsp;&nbsp; 4538 | &nbsp;&nbsp; 4461 |
| Republic of Zambia 144A<br> 5.750%, 6/30/33<sup>(1)(4)</sup> | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1478 |
| Republica Orient Uruguay<br> 4.375%, 1/23/31 | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 5603 |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 1/30/29<sup>(1)</sup> | &nbsp;&nbsp; 5079 | &nbsp;&nbsp; 5045 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.125%, 1/17/33<sup>(1)</sup> | &nbsp;&nbsp; 1322 | &nbsp;&nbsp; 1345 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.750%, 1/18/28<sup>(1)</sup> | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6523 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.375%, 1/13/31<sup>(1)</sup> | &nbsp;&nbsp; 3616 | &nbsp;&nbsp; 3706 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.625%, 1/13/35<sup>(1)</sup> | &nbsp;&nbsp; 2237 | &nbsp;&nbsp; 2296 |
| State of Qatar 144A<br> 3.750%, 4/16/30<sup>(1)</sup> | &nbsp;&nbsp; 6553 | &nbsp;&nbsp; 6350 |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 8/4/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 1107 | &nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.950%, 1/14/31<sup>(1)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 639 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.950%, 1/14/31<sup>(3)</sup> | &nbsp;&nbsp; 3540 | &nbsp;&nbsp; 3456 |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/35<sup>(1)(4)</sup> | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 983 |
| &nbsp;&nbsp;&nbsp;144A<br> 1.750%, 2/1/36<sup>(1)(4)</sup> | &nbsp;&nbsp; 1266 | &nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp;RegS<br> 1.750%, 2/1/35<sup>(3)(4)</sup> | &nbsp;&nbsp; 1992 | &nbsp;&nbsp; 1036 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/36<sup>(3)(4)</sup> | &nbsp;&nbsp; 2420 | &nbsp;&nbsp; 1325 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 5/7/29 | &nbsp;&nbsp; 4353 | &nbsp;&nbsp; 4318 |
| &nbsp;&nbsp;&nbsp;6.000%, 5/13/30 | &nbsp;&nbsp; 2993 | &nbsp;&nbsp; 3059 |
| &nbsp;&nbsp;&nbsp;6.875%, 5/13/37 | &nbsp;&nbsp; 6675 | &nbsp;&nbsp; 6842 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Foreign Government Securities—continued** | **Foreign Government Securities—continued** | **Foreign Government Securities—continued** |
| Uzbekistan International Bond 144A<br> 7.850%, 10/12/28<sup>(1)</sup> | $6350 | $6622 |
| **Total Foreign Government Securities<br> (Identified Cost $204,837)** | **Total Foreign Government Securities<br> (Identified Cost $204,837)** | &nbsp;&nbsp;&nbsp;&nbsp; **203396** |
| **Mortgage-Backed Securities—24.0%** | **Mortgage-Backed Securities—24.0%** | **Mortgage-Backed Securities—24.0%** |
| **Agency—3.7%** | **Agency—3.7%** |  |
| Federal Home Loan Mortgage Corporation |  |  |
| &nbsp;&nbsp;&nbsp;Pool #SB8269<br> 6.000%, 10/1/38 | &nbsp;&nbsp; 31926 | &nbsp;&nbsp;&nbsp; 32830 |
| &nbsp;&nbsp;&nbsp;Pool #SD3238<br> 5.500%, 12/1/52 | &nbsp;&nbsp; 2531 | &nbsp;&nbsp;&nbsp; 2534 |
| &nbsp;&nbsp;&nbsp;Pool #SD8350<br> 6.000%, 8/1/53 | &nbsp;&nbsp; 9274 | &nbsp;&nbsp;&nbsp; 9425 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #254549<br> 6.000%, 12/1/32 | &nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;Pool #725762<br> 6.000%, 8/1/34 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;Pool #773385<br> 5.500%, 5/1/34 | &nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;Pool #800267<br> 5.500%, 12/1/34 | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;Pool #806318<br> 5.500%, 11/1/34 | &nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;Pool #808018<br> 5.500%, 1/1/35 | &nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;Pool #889578<br> 6.000%, 4/1/38 | &nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;Pool #890710<br> 3.000%, 2/1/31 | &nbsp;&nbsp; 1659 | &nbsp;&nbsp;&nbsp; 1612 |
| &nbsp;&nbsp;&nbsp;Pool #941322<br> 6.000%, 7/1/37 | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;Pool #AC6992<br> 5.000%, 12/1/39 | &nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp; 739 |
| &nbsp;&nbsp;&nbsp;Pool #AD3841<br> 4.500%, 4/1/40 | &nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; 826 |
| &nbsp;&nbsp;&nbsp;Pool #AD4224<br> 5.000%, 8/1/40 | &nbsp;&nbsp; 962 | &nbsp;&nbsp;&nbsp; 971 |
| &nbsp;&nbsp;&nbsp;Pool #AD6058<br> 4.000%, 8/1/25 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;Pool #AE4799<br> 4.000%, 10/1/40 | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;Pool #AH4009<br> 4.000%, 3/1/41 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp; 1097 |
| &nbsp;&nbsp;&nbsp;Pool #AI2472<br> 4.500%, 5/1/41 | &nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp; 698 |
| &nbsp;&nbsp;&nbsp;Pool #AO5149<br> 3.000%, 6/1/27 | &nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;Pool #AS6515<br> 4.000%, 1/1/46 | &nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp; 1454 |
| &nbsp;&nbsp;&nbsp;Pool #FS4438<br> 5.000%, 11/1/52 | &nbsp;&nbsp; 11161 | &nbsp;&nbsp;&nbsp; 10971 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Agency—continued** | **Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;Pool #FS8791<br> 6.000%, 8/1/54 | $10345 | $10556 |
| &nbsp;&nbsp;&nbsp;Pool #MA4785<br> 5.000%, 10/1/52 | &nbsp;&nbsp; 9976 | &nbsp;&nbsp; 9806 |
| &nbsp;&nbsp;&nbsp;Pool #MA4805<br> 4.500%, 11/1/52 | &nbsp;&nbsp; 21057 | &nbsp;&nbsp; 20179 |
| &nbsp;&nbsp;&nbsp;Pool #MA5072<br> 5.500%, 7/1/53 | &nbsp;&nbsp; 26683 | &nbsp;&nbsp; 26683 |
| &nbsp;&nbsp;&nbsp;Pool #MA5139<br> 6.000%, 9/1/53 | &nbsp;&nbsp; 39364 | &nbsp;&nbsp; 39988 |
| Government National Mortgage Association Pool #563381<br> 6.500%, 11/15/31 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
|  |  | &nbsp;&nbsp; 170758 |
| **Non-Agency—20.3%** | **Non-Agency—20.3%** |  |
| A&D Mortgage Trust 2023-NQM3, A1 144A<br> 6.733%, 7/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 13988 | &nbsp;&nbsp; 14138 |
| ADMT 2024-NQM6, A1 144A<br> 5.666%, 1/25/70<sup>(1)(6)</sup> | &nbsp;&nbsp; 7558 | &nbsp;&nbsp; 7574 |
| Ajax Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-D, A1 144A<br> 2.956%, 9/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 3739 | &nbsp;&nbsp; 3560 |
| &nbsp;&nbsp;&nbsp;2021-A, A1 144A<br> 1.065%, 9/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 6508 | &nbsp;&nbsp; 5757 |
| &nbsp;&nbsp;&nbsp;2022-B, A1 144A<br> 3.500%, 3/27/62<sup>(1)(6)</sup> | &nbsp;&nbsp; 13031 | &nbsp;&nbsp; 12494 |
| American Homes 4 Rent Trust 2015-SFR1, A 144A<br> 3.467%, 4/17/52<sup>(1)</sup> | &nbsp;&nbsp; 9519 | &nbsp;&nbsp; 9499 |
| AMSR Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-SFR2, D 144A<br> 3.282%, 7/17/37<sup>(1)</sup> | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 1667 |
| &nbsp;&nbsp;&nbsp;2021-SFR2, C 144A<br> 1.877%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 4535 | &nbsp;&nbsp; 4342 |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.177%, 10/17/38<sup>(1)</sup> | &nbsp;&nbsp; 6675 | &nbsp;&nbsp; 6359 |
| Angel Oak Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 1.469%, 6/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 2220 | &nbsp;&nbsp; 2103 |
| &nbsp;&nbsp;&nbsp;2021-3, A2 144A<br> 1.305%, 5/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 1488 | &nbsp;&nbsp; 1279 |
| &nbsp;&nbsp;&nbsp;2021-5, A1 144A<br> 0.951%, 7/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 5355 | &nbsp;&nbsp; 4619 |
| &nbsp;&nbsp;&nbsp;2021-8, A1 144A<br> 1.820%, 11/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 8277 | &nbsp;&nbsp; 7333 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.500%, 5/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 4395 | &nbsp;&nbsp; 4333 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 4.750%, 9/26/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 3575 | &nbsp;&nbsp; 3544 |
| Arroyo Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-1, A1 144A<br> 3.805%, 1/25/49<sup>(1)(6)</sup> | &nbsp;&nbsp; 3676 | &nbsp;&nbsp; 3573 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 3.347%, 4/25/49<sup>(1)(6)</sup> | $2189 | $2108 |
| &nbsp;&nbsp;&nbsp;2022-1, A1B 144A<br> 3.269%, 12/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 4252 | &nbsp;&nbsp; 3904 |
| Banc of America Funding Trust 2004-D, 5A1<br> 5.130%, 1/25/35<sup>(6)</sup> | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 636 |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.239%, 3/15/37<sup>(1)(6)</sup> | &nbsp;&nbsp; 10930 | &nbsp;&nbsp; 10357 |
| Benchmark Mortgage Trust 2023-B38, A2<br> 5.626%, 4/15/56 | &nbsp;&nbsp; 4235 | &nbsp;&nbsp; 4260 |
| BPR Trust 2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A<br> 6.217%, 4/15/37<sup>(1)(6)</sup> | &nbsp;&nbsp; 14100 | &nbsp;&nbsp; 14103 |
| Bunker Hill Loan Depositary Trust 2019-2, A1 144A<br> 2.879%, 7/25/49<sup>(1)(6)</sup> | &nbsp;&nbsp; 924 | &nbsp;&nbsp; 898 |
| BX Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A<br> 6.280%, 2/15/39<sup>(1)(6)</sup> | &nbsp;&nbsp; 7987 | &nbsp;&nbsp; 7955 |
| &nbsp;&nbsp;&nbsp;2024-XL5, A (1 month Term SOFR + 1.392%, Cap N/A, Floor 1.392%) 144A<br> 5.711%, 3/15/41<sup>(1)(6)</sup> | &nbsp;&nbsp; 7385 | &nbsp;&nbsp; 7396 |
| BX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-OC11, A 144A<br> 3.202%, 12/9/41<sup>(1)</sup> | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1537 |
| &nbsp;&nbsp;&nbsp;2019-OC11, B 144A<br> 3.605%, 12/9/41<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4637 |
| &nbsp;&nbsp;&nbsp;2019-OC11, D 144A<br> 3.944%, 12/9/41<sup>(1)(6)</sup> | &nbsp;&nbsp; 7699 | &nbsp;&nbsp; 7059 |
| &nbsp;&nbsp;&nbsp;2022-CLS, A 144A<br> 5.760%, 10/13/27<sup>(1)</sup> | &nbsp;&nbsp; 17112 | &nbsp;&nbsp; 17312 |
| &nbsp;&nbsp;&nbsp;2025-ROIC, C (1 month Term SOFR + 1.543%, Cap N/A, Floor 1.543%) 144A<br> 5.862%, 3/15/30<sup>(1)(6)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 994 |
| CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A<br> 6.939%, 9/15/38<sup>(1)(6)</sup> | &nbsp;&nbsp; 6645 | &nbsp;&nbsp; 6657 |
| Chase Home Lending Mortgage Trust 2023-RPL1, A1 144A<br> 3.500%, 6/25/62<sup>(1)(6)</sup> | &nbsp;&nbsp; 6933 | &nbsp;&nbsp; 6416 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Chase Mortgage Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;2016-SH1, M2 144A<br> 3.750%, 4/25/45<sup>(1)(6)</sup> | $3312 | $3035 |
| &nbsp;&nbsp;&nbsp;2016-SH2, M2 144A<br> 3.749%, 12/25/45<sup>(1)(6)</sup> | &nbsp;&nbsp; 5014 | &nbsp;&nbsp; 4634 |
| CIM Trust 2022-R2, A1 144A<br> 3.750%, 12/25/61<sup>(1)(6)</sup> | &nbsp;&nbsp; 4183 | &nbsp;&nbsp; 3932 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2013-A, A 144A<br> 3.000%, 5/25/42<sup>(1)(6)</sup> | &nbsp;&nbsp; 1897 | &nbsp;&nbsp; 1743 |
| &nbsp;&nbsp;&nbsp;2018-RP1, A1 144A<br> 3.000%, 9/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 1757 | &nbsp;&nbsp; 1719 |
| &nbsp;&nbsp;&nbsp;2019-RP1, A1 144A<br> 3.500%, 1/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 2895 | &nbsp;&nbsp; 2814 |
| &nbsp;&nbsp;&nbsp;2025-INV1, A2 144A<br> 6.000%, 1/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 7766 | &nbsp;&nbsp; 7841 |
| COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-3, A1 144A<br> 3.901%, 2/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 11183 | &nbsp;&nbsp; 10796 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.301%, 3/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 6147 | &nbsp;&nbsp; 6073 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 4.550%, 4/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 12812 | &nbsp;&nbsp; 12747 |
| &nbsp;&nbsp;&nbsp;2023-3, A1 144A<br> 7.180%, 9/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 7244 | &nbsp;&nbsp; 7346 |
| &nbsp;&nbsp;&nbsp;2023-4, A1 144A<br> 7.163%, 10/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 1482 | &nbsp;&nbsp; 1504 |
| &nbsp;&nbsp;&nbsp;2024-5, A1 144A<br> 5.123%, 8/25/69<sup>(1)(6)</sup> | &nbsp;&nbsp; 10163 | &nbsp;&nbsp; 10100 |
| COMM Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2013-300P, A1 144A<br> 4.353%, 8/10/30<sup>(1)</sup> | &nbsp;&nbsp; 13465 | &nbsp;&nbsp; 13330 |
| &nbsp;&nbsp;&nbsp;2015-CR24, AM<br> 4.028%, 8/10/48<sup>(6)</sup> | &nbsp;&nbsp; 7481 | &nbsp;&nbsp; 7424 |
| CoreVest American Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3, A 144A<br> 1.358%, 8/15/53<sup>(1)</sup> | &nbsp;&nbsp; 1728 | &nbsp;&nbsp; 1683 |
| &nbsp;&nbsp;&nbsp;2022-1, A 144A<br> 4.744%, 6/17/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 5530 | &nbsp;&nbsp; 5551 |
| Credit Suisse Mortgage Capital Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-RPL1, A1 144A<br> 2.750%, 7/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 11588 | &nbsp;&nbsp; 11236 |
| &nbsp;&nbsp;&nbsp;2020-NQM1, A1 144A<br> 2.208%, 5/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1634 |
| &nbsp;&nbsp;&nbsp;2020-RPL4, A1 144A<br> 2.000%, 1/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 9275 | &nbsp;&nbsp; 8293 |
| Deephaven Residential Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-4, A1 144A<br> 1.931%, 11/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 5150 | &nbsp;&nbsp; 4515 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.205%, 1/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 5076 | &nbsp;&nbsp; 4561 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A3 144A<br> 3.046%, 11/25/59<sup>(1)(6)</sup> | $774 | $732 |
| &nbsp;&nbsp;&nbsp;2020-2, A1 144A<br> 1.178%, 10/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 3523 | &nbsp;&nbsp; 3287 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 1.003%, 2/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 801 | &nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp;2022-1, A1 144A<br> 2.206%, 1/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 4254 | &nbsp;&nbsp; 3699 |
| Fashion Show Mall LLC 2024-SHOW, A 144A<br> 4.764%, 10/10/41<sup>(1)(6)</sup> | &nbsp;&nbsp; 10220 | &nbsp;&nbsp; 10225 |
| FirstKey Homes Trust 2021-SFR1, D 144A<br> 2.189%, 8/17/38<sup>(1)</sup> | &nbsp;&nbsp; 7260 | &nbsp;&nbsp; 6973 |
| Galton Funding Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-1, A23 144A<br> 3.500%, 11/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp;2019-2, A52 144A<br> 3.500%, 6/25/59<sup>(1)(6)</sup> | &nbsp;&nbsp; 2827 | &nbsp;&nbsp; 2566 |
| GCAT Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-NQM6, A1 144A<br> 1.855%, 8/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 6095 | &nbsp;&nbsp; 5490 |
| &nbsp;&nbsp;&nbsp;2023-NQM2, A1 144A<br> 5.837%, 11/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 9949 | &nbsp;&nbsp; 9947 |
| Goldman Sachs Mortgage Securities Trust 2020-GC45, AS<br> 3.173%, 2/13/53<sup>(6)</sup> | &nbsp;&nbsp; 2630 | &nbsp;&nbsp; 2409 |
| Homes Trust 2023-NQM2, A1 144A<br> 6.456%, 2/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 7549 | &nbsp;&nbsp; 7585 |
| Hudson Yards Mortgage Trust 2025-SPRL, A 144A<br> 5.467%, 1/13/40<sup>(1)(6)</sup> | &nbsp;&nbsp; 4620 | &nbsp;&nbsp; 4700 |
| Imperial Fund Mortgage Trust 2022-NQM3, A1 144A<br> 4.380%, 5/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 8605 | &nbsp;&nbsp; 8508 |
| JP Morgan Seasoned Mortgage Trust Series 2024-1, A4 144A<br> 4.451%, 1/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 7823 | &nbsp;&nbsp; 7630 |
| JPMorgan Chase Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1, 2A12 144A<br> 3.500%, 1/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;2014-5, B1 144A<br> 2.681%, 10/25/29<sup>(1)(6)</sup> | &nbsp;&nbsp; 1882 | &nbsp;&nbsp; 1775 |
| &nbsp;&nbsp;&nbsp;2014-5, B2 144A<br> 2.681%, 10/25/29<sup>(1)(6)</sup> | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 831 |
| &nbsp;&nbsp;&nbsp;2015-1, AM1 144A<br> 5.649%, 12/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 499 | &nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;2015-5, A2 144A<br> 5.866%, 5/25/45<sup>(1)(6)</sup> | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 606 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| &nbsp;&nbsp;&nbsp;2017-3, 2A2 144A<br> 2.500%, 8/25/47<sup>(1)(6)</sup> | $1386 | $1217 |
| &nbsp;&nbsp;&nbsp;2017-5, A1 144A<br> 5.011%, 10/26/48<sup>(1)(6)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1007 |
| &nbsp;&nbsp;&nbsp;2018-7FRB, A2 (1 month Term SOFR + 0.864%) 144A<br> 5.185%, 4/25/46<sup>(1)(6)</sup> | &nbsp;&nbsp; 4347 | &nbsp;&nbsp; 4262 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 5.919%, 6/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 8240 | &nbsp;&nbsp; 8262 |
| &nbsp;&nbsp;&nbsp;2025-CES1, A1 144A<br> 5.666%, 5/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 10291 | &nbsp;&nbsp; 10337 |
| &nbsp;&nbsp;&nbsp;2025-CES2, A1 144A<br> 5.592%, 6/25/55<sup>(1)(7)</sup> | &nbsp;&nbsp; 10400 | &nbsp;&nbsp; 10411 |
| LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-RTL3, A1 144A<br> 8.150%, 11/25/27<sup>(1)(6)</sup> | &nbsp;&nbsp; 5594 | &nbsp;&nbsp; 5635 |
| &nbsp;&nbsp;&nbsp;2024-RTL1, A1 144A<br> 7.017%, 1/25/29<sup>(1)(6)</sup> | &nbsp;&nbsp; 5775 | &nbsp;&nbsp; 5837 |
| MetLife Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1A, M1 144A<br> 3.435%, 4/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 7930 | &nbsp;&nbsp; 7045 |
| &nbsp;&nbsp;&nbsp;2018-1A, A 144A<br> 3.750%, 3/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 12100 | &nbsp;&nbsp; 11649 |
| &nbsp;&nbsp;&nbsp;2019-1A, A1A 144A<br> 3.750%, 4/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 3245 | &nbsp;&nbsp; 3181 |
| MFA Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-INV1, A1 144A<br> 3.907%, 4/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 7958 | &nbsp;&nbsp; 7847 |
| &nbsp;&nbsp;&nbsp;2022-INV2, A1 144A<br> 4.950%, 7/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 2497 | &nbsp;&nbsp; 2484 |
| &nbsp;&nbsp;&nbsp;2022-NQM2, A1 144A<br> 4.000%, 5/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 3156 | &nbsp;&nbsp; 3045 |
| &nbsp;&nbsp;&nbsp;2024-NQM2, A1 144A<br> 5.272%, 8/25/69<sup>(1)(6)</sup> | &nbsp;&nbsp; 9580 | &nbsp;&nbsp; 9538 |
| &nbsp;&nbsp;&nbsp;2020-NQM3, A1 144A<br> 1.014%, 1/26/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 1091 |
| &nbsp;&nbsp;&nbsp;2021-INV1, A1 144A<br> 0.852%, 1/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 542 | &nbsp;&nbsp; 520 |
| Mill City Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2017-1, M2 144A<br> 3.250%, 11/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 2973 | &nbsp;&nbsp; 2921 |
| &nbsp;&nbsp;&nbsp;2019-1, M2 144A<br> 3.500%, 10/25/69<sup>(1)(6)</sup> | &nbsp;&nbsp; 12131 | &nbsp;&nbsp; 10991 |
| &nbsp;&nbsp;&nbsp;2021-NMR1, A1 144A<br> 1.125%, 11/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 2516 | &nbsp;&nbsp; 2392 |
| MIRA Trust 2023-MILE, A 144A<br> 6.755%, 6/10/38<sup>(1)</sup> | &nbsp;&nbsp; 12180 | &nbsp;&nbsp; 12724 |
| Morgan Stanley Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, B2 144A<br> 5.887%, 6/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 1093 | &nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp;2024-INV4, A1 144A<br> 6.000%, 9/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 5410 | &nbsp;&nbsp; 5441 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| New Residential Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2014-1A, A 144A<br> 3.750%, 1/25/54<sup>(1)(6)</sup> | $2686 | $2592 |
| &nbsp;&nbsp;&nbsp;2015-2A, A1 144A<br> 3.750%, 8/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 2277 | &nbsp;&nbsp; 2197 |
| &nbsp;&nbsp;&nbsp;2016-3A, A1 144A<br> 3.750%, 9/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 1441 |
| &nbsp;&nbsp;&nbsp;2016-4A, A1 144A<br> 3.750%, 11/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 1837 | &nbsp;&nbsp; 1750 |
| &nbsp;&nbsp;&nbsp;2017-2A, A3 144A<br> 4.000%, 3/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 7482 | &nbsp;&nbsp; 7253 |
| &nbsp;&nbsp;&nbsp;2018-2A, A1 144A<br> 4.500%, 2/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 4121 | &nbsp;&nbsp; 4059 |
| &nbsp;&nbsp;&nbsp;2021-NQ2R, A1 144A<br> 0.941%, 10/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 1882 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 5.466%, 11/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 5620 | &nbsp;&nbsp; 5620 |
| &nbsp;&nbsp;&nbsp;2014-3A, AFX3 144A<br> 3.750%, 11/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 2842 | &nbsp;&nbsp; 2728 |
| &nbsp;&nbsp;&nbsp;2016-2A, A1 144A<br> 3.750%, 11/26/35<sup>(1)(6)</sup> | &nbsp;&nbsp; 2806 | &nbsp;&nbsp; 2701 |
| &nbsp;&nbsp;&nbsp;2018-1A, A1A 144A<br> 4.000%, 12/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 5323 | &nbsp;&nbsp; 5162 |
| NLT Trust 2021-INV2, A1 144A<br> 1.162%, 8/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 8538 | &nbsp;&nbsp; 7278 |
| NYMT Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-CP1, A1 144A<br> 2.042%, 7/25/61<sup>(1)</sup> | &nbsp;&nbsp; 3285 | &nbsp;&nbsp; 3035 |
| &nbsp;&nbsp;&nbsp;2024-CP1, A1 144A<br> 3.750%, 2/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 3502 | &nbsp;&nbsp; 3234 |
| OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-NQM1, A1 144A<br> 2.305%, 11/25/61<sup>(1)(6)</sup> | &nbsp;&nbsp; 3341 | &nbsp;&nbsp; 2961 |
| &nbsp;&nbsp;&nbsp;2023-NQM10, A1 144A<br> 6.465%, 10/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 7573 | &nbsp;&nbsp; 7652 |
| &nbsp;&nbsp;&nbsp;2023-NQM5, A1A 144A<br> 6.567%, 6/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 3187 | &nbsp;&nbsp; 3222 |
| &nbsp;&nbsp;&nbsp;2023-NQM9, A1 144A<br> 7.159%, 10/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 3353 | &nbsp;&nbsp; 3417 |
| &nbsp;&nbsp;&nbsp;2024-HYB1, A1 144A<br> 3.646%, 3/25/53<sup>(1)(6)</sup> | &nbsp;&nbsp; 6414 | &nbsp;&nbsp; 6284 |
| &nbsp;&nbsp;&nbsp;2024-HYB2, A1 144A<br> 3.665%, 4/25/53<sup>(1)(6)</sup> | &nbsp;&nbsp; 8729 | &nbsp;&nbsp; 8619 |
| &nbsp;&nbsp;&nbsp;2024-NQM1, A1 144A<br> 5.928%, 11/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 4271 | &nbsp;&nbsp; 4286 |
| &nbsp;&nbsp;&nbsp;2024-NQM3, A1 144A<br> 6.129%, 12/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 7559 | &nbsp;&nbsp; 7609 |
| &nbsp;&nbsp;&nbsp;2024-NQM9, A1 144A<br> 6.030%, 1/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 8402 | &nbsp;&nbsp; 8460 |
| &nbsp;&nbsp;&nbsp;2025-NQM4, A1 144A<br> 5.400%, 2/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 10202 | &nbsp;&nbsp; 10174 |
| &nbsp;&nbsp;&nbsp;2018-1, A2 (1 month Term SOFR + 0.764%) 144A<br> 5.085%, 6/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 1448 | &nbsp;&nbsp; 1416 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Palisades Mortgage Loan Trust 2021-RTL1, A1 144A<br> 3.487%, 6/25/26<sup>(1)(6)</sup> | $2744 | $2729 |
| PMT Loan Trust 2024-INV2, A1 144A<br> 6.000%, 12/25/59<sup>(1)(6)</sup> | &nbsp;&nbsp; 4704 | &nbsp;&nbsp; 4743 |
| PRET Trust 2025-NPL1, A1 144A<br> 6.063%, 2/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 11631 | &nbsp;&nbsp; 11659 |
| PRKCM Trust 2022-AFC1, A1A 144A<br> 4.100%, 4/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 2905 | &nbsp;&nbsp; 2862 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR3, D 144A<br> 2.288%, 5/17/26<sup>(1)</sup> | &nbsp;&nbsp; 11130 | &nbsp;&nbsp; 10826 |
| &nbsp;&nbsp;&nbsp;2021-SFR5, D 144A<br> 2.109%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2410 |
| Provident Funding Mortgage Trust 2025-1, A3 144A<br> 5.500%, 2/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 5888 | &nbsp;&nbsp; 5877 |
| PRPM LLC 2024-RPL1, A1 144A<br> 4.200%, 12/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 2988 | &nbsp;&nbsp; 2921 |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 3.000%, 2/25/50<sup>(1)(6)</sup> | &nbsp;&nbsp; 3157 | &nbsp;&nbsp; 2736 |
| &nbsp;&nbsp;&nbsp;2023-CES1, A1A 144A<br> 6.515%, 6/25/43<sup>(1)(6)</sup> | &nbsp;&nbsp; 11939 | &nbsp;&nbsp; 12013 |
| &nbsp;&nbsp;&nbsp;2023-CES2, A1A 144A<br> 6.808%, 9/25/43<sup>(1)(6)</sup> | &nbsp;&nbsp; 5831 | &nbsp;&nbsp; 5895 |
| &nbsp;&nbsp;&nbsp;2024-CES9, A1A 144A<br> 5.582%, 12/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 7339 | &nbsp;&nbsp; 7362 |
| Residential Mortgage Loan Trust 2020-1, A1 144A<br> 2.376%, 1/26/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 367 |
| RFR Trust 2025-SGRM, A 144A<br> 5.562%, 3/11/41<sup>(1)(6)</sup> | &nbsp;&nbsp; 2130 | &nbsp;&nbsp; 2145 |
| ROCK Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-CNTR, A 144A<br> 5.388%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 2735 | &nbsp;&nbsp; 2756 |
| &nbsp;&nbsp;&nbsp;2024-CNTR, C 144A<br> 6.471%, 11/13/41<sup>(1)</sup> | &nbsp;&nbsp; 7605 | &nbsp;&nbsp; 7846 |
| Sequoia Mortgage Trust 2013-8, B1<br> 3.480%, 6/25/43<sup>(6)</sup> | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 970 |
| SG Residential Mortgage Trust 2021-1, A1 144A<br> 1.160%, 7/25/61<sup>(1)(6)</sup> | &nbsp;&nbsp; 14445 | &nbsp;&nbsp; 11677 |
| Starwood Mortgage Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 2.275%, 2/25/50<sup>(1)(6)</sup> | &nbsp;&nbsp; 372 | &nbsp;&nbsp; 354 |
| &nbsp;&nbsp;&nbsp;2021-3, A1 144A<br> 1.127%, 6/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 7720 | &nbsp;&nbsp; 6662 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| THPT Mortgage Trust 2023-THL, A 144A<br> 6.994%, 12/10/34<sup>(1)(6)</sup> | $11421 | $11643 |
| Towd Point Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2015-6, B2 144A<br> 3.814%, 4/25/55<sup>(1)(6)</sup> | &nbsp;&nbsp; 9529 | &nbsp;&nbsp; 8842 |
| &nbsp;&nbsp;&nbsp;2016-4, B1 144A<br> 4.007%, 7/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 8095 | &nbsp;&nbsp; 7759 |
| &nbsp;&nbsp;&nbsp;2017-1, M1 144A<br> 3.750%, 10/25/56<sup>(1)(6)</sup> | &nbsp;&nbsp; 9647 | &nbsp;&nbsp; 9407 |
| &nbsp;&nbsp;&nbsp;2018-2, A2 144A<br> 3.500%, 3/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 12525 | &nbsp;&nbsp; 12031 |
| &nbsp;&nbsp;&nbsp;2018-6, A1A 144A<br> 3.750%, 3/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 1411 | &nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp;2018-6, A1B 144A<br> 3.750%, 3/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1629 |
| &nbsp;&nbsp;&nbsp;2019-2, A2 144A<br> 3.750%, 12/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 925 | &nbsp;&nbsp; 835 |
| &nbsp;&nbsp;&nbsp;2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A<br> 6.035%, 5/25/58<sup>(1)(6)</sup> | &nbsp;&nbsp; 4045 | &nbsp;&nbsp; 4068 |
| &nbsp;&nbsp;&nbsp;2020-MH1, A2 144A<br> 2.500%, 2/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 12111 | &nbsp;&nbsp; 11458 |
| &nbsp;&nbsp;&nbsp;2021-1, A2 144A<br> 2.750%, 11/25/61<sup>(1)(6)</sup> | &nbsp;&nbsp; 12970 | &nbsp;&nbsp; 10809 |
| &nbsp;&nbsp;&nbsp;2024-1, A1 144A<br> 4.780%, 3/25/64<sup>(1)(6)</sup> | &nbsp;&nbsp; 14217 | &nbsp;&nbsp; 14352 |
| &nbsp;&nbsp;&nbsp;2017-6, A2 144A<br> 3.000%, 10/25/57<sup>(1)(6)</sup> | &nbsp;&nbsp; 11390 | &nbsp;&nbsp; 10708 |
| Tricon American Homes Trust 2020-SFR2, D 144A<br> 2.281%, 11/17/39<sup>(1)</sup> | &nbsp;&nbsp; 5243 | &nbsp;&nbsp; 4883 |
| Tricon Residential Trust 2021-SFR1, B 144A<br> 2.244%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 6490 | &nbsp;&nbsp; 6283 |
| Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-2, A1 144A<br> 1.031%, 2/25/66<sup>(1)(6)</sup> | &nbsp;&nbsp; 3566 | &nbsp;&nbsp; 3161 |
| &nbsp;&nbsp;&nbsp;2022-4, A1 144A<br> 4.474%, 4/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 10523 | &nbsp;&nbsp; 10468 |
| &nbsp;&nbsp;&nbsp;2022-5, A1 144A<br> 3.800%, 4/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 14802 | &nbsp;&nbsp; 14108 |
| &nbsp;&nbsp;&nbsp;2022-7, A1 144A<br> 5.152%, 7/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 9696 | &nbsp;&nbsp; 9651 |
| &nbsp;&nbsp;&nbsp;2023-1, A1 144A<br> 5.850%, 12/25/67<sup>(1)(6)</sup> | &nbsp;&nbsp; 3806 | &nbsp;&nbsp; 3804 |
| &nbsp;&nbsp;&nbsp;2023-8, A1 144A<br> 6.259%, 12/25/68<sup>(1)(6)</sup> | &nbsp;&nbsp; 7451 | &nbsp;&nbsp; 7505 |
| &nbsp;&nbsp;&nbsp;2024-3, A1 144A<br> 6.338%, 4/25/69<sup>(1)(6)</sup> | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 1273 |
| &nbsp;&nbsp;&nbsp;2020-1, A1 144A<br> 3.417%, 1/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 2017 | &nbsp;&nbsp; 1975 |
| &nbsp;&nbsp;&nbsp;2020-4, A1 144A<br> 2.502%, 5/25/65<sup>(1)(6)</sup> | &nbsp;&nbsp; 2054 | &nbsp;&nbsp; 2003 |
| &nbsp;&nbsp;&nbsp;2021-R1, A1 144A<br> 0.820%, 10/25/63<sup>(1)(6)</sup> | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1873 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| Visio Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-2, A1 144A<br> 2.722%, 11/25/54<sup>(1)(6)</sup> | $1130 | $1103 |
| &nbsp;&nbsp;&nbsp;2021-1R, A1 144A<br> 1.280%, 5/25/56<sup>(1)</sup> | &nbsp;&nbsp; 4661 | &nbsp;&nbsp;&nbsp; 4291 |
| Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A<br> 3.000%, 7/25/50<sup>(1)(6)</sup> | &nbsp;&nbsp; 2137 | &nbsp;&nbsp;&nbsp; 1818 |
|  |  | &nbsp;&nbsp;&nbsp; 927956 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $1,122,636)** | **Total Mortgage-Backed Securities<br> (Identified Cost $1,122,636)** | &nbsp;&nbsp;&nbsp;&nbsp;**1098714** |
| **Asset-Backed Securities—27.6%** | **Asset-Backed Securities—27.6%** | **Asset-Backed Securities—27.6%** |
| **Automobiles—12.1%** | **Automobiles—12.1%** |  |
| ACM Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 7.970%, 6/20/30<sup>(1)</sup> | &nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp; 1013 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 6.060%, 2/20/29<sup>(1)</sup> | &nbsp;&nbsp; 3385 | &nbsp;&nbsp;&nbsp; 3393 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 5.380%, 6/20/29<sup>(1)</sup> | &nbsp;&nbsp; 2806 | &nbsp;&nbsp;&nbsp; 2810 |
| American Credit Acceptance Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, E 144A<br> 3.640%, 3/13/28<sup>(1)</sup> | &nbsp;&nbsp; 12490 | &nbsp;&nbsp;&nbsp; 12417 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 5.630%, 1/14/30<sup>(1)</sup> | &nbsp;&nbsp; 7935 | &nbsp;&nbsp;&nbsp; 7974 |
| &nbsp;&nbsp;&nbsp;2024-4, C 144A<br> 4.910%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp; 8335 | &nbsp;&nbsp;&nbsp; 8326 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 5.090%, 8/12/31<sup>(1)</sup> | &nbsp;&nbsp; 13200 | &nbsp;&nbsp;&nbsp; 13252 |
| American Heritage Auto Receivables Trust 2024-1A, A3 144A<br> 4.900%, 9/17/29<sup>(1)</sup> | &nbsp;&nbsp; 4360 | &nbsp;&nbsp;&nbsp; 4390 |
| Arivo Acceptance Auto Loan Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 4.770%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 6200 | &nbsp;&nbsp;&nbsp; 6145 |
| &nbsp;&nbsp;&nbsp;2022-2A, A 144A<br> 6.900%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 3048 | &nbsp;&nbsp;&nbsp; 3074 |
| Avid Automobile Receivables Trust 2021-1, D 144A<br> 1.990%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 649 | &nbsp;&nbsp;&nbsp; 647 |
| Avis Budget Rental Car Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2020-2A, A 144A<br> 2.020%, 2/20/27<sup>(1)</sup> | &nbsp;&nbsp; 9205 | &nbsp;&nbsp;&nbsp; 9037 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, A 144A<br> 1.380%, 8/20/27<sup>(1)</sup> | &nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp; 1800 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, D 144A<br> 3.710%, 8/20/27<sup>(1)</sup> | $11500 | $11071 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2021-1A, D 144A<br> 4.080%, 2/20/28<sup>(1)</sup> | &nbsp;&nbsp; 3815 | &nbsp;&nbsp; 3612 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2022-5A, A 144A<br> 6.120%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 6383 | &nbsp;&nbsp; 6458 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2022-5A, C 144A<br> 6.240%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 4650 | &nbsp;&nbsp; 4665 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-2A, C 144A<br> 6.180%, 10/20/27<sup>(1)</sup> | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3517 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2023-3A, D 144A<br> 7.320%, 2/20/28<sup>(1)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4003 |
| &nbsp;&nbsp;&nbsp;(AESOP) 2024-1A, A 144A<br> 5.360%, 6/20/30<sup>(1)</sup> | &nbsp;&nbsp; 8050 | &nbsp;&nbsp; 8216 |
| BOF URSA VI Funding Trust I 2023-CAR2, A2 144A<br> 5.542%, 10/27/31<sup>(1)</sup> | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 835 |
| Bridgecrest Lending Auto Securitization Trust 2025-1, C<br> 5.150%, 12/17/29 | &nbsp;&nbsp; 9650 | &nbsp;&nbsp; 9743 |
| Carvana Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-P1, C<br> 1.320%, 11/9/26 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2204 |
| &nbsp;&nbsp;&nbsp;2021-N2, C<br> 1.070%, 3/10/28 | &nbsp;&nbsp; 927 | &nbsp;&nbsp; 896 |
| &nbsp;&nbsp;&nbsp;2021-N3, D<br> 1.580%, 6/12/28 | &nbsp;&nbsp; 2358 | &nbsp;&nbsp; 2273 |
| &nbsp;&nbsp;&nbsp;2021-P3, B<br> 1.420%, 8/10/27 | &nbsp;&nbsp; 4590 | &nbsp;&nbsp; 4364 |
| &nbsp;&nbsp;&nbsp;2022-N1, C 144A<br> 3.320%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;2022-N1, D 144A<br> 4.130%, 12/11/28<sup>(1)</sup> | &nbsp;&nbsp; 4486 | &nbsp;&nbsp; 4434 |
| &nbsp;&nbsp;&nbsp;2023-N1, C 144A<br> 5.920%, 7/10/29<sup>(1)</sup> | &nbsp;&nbsp; 3044 | &nbsp;&nbsp; 3081 |
| &nbsp;&nbsp;&nbsp;2023-N4, C 144A<br> 6.590%, 2/11/30<sup>(1)</sup> | &nbsp;&nbsp; 4970 | &nbsp;&nbsp; 5131 |
| CIG Auto Receivables Trust 2021-1A, D 144A<br> 2.110%, 4/12/27<sup>(1)</sup> | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1459 |
| Consumer Portfolio Services Auto Trust 2025-A, C 144A<br> 5.250%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3759 |
| CPS Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-D, C 144A<br> 7.170%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3549 | &nbsp;&nbsp; 3635 |
| &nbsp;&nbsp;&nbsp;2024-A, C 144A<br> 5.740%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2455 | &nbsp;&nbsp; 2480 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-C, C 144A<br> 5.760%, 10/15/30<sup>(1)</sup> | $6810 | $6906 |
| Credit Acceptance Auto Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 4.600%, 6/15/32<sup>(1)</sup> | &nbsp;&nbsp; 727 | &nbsp;&nbsp; 726 |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 5.920%, 5/16/33<sup>(1)</sup> | &nbsp;&nbsp; 2080 | &nbsp;&nbsp; 2091 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.680%, 3/15/34<sup>(1)</sup> | &nbsp;&nbsp; 8404 | &nbsp;&nbsp; 8507 |
| Drive Auto Receivables Trust 2024-1, C<br> 5.430%, 11/17/31 | &nbsp;&nbsp; 5680 | &nbsp;&nbsp; 5765 |
| DT Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 1.160%, 11/16/26<sup>(1)</sup> | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 5.460%, 3/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 7527 |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 6.440%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1741 | &nbsp;&nbsp; 1768 |
| Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A, E 144A<br> 3.440%, 8/17/26<sup>(1)</sup> | &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 1740 |
| &nbsp;&nbsp;&nbsp;2022-3A, C<br> 5.300%, 9/15/27 | &nbsp;&nbsp; 6101 | &nbsp;&nbsp; 6109 |
| &nbsp;&nbsp;&nbsp;2023-2A, B<br> 5.610%, 9/15/27 | &nbsp;&nbsp; 4018 | &nbsp;&nbsp; 4025 |
| &nbsp;&nbsp;&nbsp;2023-3A, D<br> 6.680%, 4/16/29 | &nbsp;&nbsp; 3723 | &nbsp;&nbsp; 3808 |
| &nbsp;&nbsp;&nbsp;2023-5A, B<br> 6.580%, 4/17/28 | &nbsp;&nbsp; 5718 | &nbsp;&nbsp; 5769 |
| &nbsp;&nbsp;&nbsp;2024-2A, C<br> 5.740%, 5/15/29 | &nbsp;&nbsp; 10237 | &nbsp;&nbsp; 10370 |
| &nbsp;&nbsp;&nbsp;2024-5A, B<br> 4.480%, 4/16/29 | &nbsp;&nbsp; 3505 | &nbsp;&nbsp; 3496 |
| FHF Issuer Trust 2024-1A, A2 144A<br> 5.690%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3556 | &nbsp;&nbsp; 3593 |
| FHF Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 5.390%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5260 | &nbsp;&nbsp; 5260 |
| &nbsp;&nbsp;&nbsp;2022-2A, B 144A<br> 6.570%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 8847 | &nbsp;&nbsp; 8952 |
| &nbsp;&nbsp;&nbsp;2023-1A, A2 144A<br> 6.570%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1128 | &nbsp;&nbsp; 1140 |
| First Investors Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, C 144A<br> 1.170%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;2021-2A, C 144A<br> 1.470%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6395 | &nbsp;&nbsp; 6296 |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 3.130%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5745 | &nbsp;&nbsp; 5679 |
| Flagship Credit Auto Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, D 144A<br> 6.460%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3460 | &nbsp;&nbsp; 3479 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| &nbsp;&nbsp;&nbsp;2024-1, B 144A<br> 5.630%, 4/16/29<sup>(1)</sup> | $6139 | $6228 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 5.790%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 5600 | &nbsp;&nbsp; 5694 |
| &nbsp;&nbsp;&nbsp;2024-3, B 144A<br> 5.350%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1917 |
| &nbsp;&nbsp;&nbsp;2024-3, C 144A<br> 5.410%, 9/16/30<sup>(1)</sup> | &nbsp;&nbsp; 5690 | &nbsp;&nbsp; 5727 |
| Foursight Capital Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, B 144A<br> 2.150%, 5/17/27<sup>(1)</sup> | &nbsp;&nbsp; 831 | &nbsp;&nbsp; 829 |
| &nbsp;&nbsp;&nbsp;2023-1, A3 144A<br> 5.390%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;2023-2, A2 144A<br> 5.990%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2374 | &nbsp;&nbsp; 2388 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 5.770%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5083 |
| GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-3A, E 144A<br> 4.310%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2670 | &nbsp;&nbsp; 2669 |
| &nbsp;&nbsp;&nbsp;2021-3A, E 144A<br> 3.200%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 13050 | &nbsp;&nbsp; 12738 |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 3.190%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 1199 | &nbsp;&nbsp; 1197 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.300%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 1784 | &nbsp;&nbsp; 1785 |
| &nbsp;&nbsp;&nbsp;2022-2A, D 144A<br> 6.150%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 9075 | &nbsp;&nbsp; 9184 |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 6.190%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 866 |
| &nbsp;&nbsp;&nbsp;2024-2A, C 144A<br> 6.030%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 5445 | &nbsp;&nbsp; 5556 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.210%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 5728 |
| &nbsp;&nbsp;&nbsp;2025-1A, D 144A<br> 5.610%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2534 |
| GLS Auto Select Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 6.090%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4504 |
| &nbsp;&nbsp;&nbsp;2023-2A, A3 144A<br> 6.380%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1771 |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.580%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 4933 | &nbsp;&nbsp; 4992 |
| &nbsp;&nbsp;&nbsp;2024-3A, B 144A<br> 5.640%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1705 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.920%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3483 | &nbsp;&nbsp; 3575 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 4.710%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6021 |
| &nbsp;&nbsp;&nbsp;2025-1A, B 144A<br> 5.040%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1435 |
| GM Financial Consumer Automobile Receivables Trust 2023-4, A2A<br> 5.890%, 11/16/26 | &nbsp;&nbsp; 1037 | &nbsp;&nbsp; 1039 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Huntington Bank Auto Credit-Linked Notes 2024-1, B1 144A<br> 6.153%, 5/20/32<sup>(1)</sup> | $4018 | $4066 |
| LAD Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, D 144A<br> 3.990%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2705 | &nbsp;&nbsp; 2689 |
| &nbsp;&nbsp;&nbsp;2022-1A, A 144A<br> 5.210%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 3068 | &nbsp;&nbsp; 3072 |
| &nbsp;&nbsp;&nbsp;2023-1A, D 144A<br> 7.300%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 2570 | &nbsp;&nbsp; 2631 |
| &nbsp;&nbsp;&nbsp;2023-3A, D 144A<br> 6.920%, 12/16/30<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3098 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 4.930%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6065 | &nbsp;&nbsp; 6012 |
| &nbsp;&nbsp;&nbsp;2025-1A, C 144A<br> 5.110%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3130 | &nbsp;&nbsp; 3146 |
| Lendbuzz Auto Receivables Trust<br> 0.000%, 6/17/30<sup>(6)(7)</sup> | &nbsp;&nbsp; 6720 | &nbsp;&nbsp; 6720 |
| Lendbuzz Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, A2 144A<br> 7.090%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 3584 | &nbsp;&nbsp; 3649 |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 6.190%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 3041 |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.990%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5395 | &nbsp;&nbsp; 5447 |
| &nbsp;&nbsp;&nbsp;2024-3A, A2 144A<br> 4.970%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4345 | &nbsp;&nbsp; 4349 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 5.100%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 5325 | &nbsp;&nbsp; 5331 |
| &nbsp;&nbsp;&nbsp;2025-1A, B 144A<br> 5.470%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4750 | &nbsp;&nbsp; 4798 |
| Lobel Automobile Receivables Trust 2023-1, B 144A<br> 7.050%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5818 | &nbsp;&nbsp; 5839 |
| Merchants Fleet Funding LLC 2023-1A, A 144A<br> 7.210%, 5/20/36<sup>(1)</sup> | &nbsp;&nbsp; 6425 | &nbsp;&nbsp; 6483 |
| OCCU Auto Receivables Trust 2023-1A, A2 144A<br> 6.230%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1546 | &nbsp;&nbsp; 1549 |
| OneMain Direct Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 1.260%, 7/14/28<sup>(1)</sup> | &nbsp;&nbsp; 17610 | &nbsp;&nbsp; 17173 |
| &nbsp;&nbsp;&nbsp;2022-1A, C 144A<br> 5.310%, 6/14/29<sup>(1)</sup> | &nbsp;&nbsp; 7485 | &nbsp;&nbsp; 7476 |
| Oscar U.S. Funding XIII LLC 2021-2A, A4 144A<br> 1.270%, 9/11/28<sup>(1)</sup> | &nbsp;&nbsp; 3410 | &nbsp;&nbsp; 3352 |
| Oscar U.S. Funding XV LLC 2023-1A, A3 144A<br> 5.810%, 12/10/27<sup>(1)</sup> | &nbsp;&nbsp; 5770 | &nbsp;&nbsp; 5819 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Prestige Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.640%, 12/15/27<sup>(1)</sup> | $6376 | $6449 |
| &nbsp;&nbsp;&nbsp;2024-2A, C 144A<br> 4.730%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4860 | &nbsp;&nbsp; 4839 |
| SAFCO Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.310%, 11/20/28<sup>(1)</sup> | &nbsp;&nbsp; 3225 | &nbsp;&nbsp; 3251 |
| &nbsp;&nbsp;&nbsp;2024-1A, C 144A<br> 6.960%, 1/18/30<sup>(1)</sup> | &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 3836 |
| Santander Drive Auto Receivables Trust 2023-1, B<br> 4.980%, 2/15/28 | &nbsp;&nbsp; 2553 | &nbsp;&nbsp; 2555 |
| Tricolor Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 7.240%, 2/16/27<sup>(1)</sup> | &nbsp;&nbsp; 2462 | &nbsp;&nbsp; 2466 |
| &nbsp;&nbsp;&nbsp;2024-2A, C 144A<br> 6.930%, 4/17/28<sup>(1)</sup> | &nbsp;&nbsp; 3355 | &nbsp;&nbsp; 3418 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.730%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2774 |
| United Auto Credit Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, C 144A<br> 6.280%, 7/10/28<sup>(1)</sup> | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 2043 |
| &nbsp;&nbsp;&nbsp;2023-1, D 144A<br> 8.000%, 7/10/28<sup>(1)</sup> | &nbsp;&nbsp; 7750 | &nbsp;&nbsp; 7817 |
| &nbsp;&nbsp;&nbsp;2024-1, C 144A<br> 7.060%, 10/10/29<sup>(1)</sup> | &nbsp;&nbsp; 8905 | &nbsp;&nbsp; 9003 |
| Veridian Auto Receivables Trust 2023-1A, A4 144A<br> 5.590%, 12/15/28<sup>(1)</sup> | &nbsp;&nbsp; 9585 | &nbsp;&nbsp; 9707 |
| Veros Auto Receivables Trust 2023-1, B 144A<br> 7.170%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10130 |
| Westlake Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-3A, D 144A<br> 2.120%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4084 | &nbsp;&nbsp; 4050 |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 5.740%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1427 |
| &nbsp;&nbsp;&nbsp;2024-2A, B 144A<br> 5.620%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 11590 | &nbsp;&nbsp; 11752 |
|  |  | &nbsp;&nbsp; 551677 |
| **Collateralized Loan Obligation—0.3%** | **Collateralized Loan Obligation—0.3%** |  |
| GoldenTree Loan Management U.S. CLO 9 Ltd. 2021-9A, AR (3 month Term SOFR + 1.500%, Cap N/A, Floor 1.500%) 144A<br> 5.793%, 4/20/37<sup>(1)(6)</sup> | &nbsp;&nbsp; 13670 | &nbsp;&nbsp; 13707 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Loans—1.4%** | **Consumer Loans—1.4%** |  |
| ACHV ABS Trust 2025-1PL, B 144A<br> 5.040%, 4/26/32<sup>(1)</sup> | $5087 | $5077 |
| Affirm Asset Securitization Trust 2023-B, A 144A<br> 6.820%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7678 | &nbsp;&nbsp; 7737 |
| Lendingpoint Asset Securitization Trust 2022-B, A 144A<br> 4.770%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 97 |
| Marlette Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-2A, B 144A<br> 6.540%, 6/15/33<sup>(1)</sup> | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 920 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.070%, 7/17/34<sup>(1)</sup> | &nbsp;&nbsp; 6680 | &nbsp;&nbsp; 6756 |
| OneMain Financial Issuance Trust 2022-3A, A 144A<br> 5.940%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 8765 | &nbsp;&nbsp; 8808 |
| Oportun Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-C, A 144A<br> 2.180%, 10/8/31<sup>(1)</sup> | &nbsp;&nbsp; 10707 | &nbsp;&nbsp; 10457 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 6.334%, 4/8/31<sup>(1)</sup> | &nbsp;&nbsp; 1186 | &nbsp;&nbsp; 1187 |
| &nbsp;&nbsp;&nbsp;2025-A, A 144A<br> 5.010%, 2/8/33<sup>(1)</sup> | &nbsp;&nbsp; 8580 | &nbsp;&nbsp; 8581 |
| Reach ABS Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 7.330%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 6095 | &nbsp;&nbsp; 6134 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 6.290%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 4311 |
| &nbsp;&nbsp;&nbsp;2025-1A, A 144A<br> 4.960%, 8/16/32<sup>(1)</sup> | &nbsp;&nbsp; 4167 | &nbsp;&nbsp; 4167 |
| Regional Management Issuance Trust 2021-1, A 144A<br> 1.680%, 3/17/31<sup>(1)</sup> | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 385 |
|  |  | &nbsp;&nbsp; 64617 |
| **Credit Card—0.2%** | **Credit Card—0.2%** |  |
| Mission Lane Credit Card Master Trust 2023-B, A 144A<br> 7.690%, 11/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7720 | &nbsp;&nbsp; 7748 |
| **Equipment—0.6%** | **Equipment—0.6%** |  |
| CCG Receivables Trust 2022-1, C 144A<br> 4.670%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3745 |
| CLI Funding VI LLC 2020-1A, A 144A<br> 2.080%, 9/18/45<sup>(1)</sup> | &nbsp;&nbsp; 9626 | &nbsp;&nbsp; 8891 |
| Post Road Equipment Finance 2022-1A, B 144A<br> 5.150%, 1/16/29<sup>(1)</sup> | &nbsp;&nbsp; 9548 | &nbsp;&nbsp; 9531 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Equipment—continued** | **Equipment—continued** |  |
| Post Road Equipment Finance LLC 2024-1A, A2 144A<br> 5.590%, 11/15/29<sup>(1)</sup> | $3197 | $3213 |
|  |  | &nbsp;&nbsp; 25380 |
| **Other—13.0%** | **Other—13.0%** |  |
| Affirm Asset Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2024-B, A 144A<br> 4.620%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2495 |
| &nbsp;&nbsp;&nbsp;2024-X2, A 144A<br> 5.220%, 12/17/29<sup>(1)</sup> | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 928 |
| ALLO Issuer LLC 2025-1A, A2 144A<br> 5.528%, 4/20/55<sup>(1)</sup> | &nbsp;&nbsp; 8050 | &nbsp;&nbsp; 8092 |
| Amur Equipment Finance Receivables XII LLC 2023-1A, A2 144A<br> 6.090%, 12/20/29<sup>(1)</sup> | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 1357 |
| Applebee's Funding LLC 2023-1A, A2 144A<br> 7.824%, 3/5/53<sup>(1)</sup> | &nbsp;&nbsp; 11135 | &nbsp;&nbsp; 11447 |
| Aqua Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2019-A, A 144A<br> 3.140%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1149 |
| &nbsp;&nbsp;&nbsp;2019-A, C 144A<br> 4.010%, 7/16/40<sup>(1)</sup> | &nbsp;&nbsp; 10868 | &nbsp;&nbsp; 10413 |
| &nbsp;&nbsp;&nbsp;2020-AA, B 144A<br> 2.790%, 7/17/46<sup>(1)</sup> | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 1733 |
| &nbsp;&nbsp;&nbsp;2024-A, B 144A<br> 5.060%, 4/18/50<sup>(1)</sup> | &nbsp;&nbsp; 8320 | &nbsp;&nbsp; 8153 |
| BHG Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-B, B 144A<br> 1.670%, 10/17/34<sup>(1)</sup> | &nbsp;&nbsp; 7121 | &nbsp;&nbsp; 6946 |
| &nbsp;&nbsp;&nbsp;2023-B, A 144A<br> 6.920%, 12/17/36<sup>(1)</sup> | &nbsp;&nbsp; 1336 | &nbsp;&nbsp; 1390 |
| Blue Owl Asset Leasing Trust LLC 2024-1A, A2 144A<br> 5.050%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 7035 | &nbsp;&nbsp; 7046 |
| Bojangles Issuer LLC 2024-1A, A2 144A<br> 6.584%, 11/20/54<sup>(1)</sup> | &nbsp;&nbsp; 9365 | &nbsp;&nbsp; 9403 |
| Business Jet Securities LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 6.197%, 5/15/39<sup>(1)</sup> | &nbsp;&nbsp; 8574 | &nbsp;&nbsp; 8733 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 5.364%, 9/15/39<sup>(1)</sup> | &nbsp;&nbsp; 2788 | &nbsp;&nbsp; 2769 |
| BXG Receivables Note Trust |  |  |
| &nbsp;&nbsp;&nbsp;2020-A, B 144A<br> 2.490%, 2/28/36<sup>(1)</sup> | &nbsp;&nbsp; 1940 | &nbsp;&nbsp; 1839 |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 4.610%, 9/28/37<sup>(1)</sup> | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1514 |
| &nbsp;&nbsp;&nbsp;2023-A, A 144A<br> 5.770%, 11/15/38<sup>(1)</sup> | &nbsp;&nbsp; 4677 | &nbsp;&nbsp; 4756 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Castlelake Aircraft Structured Trust 2025-1A, A 144A<br> 5.783%, 2/15/50<sup>(1)</sup> | $10829 | $10891 |
| CCG Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.820%, 9/16/30<sup>(1)</sup> | &nbsp;&nbsp; 1858 | &nbsp;&nbsp; 1867 |
| &nbsp;&nbsp;&nbsp;2024-1, B 144A<br> 5.080%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3085 | &nbsp;&nbsp; 3103 |
| &nbsp;&nbsp;&nbsp;2025-1, C 144A<br> 4.890%, 10/14/32<sup>(1)</sup> | &nbsp;&nbsp; 2390 | &nbsp;&nbsp; 2396 |
| CF Hippolyta Issuer LLC 2020-1, A1 144A<br> 1.690%, 7/15/60<sup>(1)</sup> | &nbsp;&nbsp; 8095 | &nbsp;&nbsp; 7988 |
| Commercial Equipment Finance LLC 2024-1A, A 144A<br> 5.970%, 7/16/29<sup>(1)</sup> | &nbsp;&nbsp; 4402 | &nbsp;&nbsp; 4446 |
| CoreVest American Finance Trust 2018-1, D 144A<br> 4.920%, 6/15/51<sup>(1)</sup> | &nbsp;&nbsp; 10348 | &nbsp;&nbsp; 10251 |
| Dext ABS LLC |  |  |
| &nbsp;&nbsp;&nbsp;2023-1, A2 144A<br> 5.990%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 5566 | &nbsp;&nbsp; 5590 |
| &nbsp;&nbsp;&nbsp;2023-2, B 144A<br> 6.410%, 5/15/34<sup>(1)</sup> | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2851 |
| &nbsp;&nbsp;&nbsp;2025-1, B 144A<br> 4.980%, 8/15/35<sup>(1)</sup> | &nbsp;&nbsp; 11370 | &nbsp;&nbsp; 11396 |
| Diamond Resorts Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.510%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 632 | &nbsp;&nbsp; 623 |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 2.050%, 11/21/33<sup>(1)</sup> | &nbsp;&nbsp; 283 | &nbsp;&nbsp; 279 |
| Elara HGV Timeshare Issuer LLC 2023-A, A 144A<br> 6.160%, 2/25/38<sup>(1)</sup> | &nbsp;&nbsp; 6611 | &nbsp;&nbsp; 6811 |
| FAT Brands Royalty LLC 2021-1A, A2 144A<br> 5.750%, 4/25/51<sup>(1)</sup> | &nbsp;&nbsp; 11514 | &nbsp;&nbsp; 10250 |
| Five Guys Holdings, Inc. 2023-1A, A2 144A<br> 7.549%, 1/26/54<sup>(1)</sup> | &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 6327 |
| Foundation Finance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.270%, 5/15/41<sup>(1)</sup> | &nbsp;&nbsp; 5239 | &nbsp;&nbsp; 4904 |
| &nbsp;&nbsp;&nbsp;2023-1A, A 144A<br> 5.670%, 12/15/43<sup>(1)</sup> | &nbsp;&nbsp; 2371 | &nbsp;&nbsp; 2402 |
| &nbsp;&nbsp;&nbsp;2023-2A, A 144A<br> 6.530%, 6/15/49<sup>(1)</sup> | &nbsp;&nbsp; 6581 | &nbsp;&nbsp; 6861 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 4.600%, 3/15/50<sup>(1)</sup> | &nbsp;&nbsp; 3389 | &nbsp;&nbsp; 3380 |
| GCI Funding I LLC 2021-1, A 144A<br> 2.380%, 6/18/46<sup>(1)</sup> | &nbsp;&nbsp; 3576 | &nbsp;&nbsp; 3275 |
| Global SC Finance VII Srl 2020-1A, A 144A<br> 2.170%, 10/17/40<sup>(1)</sup> | &nbsp;&nbsp; 4842 | &nbsp;&nbsp; 4564 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| GreenSky Home Improvement Issuer Trust 2024-2, A2 144A<br> 5.250%, 10/27/59<sup>(1)</sup> | $2451 | $2459 |
| Hardee's Funding LLC 2020-1A, A2 144A<br> 3.981%, 12/20/50<sup>(1)</sup> | &nbsp;&nbsp; 13443 | &nbsp;&nbsp; 12796 |
| Hilton Grand Vacations Trust |  |  |
| &nbsp;&nbsp;&nbsp;2018-AA, A 144A<br> 3.540%, 2/25/32<sup>(1)</sup> | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 709 |
| &nbsp;&nbsp;&nbsp;2022-1D, B 144A<br> 4.100%, 6/20/34<sup>(1)</sup> | &nbsp;&nbsp; 1592 | &nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp;2022-2A, C 144A<br> 5.570%, 1/25/37<sup>(1)</sup> | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 474 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 5.500%, 3/25/38<sup>(1)</sup> | &nbsp;&nbsp; 5545 | &nbsp;&nbsp; 5650 |
| HIN Timeshare Trust 2020-A, C 144A<br> 3.420%, 10/9/39<sup>(1)</sup> | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 916 |
| HINNT LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-A, A 144A<br> 5.490%, 3/15/43<sup>(1)</sup> | &nbsp;&nbsp; 10432 | &nbsp;&nbsp; 10609 |
| &nbsp;&nbsp;&nbsp;2025-A, B 144A<br> 5.450%, 3/15/44<sup>(1)</sup> | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1291 |
| Hotwire Funding LLC 2023-1A, A2 144A<br> 5.687%, 5/20/53<sup>(1)</sup> | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5555 |
| Jack in the Box Funding LLC 2022-1A, A2I 144A<br> 3.445%, 2/26/52<sup>(1)</sup> | &nbsp;&nbsp; 11144 | &nbsp;&nbsp; 10710 |
| Jersey Mike's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2019-1A, A2 144A<br> 4.433%, 2/15/50<sup>(1)</sup> | &nbsp;&nbsp; 10846 | &nbsp;&nbsp; 10725 |
| &nbsp;&nbsp;&nbsp;2024-1A, A2 144A<br> 5.636%, 2/15/55<sup>(1)</sup> | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 4249 |
| Lendmark Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A 144A<br> 1.900%, 11/20/31<sup>(1)</sup> | &nbsp;&nbsp; 10385 | &nbsp;&nbsp; 9892 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 5.530%, 6/21/32<sup>(1)</sup> | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6083 |
| Libra Solutions LLC 2023-1A, A 144A<br> 7.000%, 2/15/35<sup>(1)</sup> | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 994 |
| MAPS Trust 2021-1A, A 144A<br> 2.521%, 6/15/46<sup>(1)</sup> | &nbsp;&nbsp; 4065 | &nbsp;&nbsp; 3790 |
| Momnt Technologies Trust 2023-1A, A 144A<br> 6.920%, 3/20/45<sup>(1)</sup> | &nbsp;&nbsp; 3111 | &nbsp;&nbsp; 3111 |
| MVW LLC |  |  |
| &nbsp;&nbsp;&nbsp;2021-1WA, B 144A<br> 1.440%, 1/22/41<sup>(1)</sup> | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 804 |
| &nbsp;&nbsp;&nbsp;2023-1A, B 144A<br> 5.420%, 10/20/40<sup>(1)</sup> | &nbsp;&nbsp; 3777 | &nbsp;&nbsp; 3815 |
| MVW Owner Trust 2019-1A, A 144A<br> 2.890%, 11/20/36<sup>(1)</sup> | &nbsp;&nbsp; 855 | &nbsp;&nbsp; 853 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| Navient Private Education Refi Loan Trust 2021-EA, A 144A<br> 0.970%, 12/16/69<sup>(1)</sup> | $3061 | $2715 |
| NBC Funding LLC 2021-1, A2 144A<br> 2.989%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 9226 | &nbsp;&nbsp; 8839 |
| NMEF Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-A, B 144A<br> 3.350%, 10/16/28<sup>(1)</sup> | &nbsp;&nbsp; 1904 | &nbsp;&nbsp; 1898 |
| &nbsp;&nbsp;&nbsp;2023-A, B 144A<br> 6.830%, 6/17/30<sup>(1)</sup> | &nbsp;&nbsp; 10120 | &nbsp;&nbsp; 10394 |
| &nbsp;&nbsp;&nbsp;2024-A, A2 144A<br> 5.150%, 12/15/31<sup>(1)</sup> | &nbsp;&nbsp; 5473 | &nbsp;&nbsp; 5486 |
| &nbsp;&nbsp;&nbsp;2025-A, B 144A<br> 5.180%, 7/15/32<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2501 |
| Octane Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, B 144A<br> 1.530%, 4/20/27<sup>(1)</sup> | &nbsp;&nbsp; 823 | &nbsp;&nbsp; 821 |
| &nbsp;&nbsp;&nbsp;2023-1A, C 144A<br> 6.370%, 9/20/29<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2036 |
| &nbsp;&nbsp;&nbsp;2023-3A, B 144A<br> 6.480%, 7/20/29<sup>(1)</sup> | &nbsp;&nbsp; 4444 | &nbsp;&nbsp; 4535 |
| &nbsp;&nbsp;&nbsp;2023-3A, C 144A<br> 6.740%, 8/20/29<sup>(1)</sup> | &nbsp;&nbsp; 4818 | &nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.660%, 5/20/30<sup>(1)</sup> | &nbsp;&nbsp; 3845 | &nbsp;&nbsp; 3896 |
| &nbsp;&nbsp;&nbsp;2024-3A, B 144A<br> 5.310%, 9/20/30<sup>(1)</sup> | &nbsp;&nbsp; 6131 | &nbsp;&nbsp; 6188 |
| &nbsp;&nbsp;&nbsp;2024-3A, C 144A<br> 5.510%, 10/20/31<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5040 |
| OWN Equipment Fund I LLC 2024-2M, A 144A<br> 5.700%, 12/20/32<sup>(1)</sup> | &nbsp;&nbsp; 6627 | &nbsp;&nbsp; 6676 |
| Pawneee Equipment Receivables LLC 2022-1, B 144A<br> 5.400%, 7/17/28<sup>(1)</sup> | &nbsp;&nbsp; 10570 | &nbsp;&nbsp; 10599 |
| PEAC Solutions Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-1A, B 144A<br> 5.790%, 11/20/30<sup>(1)</sup> | &nbsp;&nbsp; 5490 | &nbsp;&nbsp; 5632 |
| &nbsp;&nbsp;&nbsp;2025-1A, C 144A<br> 5.490%, 7/20/32<sup>(1)</sup> | &nbsp;&nbsp; 626 | &nbsp;&nbsp; 630 |
| Planet Fitness Master Issuer LLC 2024-1A, A2I 144A<br> 5.765%, 6/5/54<sup>(1)</sup> | &nbsp;&nbsp; 10024 | &nbsp;&nbsp; 10126 |
| PowerPay Issuance Trust 2024-1A, A 144A<br> 6.530%, 2/18/39<sup>(1)</sup> | &nbsp;&nbsp; 4178 | &nbsp;&nbsp; 4274 |
| PRET LLC 2024-NPL4, A1 144A<br> 6.996%, 7/25/54<sup>(1)(6)</sup> | &nbsp;&nbsp; 7586 | &nbsp;&nbsp; 7589 |
| Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-SFR6, D 144A<br> 2.225%, 7/17/38<sup>(1)</sup> | &nbsp;&nbsp; 3750 | &nbsp;&nbsp; 3620 |
| &nbsp;&nbsp;&nbsp;2024-SFR5, A 144A<br> 3.000%, 8/9/29<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1846 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| RCKT Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;2023-CES3, A1A 144A<br> 7.113%, 11/25/43<sup>(1)(6)</sup> | $9709 | $9867 |
| &nbsp;&nbsp;&nbsp;2024-CES1, A1A 144A<br> 6.025%, 2/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 6267 | &nbsp;&nbsp; 6302 |
| &nbsp;&nbsp;&nbsp;2024-CES3, A1A 144A<br> 6.591%, 5/25/44<sup>(1)(6)</sup> | &nbsp;&nbsp; 8494 | &nbsp;&nbsp; 8605 |
| Reach ABS Trust 2024-2A, B 144A<br> 5.840%, 7/15/31<sup>(1)</sup> | &nbsp;&nbsp; 7030 | &nbsp;&nbsp; 7117 |
| Regional Management Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2022-1, A 144A<br> 3.070%, 3/15/32<sup>(1)</sup> | &nbsp;&nbsp; 5818 | &nbsp;&nbsp; 5753 |
| &nbsp;&nbsp;&nbsp;2024-2, A 144A<br> 5.110%, 12/15/33<sup>(1)</sup> | &nbsp;&nbsp; 7290 | &nbsp;&nbsp; 7321 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;2020-2A, B 144A<br> 2.320%, 7/20/37<sup>(1)</sup> | &nbsp;&nbsp; 824 | &nbsp;&nbsp; 819 |
| &nbsp;&nbsp;&nbsp;2024-2A, A 144A<br> 5.140%, 6/20/41<sup>(1)</sup> | &nbsp;&nbsp; 6347 | &nbsp;&nbsp; 6419 |
| SoFi Consumer Loan Program Trust 2025-1, A 144A<br> 4.800%, 2/27/34<sup>(1)</sup> | &nbsp;&nbsp; 10300 | &nbsp;&nbsp; 10305 |
| STAR Trust 2025-SFR5, A (1 month Term SOFR + 1.450%, Cap N/A, Floor 1.450%) 144A<br> 5.770%, 2/17/42<sup>(1)(6)</sup> | &nbsp;&nbsp; 5185 | &nbsp;&nbsp; 5201 |
| Subway Funding LLC 2024-1A, A2II 144A<br> 6.268%, 7/30/54<sup>(1)</sup> | &nbsp;&nbsp; 10384 | &nbsp;&nbsp; 10536 |
| Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024-2A, A2 144A<br> 5.436%, 6/25/54<sup>(1)</sup> | &nbsp;&nbsp; 9920 | &nbsp;&nbsp; 9866 |
| &nbsp;&nbsp;&nbsp;2025-1A, A2 144A<br> 5.036%, 3/25/55<sup>(1)</sup> | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2315 |
| Taco Bell Funding LLC 2016-1A, A23 144A<br> 4.970%, 5/25/46<sup>(1)</sup> | &nbsp;&nbsp; 14537 | &nbsp;&nbsp; 14518 |
| TIC Home Improvement Trust 2024-A, A 144A<br> 6.670%, 10/15/46<sup>(1)</sup> | &nbsp;&nbsp; 5998 | &nbsp;&nbsp; 6112 |
| Towd Point Mortgage Trust 2020-MH1, M1 144A<br> 2.750%, 2/25/60<sup>(1)(6)</sup> | &nbsp;&nbsp; 3525 | &nbsp;&nbsp; 3311 |
| Trafigura Securitisation Finance plc 2024-1A, A2 144A<br> 5.980%, 11/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6345 | &nbsp;&nbsp; 6458 |
| Tricon Residential Trust 2024-SFR3, A 144A<br> 4.500%, 8/17/41<sup>(1)</sup> | &nbsp;&nbsp; 4648 | &nbsp;&nbsp; 4570 |
| Trinity Rail Leasing LLC 2019-1A, A 144A<br> 3.820%, 4/17/49<sup>(1)</sup> | &nbsp;&nbsp; 12639 | &nbsp;&nbsp; 12439 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Other—continued** | **Other—continued** |  |
| TSC SPV Funding LLC 2024-1A, A2 144A<br> 6.291%, 8/20/54<sup>(1)</sup> | $10643 | $10611 |
| Upgrade Receivables Trust 2024-1A, B 144A<br> 5.770%, 2/18/31<sup>(1)</sup> | &nbsp;&nbsp; 9120 | &nbsp;&nbsp;&nbsp; 9166 |
| VFI ABS LLC 2023-1A, A 144A<br> 7.270%, 3/26/29<sup>(1)</sup> | &nbsp;&nbsp; 1976 | &nbsp;&nbsp;&nbsp; 1990 |
| Welk Resorts LLC 2019-AA, B 144A<br> 2.990%, 6/15/38<sup>(1)</sup> | &nbsp;&nbsp; 1612 | &nbsp;&nbsp;&nbsp; 1560 |
| Westgate Resorts LLC |  |  |
| &nbsp;&nbsp;&nbsp;2022-1A, B 144A<br> 2.288%, 8/20/36<sup>(1)</sup> | &nbsp;&nbsp; 1202 | &nbsp;&nbsp;&nbsp; 1185 |
| &nbsp;&nbsp;&nbsp;2024-1A, A 144A<br> 6.060%, 1/20/38<sup>(1)</sup> | &nbsp;&nbsp; 4907 | &nbsp;&nbsp;&nbsp; 4974 |
| Wingstop Funding LLC 2024-1A, A2 144A<br> 5.858%, 12/5/54<sup>(1)</sup> | &nbsp;&nbsp; 7750 | &nbsp;&nbsp;&nbsp; 7858 |
| Zaxby's Funding LLC 2021-1A, A2 144A<br> 3.238%, 7/30/51<sup>(1)</sup> | &nbsp;&nbsp; 14514 | &nbsp;&nbsp;&nbsp; 13268 |
|  |  | &nbsp;&nbsp;&nbsp; 596406 |
| **Total Asset-Backed Securities<br> (Identified Cost $1,261,833)** | **Total Asset-Backed Securities<br> (Identified Cost $1,261,833)** | &nbsp;&nbsp;&nbsp;&nbsp;**1259535** |
| **Corporate Bonds and Notes—25.8%** | **Corporate Bonds and Notes—25.8%** | **Corporate Bonds and Notes—25.8%** |
| **Communication Services—0.8%** | **Communication Services—0.8%** |  |
| Altice France S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4885 | &nbsp;&nbsp;&nbsp; 3826 |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3970 | &nbsp;&nbsp;&nbsp; 3146 |
| CCO Holdings LLC 144A<br> 6.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp; 1580 |
| CSC Holdings LLC 144A<br> 11.750%, 1/31/29<sup>(1)</sup> | &nbsp;&nbsp; 4880 | &nbsp;&nbsp;&nbsp; 4733 |
| DIRECTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 7070 | &nbsp;&nbsp;&nbsp; 6851 |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 11/29/26<sup>(1)</sup> | &nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp; 769 |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 11/29/31<sup>(1)</sup> | &nbsp;&nbsp; 1100 | &nbsp;&nbsp;&nbsp; 1091 |
| Sprint Capital Corp.<br> 6.875%, 11/15/28 | &nbsp;&nbsp; 6685 | &nbsp;&nbsp;&nbsp; 7137 |
| Telesat Canada 144A<br> 6.500%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2485 | &nbsp;&nbsp;&nbsp; 1070 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 7440 | &nbsp;&nbsp;&nbsp; 7378 |
|  |  | &nbsp;&nbsp;&nbsp; 37581 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—1.2%** | **Consumer Discretionary—1.2%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | $8325 | $8149 |
| Ashtead Capital, Inc. 144A<br> 4.250%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 7702 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 162 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;7.350%, 11/4/27 | &nbsp;&nbsp; 5165 | &nbsp;&nbsp; 5352 |
| &nbsp;&nbsp;&nbsp;6.800%, 5/12/28 | &nbsp;&nbsp; 2130 | &nbsp;&nbsp; 2188 |
| &nbsp;&nbsp;&nbsp;6.054%, 11/5/31 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 887 |
| Meritage Homes Corp. 144A<br> 3.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 10087 | &nbsp;&nbsp; 9602 |
| Newell Brands, Inc.<br> 6.375%, 9/15/27 | &nbsp;&nbsp; 7121 | &nbsp;&nbsp; 7147 |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4225 | &nbsp;&nbsp; 4392 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 4765 | &nbsp;&nbsp; 4739 |
| Prosus N.V. 144A<br> 3.061%, 7/13/31<sup>(1)</sup> | &nbsp;&nbsp; 1826 | &nbsp;&nbsp; 1569 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2895 | &nbsp;&nbsp; 2737 |
|  |  | &nbsp;&nbsp; 54626 |
| **Consumer Staples—0.6%** | **Consumer Staples—0.6%** |  |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6940 | &nbsp;&nbsp; 7105 |
| Kronos Acquisition Holdings, Inc. 144A<br> 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 7415 | &nbsp;&nbsp; 6576 |
| Mars, Inc. 144A<br> 4.800%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 4165 | &nbsp;&nbsp; 4189 |
| Philip Morris International, Inc.<br> 4.625%, 11/1/29 | &nbsp;&nbsp; 6190 | &nbsp;&nbsp; 6208 |
| Post Holdings, Inc. 144A<br> 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 3940 | &nbsp;&nbsp; 3874 |
|  |  | &nbsp;&nbsp; 27952 |
| **Energy—3.3%** | **Energy—3.3%** |  |
| Adnoc Murban Rsc Ltd. 144A<br> 4.250%, 9/11/29<sup>(1)</sup> | &nbsp;&nbsp; 5027 | &nbsp;&nbsp; 4932 |
| Ascent Resources Utica Holdings LLC 144A<br> 8.250%, 12/31/28<sup>(1)</sup> | &nbsp;&nbsp; 5740 | &nbsp;&nbsp; 5853 |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 998 |
| BP Capital Markets plc<br> 4.875% <sup>(8)</sup> | &nbsp;&nbsp; 12135 | &nbsp;&nbsp; 11607 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 2370 | &nbsp;&nbsp; 2401 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2340 | &nbsp;&nbsp; 2415 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 7/1/31<sup>(1)</sup> | $3300 | $3389 |
| CrownRock LP 144A<br> 5.000%, 5/1/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 5695 | &nbsp;&nbsp; 5783 |
| Ecopetrol S.A.<br> 8.625%, 1/19/29 | &nbsp;&nbsp; 3727 | &nbsp;&nbsp; 3958 |
| Enbridge, Inc.<br> 7.375%, 1/15/83<sup>(5)</sup> | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 9660 |
| Energean Israel Finance Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, RegS 5.375%, 3/30/28<sup>(1)(3)</sup> | &nbsp;&nbsp; 1654 | &nbsp;&nbsp; 1579 |
| &nbsp;&nbsp;&nbsp;144A, RegS 5.875%, 3/30/31<sup>(1)(3)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 919 |
| Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;8.000%, 5/15/54 | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1336 |
| &nbsp;&nbsp;&nbsp;Series G<br> 7.125%<sup>(8)</sup> | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3643 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1837 |
| Genesis Energy LP<br> 8.875%, 4/15/30 | &nbsp;&nbsp; 7095 | &nbsp;&nbsp; 7368 |
| Gran Tierra Energy, Inc. 144A<br> 9.500%, 10/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3894 | &nbsp;&nbsp; 3446 |
| HF Sinclair Corp.<br> 5.750%, 1/15/31 | &nbsp;&nbsp; 6610 | &nbsp;&nbsp; 6694 |
| Hilcorp Energy I LP 144A<br> 6.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4315 | &nbsp;&nbsp; 4103 |
| KazMunayGas National Co. JSC 144A<br> 5.375%, 4/24/30<sup>(1)</sup> | &nbsp;&nbsp; 4780 | &nbsp;&nbsp; 4716 |
| Korea National Oil Corp. 144A<br> 4.875%, 4/3/28<sup>(1)</sup> | &nbsp;&nbsp; 4384 | &nbsp;&nbsp; 4418 |
| Leviathan Bond Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A, RegS 6.500%, 6/30/27<sup>(1)(3)</sup> | &nbsp;&nbsp; 2558 | &nbsp;&nbsp; 2524 |
| &nbsp;&nbsp;&nbsp;144A, RegS 6.750%, 6/30/30<sup>(1)(3)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1947 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 9080 | &nbsp;&nbsp; 8956 |
| NGPL PipeCo LLC 144A<br> 4.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 7945 | &nbsp;&nbsp; 7926 |
| Noble Finance II LLC 144A<br> 8.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6190 | &nbsp;&nbsp; 6186 |
| Occidental Petroleum Corp.<br> 5.200%, 8/1/29 | &nbsp;&nbsp; 5760 | &nbsp;&nbsp; 5756 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;6.500%, 3/13/27 | &nbsp;&nbsp; 8767 | &nbsp;&nbsp; 8538 |
| &nbsp;&nbsp;&nbsp;5.350%, 2/12/28 | &nbsp;&nbsp; 4409 | &nbsp;&nbsp; 4085 |
| &nbsp;&nbsp;&nbsp;8.750%, 6/2/29 | &nbsp;&nbsp; 5383 | &nbsp;&nbsp; 5356 |
| Petronas Capital Ltd. 144A<br> 3.500%, 4/21/30<sup>(1)</sup> | &nbsp;&nbsp; 4535 | &nbsp;&nbsp; 4272 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.625%, 3/1/55<sup>(1)</sup> | $1675 | $1699 |
| YPF S.A. 144A<br> 6.950%, 7/21/27<sup>(1)</sup> | &nbsp;&nbsp; 2358 | &nbsp;&nbsp; 2339 |
|  |  | &nbsp;&nbsp; 150731 |
| **Financials—10.7%** | **Financials—10.7%** |  |
| Acwa Power Management & Investments One Ltd. 144A<br> 5.950%, 12/15/39<sup>(1)</sup> | &nbsp;&nbsp; 1885 | &nbsp;&nbsp; 1868 |
| AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;6.450%, 4/15/27 | &nbsp;&nbsp; 2365 | &nbsp;&nbsp; 2441 |
| &nbsp;&nbsp;&nbsp;6.950%, 3/10/55 | &nbsp;&nbsp; 4340 | &nbsp;&nbsp; 4442 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/31/56 | &nbsp;&nbsp; 3660 | &nbsp;&nbsp; 3626 |
| Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%)<br> 7.523%, 8/15/53<sup>(6)</sup> | &nbsp;&nbsp; 8220 | &nbsp;&nbsp; 8230 |
| Ally Financial, Inc.<br> 5.543%, 1/17/31 | &nbsp;&nbsp; 6185 | &nbsp;&nbsp; 6154 |
| American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;5.085%, 1/30/31 | &nbsp;&nbsp; 1910 | &nbsp;&nbsp; 1934 |
| &nbsp;&nbsp;&nbsp;(SOFR + 0.750%)<br> 5.110%, 4/23/27<sup>(6)</sup> | &nbsp;&nbsp; 4370 | &nbsp;&nbsp; 4382 |
| &nbsp;&nbsp;&nbsp;(SOFR + 0.930%)<br> 5.291%, 7/26/28<sup>(6)</sup> | &nbsp;&nbsp; 897 | &nbsp;&nbsp; 903 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.528%, 11/18/27<sup>(1)</sup> | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1498 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4805 | &nbsp;&nbsp; 4894 |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 5/30/30<sup>(1)</sup> | &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1765 |
| Banco de Credito del Peru S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.125%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp;RegS 3.125%, 7/1/30<sup>(3)</sup> | &nbsp;&nbsp; 1928 | &nbsp;&nbsp; 1914 |
| Banco de Credito e Inversiones S.A. 144A<br> 8.750% <sup>(1)(8)</sup> | &nbsp;&nbsp; 3299 | &nbsp;&nbsp; 3506 |
| Banco Mercantil del Norte S.A. 144A<br> 5.875% <sup>(1)(8)</sup> | &nbsp;&nbsp; 6492 | &nbsp;&nbsp; 6269 |
| Bangkok Bank PCL 144A<br> 3.733%, 9/25/34<sup>(1)</sup> | &nbsp;&nbsp; 3220 | &nbsp;&nbsp; 2974 |
| Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;1.734%, 7/22/27 | &nbsp;&nbsp; 9930 | &nbsp;&nbsp; 9571 |
| &nbsp;&nbsp;&nbsp;2.551%, 2/4/28 | &nbsp;&nbsp; 6080 | &nbsp;&nbsp; 5866 |
| Bank of New York Mellon Corp. (The) Series G<br> 4.700% <sup>(8)</sup> | &nbsp;&nbsp; 12119 | &nbsp;&nbsp; 12046 |
| Barclays plc |  |  |
| &nbsp;&nbsp;&nbsp;7.325%, 11/2/26 | &nbsp;&nbsp; 3430 | &nbsp;&nbsp; 3479 |
| &nbsp;&nbsp;&nbsp;7.385%, 11/2/28 | &nbsp;&nbsp; 3215 | &nbsp;&nbsp; 3415 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;2.625%, 12/15/26 | $4215 | $4037 |
| &nbsp;&nbsp;&nbsp;5.950%, 7/16/29 | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3134 |
| Block, Inc. 144A<br> 6.500%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3495 | &nbsp;&nbsp; 3530 |
| Blue Owl Credit Income Corp.<br> 6.650%, 3/15/31 | &nbsp;&nbsp; 2435 | &nbsp;&nbsp; 2483 |
| BPCE S.A. 144A<br> 5.975%, 1/18/27<sup>(1)</sup> | &nbsp;&nbsp; 6390 | &nbsp;&nbsp; 6447 |
| CBQ Finance Ltd. RegS<br> 5.375%, 3/28/29<sup>(3)</sup> | &nbsp;&nbsp; 2646 | &nbsp;&nbsp; 2686 |
| Charles Schwab Corp. (The) |  |  |
| &nbsp;&nbsp;&nbsp;Series G<br> 5.375%<sup>(8)</sup> | &nbsp;&nbsp; 4332 | &nbsp;&nbsp; 4317 |
| &nbsp;&nbsp;&nbsp;Series H<br> 4.000%<sup>(8)</sup> | &nbsp;&nbsp; 6721 | &nbsp;&nbsp; 5956 |
| Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.610%, 9/29/26 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 9043 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.280%)<br> 5.639%, 2/24/28<sup>(6)</sup> | &nbsp;&nbsp; 8147 | &nbsp;&nbsp; 8234 |
| &nbsp;&nbsp;&nbsp;Series X<br> 3.875%<sup>(8)</sup> | &nbsp;&nbsp; 9370 | &nbsp;&nbsp; 9153 |
| Citizens Financial Group, Inc.<br> 5.841%, 1/23/30 | &nbsp;&nbsp; 4566 | &nbsp;&nbsp; 4690 |
| CK Hutchison International 23 Ltd. 144A<br> 4.750%, 4/21/28<sup>(1)(5)</sup> | &nbsp;&nbsp; 1555 | &nbsp;&nbsp; 1557 |
| Corebridge Financial, Inc.<br> 6.875%, 12/15/52 | &nbsp;&nbsp; 8938 | &nbsp;&nbsp; 9134 |
| DAE Funding LLC 144A<br> 3.375%, 3/20/28<sup>(1)</sup> | &nbsp;&nbsp; 4748 | &nbsp;&nbsp; 4513 |
| Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;2.311%, 11/16/27 | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1706 |
| &nbsp;&nbsp;&nbsp;6.819%, 11/20/29 | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1803 |
| &nbsp;&nbsp;&nbsp;4.999%, 9/11/30 | &nbsp;&nbsp; 4495 | &nbsp;&nbsp; 4474 |
| Drawbridge Special Opportunities Fund LP 144A<br> 3.875%, 2/15/26<sup>(1)</sup> | &nbsp;&nbsp; 15930 | &nbsp;&nbsp; 15623 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 7300 | &nbsp;&nbsp; 7431 |
| Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;4.055%, 4/25/28 | &nbsp;&nbsp; 2565 | &nbsp;&nbsp; 2533 |
| &nbsp;&nbsp;&nbsp;4.895%, 9/6/30 | &nbsp;&nbsp; 1963 | &nbsp;&nbsp; 1958 |
| First Abu Dhabi Bank PJSC RegS<br> 6.320%, 4/4/34<sup>(3)</sup> | &nbsp;&nbsp; 1267 | &nbsp;&nbsp; 1314 |
| Foundry JV Holdco LLC 144A<br> 5.900%, 1/25/30<sup>(1)</sup> | &nbsp;&nbsp; 6515 | &nbsp;&nbsp; 6748 |
| Global Atlantic Fin Co. 144A<br> 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2075 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Goldman Sachs Group, Inc. (The)<br> 4.250%, 10/21/25 | $13415 | $13381 |
| HAT Holdings I LLC 144A<br> 8.000%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6260 | &nbsp;&nbsp; 6481 |
| HTA Group Ltd. 144A<br> 7.500%, 6/4/29<sup>(1)</sup> | &nbsp;&nbsp; 1529 | &nbsp;&nbsp; 1549 |
| Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;6.208%, 8/21/29 | &nbsp;&nbsp; 3920 | &nbsp;&nbsp; 4081 |
| &nbsp;&nbsp;&nbsp;5.272%, 1/15/31 | &nbsp;&nbsp; 805 | &nbsp;&nbsp; 814 |
| Imperial Brands Finance plc 144A<br> 5.500%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 6685 | &nbsp;&nbsp; 6835 |
| Israel Discount Bank Ltd. 144A, RegS<br> 5.375%, 1/26/28<sup>(1)(3)</sup> | &nbsp;&nbsp; 2619 | &nbsp;&nbsp; 2612 |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;1.578%, 4/22/27 | &nbsp;&nbsp; 4820 | &nbsp;&nbsp; 4674 |
| &nbsp;&nbsp;&nbsp;4.323%, 4/26/28 | &nbsp;&nbsp; 5930 | &nbsp;&nbsp; 5901 |
| &nbsp;&nbsp;&nbsp;(SOFR + 1.180%)<br> 5.539%, 2/24/28<sup>(6)</sup> | &nbsp;&nbsp; 13015 | &nbsp;&nbsp; 13147 |
| KeyCorp<br> 5.121%, 4/4/31 | &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 8939 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 7870 | &nbsp;&nbsp; 7665 |
| Liberty Mutual Group, Inc. 144A<br> 4.125%, 12/15/51<sup>(1)</sup> | &nbsp;&nbsp; 8415 | &nbsp;&nbsp; 8057 |
| Medco Bell Pte Ltd. 144A<br> 6.375%, 1/30/27<sup>(1)</sup> | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 2024 |
| Melco Resorts Finance Ltd. 144A<br> 5.375%, 12/4/29<sup>(1)</sup> | &nbsp;&nbsp; 1779 | &nbsp;&nbsp; 1637 |
| MetLife, Inc. Series G<br> 3.850% <sup>(8)</sup> | &nbsp;&nbsp; 6910 | &nbsp;&nbsp; 6829 |
| Minejesa Capital B.V. 144A<br> 4.625%, 8/10/30<sup>(1)(5)</sup> | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1844 |
| Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;2.188%, 4/28/26 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5988 |
| &nbsp;&nbsp;&nbsp;2.475%, 1/21/28 | &nbsp;&nbsp; 10911 | &nbsp;&nbsp; 10522 |
| &nbsp;&nbsp;&nbsp;3.591%, 7/22/28<sup>(6)</sup> | &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1687 |
| &nbsp;&nbsp;&nbsp;3.772%, 1/24/29 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5869 |
| Movida Europe S.A. 144A<br> 7.850%, 4/11/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 2365 | &nbsp;&nbsp; 2100 |
| MSCI, Inc. 144A<br> 3.625%, 9/1/30<sup>(1)</sup> | &nbsp;&nbsp; 10189 | &nbsp;&nbsp; 9425 |
| NewCo Holding USD 20 S.a.r.l. 144A<br> 9.375%, 11/7/29<sup>(1)</sup> | &nbsp;&nbsp; 2166 | &nbsp;&nbsp; 2194 |
| NextEra Energy Capital Holdings, Inc.<br> 6.375%, 8/15/55 | &nbsp;&nbsp; 10100 | &nbsp;&nbsp; 10111 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 647 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| PNC Financial Services Group, Inc. (The)<br> 5.222%, 1/29/31 | $8965 | $9122 |
| Prudential Financial, Inc.<br> 5.375%, 5/15/45 | &nbsp;&nbsp; 10170 | &nbsp;&nbsp; 10141 |
| RGA Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.448%, 5/24/29<sup>(1)</sup> | &nbsp;&nbsp; 4431 | &nbsp;&nbsp; 4545 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 1/9/30<sup>(1)</sup> | &nbsp;&nbsp; 2230 | &nbsp;&nbsp; 2270 |
| Rio Tinto Finance USA plc<br> 5.000%, 3/14/32 | &nbsp;&nbsp; 4794 | &nbsp;&nbsp; 4815 |
| Sasol Financing USA LLC<br> 4.375%, 9/18/26 | &nbsp;&nbsp; 1608 | &nbsp;&nbsp; 1553 |
| Societe Generale S.A. 144A<br> 5.634%, 1/19/30<sup>(1)(5)</sup> | &nbsp;&nbsp; 6240 | &nbsp;&nbsp; 6348 |
| South Bow USA Infrastructure Holdings LLC 144A<br> 5.026%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 8560 | &nbsp;&nbsp; 8494 |
| Standard Chartered plc 144A<br> 6.301%, 1/9/29<sup>(1)</sup> | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 1528 |
| State Street Corp. Series I<br> 6.700% <sup>(8)</sup> | &nbsp;&nbsp; 5155 | &nbsp;&nbsp; 5285 |
| Stellantis Finance U.S., Inc. 144A<br> 5.350%, 3/17/28<sup>(1)</sup> | &nbsp;&nbsp; 2970 | &nbsp;&nbsp; 2973 |
| Synchrony Financial<br> 4.875%, 6/13/25 | &nbsp;&nbsp; 3194 | &nbsp;&nbsp; 3192 |
| Texas Capital Bancshares, Inc.<br> 4.000%, 5/6/31 | &nbsp;&nbsp; 5470 | &nbsp;&nbsp; 5323 |
| Toronto-Dominion Bank (The)<br> 8.125%, 10/31/82 | &nbsp;&nbsp; 7920 | &nbsp;&nbsp; 8192 |
| Truist Bank<br> 3.625%, 9/16/25 | &nbsp;&nbsp; 8785 | &nbsp;&nbsp; 8741 |
| Truist Financial Corp.<br> 7.161%, 10/30/29 | &nbsp;&nbsp; 4440 | &nbsp;&nbsp; 4781 |
| U.S. Bancorp<br> 5.046%, 2/12/31 | &nbsp;&nbsp; 6665 | &nbsp;&nbsp; 6720 |
| UBS AG<br> 5.650%, 9/11/28 | &nbsp;&nbsp; 6700 | &nbsp;&nbsp; 6927 |
| UBS Group AG 144A<br> 9.250% <sup>(1)(8)</sup> | &nbsp;&nbsp; 4345 | &nbsp;&nbsp; 4719 |
| United Overseas Bank Ltd. 144A<br> 2.000%, 10/14/31<sup>(1)</sup> | &nbsp;&nbsp; 1645 | &nbsp;&nbsp; 1579 |
| Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;6.850%<sup>(8)</sup> | &nbsp;&nbsp; 4485 | &nbsp;&nbsp; 4654 |
| &nbsp;&nbsp;&nbsp;3.526%, 3/24/28 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 8819 |
| &nbsp;&nbsp;&nbsp;6.303%, 10/23/29 | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp;Series U<br> 5.875%<sup>(6)(8)</sup> | &nbsp;&nbsp; 6935 | &nbsp;&nbsp; 6922 |
|  |  | &nbsp;&nbsp; 490579 |
| **Health Care—1.6%** | **Health Care—1.6%** |  |
| Community Health Systems, Inc. 144A<br> 5.250%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10130 | &nbsp;&nbsp; 8358 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| CVS Health Corp.<br> 7.000%, 3/10/55 | $3840 | $3870 |
| DENTSPLY SIRONA, Inc.<br> 3.250%, 6/1/30 | &nbsp;&nbsp; 13108 | &nbsp;&nbsp; 11760 |
| HCA, Inc.<br> 5.450%, 4/1/31 | &nbsp;&nbsp; 9197 | &nbsp;&nbsp; 9342 |
| IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.700%, 5/15/28 | &nbsp;&nbsp; 4267 | &nbsp;&nbsp; 4343 |
| &nbsp;&nbsp;&nbsp;6.250%, 2/1/29 | &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 2182 |
| Medline Borrower LP 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1610 |
| Royalty Pharma plc |  |  |
| &nbsp;&nbsp;&nbsp;1.200%, 9/2/25 | &nbsp;&nbsp; 2749 | &nbsp;&nbsp; 2706 |
| &nbsp;&nbsp;&nbsp;5.150%, 9/2/29 | &nbsp;&nbsp; 4455 | &nbsp;&nbsp; 4484 |
| Smith & Nephew plc<br> 2.032%, 10/14/30 | &nbsp;&nbsp; 10625 | &nbsp;&nbsp; 9174 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;3.150%, 10/1/26 | &nbsp;&nbsp; 5430 | &nbsp;&nbsp; 5249 |
| &nbsp;&nbsp;&nbsp;4.750%, 5/9/27 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1255 |
| &nbsp;&nbsp;&nbsp;7.875%, 9/15/29 | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 1049 |
| Universal Health Services, Inc.<br> 1.650%, 9/1/26 | &nbsp;&nbsp; 10250 | &nbsp;&nbsp; 9811 |
| Viatris, Inc. 144A<br> 2.300%, 6/22/27<sup>(1)</sup> | &nbsp;&nbsp; —<sup>(9)</sup> | &nbsp;&nbsp; —<sup>(9)</sup> |
|  |  | &nbsp;&nbsp; 75193 |
| **Industrials—1.9%** | **Industrials—1.9%** |  |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.000%, 7/30/27<sup>(1)</sup> | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1688 |
| &nbsp;&nbsp;&nbsp;144A 4.375%, 7/3/29<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 449 |
| Alaska Airlines Pass-Through Trust 2020-1, A 144A<br> 4.800%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9431 | &nbsp;&nbsp; 9398 |
| Aviation Capital Group LLC 144A<br> 5.375%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6235 | &nbsp;&nbsp; 6284 |
| BlueLinx Holdings, Inc. 144A<br> 6.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6086 | &nbsp;&nbsp; 5728 |
| Boeing Co. (The) |  |  |
| &nbsp;&nbsp;&nbsp;6.259%, 5/1/27 | &nbsp;&nbsp; 3670 | &nbsp;&nbsp; 3776 |
| &nbsp;&nbsp;&nbsp;6.388%, 5/1/31 | &nbsp;&nbsp; 1720 | &nbsp;&nbsp; 1833 |
| British Airways Pass-Through Trust 2021-1, A 144A<br> 2.900%, 9/15/36<sup>(1)</sup> | &nbsp;&nbsp; 8553 | &nbsp;&nbsp; 7667 |
| Builders FirstSource, Inc. 144A<br> 4.250%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 3855 | &nbsp;&nbsp; 3449 |
| CoStar Group, Inc. 144A<br> 2.800%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10019 | &nbsp;&nbsp; 8919 |
| DP World Salaam RegS<br> 6.000% <sup>(3)(8)</sup> | &nbsp;&nbsp; 1347 | &nbsp;&nbsp; 1348 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Georgian Railway JSC 144A<br> 4.000%, 6/17/28<sup>(1)</sup> | $3065 | $2709 |
| Hertz Corp. (The) 144A<br> 4.625%, 12/1/26<sup>(1)(5)</sup> | &nbsp;&nbsp; 2740 | &nbsp;&nbsp; 1910 |
| Hexcel Corp.<br> 4.200%, 2/15/27 | &nbsp;&nbsp; 10770 | &nbsp;&nbsp; 10639 |
| Huntington Ingalls Industries, Inc.<br> 2.043%, 8/16/28 | &nbsp;&nbsp; 7665 | &nbsp;&nbsp; 6993 |
| Icahn Enterprises LP<br> 6.250%, 5/15/26 | &nbsp;&nbsp; 1266 | &nbsp;&nbsp; 1254 |
| Quikrete Holdings, Inc. 144A<br> 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 971 |
| Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;6.050%, 2/15/26 | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; 2700 |
| &nbsp;&nbsp;&nbsp;6.050%, 4/15/28 | &nbsp;&nbsp; 1990 | &nbsp;&nbsp; 2042 |
| &nbsp;&nbsp;&nbsp;6.300%, 2/15/30 | &nbsp;&nbsp; 4698 | &nbsp;&nbsp; 4886 |
|  |  | &nbsp;&nbsp; 84643 |
| **Information Technology—1.2%** | **Information Technology—1.2%** |  |
| AppLovin Corp.<br> 5.125%, 12/1/29 | &nbsp;&nbsp; 4230 | &nbsp;&nbsp; 4246 |
| Booz Allen Hamilton, Inc. 144A<br> 4.000%, 7/1/29<sup>(1)</sup> | &nbsp;&nbsp; 11502 | &nbsp;&nbsp; 10816 |
| Broadcom, Inc.<br> 4.350%, 2/15/30 | &nbsp;&nbsp; 8220 | &nbsp;&nbsp; 8099 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1430 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 2123 |
| Kyndryl Holdings, Inc.<br> 2.700%, 10/15/28 | &nbsp;&nbsp; 7285 | &nbsp;&nbsp; 6767 |
| Oracle Corp.<br> 5.250%, 2/3/32 | &nbsp;&nbsp; 2965 | &nbsp;&nbsp; 3003 |
| TSMC Global Ltd. 144A<br> 1.375%, 9/28/30<sup>(1)</sup> | &nbsp;&nbsp; 1884 | &nbsp;&nbsp; 1594 |
| Viasat, Inc. 144A<br> 5.625%, 9/15/25<sup>(1)</sup> | &nbsp;&nbsp; 7025 | &nbsp;&nbsp; 6967 |
| Vontier Corp.<br> 2.400%, 4/1/28 | &nbsp;&nbsp; 8630 | &nbsp;&nbsp; 7961 |
|  |  | &nbsp;&nbsp; 53006 |
| **Materials—2.0%** | **Materials—2.0%** |  |
| Alpek SAB de C.V. RegS<br> 4.250%, 9/18/29<sup>(3)</sup> | &nbsp;&nbsp; 2882 | &nbsp;&nbsp; 2704 |
| Bayport Polymers LLC 144A<br> 4.743%, 4/14/27<sup>(1)</sup> | &nbsp;&nbsp; 10485 | &nbsp;&nbsp; 10461 |
| Berry Global, Inc.<br> 5.800%, 6/15/31 | &nbsp;&nbsp; 8670 | &nbsp;&nbsp; 9008 |
| Braskem Netherlands Finance B.V. 144A<br> 4.500%, 1/10/28<sup>(1)</sup> | &nbsp;&nbsp; 6104 | &nbsp;&nbsp; 5707 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| Corp Nacional del Cobre de Chile RegS<br> 6.440%, 1/26/36<sup>(3)</sup> | $2222 | $2306 |
| Corp. Nacional del Cobre de Chile 144A<br> 3.150%, 1/14/30<sup>(1)(5)</sup> | &nbsp;&nbsp; 5969 | &nbsp;&nbsp; 5431 |
| First Quantum Minerals Ltd. 144A<br> 6.875%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 1773 | &nbsp;&nbsp; 1769 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6535 | &nbsp;&nbsp; 6454 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 4965 | &nbsp;&nbsp; 5135 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 3120 | &nbsp;&nbsp; 2943 |
| NOVA Chemicals Corp. 144A<br> 5.000%, 5/1/25<sup>(1)</sup> | &nbsp;&nbsp; 6740 | &nbsp;&nbsp; 6728 |
| OCP S.A. 144A<br> 3.750%, 6/23/31<sup>(1)</sup> | &nbsp;&nbsp; 3470 | &nbsp;&nbsp; 3080 |
| Silgan Holdings, Inc. 144A<br> 1.400%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 9178 | &nbsp;&nbsp; 8857 |
| Smurfit Kappa Treasury ULC 144A<br> 5.200%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 8006 | &nbsp;&nbsp; 8136 |
| Sonoco Products Co.<br> 4.600%, 9/1/29 | &nbsp;&nbsp; 7710 | &nbsp;&nbsp; 7598 |
| Suzano Austria GmbH<br> 6.000%, 1/15/29 | &nbsp;&nbsp; 2205 | &nbsp;&nbsp; 2242 |
| WE Soda Investments Holding plc 144A<br> 9.500%, 10/6/28<sup>(1)</sup> | &nbsp;&nbsp; 1509 | &nbsp;&nbsp; 1550 |
|  |  | &nbsp;&nbsp; 90109 |
| **Real Estate—0.4%** | **Real Estate—0.4%** |  |
| EPR Properties<br> 4.950%, 4/15/28 | &nbsp;&nbsp; 9545 | &nbsp;&nbsp; 9452 |
| Office Properties Income Trust 144A<br> 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 3662 | &nbsp;&nbsp; 2995 |
| VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 1305 | &nbsp;&nbsp; 1305 |
| &nbsp;&nbsp;&nbsp;144A 4.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1689 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3318 |
|  |  | &nbsp;&nbsp; 18759 |
| **Utilities—2.1%** | **Utilities—2.1%** |  |
| Abu Dhabi National Energy Co. PJSC 144A<br> 4.375%, 1/24/29<sup>(1)(5)</sup> | &nbsp;&nbsp; 1786 | &nbsp;&nbsp; 1764 |
| Adani Electricity Mumbai Ltd. RegS<br> 3.949%, 2/12/30<sup>(3)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 852 |
| AES Corp. (The)<br> 7.600%, 1/15/55 | &nbsp;&nbsp; 4075 | &nbsp;&nbsp; 4112 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Algonquin Power & Utilities Corp.<br> 5.365%, 6/15/26<sup>(4)</sup> | $4565 | $4591 |
| American Electric Power Co., Inc.<br> 5.699%, 8/15/25 | &nbsp;&nbsp; 7645 | &nbsp;&nbsp;&nbsp; 7672 |
| DPL, Inc.<br> 4.125%, 7/1/25 | &nbsp;&nbsp; 1596 | &nbsp;&nbsp;&nbsp; 1587 |
| Electricite de France S.A. 144A<br> 5.700%, 5/23/28<sup>(1)</sup> | &nbsp;&nbsp; 7110 | &nbsp;&nbsp;&nbsp; 7298 |
| Enel Finance International N.V. 144A<br> 5.125%, 6/26/29<sup>(1)</sup> | &nbsp;&nbsp; 3560 | &nbsp;&nbsp;&nbsp; 3598 |
| Entergy Corp.<br> 7.125%, 12/1/54 | &nbsp;&nbsp; 8775 | &nbsp;&nbsp;&nbsp; 8882 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 5670 | &nbsp;&nbsp;&nbsp; 5613 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 1358 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 345 |
| Limak Yenilenebilir Enerji AS 144A<br> 9.625%, 8/12/30<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 984 |
| NiSource, Inc.<br> 6.950%, 11/30/54 | &nbsp;&nbsp; 5370 | &nbsp;&nbsp;&nbsp; 5445 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 144A<br> 5.450%, 5/21/28<sup>(1)</sup> | &nbsp;&nbsp; 7899 | &nbsp;&nbsp;&nbsp; 7984 |
| Puget Energy, Inc.<br> 2.379%, 6/15/28 | &nbsp;&nbsp; 7558 | &nbsp;&nbsp;&nbsp; 7026 |
| Southern California Edison Co.<br> 5.450%, 6/1/31 | &nbsp;&nbsp; 6715 | &nbsp;&nbsp;&nbsp; 6804 |
| Southern Co. (The) Series 21-A<br> 3.750%, 9/15/51 | &nbsp;&nbsp; 13578 | &nbsp;&nbsp;&nbsp; 13194 |
| Vistra Operations Co. LLC 144A<br> 6.875%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4820 | &nbsp;&nbsp;&nbsp; 4913 |
|  |  | &nbsp;&nbsp;&nbsp; 94022 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $1,179,210)** | **Total Corporate Bonds and Notes<br> (Identified Cost $1,179,210)** | &nbsp;&nbsp;&nbsp;&nbsp;**1177201** |
| **Leveraged Loans—10.1%** | **Leveraged Loans—10.1%** | **Leveraged Loans—10.1%** |
| **Aerospace—0.6%** | **Aerospace—0.6%** |  |
| American Airlines, Inc.<br> 0.000%, 4/20/28<sup>(6)(10)</sup> | &nbsp;&nbsp; 3230 | &nbsp;&nbsp;&nbsp; 3189 |
| Delta Air Lines, Inc. (3 month Term SOFR + 3.750%)<br> 8.043%, 10/20/27<sup>(6)</sup> | &nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp; 1841 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(6)</sup> | $5067 | $5049 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(6)</sup> | &nbsp;&nbsp; 1927 | &nbsp;&nbsp; 1920 |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.322%, 1/27/32<sup>(6)</sup> | &nbsp;&nbsp; 3255 | &nbsp;&nbsp; 3231 |
| Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%)<br> 8.175%, 2/1/28<sup>(6)</sup> | &nbsp;&nbsp; 4084 | &nbsp;&nbsp; 3628 |
| TransDigm, Inc. Tranche J (3 month Term SOFR + 2.500%)<br> 6.799%, 2/28/31<sup>(6)</sup> | &nbsp;&nbsp; 5946 | &nbsp;&nbsp; 5909 |
|  |  | &nbsp;&nbsp; 24767 |
| **Chemicals—0.2%** | **Chemicals—0.2%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.575%, 2/18/30<sup>(6)</sup> | &nbsp;&nbsp; 4956 | &nbsp;&nbsp; 4751 |
| Lummus Technology Holdings V LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 12/31/29<sup>(6)</sup> | &nbsp;&nbsp; 2682 | &nbsp;&nbsp; 2674 |
|  |  | &nbsp;&nbsp; 7425 |
| **Consumer Non-Durables—0.1%** | **Consumer Non-Durables—0.1%** |  |
| Energizer Holdings, Inc. 2025, Tranche B (1 month Term SOFR + 2.000%)<br> 6.319%, 3/13/32<sup>(6)</sup> | &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 1960 |
| Kronos Acquisition Holdings, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.299%, 7/8/31<sup>(6)</sup> | &nbsp;&nbsp; 4675 | &nbsp;&nbsp; 3997 |
|  |  | &nbsp;&nbsp; 5957 |
| **Energy—0.6%** | **Energy—0.6%** |  |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.302%, 10/15/31<sup>(6)</sup> | &nbsp;&nbsp; 4490 | &nbsp;&nbsp; 4482 |
| Freeport LNG Investments LLP 2025, Tranche B (3 month Term SOFR + 3.250%)<br> 7.543%, 12/21/28<sup>(6)</sup> | &nbsp;&nbsp; 5863 | &nbsp;&nbsp; 5780 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| GIP Pilot Acquisition Partners LP (3 month Term SOFR + 2.000%)<br> 6.302%, 10/4/30<sup>(6)</sup> | $3814 | $3793 |
| Hilcorp Energy I LP Tranche B (1 month Term SOFR + 2.000%)<br> 6.322%, 2/5/30<sup>(6)</sup> | &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 1581 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500%)<br> 7.799%, 11/6/31<sup>(6)</sup> | &nbsp;&nbsp; 3686 | &nbsp;&nbsp; 3693 |
| Oryx Midstream Services Permian Basin LLC Tranche B (1 month Term SOFR + 2.250%)<br> 6.569%, 10/5/28<sup>(6)</sup> | &nbsp;&nbsp; 7160 | &nbsp;&nbsp; 7148 |
| Paragon Offshore Finance Co. (3 month LIBOR + 1.750%)<br> 3.750%, 7/16/21<sup>(2)(7)(11)</sup> | &nbsp;&nbsp; 66 | &nbsp;&nbsp; — |
| Whitewater DBR Holdco LLC Tranche C (3 month Term SOFR + 2.250%)<br> 6.549%, 3/3/31<sup>(6)</sup> | &nbsp;&nbsp; 2249 | &nbsp;&nbsp; 2237 |
|  |  | &nbsp;&nbsp; 28714 |
| **Financials—0.6%** | **Financials—0.6%** |  |
| Acrisure LLC 2024, Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.325%, 11/6/30<sup>(6)</sup> | &nbsp;&nbsp; 5198 | &nbsp;&nbsp; 5157 |
| BroadStreet Partners, Inc. 2024, Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 6/13/31<sup>(6)</sup> | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 478 |
| Citadel Securities LP 2024 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(6)</sup> | &nbsp;&nbsp; 13185 | &nbsp;&nbsp; 13164 |
| Finco I LLC 2024 (1 month Term SOFR + 2.250%)<br> 6.575%, 6/27/29<sup>(6)</sup> | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1291 |
| HUB International Ltd. 2025 (3 month Term SOFR + 2.500%)<br> 6.787%, 6/20/30<sup>(6)</sup> | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 4428 |
| Truist Insurance Holdings LLC 2024, Tranche B (3 month Term SOFR + 2.750%)<br> 7.049%, 5/6/31<sup>(6)</sup> | &nbsp;&nbsp; 2486 | &nbsp;&nbsp; 2467 |
|  |  | &nbsp;&nbsp; 26985 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food / Tobacco—0.6%** | **Food / Tobacco—0.6%** |  |
| Chobani LLC Tranche B, First Lien (1 month Term SOFR + 2.500%)<br> 6.825%, 10/25/27<sup>(6)</sup> | $1773 | $1771 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.400%)<br> 8.699% - 8.719%, 8/2/28<sup>(6)</sup> | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 1408 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.199%, 8/2/28<sup>(6)</sup> | &nbsp;&nbsp; 5055 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.469%, 8/2/28<sup>(6)</sup> | &nbsp;&nbsp; 2562 | &nbsp;&nbsp; 2537 |
| Froneri International Ltd. Tranche B-4 (3-6 month Term SOFR + 2.000%)<br> 6.237%, 9/17/31<sup>(6)</sup> | &nbsp;&nbsp; 7725 | &nbsp;&nbsp; 7667 |
| JBT Marel Corp. (1 month Term SOFR + 2.250%)<br> 6.575% - 6.675%, 1/2/32<sup>(6)</sup> | &nbsp;&nbsp; 3360 | &nbsp;&nbsp; 3354 |
| Pegasus Bidco B.V. 2024 (3 month Term SOFR + 3.250%)<br> 7.573%, 7/12/29<sup>(6)</sup> | &nbsp;&nbsp; 2239 | &nbsp;&nbsp; 2233 |
| Red SPV LLC (3 month Term SOFR + 2.250%)<br> 6.575%, 3/8/32<sup>(6)</sup> | &nbsp;&nbsp; 4475 | &nbsp;&nbsp; 4442 |
| Triton Water Holdings, Inc. 2025 (3 month Term SOFR + 2.250%)<br> 6.549%, 3/31/28<sup>(6)</sup> | &nbsp;&nbsp; 3913 | &nbsp;&nbsp; 3894 |
|  |  | &nbsp;&nbsp; 28317 |
| **Forest Prod / Containers—0.3%** | **Forest Prod / Containers—0.3%** |  |
| Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 3/27/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp;Tranche B<br> 0.000%, 3/27/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 7853 | &nbsp;&nbsp; 7807 |
| Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 3.000%)<br> 7.319% -7.323%, 4/15/27<sup>(6)</sup> | &nbsp;&nbsp; 2647 | &nbsp;&nbsp; 2635 |
| TricorBraun, Inc. (1 month Term SOFR + 3.364%)<br> 7.689%, 3/3/28<sup>(6)</sup> | &nbsp;&nbsp; 4907 | &nbsp;&nbsp; 4858 |
|  |  | &nbsp;&nbsp; 15436 |
| **Gaming / Leisure—1.2%** | **Gaming / Leisure—1.2%** |  |
| Caesars Entertainment, Inc. Tranche B (3 month Term SOFR + 2.250%)<br> 6.563%, 2/6/30<sup>(6)</sup> | &nbsp;&nbsp; 2751 | &nbsp;&nbsp; 2731 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Carnival Corp. 2027 (1 month Term SOFR + 2.000%)<br> 6.325%, 8/8/27<sup>(6)</sup> | $2405 | $2398 |
| Entain plc Tranche B-3 (3 month Term SOFR + 2.750%)<br> 7.053%, 10/31/29<sup>(6)</sup> | &nbsp;&nbsp; 4377 | &nbsp;&nbsp; 4378 |
| Flutter Entertainment plc 2024, Tranche B (3 month Term SOFR + 1.750%)<br> 6.049%, 11/30/30<sup>(6)</sup> | &nbsp;&nbsp; 6429 | &nbsp;&nbsp; 6386 |
| Life Time, Inc. 2024 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/5/31<sup>(6)</sup> | &nbsp;&nbsp; 7222 | &nbsp;&nbsp; 7200 |
| Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%)<br> 8.549%, 8/1/30<sup>(6)</sup> | &nbsp;&nbsp; 4595 | &nbsp;&nbsp; 4518 |
| Playtika Holding Corp. Tranche B-1 (1 month Term SOFR + 2.864%)<br> 7.189%, 3/13/28<sup>(6)</sup> | &nbsp;&nbsp; 5881 | &nbsp;&nbsp; 5818 |
| Scientific Games Holdings LP 2024 (3 month Term SOFR + 3.000%)<br> 7.296%, 4/4/29<sup>(6)</sup> | &nbsp;&nbsp; 4595 | &nbsp;&nbsp; 4565 |
| Scientific Games International, Inc. Tranche B-2 (1 month Term SOFR + 2.250%)<br> 6.566%, 4/14/29<sup>(6)</sup> | &nbsp;&nbsp; 3168 | &nbsp;&nbsp; 3155 |
| SeaWorld Parks & Entertainment, Inc. Tranche B-3 (1 month Term SOFR + 2.000%)<br> 6.325%, 12/4/31<sup>(6)</sup> | &nbsp;&nbsp; 4040 | &nbsp;&nbsp; 4004 |
| UFC Holdings LLC Tranche B-4 (2 month Term SOFR + 2.250%)<br> 6.580%, 11/21/31<sup>(6)</sup> | &nbsp;&nbsp; 7401 | &nbsp;&nbsp; 7378 |
|  |  | &nbsp;&nbsp; 52531 |
| **Health Care—0.7%** | **Health Care—0.7%** |  |
| CHG Healthcare Services, Inc. (2-3 month Term SOFR + 3.000%)<br> 7.299% - 7.313%, 9/29/28<sup>(6)</sup> | &nbsp;&nbsp; 3693 | &nbsp;&nbsp; 3686 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.575%, 10/23/28<sup>(6)</sup> | &nbsp;&nbsp; 6293 | &nbsp;&nbsp; 6279 |
| Opal U.S. LLC Tranche B<br> 0.000%, 3/31/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 2865 | &nbsp;&nbsp; 2851 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| PAREXEL International, Inc. Tranche B (1 month Term SOFR + 2.500%)<br> 6.825%, 11/15/28<sup>(6)</sup> | $4098 | $4086 |
| Perrigo Investments LLC 2024, Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 4/20/29<sup>(6)</sup> | &nbsp;&nbsp; 4020 | &nbsp;&nbsp; 4005 |
| Phoenix Guarantor, Inc. Tranche B-5 (1 month Term SOFR + 2.500%)<br> 6.825%, 2/21/31<sup>(6)</sup> | &nbsp;&nbsp; 4315 | &nbsp;&nbsp; 4294 |
| Radnet Management, Inc. 2024 (3 month Term SOFR + 2.250%)<br> 6.568%, 4/18/31<sup>(6)</sup> | &nbsp;&nbsp; 1241 | &nbsp;&nbsp; 1237 |
| Select Medical Corp. Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.325%, 12/3/31<sup>(6)</sup> | &nbsp;&nbsp; 3835 | &nbsp;&nbsp; 3826 |
|  |  | &nbsp;&nbsp; 30264 |
| **Housing—0.2%** | **Housing—0.2%** |  |
| Frontdoor, Inc. 2024, Tranche B (1 month Term SOFR + 2.250%)<br> 6.575%, 12/17/31<sup>(6)</sup> | &nbsp;&nbsp; 2494 | &nbsp;&nbsp; 2491 |
| Quikrete Holdings, Inc. 2029, Tranche B (1 month Term SOFR + 2.250%)<br> 6.575%, 3/19/29<sup>(6)</sup> | &nbsp;&nbsp; 5418 | &nbsp;&nbsp; 5361 |
| Standard Industries, Inc. (1 month Term SOFR + 1.750%)<br> 6.069%, 9/22/28<sup>(6)</sup> | &nbsp;&nbsp; 1954 | &nbsp;&nbsp; 1951 |
|  |  | &nbsp;&nbsp; 9803 |
| **Information Technology—1.1%** | **Information Technology—1.1%** |  |
| Applied Systems, Inc. Tranche B-1 (3 month Term SOFR + 2.750%)<br> 7.049%, 2/24/31<sup>(6)</sup> | &nbsp;&nbsp; 9638 | &nbsp;&nbsp; 9629 |
| BMC Software 2031<br> 0.000%, 7/30/31<sup>(6)(10)</sup> | &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 2473 |
| Boost Newco Borrower LLC Tranche B-2 (3 month Term SOFR + 2.000%)<br> 6.299%, 1/31/31<sup>(6)</sup> | &nbsp;&nbsp; 5108 | &nbsp;&nbsp; 5068 |
| CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/23/32<sup>(6)</sup> | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 504 |
| Central Parent LLC 2024 (3 month Term SOFR + 3.250%)<br> 7.549%, 7/6/29<sup>(6)</sup> | &nbsp;&nbsp; 4766 | &nbsp;&nbsp; 4079 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Ellucian Holding, Inc. Tranche B-1 (1 month Term SOFR + 3.000%)<br> 7.325%, 10/9/29<sup>(6)</sup> | $160 | $160 |
| Epicor Software Corp. Tranche F (1 month Term SOFR + 2.750%)<br> 7.075%, 5/30/31<sup>(6)</sup> | &nbsp;&nbsp; 3655 | &nbsp;&nbsp; 3642 |
| Go Daddy Operating Co. LLC Tranche B-7 (1 month Term SOFR + 1.750%)<br> 6.075%, 5/30/31<sup>(6)</sup> | &nbsp;&nbsp; 7039 | &nbsp;&nbsp; 6998 |
| Icon Parent I, Inc. (2 month Term SOFR + 3.000%)<br> 7.315%, 11/13/31<sup>(6)</sup> | &nbsp;&nbsp; 1185 | &nbsp;&nbsp; 1175 |
| Iron Mountain Information Management LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/31/31<sup>(6)</sup> | &nbsp;&nbsp; 5364 | &nbsp;&nbsp; 5327 |
| Thunder Generation Funding LLC Tranche B (3 month Term SOFR + 3.000% - 3 month PRIME + 2.000%)<br> 7.299% - 9.500%, 10/3/31<sup>(6)</sup> | &nbsp;&nbsp; 4950 | &nbsp;&nbsp; 4944 |
| UKG, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.300%, 2/10/31<sup>(6)</sup> | &nbsp;&nbsp; 7695 | &nbsp;&nbsp; 7674 |
|  |  | &nbsp;&nbsp; 51673 |
| **Manufacturing—0.7%** | **Manufacturing—0.7%** |  |
| Chart Industries, Inc. 2024, Tranche B (3 month Term SOFR + 2.500%)<br> 6.805%, 3/15/30<sup>(6)</sup> | &nbsp;&nbsp; 4165 | &nbsp;&nbsp; 4159 |
| Construction Partners, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 11/3/31<sup>(6)</sup> | &nbsp;&nbsp; 5157 | &nbsp;&nbsp; 5121 |
| Filtration Group Corp. 2025 (1 month Term SOFR + 3.000%)<br> 7.319%, 10/21/28<sup>(6)</sup> | &nbsp;&nbsp; 2012 | &nbsp;&nbsp; 2008 |
| Gates Corp. Tranche B-5 (1 month Term SOFR + 1.750%)<br> 6.075%, 6/4/31<sup>(6)</sup> | &nbsp;&nbsp; 5099 | &nbsp;&nbsp; 5044 |
| Igloo Holdings Corp. Tranche B<br> 0.000%, 2/20/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1161 |
| Madison IAQ LLC<br> 0.000%, 3/26/32<sup>(6)(10)</sup> | &nbsp;&nbsp; 4470 | &nbsp;&nbsp; 4425 |
| Terex Corp. (3 month Term SOFR + 2.000%)<br> 6.299%, 10/8/31<sup>(6)</sup> | &nbsp;&nbsp; 4185 | &nbsp;&nbsp; 4187 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| Titan Acquisition Ltd. (3 month Term SOFR + 4.500%)<br> 8.785%, 2/15/29<sup>(6)</sup> | $3949 | $3927 |
|  |  | &nbsp;&nbsp; 30032 |
| **Media / Telecom - Broadcasting—0.1%** | **Media / Telecom - Broadcasting—0.1%** |  |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.939%, 1/31/29<sup>(6)</sup> | &nbsp;&nbsp; 4584 | &nbsp;&nbsp; 4450 |
| **Media / Telecom - Cable/Wireless<br> Video—0.8%** | **Media / Telecom - Cable/Wireless<br> Video—0.8%** |  |
| Charter Communications Operating LLC Tranche B-5 (3 month Term SOFR + 2.250%)<br> 6.560%, 12/15/31<sup>(6)</sup> | &nbsp;&nbsp; 6723 | &nbsp;&nbsp; 6696 |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.575%, 9/18/30<sup>(6)</sup> | &nbsp;&nbsp; 7638 | &nbsp;&nbsp; 7508 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.819%, 1/18/28<sup>(6)</sup> | &nbsp;&nbsp; 7984 | &nbsp;&nbsp; 7708 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.802%, 8/2/29<sup>(6)</sup> | &nbsp;&nbsp; 5177 | &nbsp;&nbsp; 5093 |
| Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)<br> 7.561%, 11/12/27<sup>(6)</sup> | &nbsp;&nbsp; 4335 | &nbsp;&nbsp; 4315 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.934%, 1/31/28<sup>(6)</sup> | &nbsp;&nbsp; 6700 | &nbsp;&nbsp; 6509 |
|  |  | &nbsp;&nbsp; 37829 |
| **Media / Telecom - Diversified<br> Media—0.3%** | **Media / Telecom - Diversified<br> Media—0.3%** |  |
| Century DE Buyer LLC Tranche B (3 month Term SOFR + 3.500%)<br> 7.787%, 10/30/30<sup>(6)</sup> | &nbsp;&nbsp; 2051 | &nbsp;&nbsp; 2049 |
| EOC Borrower LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.319%, 3/24/32<sup>(6)</sup> | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 1977 |
| Formula One Management Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 9/30/31<sup>(6)(10)</sup> | &nbsp;&nbsp; 1528 | &nbsp;&nbsp; 1524 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Diversified<br> Media—continued** | **Media / Telecom - Diversified<br> Media—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.000%)<br> 6.299%, 9/30/31<sup>(6)</sup> | $3053 | $3044 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)<br> 9.389%, 4/11/29<sup>(6)</sup> | &nbsp;&nbsp; 3747 | &nbsp;&nbsp; 3219 |
|  |  | &nbsp;&nbsp; 11813 |
| **Media / Telecom -<br> Telecommunications—0.1%** | **Media / Telecom -<br> Telecommunications—0.1%** |  |
| Cincinnati Bell, Inc. Tranche B-4 (1 month Term SOFR + 2.750%)<br> 7.075%, 11/22/28<sup>(6)</sup> | &nbsp;&nbsp; 4723 | &nbsp;&nbsp; 4715 |
| Numericable U.S. LLC Tranche B-12 (3 month LIBOR + 3.688%)<br> 8.370%, 1/31/26<sup>(6)(11)</sup> | &nbsp;&nbsp; 1381 | &nbsp;&nbsp; 1203 |
|  |  | &nbsp;&nbsp; 5918 |
| **Metals / Minerals—0.0%** | **Metals / Minerals—0.0%** |  |
| Arsenal AIC Parent LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 8/18/30<sup>(6)</sup> | &nbsp;&nbsp; 1212 | &nbsp;&nbsp; 1201 |
| **Retail—0.3%** | **Retail—0.3%** |  |
| Burlington Coat Factory Warehouse Corp. Tranche B (1 month Term SOFR + 1.750%)<br> 6.075%, 9/19/31<sup>(6)</sup> | &nbsp;&nbsp; 5373 | &nbsp;&nbsp; 5349 |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.500%)<br> 6.825%, 6/11/31<sup>(6)</sup> | &nbsp;&nbsp; 2418 | &nbsp;&nbsp; 2355 |
| Peer Holding III B.V. Tranche B (3 month Term SOFR + 2.500%)<br> 6.799%, 10/26/30<sup>(6)</sup> | &nbsp;&nbsp; 2931 | &nbsp;&nbsp; 2925 |
| PetsMart LLC (1 month Term SOFR + 3.850%)<br> 8.175%, 2/11/28<sup>(6)</sup> | &nbsp;&nbsp; 4694 | &nbsp;&nbsp; 4610 |
|  |  | &nbsp;&nbsp; 15239 |
| **Service—0.9%** | **Service—0.9%** |  |
| AlixPartners LLP (1 month Term SOFR + 2.614%)<br> 6.939%, 2/4/28<sup>(6)</sup> | &nbsp;&nbsp; 5203 | &nbsp;&nbsp; 5197 |
| Amentum Holdings LLC (1 month Term SOFR + 2.250%)<br> 6.575%, 9/29/31<sup>(6)</sup> | &nbsp;&nbsp; 6100 | &nbsp;&nbsp; 5886 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| BrightView Landscapes LLC Tranche B (3 month Term SOFR + 2.000%)<br> 6.294%, 4/20/29<sup>(6)</sup> | $2911 | $2875 |
| Camelot U.S. Acquisition I Co. Tranche B-1 (1 month Term SOFR + 2.750%)<br> 7.075%, 1/31/31<sup>(6)</sup> | &nbsp;&nbsp; 4891 | &nbsp;&nbsp; 4822 |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.799%, 11/23/28<sup>(6)</sup> | &nbsp;&nbsp; 5620 | &nbsp;&nbsp; 5571 |
| Pike Corp. 2028 (1 month Term SOFR + 3.114%)<br> 7.439%, 1/21/28<sup>(6)</sup> | &nbsp;&nbsp; 6261 | &nbsp;&nbsp; 6268 |
| Prime Security Services Borrower LLC Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/13/30<sup>(6)</sup> | &nbsp;&nbsp; 4348 | &nbsp;&nbsp; 4326 |
| St. George's University Scholastic Services LLC (3 month Term SOFR + 2.750%)<br> 7.063%, 2/10/29<sup>(6)</sup> | &nbsp;&nbsp; 2408 | &nbsp;&nbsp; 2386 |
| TransUnion Intermediate Holdings, Inc. Tranche B-9 (1 month Term SOFR + 1.750%)<br> 6.075%, 6/24/31<sup>(6)</sup> | &nbsp;&nbsp; 5436 | &nbsp;&nbsp; 5417 |
|  |  | &nbsp;&nbsp; 42748 |
| **Transportation - Automotive—0.3%** | **Transportation - Automotive—0.3%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.052%, 10/16/31<sup>(6)</sup> | &nbsp;&nbsp; 5059 | &nbsp;&nbsp; 5044 |
| Clarios Global LP |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 2.750%)<br> 7.075%, 1/28/32<sup>(6)</sup> | &nbsp;&nbsp; 2195 | &nbsp;&nbsp; 2159 |
| &nbsp;&nbsp;&nbsp;2024, Tranche B (1 month Term SOFR + 2.500%)<br> 6.825%, 5/6/30<sup>(6)</sup> | &nbsp;&nbsp; 5060 | &nbsp;&nbsp; 4984 |
| PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.012%)<br> 8.302%, 10/28/27<sup>(6)</sup> | &nbsp;&nbsp; 2495 | &nbsp;&nbsp; 2089 |
|  |  | &nbsp;&nbsp; 14276 |
| **Utilities—0.4%** | **Utilities—0.4%** |  |
| Calpine Corp. Tranche B-10 (1 month Term SOFR + 1.750%)<br> 6.075%, 1/31/31<sup>(6)</sup> | &nbsp;&nbsp; 7035 | &nbsp;&nbsp; 7007 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(6)(10)</sup> | $4780 | $4775 |
| South Field Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.250%)<br> 7.549%, 8/29/31<sup>(6)</sup> | &nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp; 898 |
| &nbsp;&nbsp;&nbsp;Tranche C (3 month Term SOFR + 3.250%)<br> 7.549%, 8/29/31<sup>(6)</sup> | &nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 57 |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.573%, 1/27/31<sup>(6)</sup> | &nbsp;&nbsp; 5943 | &nbsp;&nbsp;&nbsp; 5884 |
|  |  | &nbsp;&nbsp;&nbsp; 18621 |
| **Total Leveraged Loans<br> (Identified Cost $471,983)** | **Total Leveraged Loans<br> (Identified Cost $471,983)** | &nbsp;&nbsp;&nbsp;&nbsp; **463999** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Exchange-Traded Funds—1.0%** | **Affiliated Exchange-Traded Funds—1.0%** | **Affiliated Exchange-Traded Funds—1.0%** |
| **Financials—1.0%** | **Financials—1.0%** |  |
| Virtus Newfleet ABS/MBS ETF<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;929000 | &nbsp;&nbsp;&nbsp;&nbsp; 22663 |
| Virtus Newfleet Short Duration High Yield Bond ETF<sup>(12)(13)</sup> | 1031000 | &nbsp;&nbsp;&nbsp;&nbsp; 22323 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44986 |
| **Total Affiliated Exchange-Traded Funds<br> (Identified Cost $45,208)** | **Total Affiliated Exchange-Traded Funds<br> (Identified Cost $45,208)** | &nbsp;&nbsp; **44986** |
| **Total Long-Term Investments—98.7%<br> (Identified Cost $4,547,363)** | **Total Long-Term Investments—98.7%<br> (Identified Cost $4,547,363)** | &nbsp;&nbsp;**4511410** |
| **Securities Lending Collateral—0.5%** | **Securities Lending Collateral—0.5%** | **Securities Lending Collateral—0.5%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(13)(14)</sup> | 21485034 | &nbsp;&nbsp;&nbsp;&nbsp; 21485 |
| **Total Securities Lending Collateral<br> (Identified Cost $21,485)** | **Total Securities Lending Collateral<br> (Identified Cost $21,485)** | &nbsp;&nbsp; **21485** |
| **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $4,568,848)** | **TOTAL INVESTMENTS—99.2%<br> (Identified Cost $4,568,848)** | **$4532895** |
| Other assets and liabilities, net—0.8% | Other assets and liabilities, net—0.8% | &nbsp;&nbsp;&nbsp; 36451 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | **$4569346** |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ABS | Asset-Backed Securities |
| CLO | Collateralized Loan Obligation |
| DAC | Designated Activity Company |
| ETF | Exchange-Traded Fund |
| JSC | Joint Stock Company |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| MBS | Mortgage-Backed Securities |
| MSCI | Morgan Stanley Capital International |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |
| ULC | Unlimited Liability Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities amounted to a value of $2,713,222 or 59.4% of net assets. |
| <sup>(2)</sup> | Security in default; no interest payments are being received. |

---

<sup>(3)</sup> Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933.

<sup>(4)</sup> Represents step coupon bond. Rate shown reflects the rate in effect as of March 31, 2025.

<sup>(5)</sup> All or a portion of security is on loan.

<sup>(6)</sup> Variable rate security. Rate disclosed is as of March 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions.

<sup>(7)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

<sup>(8)</sup> No contractual maturity date.

<sup>(9)</sup> Amount is less than $500 (not in thousands).

<sup>(10)</sup> This loan will settle after March 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(11)</sup> At March 31, 2025, the one-, three-, and six-month reference rates are published by ICE Benchmark Administration under a synthetic methodology. See the Notes to Financial Statements regarding the risk disclosure.

<sup>(12)</sup> Affiliated investment. See Note 3G in Notes to Financial Statements.

<sup>(13)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(14)</sup> Represents security purchased with cash collateral received for securities on loan.

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;87% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$263579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$263579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10411 |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6720 |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Securities Lending Collateral | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4532895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4449293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17131 |

---

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

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

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Senior Floating Rate Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—3.8%** | **Corporate Bonds and Notes—3.8%** | **Corporate Bonds and Notes—3.8%** |
| **Communication Services—0.5%** | **Communication Services—0.5%** |  |
| CSC Holdings LLC 144A<br> 7.500%, 4/1/28<sup>(1)</sup> | $200 | $141 |
| DIRECTV Financing LLC 144A<br> 8.875%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 33 |
| Gray Media, Inc. 144A<br> 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 320 | &nbsp;&nbsp; 314 |
| Level 3 Financing, Inc. 144A<br> 4.250%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 48 |
| McGraw-Hill Education, Inc. 144A<br> 7.375%, 9/1/31<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 101 |
| Nexstar Media, Inc. 144A<br> 5.625%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 369 |
| Sinclair Television Group, Inc. 144A<br> 8.125%, 2/15/33<sup>(1)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 1046 |
| **Consumer Discretionary—0.1%** | **Consumer Discretionary—0.1%** |  |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| PetSmart, Inc. 144A<br> 4.750%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 262 |
|  |  | &nbsp;&nbsp; 272 |
| **Consumer Staples—0.3%** | **Consumer Staples—0.3%** |  |
| Post Holdings, Inc. 144A<br> 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 202 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 224 |
| Sigma Holdco B.V. 144A<br> 7.875%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 178 |
|  |  | &nbsp;&nbsp; 604 |
| **Energy—0.3%** | **Energy—0.3%** |  |
| Hess Midstream Operations LP 144A<br> 5.875%, 3/1/28<sup>(1)</sup> | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 281 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 215 |
|  |  | &nbsp;&nbsp; 496 |
| **Financials—1.0%** | **Financials—1.0%** |  |
| Acrisure LLC 144A<br> 6.000%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 494 |
| BroadStreet Partners, Inc. 144A<br> 5.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 288 |
| Clydesdale Acquisition Holdings, Inc. 144A<br> 6.750%, 4/15/32<sup>(1)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 185 |
| Ladder Capital Finance Holdings LLLP 144A<br> 4.250%, 2/1/27<sup>(1)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 219 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(1)</sup> | $320 | $302 |
| NCR Atleos Corp. 144A<br> 9.500%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp; 362 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp;&nbsp; 1895 |
| **Health Care—0.7%** | **Health Care—0.7%** |  |
| Community Health Systems, Inc. 144A<br> 5.625%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 592 |
| LifePoint Health, Inc. 144A<br> 9.875%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 581 |
| Medline Borrower LP 144A<br> 3.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 140 |
|  |  | &nbsp;&nbsp;&nbsp; 1313 |
| **Industrials—0.2%** | **Industrials—0.2%** |  |
| Garda World Security Corp. 144A<br> 8.375%, 11/15/32<sup>(1)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 197 |
| Hertz Corp. (The) 144A<br> 4.625%, 12/1/26<sup>(1)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 73 |
| Icahn Enterprises LP 144A<br> 10.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 99 |
|  |  | &nbsp;&nbsp;&nbsp; 369 |
| **Information Technology—0.1%** | **Information Technology—0.1%** |  |
| Central Parent LLC 144A<br> 8.000%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 44 |
| Helios Software Holdings, Inc. 144A<br> 8.750%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 60 |
| Rocket Software, Inc. 144A<br> 9.000%, 11/28/28<sup>(1)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 77 |
|  |  | &nbsp;&nbsp;&nbsp; 181 |
| **Materials—0.6%** | **Materials—0.6%** |  |
| Ardagh Packaging Finance plc 144A<br> 4.125%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; 542 |
| Graham Packaging Co., Inc. 144A<br> 7.125%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 415 |
| Mauser Packaging Solutions Holding Co. 144A<br> 9.250%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 179 |
|  |  | &nbsp;&nbsp;&nbsp; 1136 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $7,306)** | **Total Corporate Bonds and Notes<br> (Identified Cost $7,306)** | &nbsp;&nbsp;&nbsp;&nbsp; **7312** |
| **Leveraged Loans—87.9%** | **Leveraged Loans—87.9%** | **Leveraged Loans—87.9%** |
| **Aerospace—3.8%** | **Aerospace—3.8%** |  |
| American Airlines, Inc.<br> 6.543%, 4/20/28<sup>(2)</sup> | &nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp; 946 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Aerospace—continued** | **Aerospace—continued** |  |
| Brown Group Holding LLC (1 month Term SOFR + 2.500%)<br> 6.825%, 7/1/31<sup>(2)</sup> | $1270 | $1262 |
| Dynasty Acquisition Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(2)</sup> | &nbsp;&nbsp; 683 | &nbsp;&nbsp; 681 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(2)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 259 |
| Goat Holdco LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.322%, 1/27/32<sup>(2)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 665 |
| Kaman Corp. (3-6 month Term SOFR + 2.750%)<br> 7.025% - 7.068%, 1/30/32<sup>(2)</sup> | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 596 |
| Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%)<br> 8.175%, 2/1/28<sup>(2)</sup> | &nbsp;&nbsp; 1446 | &nbsp;&nbsp; 1285 |
| TransDigm, Inc. Tranche J (3 month Term SOFR + 2.500%)<br> 6.799%, 2/28/31<sup>(2)</sup> | &nbsp;&nbsp; 1617 | &nbsp;&nbsp; 1607 |
|  |  | &nbsp;&nbsp; 7301 |
| **Chemicals—3.3%** | **Chemicals—3.3%** |  |
| Ineos Finance plc 2030 (1 month Term SOFR + 3.250%)<br> 7.575%, 2/18/30<sup>(2)</sup> | &nbsp;&nbsp; 1619 | &nbsp;&nbsp; 1552 |
| Ineos U.S. Finance LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 2/7/31<sup>(2)</sup> | &nbsp;&nbsp; 883 | &nbsp;&nbsp; 841 |
| Lummus Technology Holdings V LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 12/31/29<sup>(2)</sup> | &nbsp;&nbsp; 1005 | &nbsp;&nbsp; 1002 |
| Nouryon Finance B.V. 2024, Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.553%, 4/3/28<sup>(2)</sup> | &nbsp;&nbsp; 1483 | &nbsp;&nbsp; 1478 |
| USALCO LLC (3 month Term SOFR + 4.000%)<br> 8.299%, 9/30/31<sup>(2)</sup> | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 546 |
| Windsor Holdings III LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.069%, 8/1/30<sup>(2)</sup> | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 867 |
|  |  | &nbsp;&nbsp; 6286 |
| **Consumer Durables—0.9%** | **Consumer Durables—0.9%** |  |
| Gloves Buyer, Inc. First Lien (1 month Term SOFR + 4.114%)<br> 8.439%, 12/29/27<sup>(2)</sup> | &nbsp;&nbsp; 1002 | &nbsp;&nbsp; 962 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Senior Floating Rate Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Durables—continued** | **Consumer Durables—continued** |  |
| White Cap Buyer LLC Tranche C (1 month Term SOFR + 3.250%)<br> 7.575%, 10/19/29<sup>(2)</sup> | $843 | $816 |
|  |  | &nbsp;&nbsp; 1778 |
| **Consumer Non-Durables—1.7%** | **Consumer Non-Durables—1.7%** |  |
| AI Aqua Merger Sub, Inc. 2025, Tranche B (1 month Term SOFR + 3.000%)<br> 7.323%, 7/31/28<sup>(2)</sup> | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 881 |
| Albion Financing 3 S.a.r.l. 2025 (3 month Term SOFR + 3.000%)<br> 7.293%, 8/16/29<sup>(2)</sup> | &nbsp;&nbsp; 432 | &nbsp;&nbsp; 432 |
| DS Parent, Inc. Tranche B (3 month Term SOFR + 5.500%)<br> 9.799%, 1/31/31<sup>(2)</sup> | &nbsp;&nbsp; 854 | &nbsp;&nbsp; 789 |
| Kronos Acquisition Holdings, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.299%, 7/8/31<sup>(2)</sup> | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 746 |
| Varsity Brands, Inc. 2025 (3 month Term SOFR + 3.500%)<br> 7.819%, 8/26/31<sup>(2)</sup> | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 509 |
|  |  | &nbsp;&nbsp; 3357 |
| **Energy—4.3%** | **Energy—4.3%** |  |
| CQP Holdco LP (3 month Term SOFR + 2.000%)<br> 6.299%, 12/31/30<sup>(2)</sup> | &nbsp;&nbsp; 998 | &nbsp;&nbsp; 994 |
| CVR CHC LP Tranche B (3 month Term SOFR + 4.000%)<br> 8.229%, 12/30/27<sup>(2)</sup> | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 703 |
| Epic Crude Services LP Tranche B (3 month Term SOFR + 3.000%)<br> 7.302%, 10/15/31<sup>(2)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 719 |
| Freeport LNG Investments LLP 2025, Tranche B (3 month Term SOFR + 3.250%)<br> 7.543%, 12/21/28<sup>(2)</sup> | &nbsp;&nbsp; 1039 | &nbsp;&nbsp; 1024 |
| GIP Pilot Acquisition Partners LP (3 month Term SOFR + 2.000%)<br> 6.302%, 10/4/30<sup>(2)</sup> | &nbsp;&nbsp; 288 | &nbsp;&nbsp; 286 |
| Hamilton Projects Acquiror LLC First Lien (1 month Term SOFR + 3.000%)<br> 7.325%, 5/31/31<sup>(2)</sup> | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 158 |
| Hilcorp Energy I LP Tranche B (1 month Term SOFR + 2.000%)<br> 6.322%, 2/5/30<sup>(2)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 349 |
| Hunterstown Generation LLC (3 month Term SOFR + 3.500%)<br> 7.799%, 11/6/31<sup>(2)</sup> | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 573 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| M6 ETX Holdings II Midco LLC<br> 0.000%, 3/25/32<sup>(2)(3)</sup> | $295 | $294 |
| NGP XI Midstream Holdings LLC Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.799%, 7/25/31<sup>(2)</sup> | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 427 |
| Oryx Midstream Services Permian Basin LLC Tranche B (1 month Term SOFR + 2.250%)<br> 6.569%, 10/5/28<sup>(2)</sup> | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 867 |
| Paragon Offshore Finance Co. (3 month LIBOR + 1.750%)<br> 3.750%, 7/16/21<sup>(4)(5)(6)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; — |
| Potomac Energy Center LLC<br> 0.000%, 3/14/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 393 |
| Traverse Midstream Partners LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.291%, 2/16/28<sup>(2)</sup> | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 797 |
| Whitewater DBR Holdco LLC Tranche C (3 month Term SOFR + 2.250%)<br> 6.549%, 3/3/31<sup>(2)</sup> | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 619 |
|  |  | &nbsp;&nbsp; 8203 |
| **Financials—4.3%** | **Financials—4.3%** |  |
| Acrisure LLC |  |  |
| &nbsp;&nbsp;&nbsp;2024, Tranche B-1 (1 month Term SOFR + 2.750%)<br> 7.075%, 2/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1212 | &nbsp;&nbsp; 1206 |
| &nbsp;&nbsp;&nbsp;2024, Tranche B-6 (1 month Term SOFR + 3.000%)<br> 7.325%, 11/6/30<sup>(2)</sup> | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 315 |
| AmWINS Group, Inc. (1 month Term SOFR + 2.250%)<br> 6.575%, 1/30/32<sup>(2)</sup> | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 658 |
| Ardonagh Group FinCo Pty Ltd. Tranche B<br> 0.000%, 2/17/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1208 |
| AssuredPartners, Inc. 2024 (1 month Term SOFR + 3.500%)<br> 7.825%, 2/14/31<sup>(2)</sup> | &nbsp;&nbsp; 634 | &nbsp;&nbsp; 634 |
| BroadStreet Partners, Inc. 2024, Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 6/13/31<sup>(2)</sup> | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 546 |
| Citadel Securities LP 2024 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/31/31<sup>(2)</sup> | &nbsp;&nbsp; 819 | &nbsp;&nbsp; 818 |
| Dynamo U.S. Bidco, Inc. Tranche B (6 month Term SOFR + 3.500%)<br> 7.762%, 10/1/31<sup>(2)</sup> | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 149 |
| Finco I LLC 2024 (1 month Term SOFR + 2.250%)<br> 6.575%, 6/27/29<sup>(2)</sup> | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 766 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| HUB International Ltd. 2025 (3 month Term SOFR + 2.500%)<br> 6.787%, 6/20/30<sup>(2)</sup> | $876 | $872 |
| PEX Holdings LLC (3 month Term SOFR + 2.750%)<br> 6.967%, 11/20/31<sup>(2)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 725 |
| Truist Insurance Holdings LLC 2024, Tranche B (3 month Term SOFR + 2.750%)<br> 7.049%, 5/6/31<sup>(2)</sup> | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 445 |
|  |  | &nbsp;&nbsp; 8342 |
| **Food / Tobacco—4.0%** | **Food / Tobacco—4.0%** |  |
| Aspire Bakeries Holdings LLC (1 month Term SOFR + 4.250%)<br> 8.575%, 12/23/30<sup>(2)</sup> | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 502 |
| CHG PPC Parent LLC 2021 (1 month Term SOFR + 3.114%)<br> 7.439%, 12/8/28<sup>(2)</sup> | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 850 |
| Del Monte Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.400%)<br> 8.699% - 8.719%, 8/2/28<sup>(2)</sup> | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 4.900%)<br> 9.199%, 8/2/28<sup>(2)</sup> | &nbsp;&nbsp; 794 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 8.150%)<br> 12.469%, 8/2/28<sup>(2)</sup> | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 398 |
| Froneri International Ltd. Tranche B-4 (3-6 month Term SOFR + 2.000%)<br> 6.237%, 9/17/31<sup>(2)</sup> | &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 1362 |
| JBT Marel Corp. (1 month Term SOFR + 2.250%)<br> 6.575% - 6.675%, 1/2/32<sup>(2)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 190 |
| Naked Juice LLC (1 month Term SOFR + 3.100%)<br> 7.399%, 1/24/29<sup>(2)</sup> | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 291 |
| Pegasus Bidco B.V. 2024 (3 month Term SOFR + 3.250%)<br> 7.573%, 7/12/29<sup>(2)</sup> | &nbsp;&nbsp; 1034 | &nbsp;&nbsp; 1031 |
| Red SPV LLC (3 month Term SOFR + 2.250%)<br> 6.575%, 3/8/32<sup>(2)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 253 |
| Sigma Bidco B.V. Tranche B-12 (5 month Term SOFR + 3.910%)<br> 8.210% - 8.240%, 1/3/28<sup>(2)</sup> | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1183 |
| Triton Water Holdings, Inc. 2025 (3 month Term SOFR + 2.250%)<br> 6.549%, 3/31/28<sup>(2)</sup> | &nbsp;&nbsp; 1226 | &nbsp;&nbsp; 1220 |
|  |  | &nbsp;&nbsp; 7660 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Senior Floating Rate Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Food and Drug—0.2%** | **Food and Drug—0.2%** |  |
| Dechra Pharmaceuticals Holdings Ltd. Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.513%, 1/27/32<sup>(2)</sup> | $340 | $339 |
| **Forest Prod / Containers—2.2%** | **Forest Prod / Containers—2.2%** |  |
| Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 3.175%)<br> 7.500%, 4/13/29<sup>(2)</sup> | &nbsp;&nbsp; 818 | &nbsp;&nbsp; 813 |
| Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%)<br> 9.227%, 2/12/26<sup>(2)</sup> | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; 1167 |
| Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 3.000%)<br> 7.319% - 7.323%, 4/15/27<sup>(2)</sup> | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 613 |
| TricorBraun, Inc. (1 month Term SOFR + 3.364%)<br> 7.689%, 3/3/28<sup>(2)</sup> | &nbsp;&nbsp; 992 | &nbsp;&nbsp; 982 |
| Trident TPI Holdings, Inc. Tranche B-7 (3 month Term SOFR + 3.750%)<br> 8.049%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 739 |
|  |  | &nbsp;&nbsp; 4314 |
| **Gaming / Leisure—4.5%** | **Gaming / Leisure—4.5%** |  |
| Caesars Entertainment, Inc. Tranche B (3 month Term SOFR + 2.250%)<br> 6.563%, 2/6/30<sup>(2)</sup> | &nbsp;&nbsp; 578 | &nbsp;&nbsp; 574 |
| Catawba Nation Gaming Authority Tranche B<br> 0.000%, 3/28/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 376 |
| Entain plc Tranche B-3 (3 month Term SOFR + 2.750%)<br> 7.053%, 10/31/29<sup>(2)</sup> | &nbsp;&nbsp; 278 | &nbsp;&nbsp; 278 |
| Fertitta Entertainment LLC Tranche B (1 month Term SOFR + 3.500%)<br> 7.825%, 1/27/29<sup>(2)</sup> | &nbsp;&nbsp; 791 | &nbsp;&nbsp; 778 |
| Flutter Entertainment plc 2024, Tranche B (3 month Term SOFR + 1.750%)<br> 6.049%, 11/30/30<sup>(2)</sup> | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| Great Canadian Gaming 2024 (3 month Term SOFR + 4.750%)<br> 9.053%, 11/1/29<sup>(2)</sup> | &nbsp;&nbsp; 231 | &nbsp;&nbsp; 227 |
| J&J Ventures Gaming LLC 2025, Tranche B (1 month Term SOFR + 3.500%)<br> 7.825%, 4/26/30<sup>(2)</sup> | &nbsp;&nbsp; 861 | &nbsp;&nbsp; 847 |
| Life Time, Inc. 2024 (3 month Term SOFR + 2.500%)<br> 6.796%, 11/5/31<sup>(2)</sup> | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 776 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Gaming / Leisure—continued** | **Gaming / Leisure—continued** |  |
| Motion Finco LLC Tranche B-3 (3 month Term SOFR + 3.500%)<br> 7.799%, 11/12/29<sup>(2)</sup> | $623 | $597 |
| Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%)<br> 8.549%, 8/1/30<sup>(2)</sup> | &nbsp;&nbsp; 878 | &nbsp;&nbsp; 863 |
| Scientific Games Holdings LP 2024 (3 month Term SOFR + 3.000%)<br> 7.296%, 4/4/29<sup>(2)</sup> | &nbsp;&nbsp; 1233 | &nbsp;&nbsp; 1225 |
| Scientific Games International, Inc. Tranche B-2 (1 month Term SOFR + 2.250%)<br> 6.566%, 4/14/29<sup>(2)</sup> | &nbsp;&nbsp; 908 | &nbsp;&nbsp; 904 |
| SeaWorld Parks & Entertainment, Inc. Tranche B-3 (1 month Term SOFR + 2.000%)<br> 6.325%, 12/4/31<sup>(2)</sup> | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 414 |
| UFC Holdings LLC Tranche B-4 (2 month Term SOFR + 2.250%)<br> 6.580%, 11/21/31<sup>(2)</sup> | &nbsp;&nbsp; 723 | &nbsp;&nbsp; 721 |
|  |  | &nbsp;&nbsp; 8583 |
| **Health Care—11.4%** | **Health Care—11.4%** |  |
| Agiliti Health, Inc. 2023, Tranche B (3-6 month Term SOFR + 3.000%)<br> 7.216% - 7.310%, 5/1/30<sup>(2)</sup> | &nbsp;&nbsp; 1032 | &nbsp;&nbsp; 971 |
| AthenaHealth Group, Inc. (1 month Term SOFR + 3.000%)<br> 7.325%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 661 |
| Bausch & Lomb Corp. (1 month Term SOFR + 4.000%)<br> 8.325%, 9/29/28<sup>(2)</sup> | &nbsp;&nbsp; 379 | &nbsp;&nbsp; 378 |
| CHG Healthcare Services, Inc. (2-3 month Term SOFR + 3.000%)<br> 7.299% - 7.313%, 9/29/28<sup>(2)</sup> | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 868 |
| Cotiviti, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;7.625%, 5/1/31 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp;0.000%, 3/29/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 361 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 2.750%)<br> 7.073%, 5/1/31<sup>(2)</sup> | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 692 |
| Endo Finance Holdings, Inc. Tranche B (1 month Term SOFR + 4.000%)<br> 8.325%, 4/23/31<sup>(2)</sup> | &nbsp;&nbsp; 169 | &nbsp;&nbsp; 167 |
| Financiere Mendel<br> 0.000%, 11/8/30<sup>(2)(3)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 139 |
| Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%)<br> 8.399%, 10/1/27<sup>(2)</sup> | &nbsp;&nbsp; 743 | &nbsp;&nbsp; 696 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Global Medical Response, Inc. 2024 (3 month Term SOFR + 5.500%)<br> 9.790%, 10/31/28<sup>(2)</sup> | $558 | $557 |
| Grifols Worldwide Operations USA, Inc. Tranche B (3 month Term SOFR + 2.150%)<br> 6.463%, 11/15/27<sup>(2)</sup> | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1281 |
| Hanger, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.500%)<br> 7.825%, 10/23/31<sup>(2)</sup> | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;(1 month Term SOFR + 3.500%)<br> 7.825%, 10/23/31<sup>(2)</sup> | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 589 |
| Hunter Holdco 3 Ltd. First Lien (3 month Term SOFR + 4.350%)<br> 8.649%, 8/19/28<sup>(2)</sup> | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 629 |
| IVC Acquisition Ltd. Tranche B-12 (3 month Term SOFR + 3.750%)<br> 8.049%, 12/12/28<sup>(2)</sup> | &nbsp;&nbsp; 1042 | &nbsp;&nbsp; 1042 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.750%)<br> 8.052%, 5/16/31<sup>(2)</sup> | &nbsp;&nbsp; 324 | &nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp;Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.817%, 5/16/31<sup>(2)</sup> | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 129 |
| Medline Borrower LP (1 month Term SOFR + 2.250%)<br> 6.575%, 10/23/28<sup>(2)</sup> | &nbsp;&nbsp; 1439 | &nbsp;&nbsp; 1436 |
| Modivcare, Inc. (3 month Term SOFR + 4.750%)<br> 9.049%, 7/1/31<sup>(2)</sup> | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 113 |
| One Call Corp. Tranche B, First Lien (3 month Term SOFR + 5.762%)<br> 10.062%, 4/22/27<sup>(2)</sup> | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 845 |
| Opal U.S. LLC Tranche B<br> 0.000%, 3/31/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 468 |
| PAREXEL International, Inc. Tranche B (1 month Term SOFR + 2.500%)<br> 6.825%, 11/15/28<sup>(2)</sup> | &nbsp;&nbsp; 833 | &nbsp;&nbsp; 830 |
| Perrigo Investments LLC 2024, Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 4/20/29<sup>(2)</sup> | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 727 |
| Phoenix Guarantor, Inc. Tranche B-5 (1 month Term SOFR + 2.500%)<br> 6.825%, 2/21/31<sup>(2)</sup> | &nbsp;&nbsp; 1248 | &nbsp;&nbsp; 1242 |
| Pluto Acquisition I, Inc. Tranche B (3 month Term SOFR + 4.000%)<br> 8.302%, 9/20/28<sup>(2)</sup> | &nbsp;&nbsp; 626 | &nbsp;&nbsp; 544 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Senior Floating Rate Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| PointClickCare Technologies, Inc. 2024, Tranche B (3 month Term SOFR + 3.250%)<br> 7.549%, 11/3/31<sup>(2)</sup> | $284 | $283 |
| Radiology Partners, Inc. Tranche C (3 month Term SOFR + 3.762%)<br> 8.090%, 1/31/29<sup>(2)</sup> | &nbsp;&nbsp; 972 | &nbsp;&nbsp; 936 |
| Select Medical Corp. Tranche B-2 (1 month Term SOFR + 2.000%)<br> 6.325%, 12/3/31<sup>(2)</sup> | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 701 |
| Southern Veterinary Partners LLC 2024 (1 month Term SOFR + 3.250%)<br> 7.575%, 12/4/31<sup>(2)</sup> | &nbsp;&nbsp; 871 | &nbsp;&nbsp; 868 |
| Star Parent, Inc. Tranche B (3 month Term SOFR + 4.000%)<br> 8.299%, 9/27/30<sup>(2)</sup> | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 650 |
| Surgery Center Holdings, Inc. 2024, First Lien (1 month Term SOFR + 2.750%)<br> 7.072%, 12/19/30<sup>(2)</sup> | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 1138 |
| Team Health Holdings, Inc. (3 month Term SOFR + 5.250%)<br> 9.541%, 3/2/27<sup>(2)</sup> | &nbsp;&nbsp; 388 | &nbsp;&nbsp; 377 |
| Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.512%)<br> 8.802%, 11/20/26<sup>(2)</sup> | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 210 |
| Viant Medical Holdings, Inc. Tranche B (1 month Term SOFR + 4.000%)<br> 8.325%, 10/29/31<sup>(2)</sup> | &nbsp;&nbsp; 939 | &nbsp;&nbsp; 938 |
|  |  | &nbsp;&nbsp; 21909 |
| **Housing—2.2%** | **Housing—2.2%** |  |
| Chariot Buyer LLC (1 month Term SOFR + 3.250%)<br> 7.675%, 11/3/28<sup>(2)</sup> | &nbsp;&nbsp; 889 | &nbsp;&nbsp; 880 |
| Cornerstone Building Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (1 month Term SOFR + 3.250%)<br> 7.669%, 4/12/28<sup>(2)</sup> | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 319 |
| &nbsp;&nbsp;&nbsp;Tranche C (1 month Term SOFR + 4.500% - 3 month PRIME + 1.500%)<br> 8.819% - 9.000%, 5/15/31<sup>(2)</sup> | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 257 |
| Hunter Douglas Holding B.V. Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.549%, 1/17/32<sup>(2)</sup> | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 642 |
| LBM Acquisition LLC Tranche B (1 month Term SOFR + 3.850%)<br> 8.175%, 6/6/31<sup>(2)</sup> | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 670 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Housing—continued** | **Housing—continued** |  |
| Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2029, Tranche B (1 month Term SOFR + 2.250%)<br> 6.575%, 3/19/29<sup>(2)</sup> | $804 | $796 |
| &nbsp;&nbsp;&nbsp;Tranche B-3 (1 month Term SOFR + 2.250%)<br> 6.575%, 2/10/32<sup>(2)</sup> | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 676 |
|  |  | &nbsp;&nbsp; 4240 |
| **Information Technology—10.8%** | **Information Technology—10.8%** |  |
| Applied Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2024, Second Lien (3 month Term SOFR + 4.500%)<br> 8.799%, 2/23/32<sup>(2)</sup> | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (3 month Term SOFR + 2.750%)<br> 7.049%, 2/24/31<sup>(2)</sup> | &nbsp;&nbsp; 1779 | &nbsp;&nbsp; 1791 |
| BMC Software 2031 (3 month Term SOFR + 3.000%)<br> 7.291%, 7/30/31<sup>(2)</sup> | &nbsp;&nbsp; 1148 | &nbsp;&nbsp; 1127 |
| Boost Newco Borrower LLC Tranche B-2 (3 month Term SOFR + 2.000%)<br> 6.299%, 1/31/31<sup>(2)</sup> | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 574 |
| CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/23/32<sup>(2)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 115 |
| CE Intermediate I LLC Tranche B<br> 0.000%, 2/5/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 274 |
| Central Parent LLC 2024 (3 month Term SOFR + 3.250%)<br> 7.549%, 7/6/29<sup>(2)</sup> | &nbsp;&nbsp; 1011 | &nbsp;&nbsp; 865 |
| Cloud Software Group, Inc. Tranche B (2-3 month Term SOFR + 3.750%)<br> 8.049%, 3/21/31<sup>(2)</sup> | &nbsp;&nbsp; 599 | &nbsp;&nbsp; 592 |
| ConnectWise LLC (3 month Term SOFR + 3.762%)<br> 8.061%, 9/29/28<sup>(2)</sup> | &nbsp;&nbsp; 1089 | &nbsp;&nbsp; 1087 |
| Delivery Hero SE Tranche B (2 month Term SOFR + 5.000%)<br> 9.315%, 12/12/29<sup>(2)</sup> | &nbsp;&nbsp; 851 | &nbsp;&nbsp; 851 |
| ECL Entertainment LLC Tranche B (1 month Term SOFR + 3.500%)<br> 7.825%, 8/31/30<sup>(2)</sup> | &nbsp;&nbsp; 751 | &nbsp;&nbsp; 749 |
| Ellucian Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Second Lien (1 month Term SOFR + 4.750%)<br> 9.075%, 11/15/32<sup>(2)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;Tranche B-1 (1 month Term SOFR + 3.000%)<br> 7.325%, 10/9/29<sup>(2)</sup> | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 671 |
| Epicor Software Corp. Tranche F (1 month Term SOFR + 2.750%)<br> 7.075%, 5/30/31<sup>(2)</sup> | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 808 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Genesys Cloud Services Holdings II LLC 2025 (1 month Term SOFR + 2.500%)<br> 6.825%, 1/30/32<sup>(2)</sup> | $670 | $662 |
| Icon Parent I, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;(2 month Term SOFR + 3.000%)<br> 7.315%, 11/13/31<sup>(2)</sup> | &nbsp;&nbsp; 315 | &nbsp;&nbsp; 312 |
| &nbsp;&nbsp;&nbsp;Second Lien (2 month Term SOFR + 5.000%)<br> 9.315%, 11/12/32<sup>(2)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |
| Indicor LLC Tranche D (3 month Term SOFR + 2.750%)<br> 7.049%, 11/22/29<sup>(2)</sup> | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 755 |
| Infinite Bidco LLC |  |  |
| &nbsp;&nbsp;&nbsp;First Lien (3 month Term SOFR + 4.012%)<br> 8.302%, 3/2/28<sup>(2)</sup> | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp;Second Lien (3 month Term SOFR + 7.262%)<br> 11.552%, 3/2/29<sup>(2)</sup> | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 250 |
| ION Trading Finance Ltd. 2024, Tranche B (3 month Term SOFR + 3.500%)<br> 7.799%, 4/1/28<sup>(2)</sup> | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 702 |
| Iron Mountain Information Management LLC Tranche B (1 month Term SOFR + 2.000%)<br> 6.325%, 1/31/31<sup>(2)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1033 |
| Javelin Buyer, Inc. (3 month Term SOFR + 3.250%)<br> 7.563%, 12/5/31<sup>(2)</sup> | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 656 |
| NCR Atleos Corp. Tranche B (3 month Term SOFR + 3.750%)<br> 8.053%, 4/16/29<sup>(2)</sup> | &nbsp;&nbsp; 414 | &nbsp;&nbsp; 415 |
| Project Ruby Ultimate Parent Corp. Tranche B-4 (1 month Term SOFR + 3.114%)<br> 7.439%, 3/10/28<sup>(2)</sup> | &nbsp;&nbsp; 933 | &nbsp;&nbsp; 929 |
| Proofpoint, Inc. 2024 (1 month Term SOFR + 3.000%)<br> 7.325%, 8/31/28<sup>(2)</sup> | &nbsp;&nbsp; 1191 | &nbsp;&nbsp; 1187 |
| RealPage, Inc. First Lien (3 month Term SOFR + 3.262%)<br> 7.561%, 4/24/28<sup>(2)</sup> | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 638 |
| Rocket Software, Inc. (1 month Term SOFR + 4.250%)<br> 8.575%, 11/28/28<sup>(2)</sup> | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 814 |
| Thunder Generation Funding LLC Tranche B (3 month Term SOFR + 3.000% - 3 month PRIME + 2.000%)<br> 7.299% - 9.500%, 10/3/31<sup>(2)</sup> | &nbsp;&nbsp; 667 | &nbsp;&nbsp; 666 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Senior Floating Rate Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| UKG, Inc. Tranche B (3 month Term SOFR + 3.000%)<br> 7.300%, 2/10/31<sup>(2)</sup> | $1680 | $1676 |
|  |  | &nbsp;&nbsp; 20855 |
| **Manufacturing—6.7%** | **Manufacturing—6.7%** |  |
| Alliance Laundry Systems LLC Tranche B (3 month Term SOFR + 2.750%)<br> 7.072%, 8/19/31<sup>(2)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 836 |
| Arcline FM Holdings LLC 2024 (3 month Term SOFR + 4.500%)<br> 8.803%, 6/23/28<sup>(2)</sup> | &nbsp;&nbsp; 1234 | &nbsp;&nbsp; 1226 |
| Chart Industries, Inc. 2024, Tranche B (3 month Term SOFR + 2.500%)<br> 6.805%, 3/15/30<sup>(2)</sup> | &nbsp;&nbsp; 857 | &nbsp;&nbsp; 856 |
| Construction Partners, Inc. (1 month Term SOFR + 2.500%)<br> 6.827%, 11/3/31<sup>(2)</sup> | &nbsp;&nbsp; 718 | &nbsp;&nbsp; 713 |
| CPM Holdings, Inc. (1 month Term SOFR + 4.500%)<br> 8.823%, 9/28/28<sup>(2)</sup> | &nbsp;&nbsp; 887 | &nbsp;&nbsp; 871 |
| Cube Industrials Buyer, Inc. (3 month Term SOFR + 3.500%)<br> 7.793%, 10/17/31<sup>(2)</sup> | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 491 |
| Filtration Group Corp. 2025 (1 month Term SOFR + 3.000%)<br> 7.319%, 10/21/28<sup>(2)</sup> | &nbsp;&nbsp; 997 | &nbsp;&nbsp; 995 |
| Gates Corp. Tranche B-5 (1 month Term SOFR + 1.750%)<br> 6.075%, 6/4/31<sup>(2)</sup> | &nbsp;&nbsp; 886 | &nbsp;&nbsp; 876 |
| Glatfelter Corp. Tranche B (3 month Term SOFR + 4.250%)<br> 8.563%, 11/4/31<sup>(2)</sup> | &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 1073 |
| Igloo Holdings Corp. Tranche B<br> 0.000%, 2/20/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 154 |
| LSF12 Crown U.S. Commercial Bidco LLC (1 month Term SOFR + 4.250%)<br> 8.573%, 12/2/31<sup>(2)</sup> | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 1352 |
| Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 3/26/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 282 |
| &nbsp;&nbsp;&nbsp;(3 month Term SOFR + 2.500%)<br> 6.762%, 6/21/28<sup>(2)</sup> | &nbsp;&nbsp; 1186 | &nbsp;&nbsp; 1170 |
| Star U.S. Bidco LLC (1 month Term SOFR + 3.750%)<br> 8.075%, 3/17/27<sup>(2)</sup> | &nbsp;&nbsp; 540 | &nbsp;&nbsp; 539 |
| Titan Acquisition Ltd. (3 month Term SOFR + 4.500%)<br> 8.785%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 884 | &nbsp;&nbsp; 880 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Manufacturing—continued** | **Manufacturing—continued** |  |
| TK Elevator Midco GmbH Tranche B<br> 0.000%, 4/30/30<sup>(2)(3)</sup> | $700 | $698 |
|  |  | &nbsp;&nbsp; 13012 |
| **Media / Telecom - Broadcasting—1.7%** | **Media / Telecom - Broadcasting—1.7%** |  |
| Gray Television, Inc. Tranche D (1 month Term SOFR + 3.114%)<br> 7.437%, 12/1/28<sup>(2)</sup> | &nbsp;&nbsp; 1079 | &nbsp;&nbsp; 986 |
| Terrier Media Buyer, Inc. (3 month Term SOFR + 3.600%)<br> 7.899%, 6/18/29<sup>(2)</sup> | &nbsp;&nbsp; 1244 | &nbsp;&nbsp; 1164 |
| Univision Communications, Inc. 2024, First Lien (1 month Term SOFR + 3.614%)<br> 7.939%, 1/31/29<sup>(2)</sup> | &nbsp;&nbsp; 1226 | &nbsp;&nbsp; 1190 |
|  |  | &nbsp;&nbsp; 3340 |
| **Media / Telecom - Cable/Wireless<br> Video—3.3%** | **Media / Telecom - Cable/Wireless<br> Video—3.3%** |  |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.575%, 9/18/30<sup>(2)</sup> | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1197 |
| CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%)<br> 8.819%, 1/18/28<sup>(2)</sup> | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1506 |
| DIRECTV Financing LLC 2024, Tranche B (3 month Term SOFR + 5.512%)<br> 9.802%, 8/2/29<sup>(2)</sup> | &nbsp;&nbsp; 1459 | &nbsp;&nbsp; 1436 |
| Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%)<br> 7.561%, 11/12/27<sup>(2)</sup> | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 1137 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.934%, 1/31/28<sup>(2)</sup> | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1180 |
|  |  | &nbsp;&nbsp; 6456 |
| **Media / Telecom - Diversified<br> Media—2.0%** | **Media / Telecom - Diversified<br> Media—2.0%** |  |
| Century DE Buyer LLC Tranche B (3 month Term SOFR + 3.500%)<br> 7.787%, 10/30/30<sup>(2)</sup> | &nbsp;&nbsp; 686 | &nbsp;&nbsp; 685 |
| Creative Artists Agency LLC Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 10/1/31<sup>(2)</sup> | &nbsp;&nbsp; 519 | &nbsp;&nbsp; 517 |
| EOC Borrower LLC Tranche B (3 month Term SOFR + 3.000%)<br> 7.319%, 3/24/32<sup>(2)</sup> | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 439 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Diversified<br> Media—continued** | **Media / Telecom - Diversified<br> Media—continued** |  |
| Formula One Management Ltd. Tranche B-1 (3 month Term SOFR + 2.000%)<br> 6.299%, 9/30/31<sup>(2)</sup> | $1 | $1 |
| McGraw-Hill Education, Inc. Tranche B (1 month Term SOFR + 3.250%)<br> 7.575%, 8/6/31<sup>(2)</sup> | &nbsp;&nbsp; 616 | &nbsp;&nbsp; 615 |
| MH Sub I LLC 2023 (1 month Term SOFR + 4.250%)<br> 8.575%, 5/3/28<sup>(2)</sup> | &nbsp;&nbsp; 694 | &nbsp;&nbsp; 657 |
| Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%)<br> 9.389%, 4/11/29<sup>(2)</sup> | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 893 |
|  |  | &nbsp;&nbsp; 3807 |
| **Media / Telecom -<br> Telecommunications—1.8%** | **Media / Telecom -<br> Telecommunications—1.8%** |  |
| Cincinnati Bell, Inc. Tranche B-4 (1 month Term SOFR + 2.750%)<br> 7.075%, 11/22/28<sup>(2)</sup> | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 1138 |
| Level 3 Financing, Inc. Tranche B-3<br> 0.000%, 3/27/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 696 |
| Numericable U.S. LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B-11 (6 month LIBOR + 2.750%)<br> 7.432%, 7/31/25<sup>(2)(6)</sup> | &nbsp;&nbsp; 1303 | &nbsp;&nbsp; 1126 |
| &nbsp;&nbsp;&nbsp;Tranche B-12 (3 month LIBOR + 3.688%)<br> 8.370%, 1/31/26<sup>(2)(6)</sup> | &nbsp;&nbsp; 572 | &nbsp;&nbsp; 498 |
|  |  | &nbsp;&nbsp; 3458 |
| **Media / Telecom - Wireless<br> Communications—0.4%** | **Media / Telecom - Wireless<br> Communications—0.4%** |  |
| Viasat, Inc. (1 month Term SOFR + 4.614%)<br> 8.939%, 3/2/29<sup>(2)</sup> | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 852 |
| **Metals / Minerals—0.4%** | **Metals / Minerals—0.4%** |  |
| Arsenal AIC Parent LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 8/18/30<sup>(2)</sup> | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 744 |
| **Retail—2.5%** | **Retail—2.5%** |  |
| CNT Holdings I Corp. 2025 (3 month Term SOFR + 2.500%)<br> 6.802%, 11/8/32<sup>(2)</sup> | &nbsp;&nbsp; 910 | &nbsp;&nbsp; 904 |
| EG America LLC Tranche B (3 month Term SOFR + 4.250%)<br> 8.563%, 2/7/28<sup>(2)</sup> | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 478 |
| Harbor Freight Tools USA, Inc. (1 month Term SOFR + 2.500%)<br> 6.825%, 6/11/31<sup>(2)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 686 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Senior Floating Rate Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail—continued** | **Retail—continued** |  |
| Peer Holding III B.V. Tranche B (3 month Term SOFR + 2.500%)<br> 6.799%, 10/26/30<sup>(2)</sup> | $569 | $568 |
| Petco Health & Wellness Co., Inc. First Lien (3 month Term SOFR + 3.512%)<br> 7.811%, 3/3/28<sup>(2)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 763 |
| PetsMart LLC (1 month Term SOFR + 3.850%)<br> 8.175%, 2/11/28<sup>(2)</sup> | &nbsp;&nbsp; 798 | &nbsp;&nbsp; 783 |
| Protective Industrial Products, Inc.<br> 0.000%, 1/17/32<sup>(2)(3)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 677 |
|  |  | &nbsp;&nbsp; 4859 |
| **Service—10.9%** | **Service—10.9%** |  |
| AAL Delaware Holdco, Inc. (1 month Term SOFR + 2.750%)<br> 7.075%, 7/30/31<sup>(2)</sup> | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 173 |
| AlixPartners LLP (1 month Term SOFR + 2.614%)<br> 6.939%, 2/4/28<sup>(2)</sup> | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 760 |
| Allied Universal Holdco LLC (1 month Term SOFR + 3.850%)<br> 8.175%, 5/12/28<sup>(2)</sup> | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 601 |
| Amentum Holdings LLC (1 month Term SOFR + 2.250%)<br> 6.575%, 9/29/31<sup>(2)</sup> | &nbsp;&nbsp; 1003 | &nbsp;&nbsp; 967 |
| Ascend Learning LLC (1 month Term SOFR + 3.000%)<br> 7.325%, 12/11/28<sup>(2)</sup> | &nbsp;&nbsp; 1167 | &nbsp;&nbsp; 1152 |
| BIFM U.S. Finance LLC 2024, Tranche B (1 month Term SOFR + 3.750%)<br> 8.075%, 5/31/28<sup>(2)</sup> | &nbsp;&nbsp; 526 | &nbsp;&nbsp; 526 |
| BrightView Landscapes LLC Tranche B (3 month Term SOFR + 2.000%)<br> 6.294%, 4/20/29<sup>(2)</sup> | &nbsp;&nbsp; 923 | &nbsp;&nbsp; 912 |
| Crisis Prevention Institute, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.299%, 4/9/31<sup>(2)</sup> | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 354 |
| DG Investment Intermediate Holdings 2, Inc. First Lien (1 month Term SOFR + 3.864%)<br> 8.189%, 3/31/28<sup>(2)</sup> | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 790 |
| DXP Enterprises, Inc. 2024 (1 month Term SOFR + 3.750%)<br> 8.075%, 10/11/30<sup>(2)</sup> | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 590 |
| Fugue Finance LLC (3 month Term SOFR + 3.250%)<br> 7.496%, 1/9/32<sup>(2)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 254 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Garda World Security Corp. (1 month Term SOFR + 3.000%)<br> 7.322%, 2/1/29<sup>(2)</sup> | $1332 | $1325 |
| GFL Environmental Services, Inc. (3 month Term SOFR + 2.500%)<br> 6.819%, 2/4/32<sup>(2)</sup> | &nbsp;&nbsp; 695 | &nbsp;&nbsp; 687 |
| Grant Thornton Advisors LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 6/2/31<sup>(2)</sup> | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 624 |
| Kuehg Corp. (3 month Term SOFR + 3.250%)<br> 7.549%, 6/12/30<sup>(2)</sup> | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 533 |
| Lernen Bidco Ltd. Tranche B-2 (7 month Term SOFR + 4.000%)<br> 8.310%, 10/27/31<sup>(2)</sup> | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 468 |
| Madison Safety & Flow LLC 2025, Tranche B (1 month Term SOFR + 2.750%)<br> 7.075%, 9/26/31<sup>(2)</sup> | &nbsp;&nbsp; 552 | &nbsp;&nbsp; 551 |
| NAB Holdings LLC 2025 (3 month Term SOFR + 2.500%)<br> 6.799%, 11/23/28<sup>(2)</sup> | &nbsp;&nbsp; 1182 | &nbsp;&nbsp; 1172 |
| Omnia Partners LLC (3 month Term SOFR + 2.750%)<br> 7.050%, 7/25/30<sup>(2)</sup> | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 629 |
| Pike Corp. 2028 (1 month Term SOFR + 3.114%)<br> 7.439%, 1/21/28<sup>(2)</sup> | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 597 |
| Pitney Bowes, Inc. Tranche B (1 month Term SOFR + 3.750%)<br> 8.075%, 3/19/32<sup>(2)</sup> | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1013 |
| Prime Security Services Borrower LLC Tranche B-1 (1 month Term SOFR + 2.000%)<br> 6.325%, 10/13/30<sup>(2)</sup> | &nbsp;&nbsp; 1224 | &nbsp;&nbsp; 1218 |
| Sapphire Bidco B.V. Tranche B-4 (3 month Term SOFR + 2.750%)<br> 7.046%, 5/3/28<sup>(2)</sup> | &nbsp;&nbsp; 411 | &nbsp;&nbsp; 407 |
| Sedgwick Claims Management Services, Inc. 2024 (3 month Term SOFR + 3.000%)<br> 7.313%, 7/31/31<sup>(2)</sup> | &nbsp;&nbsp; 734 | &nbsp;&nbsp; 731 |
| Spin Holdco, Inc. (3 month Term SOFR + 4.262%)<br> 8.562%, 3/4/28<sup>(2)</sup> | &nbsp;&nbsp; 1027 | &nbsp;&nbsp; 866 |
| St. George's University Scholastic Services LLC (3 month Term SOFR + 2.750%)<br> 7.063%, 2/10/29<sup>(2)</sup> | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 589 |
| The Hertz Corp. 2023 (1 month Term SOFR + 3.750%)<br> 8.072%, 6/30/28<sup>(2)</sup> | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 520 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Service—continued** | **Service—continued** |  |
| Trugreen Ltd. Partnership First Lien (1 month Term SOFR + 4.100%)<br> 8.425%, 11/2/27<sup>(2)</sup> | $727 | $683 |
| WCG Intermediate Corp. Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 2/25/32<sup>(2)</sup> | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 257 |
| WIN Waste Innovations Holdings, Inc. (1 month Term SOFR + 2.864%)<br> 7.189%, 3/24/28<sup>(2)</sup> | &nbsp;&nbsp; 1179 | &nbsp;&nbsp; 1153 |
|  |  | &nbsp;&nbsp; 21102 |
| **Transportation - Automotive—2.1%** | **Transportation - Automotive—2.1%** |  |
| Belron Finance U.S. LLC 2031 (3 month Term SOFR + 2.750%)<br> 7.052%, 10/16/31<sup>(2)</sup> | &nbsp;&nbsp; 840 | &nbsp;&nbsp; 838 |
| Clarios Global LP 2024, Tranche B (1 month Term SOFR + 2.500%)<br> 6.825%, 5/6/30<sup>(2)</sup> | &nbsp;&nbsp; 881 | &nbsp;&nbsp; 867 |
| First Brands Group LLC 2022 (3 month Term SOFR + 5.262%)<br> 9.552%, 3/30/27<sup>(2)</sup> | &nbsp;&nbsp; 1039 | &nbsp;&nbsp; 963 |
| PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.012%)<br> 8.302%, 10/28/27<sup>(2)</sup> | &nbsp;&nbsp; 873 | &nbsp;&nbsp; 731 |
| Wand NewCo 3, Inc. Tranche B-2 (1 month Term SOFR + 2.500%)<br> 6.825%, 1/30/31<sup>(2)</sup> | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 693 |
|  |  | &nbsp;&nbsp; 4092 |
| **Utilities—2.5%** | **Utilities—2.5%** |  |
| Cornerstone Generation LLC Tranche B<br> 0.000%, 10/28/31<sup>(2)(3)</sup> | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 689 |
| CPV Fairview LLC Tranche B (1 month Term SOFR + 3.000%)<br> 7.325%, 8/14/31<sup>(2)</sup> | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 265 |
| Lightning Power LLC Tranche B (3 month Term SOFR + 2.250%)<br> 6.549%, 8/18/31<sup>(2)</sup> | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 693 |
| Lightstone HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 5.750%)<br> 10.041%, 1/29/27<sup>(2)</sup> | &nbsp;&nbsp; 789 | &nbsp;&nbsp; 792 |
| &nbsp;&nbsp;&nbsp;Tranche C (3 month Term SOFR + 5.750%)<br> 10.041%, 1/29/27<sup>(2)</sup> | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| South Field Energy LLC |  |  |
| &nbsp;&nbsp;&nbsp;Tranche B (3 month Term SOFR + 3.250%)<br> 7.549%, 8/29/31<sup>(2)</sup> | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 190 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Senior Floating Rate Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| &nbsp;&nbsp;&nbsp;Tranche C (3 month Term SOFR + 3.250%)<br> 7.549%, 8/29/31<sup>(2)</sup> | $12 | $12 |
| Waterbridge NDB Operating LLC (2 month Term SOFR + 4.000%)<br> 8.315%, 5/10/29<sup>(2)</sup> | &nbsp;&nbsp; 652 | &nbsp;&nbsp;&nbsp; 653 |
| WEC U.S. Holdings Ltd. (1 month Term SOFR + 2.250%)<br> 6.573%, 1/27/31<sup>(2)</sup> | &nbsp;&nbsp; 1424 | &nbsp;&nbsp;&nbsp; 1409 |
|  |  | &nbsp;&nbsp;&nbsp; 4748 |
| **Total Leveraged Loans<br> (Identified Cost $172,670)** | **Total Leveraged Loans<br> (Identified Cost $172,670)** | &nbsp;&nbsp;&nbsp;&nbsp;**169637** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Consumer Discretionary—0.0%** | **Consumer Discretionary—0.0%** |  |
| ESC NMG Parent LLC<sup>(4)(7)</sup> | 3033 | &nbsp;&nbsp; — |
| West Marine<sup>(4)(7)</sup> | 1450 | &nbsp;&nbsp; —<sup>(8)</sup> |
|  |  | &nbsp;&nbsp; —<sup>(8)</sup> |
| **Health Care—0.0%** | **Health Care—0.0%** |  |
| Envision Healthcare Corp.<sup>(7)</sup> | 6407 | &nbsp;&nbsp; 68 |
| **Total Common Stocks<br> (Identified Cost $57)** | **Total Common Stocks<br> (Identified Cost $57)** | **68** |
| **Exchange-Traded Funds<sup>(9)</sup>—4.5%** | **Exchange-Traded Funds<sup>(9)</sup>—4.5%** | **Exchange-Traded Funds<sup>(9)</sup>—4.5%** |
| Invesco Senior Loan ETF | 47975 | &nbsp;&nbsp; 993 |
| iShares AAA CLO Active ETF | 22765 | &nbsp;&nbsp; 1179 |
| iShares Floating Rate Bond ETF | 19160 | &nbsp;&nbsp; 978 |
| iShares iBoxx High Yield Corporate Bond ETF | 12370 | &nbsp;&nbsp; 976 |
| Janus Henderson AAA CLO ETF | 24895 | &nbsp;&nbsp; 1263 |
| PGIM AAA CLO ETF | 19745 | &nbsp;&nbsp; 1013 |
| SPDR Bloomberg High Yield Bond ETF | 12185 | &nbsp;&nbsp; 1161 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| SPDR Bloomberg Short Term High Yield Bond ETF | 45955 | $1156 |
| **Total Exchange-Traded Funds<br> (Identified Cost $8,767)** | **Total Exchange-Traded Funds<br> (Identified Cost $8,767)** | &nbsp;&nbsp;&nbsp;&nbsp; **8719** |
| **Total Long-Term Investments—96.2%<br> (Identified Cost $188,800)** | **Total Long-Term Investments—96.2%<br> (Identified Cost $188,800)** | &nbsp;&nbsp;&nbsp;&nbsp;**185736** |
| **TOTAL INVESTMENTS—96.2%<br> (Identified Cost $188,800)** | **TOTAL INVESTMENTS—96.2%<br> (Identified Cost $188,800)** | &nbsp;&nbsp;**$185736** |
| Other assets and liabilities, net—3.8% | Other assets and liabilities, net—3.8% | &nbsp;&nbsp;&nbsp;&nbsp; 7352 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$193088** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| CLO | Collateralized Loan Obligation |
| ETF | Exchange-Traded Fund |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LLLP | Limited Liability Limited Partnership |
| LLP | Limited Liability Partnership |
| LP | Limited Partnership |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |
| SPDR | S&P Depositary Receipt |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities amounted to a value of $7,312 or 3.8% of net assets. |
| <sup>(2)</sup> | Variable rate security. Rate disclosed is as of March 31, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

<sup>(3)</sup> This loan will settle after March 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(4)</sup> The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments.

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

<sup>(6)</sup> At March 31, 2025, the one-, three-, and six-month reference rates are published by ICE Benchmark Administration under a synthetic methodology. See the Notes to Financial Statements regarding the risk disclosure.

<sup>(7)</sup> Non-income producing.

<sup>(8)</sup> Amount is less than $500 (not in thousands).

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

As of March 31, 2025, the Fund had the following unfunded loan commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Borrower** | **Par Value** | **Commitment** | **Value** | **Unrealized<br> Appreciation<br> (Depreciation)** |
| DG Investment Intermediate Holdings 2, Inc. 2024, 3/31/28<sup>(1)</sup> | $49 | $49 | $48 | $(1) |
| Grant Thornton Advisors LLC 2025, 6/02/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)</sup> |
| Hanger, Inc., 10/23/31 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Kaman Corp., 1/30/32<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;(1) |
| USALCO LLC, 9/30/31 | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;(1) |
| Total | $236 | $236 | $234 | $(2) |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Newfleet Senior Floating Rate Fund

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

#### March 31, 2025
($ reported in thousands)

<sup>(1)</sup> This loan will settle after March 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected.

<sup>(2)</sup> Amount is less than $500 (not in thousands).

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)</sup> |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$185736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$177017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(2)</sup> |

---

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

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

<sup>(2)</sup> Amount is less than $500 (not in thousands).

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Seix Tax-Exempt Bond Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Municipal Bonds<sup>(1)</sup>—96.4%** | **Municipal Bonds<sup>(1)</sup>—96.4%** | **Municipal Bonds<sup>(1)</sup>—96.4%** |
| **Arizona—1.1%** | **Arizona—1.1%** |  |
| Arizona Department of Transportation, State Highway Fund Revenue<br> 5.000%, 7/1/36 | $500 | $509 |
| **California—0.8%** | **California—0.8%** |  |
| Santa Clarita Community College District, General Obligation<br> 3.000%, 8/1/44 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 396 |
| **Colorado—10.7%** | **Colorado—10.7%** |  |
| City & County of Denver Co. Airport System Revenue, Series D (AMT)<br> 5.500%, 11/15/30 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1095 |
| Colorado Bridge & Tunnel Enterprise, Miscellaneous Revenue, Series A (AGM Insured)<br> 5.250%, 12/1/49 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 269 |
| Denver Convention Center Hotel Authority Revenue, Senior Lien<br> 5.000%, 12/1/27 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 402 |
| Public Authority For Colorado Energy, Natural Gas Purchase Revenue<br> 6.250%, 11/15/28 | &nbsp;&nbsp;1880 | &nbsp;&nbsp; 1970 |
| Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A<br> 5.000%, 11/1/32 | &nbsp;&nbsp;1195 | &nbsp;&nbsp; 1228 |
|  |  | &nbsp;&nbsp; 4964 |
| **Connecticut—0.6%** | **Connecticut—0.6%** |  |
| Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series F1 (GNMA / FNMA / FHLMC Insured)<br> 3.200%, 11/15/33 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 300 |
| **Florida—15.0%** | **Florida—15.0%** |  |
| Central Florida Expressway Authority, Highway Toll Revenue, Senior Lien, Series B<br> 4.000%, 7/1/30 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 231 |
| City of Tallahassee, Health Facilities Revenue, Tallahassee Memorial Healthcare, Series A<br> 5.000%, 12/1/36 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 501 |
| Marion County School Board, Certificates of Participation (AGM Insured)<br> 5.000%, 6/1/43 | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 660 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Florida—continued** | **Florida—continued** |  |
| Miami Beach Redevelopment Agency, Tax Increment Revenue |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 2/1/32 | $320 | $321 |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 5.000%, 2/1/31 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| Miami-Dade County Educational Facilities Authority, University of Miami Revenue, Series A<br> 5.000%, 4/1/30 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| Miami-Dade County School Board, Certificates of Participation, Series D<br> 5.000%, 2/1/34 | &nbsp;&nbsp;1700 | &nbsp;&nbsp; 1721 |
| Orange County School Board, Certificates of Participation, Series A<br> 5.000%, 8/1/34 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 764 |
| Seminole County School Board, Certificates of Participation, Series C<br> 5.000%, 7/1/29 | &nbsp;&nbsp;1935 | &nbsp;&nbsp; 1986 |
| Tampa Bay Water, Water Revenue, Series A<br> 5.000%, 10/1/49 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 529 |
|  |  | &nbsp;&nbsp; 6953 |
| **Georgia—4.5%** | **Georgia—4.5%** |  |
| Atlanta Urban Redevelopment Agency, Surface Transportation & Infrastructure Project Revenue, Series B<br> 5.000%, 7/1/37 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 616 |
| City of Atlanta Water & Wastewater Revenue<br> 5.000%, 11/1/31 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 551 |
| Georgia Ports Authority Revenue<br> 4.000%, 7/1/42 | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 943 |
|  |  | &nbsp;&nbsp; 2110 |
| **Illinois—7.9%** | **Illinois—7.9%** |  |
| City of Chicago, Water Revenue, Second Lien |  |  |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 5.250%, 11/1/32 | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 364 |
| &nbsp;&nbsp;&nbsp;Series 2017-2 (AGM Insured)<br> 5.000%, 11/1/31 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 518 |
| Cook County School District No. 78 Rosemont, General Obligation (AGM Insured)<br> 5.000%, 12/1/38 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1047 |
| State of Illinois, General Obligation |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 2/1/27 | &nbsp;&nbsp;1250 | &nbsp;&nbsp; 1290 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Illinois—continued** | **Illinois—continued** |  |
| &nbsp;&nbsp;&nbsp;(BAM-TCRS Insured)<br> 5.000%, 2/1/36 | $400 | $434 |
|  |  | &nbsp;&nbsp; 3653 |
| **Indiana—4.9%** | **Indiana—4.9%** |  |
| Indiana Finance Authority, Parkview Health System Revenue, Series A<br> 5.000%, 11/1/43 | &nbsp;&nbsp;1700 | &nbsp;&nbsp; 1732 |
| Indianapolis Local Public Improvement Bond Bank Revenue (AMT)<br> 5.000%, 1/1/34 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
|  |  | &nbsp;&nbsp; 2260 |
| **Louisiana—2.3%** | **Louisiana—2.3%** |  |
| Louisiana Public Facilities Authority, I-10 Calcasieu River Bridge Public-Private Partnership Project Revenue (AMT)<br> 5.500%, 9/1/54 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 519 |
| State of Louisiana, General Obligation, Series E<br> 5.000%, 9/1/31 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 556 |
|  |  | &nbsp;&nbsp; 1075 |
| **Maryland—0.4%** | **Maryland—0.4%** |  |
| Maryland Community Development Administration Revenue, Series A<br> 1.250%, 3/1/30 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 170 |
| **Massachusetts—2.5%** | **Massachusetts—2.5%** |  |
| Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A<br> 5.000%, 7/1/41 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 271 |
| Massachusetts Housing Finance Agency Revenue<br> 2.300%, 12/1/40 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 374 |
| Massachusetts Port Authority, Transportation Revenue, Series A (AMT)<br> 5.000%, 7/1/31 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 512 |
|  |  | &nbsp;&nbsp; 1157 |
| **Michigan—2.0%** | **Michigan—2.0%** |  |
| Michigan State Building Authority, Facilities Program Lease Revenue, Series I<br> 4.000%, 10/15/36 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 501 |
| Wayne County Airport Authority Revenue,<br> Series D<br> 5.000%, 12/1/45 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 451 |
|  |  | &nbsp;&nbsp; 952 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Seix Tax-Exempt Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Minnesota—5.1%** | **Minnesota—5.1%** |  |
| Minneapolis Special School District No. 1, General Obligation, Series B |  |  |
| &nbsp;&nbsp;&nbsp;(SD CRED PROG Insured)<br> 5.000%, 2/1/39 | $1085 | $1159 |
| &nbsp;&nbsp;&nbsp;(SD CRED PROG Insured)<br> 5.000%, 2/1/40 | &nbsp;&nbsp;1140 | &nbsp;&nbsp; 1212 |
|  |  | &nbsp;&nbsp; 2371 |
| **New Jersey—3.6%** | **New Jersey—3.6%** |  |
| New Jersey Transportation Trust Fund Authority Revenue, Series A<br> 5.000%, 6/15/36 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 626 |
| Tobacco Settlement Financing Corp., Tobacco Settlement Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/31 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/32 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/33 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;5.000%, 6/1/34 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 256 |
|  |  | &nbsp;&nbsp; 1655 |
| **New York—3.6%** | **New York—3.6%** |  |
| New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 3.000%, 1/1/36 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 222 |
| &nbsp;&nbsp;&nbsp;(AGM Insured)<br> 3.000%, 1/1/37 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 87 |
| New York City Municipal Water Finance Authority, Water Revenue, Series AA<br> 5.000%, 6/15/49 | &nbsp;&nbsp; 375 | &nbsp;&nbsp; 394 |
| New York City Transitional Finance Authority, Income Tax Revenue, Series H-1 |  |  |
| &nbsp;&nbsp;&nbsp;5.000%, 11/1/41 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 269 |
| &nbsp;&nbsp;&nbsp;5.500%, 11/1/51 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 147 |
| New York Transportation Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;John F. Kennedy International Airport New Terminal One (AMT) (AGM Insured)<br> 5.000%, 6/30/49 | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp;Laguardia Airport Terminal Revenue (AMT)<br> 6.000%, 4/1/35 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 275 |
|  |  | &nbsp;&nbsp; 1651 |
| **Ohio—0.9%** | **Ohio—0.9%** |  |
| Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Senior Revenue, Class 1,<br> Series A-2<br> 4.000%, 6/1/48 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 433 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Oklahoma—1.2%** | **Oklahoma—1.2%** |  |
| Oklahoma Water Resources Board, Clear Water Program Revenue<br> 5.000%, 4/1/43 | $500 | $536 |
| **Pennsylvania—7.2%** | **Pennsylvania—7.2%** |  |
| City of Philadelphia, Water & Wastewater Revenue, Series A<br> 5.000%, 10/1/42 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 306 |
| Pennsylvania Economic Development Financing Authority, PENNDOT Major Bridges Revenue (AMT)<br> 5.500%, 6/30/39 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 518 |
| Pennsylvania Turnpike Commission, Highway Toll Revenue, First Subordinate Series<br> 5.000%, 12/1/38 | &nbsp;&nbsp;2325 | &nbsp;&nbsp; 2518 |
|  |  | &nbsp;&nbsp; 3342 |
| **South Carolina—1.6%** | **South Carolina—1.6%** |  |
| South Carolina Public Service Authority, Santee Cooper Revenue, Series B<br> 5.000%, 12/1/41 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 722 |
| **Tennessee—5.1%** | **Tennessee—5.1%** |  |
| Metropolitan Nashville Airport Authority (The) Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;5.250%, 7/1/47 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp;5.000%, 7/1/52 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
| Metropolitan Nashville Airport Authority (The) Revenue, Series B (AMT) |  |  |
| &nbsp;&nbsp;&nbsp;5.500%, 7/1/40 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp;5.500%, 7/1/41 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 266 |
| Tennessee State School Bond Authority, Higher Education Program Revenue, Series B (State Higher Education Intercept Program Insured)<br> 5.000%, 11/1/34 | &nbsp;&nbsp;1000 | &nbsp;&nbsp; 1034 |
|  |  | &nbsp;&nbsp; 2357 |
| **Texas—10.8%** | **Texas—10.8%** |  |
| Arlington Higher Education Finance Corp., Trinity Basin Preparatory Revenue (PSF-GTD Insured)<br> 4.500%, 8/15/53 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 185 |
| Central Texas Regional Mobility Authority, Highway Toll Revenue, Senior Lien, Series D<br> 4.000%, 1/1/38 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 748 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Texas—continued** | **Texas—continued** |  |
| Georgetown Independent School District, General Obligation (PSF-GTD Insured)<br> 3.750%, 8/15/41 | $500 | $471 |
| North Texas Tollway Authority, Highway Toll Revenue, Series A<br> 5.000%, 1/1/28 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 299 |
| Permanent University Fund - University of Texas System Revenue, Series B<br> 5.000%, 7/1/36 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 598 |
| Texas Municipal Gas Acquisition & Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D<br> 6.250%, 12/15/26 | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 500 |
| Texas Municipal Gas Acquisition & Supply Corp. II, Gas Supply Revenue, SOFR Index Series C<br> 3.700%, 9/15/27<sup>(2)</sup> | &nbsp;&nbsp;1275 | &nbsp;&nbsp; 1277 |
| Texas Public Finance Authority, Texas Southern University Revenue (BAM Insured)<br> 5.250%, 5/1/37 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 320 |
| Wharton Independent School District, General Obligation (PSF-GTD Insured)<br> 3.000%, 2/15/32 | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 610 |
|  |  | &nbsp;&nbsp; 5008 |
| **Virginia—1.3%** | **Virginia—1.3%** |  |
| Virginia College Building Authority, 21st Century College & Equipment Programs Revenue<br> 5.000%, 2/1/36 | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 608 |
| **Washington—1.9%** | **Washington—1.9%** |  |
| Grant County Public Hospital District No. 1, General Obligation<br> 5.500%, 12/1/43 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 317 |
| State of Washington, General Obligation, Series A<br> 5.000%, 8/1/38 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 551 |
|  |  | &nbsp;&nbsp; 868 |
| **Wisconsin—1.4%** | **Wisconsin—1.4%** |  |
| Public Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;Revenue<br> 4.000%, 8/1/59<sup>(2)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 425 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### Seix Tax-Exempt Bond Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Wisconsin—continued** | **Wisconsin—continued** |  |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. Project Revenue (AMT)<br> 2.875%, 5/1/27 | $250 | $245 |
|  |  | &nbsp;&nbsp;&nbsp; 670 |
| **Total Municipal Bonds<br> (Identified Cost $45,716)** | **Total Municipal Bonds<br> (Identified Cost $45,716)** | &nbsp;&nbsp;&nbsp;&nbsp;**44720** |
| **Total Long-Term Investments—96.4%<br> (Identified Cost $45,716)** | **Total Long-Term Investments—96.4%<br> (Identified Cost $45,716)** | &nbsp;&nbsp;&nbsp;&nbsp;**44720** |
| **TOTAL INVESTMENTS—96.4%<br> (Identified Cost $45,716)** | **TOTAL INVESTMENTS—96.4%<br> (Identified Cost $45,716)** | &nbsp;&nbsp;**$44720** |
| Other assets and liabilities, net—3.6% | Other assets and liabilities, net—3.6% | &nbsp;&nbsp;&nbsp;&nbsp; 1648 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$46368** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Build America Municipal Insured |
| FHLMC | Federal Home Loan Mortgage Corporation ("Freddie Mac") |
| FNMA | Federal National Mortgage Association ("Fannie Mae") |
| GNMA | Government National Mortgage Association ("Ginnie Mae") |
| PSF-GTD | Permanent School Fund Guarantee Program |
| SD CRED PROG | State Credit Enhancement Program |
| SOFR | Secured Overnight Financing Rate |
| TCRS | Tennessee Consolidated Retirement System |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | At March 31, 2025, 20.5% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers concentration exceeds 10% of the Fund's net assets. |
| <sup>(2)</sup> | Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |
| Debt Instruments: |  |  |
| &nbsp;&nbsp;&nbsp;Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44720 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44720 |

---

There were no securities valued using quoted prices (Level 1) or significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Newfleet<br> Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;**Newfleet<br> High Yield<br> Fund** | &nbsp;&nbsp;&nbsp;**Newfleet<br> Low Duration<br> Core Plus<br> Bond Fund** | &nbsp;&nbsp;&nbsp;**Newfleet<br> Multi-Sector<br> Intermediate<br> Bond Fund** |
| **Assets** |  |  |  |  |
| Investment in unaffiliated securities at value<sup>(1)</sup><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;$485466 | &nbsp;&nbsp;&nbsp;$54121 | &nbsp;&nbsp;&nbsp;$462027 | &nbsp;&nbsp;&nbsp;$776083 |
| Investment in affiliated securities at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3830 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11399 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5016 |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7516 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805117 |
| **Liabilities** |  |  |  |  |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8847 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18764 |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8394 |
| &nbsp;&nbsp;&nbsp;Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on unfunded loan commitments<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37038 |
| **Commitments and contingencies (Note 3D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$500464 | &nbsp;&nbsp;&nbsp;$54261 | &nbsp;&nbsp;&nbsp;$474385 | &nbsp;&nbsp;&nbsp;$768079 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock $0.001 par value<br>| &nbsp;&nbsp;&nbsp;$49 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811057 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29055) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42978) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$500464 | &nbsp;&nbsp;&nbsp;$54261 | &nbsp;&nbsp;&nbsp;$474385 | &nbsp;&nbsp;&nbsp;$768079 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$47669 | &nbsp;&nbsp;&nbsp;$33801 | &nbsp;&nbsp;&nbsp;$58367 | &nbsp;&nbsp;&nbsp;$87210 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$5196 | &nbsp;&nbsp;&nbsp;$1928 | &nbsp;&nbsp;&nbsp;$7049 | &nbsp;&nbsp;&nbsp;$9448 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$440192 | &nbsp;&nbsp;&nbsp;$7064 | &nbsp;&nbsp;&nbsp;$406666 | &nbsp;&nbsp;&nbsp;$615149 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$7407 | &nbsp;&nbsp;&nbsp;$11468 | &nbsp;&nbsp;&nbsp;$2303 | &nbsp;&nbsp;&nbsp;$56272 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):<sup>(5)</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4740637 | &nbsp;&nbsp;&nbsp;&nbsp;8862189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9581771 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024402 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;43057341 | &nbsp;&nbsp;&nbsp;&nbsp;1847501 | &nbsp;&nbsp;&nbsp;&nbsp;38131918 | &nbsp;&nbsp;&nbsp;&nbsp;67959134 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724195 | &nbsp;&nbsp;&nbsp;&nbsp;3002397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142567 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Newfleet<br> Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;**Newfleet<br> High Yield<br> Fund** | &nbsp;&nbsp;&nbsp;**Newfleet<br> Low Duration<br> Core Plus<br> Bond Fund** | &nbsp;&nbsp;&nbsp;**Newfleet<br> Multi-Sector<br> Intermediate<br> Bond Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$10.06 | &nbsp;&nbsp;&nbsp;$3.81 | &nbsp;&nbsp;&nbsp;$10.67 | &nbsp;&nbsp;&nbsp;$9.10 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$9.82 | &nbsp;&nbsp;&nbsp;$3.75 | &nbsp;&nbsp;&nbsp;$10.67 | &nbsp;&nbsp;&nbsp;$9.22 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$10.22 | &nbsp;&nbsp;&nbsp;$3.82 | &nbsp;&nbsp;&nbsp;$10.66 | &nbsp;&nbsp;&nbsp;$9.05 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$10.23 | &nbsp;&nbsp;&nbsp;$3.82 | &nbsp;&nbsp;&nbsp;$10.67 | &nbsp;&nbsp;&nbsp;$9.16 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$10.45 | &nbsp;&nbsp;&nbsp;$3.96 | &nbsp;&nbsp;&nbsp;$10.92 | &nbsp;&nbsp;&nbsp;$9.45 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75% |
| <sup>(1)</sup> Investment in unaffiliated securities at cost<br>| &nbsp;&nbsp;&nbsp;$491946 | &nbsp;&nbsp;&nbsp;$55387 | &nbsp;&nbsp;&nbsp;$464036 | &nbsp;&nbsp;&nbsp;$784090 |
| <sup>(2)</sup> Market value of securities on loan<br>| &nbsp;&nbsp;&nbsp;$1449 | &nbsp;&nbsp;&nbsp;$1535 | &nbsp;&nbsp;&nbsp;$2651 | &nbsp;&nbsp;&nbsp;$7842 |
| <sup>(3)</sup> Investment in affiliated securities at cost<br>| &nbsp;&nbsp;&nbsp;$2262 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$4521 | &nbsp;&nbsp;&nbsp;$3818 |
| <sup>(4)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |  |
| <sup>(5)</sup> Newfleet Core Plus Bond Fund and Newfleet Low Duration Core Plus Bond Fund have a par value of $1.00, and all other funds on this page have no par value. |  |  |  |  |

---

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

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;**Newfleet<br> Senior Floating<br> Rate Fund** | &nbsp;&nbsp;&nbsp;**Seix<br> Tax-Exempt<br> Bond Fund** |
| **Assets** |  |  |  |
| Investment in unaffiliated securities at value<sup>(1)</sup><sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;$4487909 | &nbsp;&nbsp;&nbsp;$185736 | &nbsp;&nbsp;&nbsp;$44720 |
| Investment in affiliated securities at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1554 |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 |
| &nbsp;&nbsp;&nbsp;Securities lending income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4659213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46896 |
| **Liabilities** |  |  |  |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 |
| &nbsp;&nbsp;&nbsp;Collateral on securities loaned<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;Unrealized depreciation on unfunded loan commitments<sup>(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 |
| **Commitments and contingencies (Note 3D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$4569346 | &nbsp;&nbsp;&nbsp;$193088 | &nbsp;&nbsp;&nbsp;$46368 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock $0.001 par value<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$5 |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48211 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(452562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78225) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1848) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$4569346 | &nbsp;&nbsp;&nbsp;$193088 | &nbsp;&nbsp;&nbsp;$46368 |
| **Net Assets:** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$586577 | &nbsp;&nbsp;&nbsp;$60051 | &nbsp;&nbsp;&nbsp;$22719 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$96129 | &nbsp;&nbsp;&nbsp;$4537 | &nbsp;&nbsp;&nbsp;$1075 |
| Class C1<br>| &nbsp;&nbsp;&nbsp;$26780 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Class I<br>| &nbsp;&nbsp;&nbsp;$3832021 | &nbsp;&nbsp;&nbsp;$127568 | &nbsp;&nbsp;&nbsp;$22574 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$27839 | &nbsp;&nbsp;&nbsp;$932 | &nbsp;&nbsp;&nbsp;$— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):<sup>(5)</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;129387265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6994135 | &nbsp;&nbsp;&nbsp;&nbsp;2250067 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20860595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106523 |
| Class C1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5830594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;843814977 | &nbsp;&nbsp;&nbsp;&nbsp;14879371 | &nbsp;&nbsp;&nbsp;&nbsp;2235914 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6105034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;**Newfleet<br> Senior Floating<br> Rate Fund** | &nbsp;&nbsp;&nbsp;**Seix<br> Tax-Exempt<br> Bond Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$4.53 | &nbsp;&nbsp;&nbsp;$8.59 | &nbsp;&nbsp;&nbsp;$10.10 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$4.61 | &nbsp;&nbsp;&nbsp;$8.59 | &nbsp;&nbsp;&nbsp;$10.10 |
| Class C1<br>| &nbsp;&nbsp;&nbsp;$4.59 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| Class I<br>| &nbsp;&nbsp;&nbsp;$4.54 | &nbsp;&nbsp;&nbsp;$8.57 | &nbsp;&nbsp;&nbsp;$10.10 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$4.56 | &nbsp;&nbsp;&nbsp;$8.57 | &nbsp;&nbsp;&nbsp;$— |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$4.63 | &nbsp;&nbsp;&nbsp;$8.83 | &nbsp;&nbsp;&nbsp;$10.39 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% |
| <sup>(1)</sup> Investment in unaffiliated securities at cost<br>| &nbsp;&nbsp;&nbsp;$4523640 | &nbsp;&nbsp;&nbsp;$188800 | &nbsp;&nbsp;&nbsp;$45716 |
| <sup>(2)</sup> Market value of securities on loan<br>| &nbsp;&nbsp;&nbsp;$20662 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| <sup>(3)</sup> Investment in affiliated securities at cost<br>| &nbsp;&nbsp;&nbsp;$45208 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |
| <sup>(4)</sup> See Schedule of Investments for schedule of unfunded loan commitments. |  |  |  |
| <sup>(5)</sup> Seix Tax-Exempt Bond Fund has a par value of $0.001, and all other funds on this page have no par value. |  |  |  |

---

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

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) SIX MONTHS ENDED March 31, 2025
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet<br> Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet<br> High Yield<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet<br> Low Duration<br> Core Plus<br> Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet<br> Multi-Sector<br> Intermediate<br> Bond Fund** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$286 | &nbsp;&nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;&nbsp;$325 | &nbsp;&nbsp;&nbsp;&nbsp;$332 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | &nbsp;&nbsp;&nbsp;&nbsp;10799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25137 |
| &nbsp;&nbsp;&nbsp;Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2187 | &nbsp;&nbsp;&nbsp;&nbsp;11165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25539 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(605) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2913 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22626 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2799) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(10367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(694) | &nbsp;&nbsp;&nbsp;&nbsp;(14590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(10675) | &nbsp;&nbsp;&nbsp;&nbsp;(1181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1050) | &nbsp;&nbsp;&nbsp;&nbsp;(17372) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$665 | &nbsp;&nbsp;&nbsp;&nbsp;$766 | &nbsp;&nbsp;&nbsp;&nbsp;$8903 | &nbsp;&nbsp;&nbsp;&nbsp;$5254 |

---

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

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

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### SIX MONTHS ENDED March 31, 2025
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet<br> Senior Floating<br> Rate Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix<br> Tax-Exempt<br> Bond Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1712 | &nbsp;&nbsp;&nbsp;&nbsp;$341 | &nbsp;&nbsp;&nbsp;&nbsp;$16 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliated<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;121188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 |
| &nbsp;&nbsp;&nbsp;Securities lending, net of fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;123322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;107623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gain distributions from underlying funds<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14951) | &nbsp;&nbsp;&nbsp;&nbsp;(2296) | &nbsp;&nbsp;&nbsp;&nbsp;(1305) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Affiliated investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24690) | &nbsp;&nbsp;&nbsp;&nbsp;(2875) | &nbsp;&nbsp;&nbsp;&nbsp;(1381) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$82933 | &nbsp;&nbsp;&nbsp;&nbsp;$4649 | &nbsp;&nbsp;&nbsp;&nbsp;$(668) |

---

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

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

<sup>(1)</sup> See Note 3D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet High Yield Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet High Yield Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$11340 | &nbsp;&nbsp;&nbsp;&nbsp;$13570 | &nbsp;&nbsp;&nbsp;&nbsp;$1947 | &nbsp;&nbsp;&nbsp;&nbsp;$3766 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(924) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3930 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7064 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1129) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1219) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2554) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1947) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3761) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96545 | &nbsp;&nbsp;&nbsp;&nbsp;205721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8538 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;101894 | &nbsp;&nbsp;&nbsp;&nbsp;226954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5872 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91217 | &nbsp;&nbsp;&nbsp;&nbsp;244046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9175 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;409247 | &nbsp;&nbsp;&nbsp;&nbsp;165201 | &nbsp;&nbsp;&nbsp;&nbsp;55097 | &nbsp;&nbsp;&nbsp;&nbsp;45922 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$500464 | &nbsp;&nbsp;&nbsp;&nbsp;$409247 | &nbsp;&nbsp;&nbsp;&nbsp;$54261 | &nbsp;&nbsp;&nbsp;&nbsp;$55097 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$9953 | &nbsp;&nbsp;&nbsp;&nbsp;$17821 | &nbsp;&nbsp;&nbsp;&nbsp;$22626 | &nbsp;&nbsp;&nbsp;&nbsp;$32183 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2795) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5316) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(716) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35743 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62610 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(251) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14623) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1267) |
| &nbsp;&nbsp;&nbsp;**Return of Capital:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33583) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59120 | &nbsp;&nbsp;&nbsp;&nbsp;244372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39213 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59813 | &nbsp;&nbsp;&nbsp;&nbsp;299966 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp;&nbsp;&nbsp;328993 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;431400 | &nbsp;&nbsp;&nbsp;&nbsp;393270 | &nbsp;&nbsp;&nbsp;&nbsp;726579 | &nbsp;&nbsp;&nbsp;&nbsp;397586 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$474385 | &nbsp;&nbsp;&nbsp;&nbsp;$431400 | &nbsp;&nbsp;&nbsp;&nbsp;$768079 | &nbsp;&nbsp;&nbsp;&nbsp;$726579 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$107623 | &nbsp;&nbsp;&nbsp;&nbsp;$205968 | &nbsp;&nbsp;&nbsp;&nbsp;$7524 | &nbsp;&nbsp;&nbsp;&nbsp;$15716 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1348) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1259 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15627 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14069) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5171) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(92935) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10897) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(764) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110548) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215030) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15740) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22493) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(338) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6840) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4833 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;4546905 | &nbsp;&nbsp;&nbsp;&nbsp;4476859 | &nbsp;&nbsp;&nbsp;&nbsp;199928 | &nbsp;&nbsp;&nbsp;&nbsp;195095 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$4569346 | &nbsp;&nbsp;&nbsp;&nbsp;$4546905 | &nbsp;&nbsp;&nbsp;&nbsp;$193088 | &nbsp;&nbsp;&nbsp;&nbsp;$199928 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Tax-Exempt Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Seix Tax-Exempt Bond Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$713 | &nbsp;&nbsp;&nbsp;&nbsp;$1658 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(199) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4455 |
| **Dividends and Distributions to Shareholders** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(906) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1635) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4497) | &nbsp;&nbsp;&nbsp;&nbsp;(10549) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6201) | &nbsp;&nbsp;&nbsp;&nbsp;(14689) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7575) | &nbsp;&nbsp;&nbsp;&nbsp;(11869) |
| **Net Assets** |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;53943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65812 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$46368 | &nbsp;&nbsp;&nbsp;&nbsp;$53943 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Newfleet Core Plus Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.32 | 0.25 | (0.26) | (0.01) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | (0.26) | $10.06 | &nbsp;&nbsp;&nbsp;(0.09) % | $47669 | 0.70% | 1.01% | 4.95% | 21% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.66 | 0.50 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;1.15 | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.49) |  | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;12.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45255 | 0.73 <sup>(9)</sup> | 1.04 | 4.96 | 50 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | 0.39 | (0.18) | &nbsp;&nbsp;0.21 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) |  | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28811 | 0.80 <sup>(10)</sup> | 1.10 | 3.90 | 49 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.81 | 0.26 | (1.80) | (1.54) | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.43) |  | (1.97) | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | (13.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27013 | 0.81 <sup>(11)</sup> | 1.05 | 2.34 | 52 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.85 | 0.25 | (0.04) | &nbsp;&nbsp;0.21 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | (0.04) | &nbsp;&nbsp;&nbsp;11.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34538 | 0.80 | 1.05 | 2.12 | 59 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.51 | 0.30 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.64 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) |  | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37507 | 0.81 <sup>(9)</sup> | 1.07 | 2.61 | 65 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.08 | 0.21 | (0.26) | (0.05) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | (0.26) | $9.82 | &nbsp;&nbsp;&nbsp;(0.52) % | $5196 | 1.45% | 1.74% | 4.20% | 21% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.43 | 0.41 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;1.06 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) |  | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4381 | 1.48 <sup>(9)</sup> | 1.78 | 4.20 | 50 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | 0.31 | (0.18) | &nbsp;&nbsp;0.13 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1553 | 1.55 <sup>(10)</sup> | 1.87 | 3.16 | 49 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.54 | 0.17 | (1.75) | (1.58) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.35) |  | (1.93) | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | (14.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 | 1.56 <sup>(11)</sup> | 1.84 | 1.55 | 52 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.57 | 0.16 | (0.03) | &nbsp;&nbsp;0.13 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | (0.03) | &nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2621 | 1.55 | 1.81 | 1.39 | 59 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.24 | 0.21 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.54 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4676 | 1.56 <sup>(9)</sup> | 1.82 | 1.84 | 65 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.49 | 0.26 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | (0.27) | $10.22 | &nbsp;&nbsp;&nbsp;(0.02) % | $440192 | 0.45% | 0.72% | 5.19% | 21% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | 0.53 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;1.20 | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.53) |  | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;12.50 | &nbsp;&nbsp;&nbsp;&nbsp;352878 | 0.48 <sup>(9)</sup> | 0.76 | 5.20 | 50 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;10.00 | 0.43 | (0.19) | &nbsp;&nbsp;0.24 | (0.42) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.42) |  | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;132866 | 0.55 | 0.84 | 4.26 | 49 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;12.00 | 0.29 | (1.82) | (1.53) | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.47) |  | (2.00) | &nbsp;&nbsp;&nbsp;10.00 | (13.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63559 | 0.57 <sup>(11)</sup> | 0.80 | 2.62 | 52 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;12.04 | 0.28 | (0.04) | &nbsp;&nbsp;0.24 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) |  | (0.04) | &nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70630 | 0.55 | 0.79 | 2.36 | 59 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.70 | 0.33 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.67 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63222 | 0.56 <sup>(9)</sup> | 0.80 | 2.85 | 65 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.50 | 0.27 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | (0.27) | $10.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.00% | $7407 | 0.41% | 0.65% | 5.25% | 21% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | 0.54 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;1.20 | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.53) |  | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;10.50 | &nbsp;&nbsp;12.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6733 | 0.42 <sup>(9)</sup> | 0.68 | 5.28 | 50 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;10.01 | 0.44 | (0.19) | &nbsp;&nbsp;0.25 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.43) |  | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1971 | 0.43 | 0.74 | 4.32 | 49 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;12.01 | 0.30 | (1.82) | (1.52) | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | (0.48) |  | (2.00) | &nbsp;&nbsp;&nbsp;10.01 | (13.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1338 | 0.45 <sup>(11)</sup> | 0.73 | 2.74 | 52 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;12.05 | 0.30 | (0.04) | &nbsp;&nbsp;0.26 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) |  | (0.04) | &nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | 0.43 | 0.72 | 2.48 | 59 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.71 | 0.35 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.69 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) |  | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | 0.44 <sup>(9)</sup> | 0.74 | 2.99 | 65 |
| **Newfleet High Yield Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $3.90 | 0.13 | (0.09) | &nbsp;&nbsp;0.04 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.13) |  | (0.09) | $3.81 | &nbsp;&nbsp;&nbsp;&nbsp;1.15% | $33801 | 0.95% | 1.32% | 6.99% | 12% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | 0.27 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.52 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35356 | 0.96 <sup>(9)</sup> | 1.30 | 7.19 | 61 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | 0.24 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.36 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35738 | 1.01 <sup>(11)</sup> | 1.33 | 6.53 | 52 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | 0.20 | (0.75) | (0.55) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | (13.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36258 | 1.01 <sup>(11)</sup> | 1.27 | 5.10 | 47 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | 0.20 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.48 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47153 | 1.00 | 1.25 | 4.77 | 74 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | 0.21 | (0.10) | &nbsp;&nbsp;0.11 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45234 | 1.00 | 1.37 | 5.31 | 88 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $3.83 | 0.12 | (0.08) | &nbsp;&nbsp;0.04 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) |  | (0.08) | $3.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.00% | $1928 | 1.70% | 2.05% | 6.24% | 12% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | 0.24 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.48 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) |  | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | 1.71 <sup>(9)</sup> | 2.03 | 6.46 | 61 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | 0.21 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.33 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;9.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1098 | 1.76 <sup>(11)</sup> | 2.10 | 5.77 | 52 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | 0.17 | (0.74) | (0.57) | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) |  | (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;3.47 | (13.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013 | 1.76 <sup>(11)</sup> | 2.08 | 4.34 | 47 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | 0.17 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.45 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) |  | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;11.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1460 | 1.75 | 2.03 | 4.05 | 74 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4.02 | 0.18 | (0.09) | &nbsp;&nbsp;0.09 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) |  | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2542 | 1.75 | 2.11 | 4.55 | 88 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Newfleet High Yield Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $3.91 | 0.14 | (0.09) | &nbsp;&nbsp;0.05 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) |  | (0.09) | $3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.28% | $7064 | 0.70% | 1.09% | 7.24% | 12% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | 0.28 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.53 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) |  | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6745 | 0.71 <sup>(9)</sup> | 1.09 | 7.42 | 61 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | 0.25 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.38 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7225 | 0.76 <sup>(11)</sup> | 1.12 | 6.77 | 52 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | 0.21 | (0.76) | (0.55) | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | (13.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6196 | 0.76 <sup>(11)</sup> | 1.10 | 5.34 | 47 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | 0.21 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.49 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8297 | 0.75 | 1.05 | 5.01 | 74 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | 0.22 | (0.09) | &nbsp;&nbsp;0.13 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9319 | 0.75 | 1.17 | 5.54 | 88 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $3.90 | 0.14 | (0.08) | &nbsp;&nbsp;0.06 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) |  | (0.08) | $3.82 | &nbsp;&nbsp;&nbsp;&nbsp;1.60% | $11468 | 0.59% | 0.97% | 7.35% | 12% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | 0.29 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.53 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) |  | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;15.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10896 | 0.59 | 0.94 | 7.56 | 61 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | 0.25 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.37 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;10.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861 | 0.60 <sup>(11)</sup> | 0.99 | 6.93 | 52 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | 0.22 | (0.76) | (0.54) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | (13.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1760 | 0.60 <sup>(11)</sup> | 0.96 | 5.50 | 47 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | 0.22 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.51 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1937 | 0.60 <sup>(9)</sup> | 0.93 | 5.12 | 74 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4.10 | 0.22 | (0.10) | &nbsp;&nbsp;0.12 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 | 0.69 | 1.05 | 5.58 | 88 |
| **Newfleet Low Duration Core Plus Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.70 | 0.23 | (0.03) | &nbsp;&nbsp;0.20 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.23) |  | (0.03) | $10.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | $58367 | 0.75% | 0.93% | 4.31% | 26% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;10.23 | 0.43 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.90 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.43) |  | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60159 | 0.75 | 0.94 | 4.14 | 46 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;10.09 | 0.31 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.45 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62424 | 0.74 | 0.93 | 3.05 | 38 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;10.96 | 0.15 | (0.86) | (0.71) | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | (0.87) | &nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;(6.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77244 | 0.77 <sup>(11)</sup> | 0.90 | 1.46 | 38 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.96 | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(12)</sup> | &nbsp;&nbsp;0.16 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;101271 | 0.75 | 0.89 | 1.42 | 55 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.86 | 0.24 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.34 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87690 | 0.75 | 0.91 | 2.24 | 57 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.70 | 0.19 | (0.03) | &nbsp;&nbsp;0.16 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) |  | (0.03) | $10.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.50% | $7049 | 1.50% | 1.70% | 3.56% | 26% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;10.23 | 0.35 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.82 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) |  | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;8.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7398 | 1.50 | 1.68 | 3.38 | 46 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;10.09 | 0.23 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.38 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845 | 1.49 | 1.66 | 2.29 | 38 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;10.96 | 0.07 | (0.86) | (0.79) | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) |  | (0.87) | &nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;(7.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11773 | 1.51 <sup>(11)</sup> | 1.69 | 0.70 | 38 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.96 | 0.08 | (0.01) | &nbsp;&nbsp;0.07 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) |  | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17403 | 1.50 | 1.66 | 0.69 | 55 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.86 | 0.16 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.26 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20105 | 1.50 | 1.67 | 1.50 | 57 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.69 | 0.24 | (0.03) | &nbsp;&nbsp;0.21 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) |  | (0.03) | $10.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.00% | $406666 | 0.50% | 0.68% | 4.56% | 26% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;10.22 | 0.46 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.93 | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.46) |  | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;353956 | 0.50 | 0.69 | 4.39 | 46 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;10.08 | 0.34 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;0.48 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;314549 | 0.49 | 0.68 | 3.29 | 38 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;10.96 | 0.18 | (0.88) | (0.70) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) |  | (0.88) | &nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;(6.41) | &nbsp;&nbsp;&nbsp;&nbsp;425501 | 0.52 <sup>(11)</sup> | 0.66 | 1.69 | 38 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.95 | 0.18 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.19 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;634354 | 0.50 | 0.65 | 1.64 | 55 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.85 | 0.27 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.37 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;401784 | 0.50 | 0.67 | 2.49 | 57 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Newfleet Low Duration Core Plus Bond Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.70 | 0.25 | (0.03) | &nbsp;&nbsp;0.22 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | (0.03) | $10.67 | &nbsp;&nbsp;&nbsp;&nbsp;2.04% | $2303 | 0.43% | 0.61% | 4.62% | 26% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;10.23 | 0.47 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.94 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.47) |  | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9887 | 0.43 | 0.61 | 4.47 | 46 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;10.09 | 0.34 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.49 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) |  | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 | 0.42 | 0.60 | 3.37 | 38 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;10.96 | 0.19 | (0.87) | (0.68) | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) |  | (0.87) | &nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;(6.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39337 | 0.45 <sup>(11)</sup> | 0.60 | 1.81 | 38 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.96 | 0.16 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.19 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) |  | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27222 | 0.43 | 0.57 | 1.46 | 55 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.86 | 0.28 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.38 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) |  | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | 0.43 | 0.61 | 2.56 | 57 |
| **Newfleet Multi-Sector Intermediate Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $9.32 | 0.26 | (0.21) | &nbsp;&nbsp;0.05 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | (0.22) | $9.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.57% | $87210 | 0.99% | 1.08% | 5.79% | 41% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | 0.53 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;1.07 | (0.53) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.54) |  | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87569 | 0.99 | 1.09 | 5.86 | 65 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | 0.44 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.49 | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.43) |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67280 | 0.99 | 1.10 | 4.94 | 48 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;10.35 | 0.36 | (1.59) | (1.23) | (0.37) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) |  | (1.62) | &nbsp;&nbsp;&nbsp;&nbsp;8.73 | (12.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64515 | 1.00 <sup>(11)</sup> | 1.10 | 3.76 | 52 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.06 | 0.37 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.64 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) | — <sup>(12)</sup> | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;10.35 | 6.45 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82697 | 0.99 | 1.07 | 3.56 | 77 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.16 | 0.39 | (0.11) | &nbsp;&nbsp;0.28 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) |  | (0.10) | &nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78378 | 0.99 | 1.09 | 3.87 | 95 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $9.44 | 0.23 | (0.21) | &nbsp;&nbsp;0.02 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) |  | (0.22) | $9.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.19% | $9448 | 1.74% | 1.83% | 5.03% | 41% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | 0.47 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;1.02 | (0.47) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.48) |  | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10065 | 1.74 | 1.83 | 5.10 | 65 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.83 | 0.38 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.43 | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9131 | 1.74 | 1.85 | 4.15 | 48 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;10.46 | 0.30 | (1.62) | (1.32) | (0.29) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | (1.63) | &nbsp;&nbsp;&nbsp;&nbsp;8.83 | (12.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12014 | 1.75 <sup>(11)</sup> | 1.85 | 3.00 | 52 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.17 | 0.29 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;0.56 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) | — <sup>(12)</sup> | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;10.46 | 5.58 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20004 | 1.74 | 1.82 | 2.81 | 77 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.26 | 0.31 | (0.10) | &nbsp;&nbsp;0.21 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) |  | (0.09) | &nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30872 | 1.74 | 1.83 | 3.12 | 95 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $9.28 | 0.27 | (0.21) | &nbsp;&nbsp;0.06 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.29) |  | (0.23) | $9.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.64% | $615149 | 0.74% | 0.80% | 6.03% | 41% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | 0.55 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;1.09 | (0.56) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.57) |  | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;570619 | 0.74 | 0.80 | 6.11 | 65 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | 0.47 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;0.52 | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.46) |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | &nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;303103 | 0.74 | 0.82 | 5.24 | 48 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;10.33 | 0.39 | (1.60) | (1.21) | (0.40) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.42) |  | (1.63) | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | (11.99) | &nbsp;&nbsp;&nbsp;&nbsp;159300 | 0.75 <sup>(11)</sup> | 0.86 | 4.00 | 52 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.05 | 0.39 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.67 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | — <sup>(12)</sup> | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;10.33 | 6.70 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;212633 | 0.74 | 0.82 | 3.80 | 77 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.15 | 0.41 | (0.10) | &nbsp;&nbsp;0.31 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) |  | (0.10) | &nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;299784 | 0.74 | 0.83 | 4.09 | 95 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $9.38 | 0.28 | (0.21) | &nbsp;&nbsp;0.07 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.29) |  | (0.22) | $9.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.74% | $56272 | 0.60% | 0.74% | 6.18% | 41% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | 0.57 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;1.12 | (0.57) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.58) |  | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;12.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58326 | 0.60 | 0.75 | 6.25 | 65 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | 0.48 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.54 | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.46) |  | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;6.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18072 | 0.60 | 0.77 | 5.39 | 48 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;10.38 | 0.40 | (1.60) | (1.20) | (0.40) | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.42) |  | (1.62) | &nbsp;&nbsp;&nbsp;&nbsp;8.76 | (11.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5175 | 0.61 <sup>(11)</sup> | 0.78 | 4.15 | 52 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.08 | 0.41 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.69 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) | — <sup>(12)</sup> | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;10.38 | 6.87 <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6345 | 0.60 | 0.75 | 3.94 | 77 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.17 | 0.42 | (0.10) | &nbsp;&nbsp;0.32 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) |  | (0.09) | &nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6068 | 0.60 | 0.76 | 4.25 | 95 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Newfleet Multi-Sector Short Term Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $4.56 | 0.10 | (0.02) | &nbsp;&nbsp;0.08 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | (0.03) | $4.53 | &nbsp;&nbsp;&nbsp;&nbsp;1.71% | $586577 | 0.90% | 0.99% | 4.61% | 32% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | 0.20 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.40 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;612833 | 0.90 | 0.99 | 4.47 | 56 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | 0.15 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.22 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;660114 | 0.89 | 0.97 | 3.47 | 37 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | 0.09 | (0.45) | (0.36) | (0.09) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;(7.65) | &nbsp;&nbsp;&nbsp;&nbsp;771020 | 0.92 <sup>(9)(11)</sup> | 0.97 | 2.04 | 41 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | 0.10 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.13 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;956384 | 0.96 <sup>(14)</sup> | 0.96 | 2.02 | 64 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | 0.12 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.14 | (0.12) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.13) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;857107 | 0.98 <sup>(14)</sup> | 0.98 | 2.58 | 70 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $4.63 | 0.10 | (0.02) | &nbsp;&nbsp;0.08 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | (0.02) | $4.61 | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | $96129 | 1.16% | 1.25% | 4.35% | 32% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | 0.19 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.40 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;108561 | 1.16 | 1.24 | 4.20 | 56 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | 0.14 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.20 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;132559 | 1.15 | 1.23 | 3.19 | 37 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | 0.08 | (0.45) | (0.37) | (0.08) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) |  | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;(7.79) | &nbsp;&nbsp;&nbsp;&nbsp;181221 | 1.18 <sup>(9)(11)</sup> | 1.24 | 1.77 | 41 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | 0.09 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.13 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;267919 | 1.21 <sup>(14)</sup> | 1.21 | 1.82 | 64 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | 0.11 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.13 | (0.11) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;433279 | 1.21 <sup>(14)</sup> | 1.21 | 2.35 | 70 |
| **Class C1** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $4.62 | 0.09 | (0.03) | &nbsp;&nbsp;0.06 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) |  | (0.03) | $4.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.32% | $26780 | 1.66% | 1.73% | 3.84% | 32% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | 0.17 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.38 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28424 | 1.66 | 1.73 | 3.70 | 56 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | 0.12 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.18 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33679 | 1.65 | 1.72 | 2.70 | 37 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | 0.06 | (0.46) | (0.40) | (0.05) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) |  | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;(8.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44838 | 1.68 <sup>(9)(11)</sup> | 1.72 | 1.27 | 41 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | 0.06 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.10 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70114 | 1.71 <sup>(14)</sup> | 1.71 | 1.32 | 64 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | 0.09 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.11 | (0.09) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;114699 | 1.71 <sup>(14)</sup> | 1.71 | 1.85 | 70 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $4.57 | 0.11 | (0.03) | &nbsp;&nbsp;0.08 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | (0.03) | $4.54 | &nbsp;&nbsp;&nbsp;&nbsp;1.84% | $3832021 | 0.65% | 0.74% | 4.85% | 32% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | 0.21 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.42 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;3772723 | 0.65 | 0.73 | 4.72 | 56 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | 0.16 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.22 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;3639516 | 0.64 | 0.72 | 3.72 | 37 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | 0.10 | (0.45) | (0.35) | (0.10) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;(7.40) | &nbsp;&nbsp;&nbsp;4254653 | 0.67 <sup>(9)(11)</sup> | 0.72 | 2.29 | 41 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | 0.11 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.15 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;5221147 | 0.71 <sup>(14)</sup> | 0.71 | 2.28 | 64 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | 0.13 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.15 | (0.13) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;4539835 | 0.72 <sup>(14)</sup> | 0.72 | 2.83 | 70 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $4.59 | 0.11 | (0.03) | &nbsp;&nbsp;0.08 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | (0.03) | $4.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.88% | $27839 | 0.52% | 0.66% | 4.98% | 32% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | 0.22 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.42 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24364 | 0.52 | 0.65 | 4.87 | 56 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | 0.16 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.23 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10991 | 0.51 | 0.69 | 3.75 | 37 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | 0.11 | (0.46) | (0.35) | (0.10) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;(7.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25862 | 0.54 <sup>(9)(11)</sup> | 0.69 | 2.43 | 41 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | 0.12 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;0.16 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) |  | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30118 | 0.55 | 0.67 | 2.42 | 64 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | 0.14 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.17 | (0.14) | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) |  | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11358 | 0.55 | 0.65 | 2.99 | 70 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Newfleet Senior Floating Rate Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $8.71 | 0.32 | (0.12) | &nbsp;&nbsp;0.20 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) |  | (0.12) | $8.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.33% | $60051 | 0.93 % <sup>(15)</sup> | 1.06% | 7.41% | 66% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | 0.73 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.74 | (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.73) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;&nbsp;&nbsp;8.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63313 | 0.97 <sup>(9)(15)</sup> | 1.09 | 8.33 | 93 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | 0.64 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.92 | (0.65) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.65) |  | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61100 | 1.04 <sup>(15)</sup> | 1.12 | 7.48 | 50 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 | 0.32 | (0.58) | (0.26) | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) |  | (0.58) | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56561 | 1.05 <sup>(11)(15)</sup> | 1.11 | 3.65 | 33 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.58 | 0.28 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.71 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) |  | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;9.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72274 | 1.04 <sup>(15)</sup> | 1.08 | 3.18 | 65 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | 0.38 | (0.54) | (0.16) | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) |  | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57743 | 1.12 <sup>(15)</sup> | 1.13 | 4.31 | 40 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $8.72 | 0.29 | (0.13) | &nbsp;&nbsp;0.16 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.29) |  | (0.13) | $8.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.83% | $4537 | 1.68 % <sup>(15)</sup> | 1.82% | 6.66% | 66% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | 0.66 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.67 | (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.66) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.72 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897 | 1.72 <sup>(9)(15)</sup> | 1.84 | 7.57 | 93 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | 0.58 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.86 | (0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.58) |  | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;8.71 | &nbsp;&nbsp;10.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311 | 1.79 <sup>(15)</sup> | 1.89 | 6.69 | 50 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | 0.26 | (0.59) | (0.33) | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) |  | (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;(3.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7202 | 1.80 <sup>(11)(15)</sup> | 1.87 | 2.92 | 33 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | 0.22 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.65 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;7.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9595 | 1.78 <sup>(15)</sup> | 1.85 | 2.49 | 65 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.12 | 0.30 | (0.52) | (0.22) | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;(2.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27287 | 1.86 <sup>(15)</sup> | 1.92 | 3.47 | 40 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $8.70 | 0.33 | (0.13) | &nbsp;&nbsp;0.20 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | (0.13) | $8.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.33% | $127568 | 0.68 % <sup>(15)</sup> | 0.83% | 7.65% | 66% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | 0.75 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.76 | (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.75) |  | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;130792 | 0.72 <sup>(9)(15)</sup> | 0.84 | 8.57 | 93 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | 0.66 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.95 | (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.67) |  | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;11.61 | &nbsp;&nbsp;&nbsp;&nbsp;126422 | 0.79 <sup>(15)</sup> | 0.87 | 7.70 | 50 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | 0.35 | (0.59) | (0.24) | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) |  | (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;&nbsp;119257 | 0.80 <sup>(11)(15)</sup> | 0.86 | 3.94 | 33 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | 0.30 | &nbsp;&nbsp;0.44 | &nbsp;&nbsp;0.74 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;8.68 | &nbsp;&nbsp;&nbsp;&nbsp;136742 | 0.79 <sup>(15)</sup> | 0.83 | 3.42 | 65 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.10 | 0.39 | (0.52) | (0.13) | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) |  | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;&nbsp;110156 | 0.86 <sup>(15)</sup> | 0.91 | 4.45 | 40 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $8.69 | 0.34 | (0.12) | &nbsp;&nbsp;0.22 | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.34) |  | (0.12) | $8.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.50% | $932 | 0.57 % <sup>(15)</sup> | 0.74% | 7.77% | 66% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;0.76 | (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.76) |  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | 0.61 <sup>(15)</sup> | 0.76 | 8.71 | 93 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | 0.67 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.96 | (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.68) |  | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | 0.65 <sup>(15)</sup> | 0.80 | 7.84 | 50 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | 0.36 | (0.59) | (0.23) | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) |  | (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;(2.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | 0.66 <sup>(11)(15)</sup> | 0.80 | 4.08 | 33 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | 0.32 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;0.75 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) |  | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;8.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616 | 0.65 <sup>(15)</sup> | 0.77 | 3.61 | 65 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | 0.37 | (0.50) | (0.13) | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) |  | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;(1.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2746 | 0.70 <sup>(15)</sup> | 0.82 | 4.51 | 40 |
| **Seix Tax-Exempt Bond Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.37 | 0.14 | (0.27) | (0.13) | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) |  | (0.27) | $10.10 | &nbsp;&nbsp;&nbsp;(1.29) % | $22719 | 0.83% | 1.16% | 2.72% | &nbsp;&nbsp;&nbsp;8% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | 0.28 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.75 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24927 | 0.83 | 1.11 | 2.73 | 31 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | 0.27 | (0.05) | &nbsp;&nbsp;0.22 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27621 | 0.83 | 1.08 | 2.69 | 23 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.36 | 0.23 | (1.38) | (1.15) | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.27) |  | (1.42) | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | (10.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29594 | 0.85 <sup>(9)(11)</sup> | 1.02 | 2.13 | &nbsp;&nbsp;&nbsp;1 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.45 | 0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(12)</sup> | &nbsp;&nbsp;0.23 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | (0.32) |  | (0.09) | &nbsp;&nbsp;&nbsp;11.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37928 | 0.85 | 1.01 | 2.05 | &nbsp;&nbsp;&nbsp;6 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.34 | 0.25 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.36 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37078 | 0.85 | 1.01 | 2.21 | &nbsp;&nbsp;&nbsp;6 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Return of Capital** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Seix Tax-Exempt Bond Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.37 | 0.10 | (0.27) | (0.17) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | (0.27) | $10.10 | &nbsp;&nbsp;&nbsp;(1.75) % | $1075 | 1.58% | 1.90% | 1.97% | &nbsp;&nbsp;&nbsp;8% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | 0.20 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.68 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | 1.58 | 1.85 | 1.98 | 31 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | 0.20 | (0.06) | &nbsp;&nbsp;0.14 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) |  | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370 | 1.58 | 1.81 | 1.94 | 23 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.36 | 0.15 | (1.38) | (1.23) | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.19) |  | (1.42) | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | (10.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2058 | 1.60 <sup>(9)(11)</sup> | 1.77 | 1.37 | &nbsp;&nbsp;&nbsp;1 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.45 | 0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(12)</sup> | &nbsp;&nbsp;0.15 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | (0.24) |  | (0.09) | &nbsp;&nbsp;&nbsp;11.36 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561 | 1.60 | 1.75 | 1.31 | &nbsp;&nbsp;&nbsp;6 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.34 | 0.17 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.27 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145 | 1.60 | 1.74 | 1.47 | &nbsp;&nbsp;&nbsp;6 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.37 | 0.15 | (0.27) | (0.12) | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) |  | (0.27) | $10.10 | &nbsp;&nbsp;&nbsp;(1.16) % | $22574 | 0.58% | 0.90% | 2.97% | &nbsp;&nbsp;&nbsp;8% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | 0.30 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;0.78 | (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.30) |  | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp;&nbsp;7.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27765 | 0.58 | 0.87 | 2.98 | 31 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | 0.30 | (0.06) | &nbsp;&nbsp;0.24 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.29) |  | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36821 | 0.58 | 0.83 | 2.94 | 23 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.36 | 0.26 | (1.39) | (1.13) | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.29) |  | (1.42) | &nbsp;&nbsp;&nbsp;&nbsp;9.94 | (10.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43793 | 0.60 <sup>(9)(11)</sup> | 0.79 | 2.37 | &nbsp;&nbsp;&nbsp;1 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.45 | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(12)</sup> | &nbsp;&nbsp;0.26 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | (0.35) |  | (0.09) | &nbsp;&nbsp;&nbsp;11.36 | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62412 | 0.60 | 0.77 | 2.30 | &nbsp;&nbsp;&nbsp;6 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.34 | 0.28 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.38 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67924 | 0.60 | 0.78 | 2.46 | &nbsp;&nbsp;&nbsp;6 |

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

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| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(3)</sup> | Not annualized for periods less than one year. |
| <sup>(4)</sup> | Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report. |
| <sup>(5)</sup> | Annualized for periods less than one year. |
| <sup>(6)</sup> | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
| <sup>(7)</sup> | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> | Unaudited. |
| <sup>(9)</sup> | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(10)</sup> | Includes interest expense on borrowings. |
| <sup>(11)</sup> | Net expense ratio includes extraordinary proxy expenses. |
| <sup>(12)</sup> | Amount is less than $0.005 per share. |
| <sup>(13)</sup> | Payment from affiliate had no impact on total return. |
| <sup>(14)</sup> | The share class is currently under its expense limitation. |
| <sup>(15)</sup> | Ratios of total expenses excluding interest expense on borrowings for six months ended March 31, 2025, were 0.90% (Class A), 1.65% (Class C), 0.65% (Class I) and 0.55% (Class R6), and year ended September 30, 2024, 2023, 2022, 2021 and 2020, were 0.91% (Class A), 1.66% (Class C), 0.66% (Class I) and 0.55% (Class R6). |

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See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) March 31, 2025

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

As of the date of these financial statements, 18 funds of the Trust are offered for sale, of which 7 (each a "Fund" or collectively, the "Funds") are reported in these financial statements. Each Fund has a distinct investment objective and all of the Funds are diversified. *There is no guarantee that a Fund will achieve its objective(s).*

All of the Funds offer Class A shares, Class C shares and Class I shares. All of the Funds with the exception of the Seix Tax-Exempt Bond Fund offer Class R6 shares. The Newfleet Multi-Sector Short Term Bond Fund offers Class C1 shares.

Class A shares of Newfleet Low Duration Core Plus Bond Fund and Newfleet Multi-Sector Short Term Bond Fund are sold with a front-end sales charge of 2.25% with some exceptions. Class A shares of the Newfleet Senior Floating Rate Fund and Seix Tax-Exempt Bond Fund are sold with a front-end sales charge of up to 2.75% with some exceptions. Class A shares of the Newfleet Core Plus Bond Fund, Newfleet High Yield Fund, and Newfleet Multi-Sector Intermediate Bond Fund are sold with a front-end sales charge of up to 3.75% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC (except the Newfleet Multi-Sector Short Term Bond Fund, which are sold without a sales charge), applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019, to February 28, 2021, with certain exceptions, Class C shares for all Funds (except the Newfleet Multi-Sector Short Term Bond Fund) and Class C1 shares of the Newfleet Multi-Sector Short Term Bond Fund and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares of Newfleet Core Plus Bond Fund, Newfleet High Yield Fund, Newfleet Multi-Sector Intermediate Bond Fund, Newfleet Senior Floating Rate Fund and Seix Tax-Exempt Bond Fund, and purchase greater than $249,999 of Class C shares of Newfleet Low Duration Core Plus Bond Fund, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses. Effective April 30, 2019, Class C shares of the Newfleet Multi-Sector Short Term Bond Fund are no longer available for purchase by new or existing shareholders, except by existing shareholders through reinvestment transactions. Shareholders who own Class C shares of the Newfleet Multi-Sector Short Term Bond Fund may continue to hold such shares until they convert to Class A shares under the existing conversion schedule, as described in the Fund's prospectus, or may exchange them for Class C shares of another Virtus Mutual Fund as permitted by existing exchange privileges. All other Class C share characteristics of the Newfleet Multi-Sector Short Term Bond Fund, including 12b-1 Plan fees, shareholder service fees, and conversion features are unchanged.

Class I Shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Class I Shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Class I Shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Class I Shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class I Shares. Class I shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

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

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025
designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

#### Note 2. Significant Accounting Policies

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

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The Funds' Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments). |

---

A description of the valuation techniques applied to a Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:<br> <sup>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.</sup> <sup>Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.</sup> <sup>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.</sup> <sup>Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.</sup> <sup>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.</sup> <sup>A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</sup>

---

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

---

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[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | |
|:---|:---|
|  | a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
|  | Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **G.** | **Payment-In-Kind Securities** |
|  | Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. |
| **H.** | **When-Issued Purchases and Forward Commitments (Delayed Delivery)** |
|  | Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. |
| **I.** | **Interest-Only and Principal-Only Securities** |
|  | Certain Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent a participation in, or are secured by, or payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because |

---

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | |
|:---|:---|
|  | principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. |
| **J.** | **Leveraged Loans** |
|  | Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. |
|  | A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |
|  | The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. |
|  | A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. |
| **K.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |
|  | Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. |
|  | Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |
|  | At March 31, 2025, the securities loaned were subject to a MSLA on a net payment basis as follows: |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Value of<br> Securities<br> on Loan** | &nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> Amount<sup>(2)</sup>** |
| Newfleet Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1449 | &nbsp;&nbsp;&nbsp;&nbsp;$1449 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Newfleet High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Newfleet Low Duration Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Newfleet Multi-Sector Intermediate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Newfleet Multi-Sector Short Term Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund's Schedule of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Net amount represents the net amount receivable due from the counterparty in the event of default.

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025
The following table reflects a breakdown of investments made from cash collateral received from lending activities and the remaining contractual maturity of those transactions as of March 31, 2025 for the Funds:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Investment of Cash Collateral** | &nbsp;&nbsp;&nbsp;&nbsp;**Overnight<br> and<br> Continuous** |
| Newfleet Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;$1489 |
| Newfleet High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1611 |
| Newfleet Low Duration Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 |
| Newfleet Multi-Sector Intermediate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8394 |
| Newfleet Multi-Sector Short Term Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21485 |

---

---

| | |
|:---|:---|
| **L.** | **Segment Reporting** |
|  | Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations. |

---

#### Note 3. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

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

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $1 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$1+ Billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $2 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$2+ Billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Low Duration Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.375% |

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $1 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$1+ Billion through<br> $2 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$2+ Billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Multi-Sector Intermediate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $1 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$1+ Billion through<br> $2 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$2+ Billion through<br> $10 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$10+ Billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Multi-Sector Short Term Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.425% |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $2 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$2+ Billion through<br> $4 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$4+ Billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Senior Floating Rate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;&nbsp;0.38% |

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[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

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| | |
|:---|:---|
| **B.** | **Subadvisers** |
|  | The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the six months is as follows: |

---

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

---

| |
|:---|
| **Fund** |
| Newfleet Core Plus Bond Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Newfleet High Yield Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Newfleet Low Duration Core Plus Bond Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Newfleet Multi-Sector Intermediate Bond Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Newfleet Multi-Sector Short Term Bond Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(1)</sup> |
| Newfleet Senior Floating Rate Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfleet<sup>(1)</sup> |
| Seix Tax-Exempt Bond Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix<sup>(2)</sup> |

---

<sup>(1)</sup> Newfleet Asset Management ("Newfleet"), a division of Virtus Fixed Income Advisers, LLC ("VFIA"), an indirect wholly owned subsidiary of Virtus. <br> <sup>(2)</sup> Seix Investment Advisors ("Seix"), a division of VFIA, an indirect, wholly-owned subsidiary of Virtus.

---

| | |
|:---|:---|
| **C.** | **Expense Limitations** |
|  | The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through January 31, 2026, except for Newfleet Core Plus Bond Fund, which has a term through January 31, 2027. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C1** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |
| Newfleet Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70% | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;0.41% |
| Newfleet High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| Newfleet Low Duration Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| Newfleet Multi-Sector Intermediate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| Newfleet Multi-Sector Short Term Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.66% | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| Newfleet Senior Floating Rate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Seix Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |

---

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

---

| | |
|:---|:---|
| **D.** | **Expense Recapture** |
|  | Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the six months ending March 31: |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Newfleet Core Plus Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$35 | &nbsp;&nbsp;&nbsp;&nbsp;$85 | &nbsp;&nbsp;&nbsp;&nbsp;$113 | &nbsp;&nbsp;&nbsp;&nbsp;$70 | &nbsp;&nbsp;&nbsp;&nbsp;$303 |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 |
| &nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| Newfleet High Yield Fund |  |  |  |  |  |
| &nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
| &nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp; Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| Newfleet Low Duration Core Plus Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 |
| &nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013 |
| &nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 |

---

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expiration** | **Expiration** | **Expiration** | **Expiration** |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Newfleet Multi-Sector Intermediate Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$36 | &nbsp;&nbsp;&nbsp;&nbsp;$78 | &nbsp;&nbsp;&nbsp;&nbsp;$76 | &nbsp;&nbsp;&nbsp;&nbsp;$39 | &nbsp;&nbsp;&nbsp;&nbsp;$229 |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 |
| &nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 |
| Newfleet Multi-Sector Short Term Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1679 |
| &nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 |
| &nbsp;&nbsp;Class C1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 |
| &nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9054 |
| &nbsp;&nbsp; Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 |
| Newfleet Senior Floating Rate Fund |  |  |  |  |  |
| &nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 |
| &nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 |
| &nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Seix Tax-Exempt Bond Fund |  |  |  |  |  |
| &nbsp;&nbsp; Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 |
| &nbsp;&nbsp; Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 |

---

During the six months ended March 31, 2025 the Adviser did not recapture any expenses previously waived.

---

| | |
|:---|:---|
| **E.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the six months ended March 31, 2025, it retained net commissions of $14 for Class A shares and CDSC of $11, $1 and $2 for Class A shares, Class C shares and Class C1 shares, respectively. |
|  | In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares (0.50% for Newfleet Multi-Sector Short Term Bond Fund), and 1.00% for Class C1 shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. |
|  | Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the six months ended March 31, 2025, the Funds incurred administration fees totaling $3,030 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the six months ended March 31, 2025, the Funds incurred transfer agent fees totaling $1,357 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |
| **G.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the six months ended March 31, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
|  | A summary of the Funds total long-term and short-term purchases and sales of the respective shares of the affiliated underlying<sup>(1)</sup> funds during the six months ended March 31, 2025, is as follows: |

---

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

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Core Plus Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet ABS/MBS ETF<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2262 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;$2269 | &nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;$15 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2262 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;$2269 |  | &nbsp;&nbsp;&nbsp;&nbsp;$15 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—0.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet ABS/MBS ETF<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$2262 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;$2269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93000 | &nbsp;&nbsp;&nbsp;&nbsp;$15 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet Short Duration High Yield Bond ETF<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp;103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$4521 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(22) | &nbsp;&nbsp;&nbsp;&nbsp;$4499 |  | &nbsp;&nbsp;&nbsp;&nbsp;$35 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet ABS/MBS ETF<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3818 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;$3830 | &nbsp;&nbsp;&nbsp;&nbsp;157000 | &nbsp;&nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3818 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;$3830 |  | &nbsp;&nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Funds—1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet ABS/MBS ETF<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$22591 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$72 | &nbsp;&nbsp;&nbsp;&nbsp;$22663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929000 | &nbsp;&nbsp;&nbsp;&nbsp;$151 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet Short Duration High Yield Bond ETF<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$22617 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(294) | &nbsp;&nbsp;&nbsp;&nbsp;$22323 | &nbsp;&nbsp;&nbsp;&nbsp;1031000 | &nbsp;&nbsp;&nbsp;&nbsp;$197 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$45208 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(222) | &nbsp;&nbsp;&nbsp;&nbsp;$44986 |  | &nbsp;&nbsp;&nbsp;&nbsp;$348 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | |
|:---|:---|
| **<sup>Footnote Legend:</sup>** | **<sup>Footnote Legend:</sup>** |
| <sup>(1)</sup> | The Funds do not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Funds within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At March, 2025, the Newfleet Multi-Sector Short Term Bond Fund was the owner of record of 72% of the Virtus Newfleet Short Duration High Yield Bond ETF and 46% the Virtus Newfleet ABS/MBS ETF. The Newfleet Core Plus Bond Fund, Newfleet Low Duration Core Plus Bond Fund, and Newfleet Multi-Sector Intermediate Bond Fund were the owner of record of less than 10% of their respective affiliated underlying funds. |
| <sup>(2)</sup> | Includes reinvested dividends from income and capital gain distributions. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **H.** | **Trustee Deferred Compensation Plan** |
|  | The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at March 31, 2025. |

---

#### Note 4. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the six months ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$140288 | &nbsp;&nbsp;&nbsp;&nbsp;$75388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Low Duration Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Multi-Sector Intermediate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Multi-Sector Short Term Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1240489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Senior Floating Rate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9939 |

---

Purchases and sales of long-term U.S. government and agency securities during the six months ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$31885 | &nbsp;&nbsp;&nbsp;&nbsp;$14431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Low Duration Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Multi-Sector Intermediate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Multi-Sector Short Term Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186227 |

---

#### Note 5. Capital Share Transactions

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

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet High Yield Fund** | &nbsp;&nbsp;**Newfleet High Yield Fund** | &nbsp;&nbsp;**Newfleet High Yield Fund** | &nbsp;&nbsp;**Newfleet High Yield Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;$5450 | &nbsp;&nbsp;&nbsp;&nbsp;1692 | &nbsp;&nbsp;$16992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;$2711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;$2338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4581) | &nbsp;&nbsp;&nbsp;&nbsp;(1193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4604) | &nbsp;&nbsp;&nbsp;&nbsp;(1932) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;$3578 | &nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;$14125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) | &nbsp;&nbsp;$(808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(714) | &nbsp;&nbsp;$(2696) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;$1286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;$3300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;$181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;$978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;$931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;$2627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | &nbsp;&nbsp;$(131) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;$891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;14490 | &nbsp;&nbsp;$148173 | &nbsp;&nbsp;&nbsp;24780 | &nbsp;&nbsp;$252841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;$2690 | &nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;$8918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9928 | &nbsp;&nbsp;&nbsp;&nbsp;1111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(6039) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61556) | &nbsp;&nbsp;&nbsp;&nbsp;(5781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2471) | &nbsp;&nbsp;&nbsp;&nbsp;(2762) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10295) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;9422 | &nbsp;&nbsp;$96545 | &nbsp;&nbsp;&nbsp;20110 | &nbsp;&nbsp;$205721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120 | &nbsp;&nbsp;$468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) | &nbsp;&nbsp;$(861) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;$1544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;$5933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;$834 | &nbsp;&nbsp;&nbsp;&nbsp;2262 | &nbsp;&nbsp;$8454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;$840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;$4481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;$816 | &nbsp;&nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;$8538 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;$5990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;$8810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1452 | &nbsp;&nbsp;$13311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752 | &nbsp;&nbsp;$25155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(818) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8698) | &nbsp;&nbsp;&nbsp;&nbsp;(1530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15982) | &nbsp;&nbsp;&nbsp;&nbsp;(1497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13694) | &nbsp;&nbsp;&nbsp;&nbsp;(1417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12858) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) | &nbsp;&nbsp;$(1633) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480) | &nbsp;&nbsp;$(5018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;$1759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1741 | &nbsp;&nbsp;$15985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;$621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;$1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;$1501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;467 | &nbsp;&nbsp;$4306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3667) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;$(328) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173) | &nbsp;&nbsp;$(1800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;$(378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$396 |

---

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Low Duration Core Plus Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Intermediate Bond Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;9185 | &nbsp;&nbsp;$97694 | &nbsp;&nbsp;&nbsp;&nbsp;11512 | &nbsp;&nbsp;$120345 | &nbsp;&nbsp;&nbsp;&nbsp;16974 | &nbsp;&nbsp;$154818 | &nbsp;&nbsp;&nbsp;&nbsp;35176 | &nbsp;&nbsp;$319001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(4911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52222) | &nbsp;&nbsp;&nbsp;&nbsp;(10473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109439) | &nbsp;&nbsp;&nbsp;&nbsp;(12381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112704) | &nbsp;&nbsp;&nbsp;&nbsp;(10956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;5030 | &nbsp;&nbsp;$53521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;$24475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6460 | &nbsp;&nbsp;$59120 | &nbsp;&nbsp;&nbsp;&nbsp;26904 | &nbsp;&nbsp;$244372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;$1512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;$4501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp;$4007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444 | &nbsp;&nbsp;$41686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(854) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9099) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2490) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3691) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(708) | &nbsp;&nbsp;$(7545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;$2046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) | &nbsp;&nbsp;$(688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4173 | &nbsp;&nbsp;$39213 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** | &nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** | &nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** | &nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9384 | &nbsp;&nbsp;$42484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17430 | &nbsp;&nbsp;$77848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;$2711 | &nbsp;&nbsp;&nbsp;&nbsp;2311 | &nbsp;&nbsp;$20144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(17075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77278) | &nbsp;&nbsp;&nbsp;&nbsp;(40003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(178535) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(824) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7166) | &nbsp;&nbsp;&nbsp;&nbsp;(2486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21629) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4976) | &nbsp;&nbsp;$(22493) | &nbsp;&nbsp;&nbsp;&nbsp;(16836) | &nbsp;&nbsp;$(75026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(277) | &nbsp;&nbsp;$(2401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;$2237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;$598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;$1178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34454) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1041) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2967) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2564) | &nbsp;&nbsp;$(11799) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6478) | &nbsp;&nbsp;$(29309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) | &nbsp;&nbsp;$(296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | &nbsp;&nbsp;$(1421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;$2648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;$3762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(322) | &nbsp;&nbsp;$(1476) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1466) | &nbsp;&nbsp;$(6611) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;117831 | &nbsp;&nbsp;$534655 | &nbsp;&nbsp;&nbsp;&nbsp;195186 | &nbsp;&nbsp;$873868 | &nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;$26217 | &nbsp;&nbsp;&nbsp;&nbsp;5458 | &nbsp;&nbsp;$47601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(118484) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(537399) | &nbsp;&nbsp;&nbsp;&nbsp;(237659) | &nbsp;&nbsp;&nbsp;&nbsp;(1060594) | &nbsp;&nbsp;&nbsp;&nbsp;(3634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31502) | &nbsp;&nbsp;&nbsp;&nbsp;(5937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18066 | &nbsp;&nbsp;$82241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6486) | &nbsp;&nbsp;$(25376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162) | &nbsp;&nbsp;$(1295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;$4468 |

---

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;**Newfleet Multi-Sector Short Term Bond Fund** | &nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** | &nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** | &nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** | &nbsp;&nbsp;**Newfleet Senior Floating Rate Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225 | &nbsp;&nbsp;$14657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170 | &nbsp;&nbsp;$18812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;$38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11666) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(237) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;$3583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2807 | &nbsp;&nbsp;$12650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39) | &nbsp;&nbsp;$(338) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Seix Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Tax-Exempt Bond Fund** | &nbsp;&nbsp;**Seix Tax-Exempt Bond Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;$350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;$894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(153) | &nbsp;&nbsp;$(1559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389) | &nbsp;&nbsp;$(3957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;$73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;$119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;$(145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;$(183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;$1904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;$5789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(661) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6765) | &nbsp;&nbsp;&nbsp;&nbsp;(1702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(441) | &nbsp;&nbsp;$(4497) | &nbsp;&nbsp;&nbsp;&nbsp;(1045) | &nbsp;&nbsp;$(10549) |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Amount is less than $500 (not in thousands).

#### Note 6. 10% Shareholders
As of March 31, 2025, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts<sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;63% | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Low Duration Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Multi-Sector Intermediate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Multi-Sector Short Term Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Senior Floating Rate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seix Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

<sup>\*</sup> None of the accounts are affiliated.

#### Note 7. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

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

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

#### Note 8. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

#### Note 9. Restricted Securities
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities. At March 31, 2025, the Funds did not hold any securities that were restricted.

#### Note 10. Redemption Facility

#### ($ reported in thousands)
The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended, ("Credit Agreement") with a commercial bank. The Credit Agreement has a term of 364 days through July 3, 2025, with $35,000 of the total line of credit of $250,000 being allocated to the Newfleet Senior Floating Rate Fund and $215,000 being available to the Funds and certain other affiliated funds. The Credit Agreement allows the Funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each Fund's total net assets in accordance with the terms of the agreement. Each Fund, that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. This Credit Agreement has a scheduled termination date of July 3, 2025, however, the Funds may request at any time and from time to time to extend the termination date by 364 days. Interest is charged at the higher of a SOFR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the six months ended March 31, 2025, are included in the "interest expense and/or commitment fees" line on the Statements of Operations.

The following Fund had outstanding loans during the six months period. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Incurred on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Days<br> Outstanding** |
| Newfleet Senior Floating Rate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;$3500 | &nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;2 |

---

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

#### Note 11. Federal Income Tax Information

#### ($ reported in thousands)
At March 31, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Newfleet Core Plus Bond Fund<br>| $494226 | &nbsp;&nbsp;&nbsp;&nbsp;$3121 | &nbsp;&nbsp;&nbsp;&nbsp;$(9612) | &nbsp;&nbsp;&nbsp;&nbsp;$(6491) |
| Newfleet High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1246) |
| Newfleet Low Duration Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;468560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2034) |
| Newfleet Multi-Sector Intermediate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;788256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15956) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8343) |
| Newfleet Multi-Sector Short Term Bond Fund<br>| &nbsp;&nbsp;4569910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66821) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37015) |
| Newfleet Senior Floating Rate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;188828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3092) |
| Seix Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1016) |

---

The Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended September 30, 2024, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| Newfleet Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2859 | &nbsp;&nbsp;&nbsp;&nbsp;$4545 |
| Newfleet High Yield Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6060 |
| Newfleet Low Duration Core Plus Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18962 |
| Newfleet Multi-Sector Intermediate Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21427 |
| Newfleet Multi-Sector Short Term Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245381 |
| Newfleet Senior Floating Rate Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65883 |
| Seix Tax-Exempt Bond Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 |

---

#### Note 12. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 13. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that the following subsequent events require recognition or disclosure in these financial statements.

Effective April 1, 2025, a new expense limitation of 0.35% went into effect for Class R6 shares for the Newfleet Core Plus Bond Fund. In addition, effective on the same date, the adviser reduced the management fee to 0.35% for Newfleet Core Plus Bond Fund.

------

[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### OTHER INFORMATION (Unaudited)

#### March 31, 2025

#### FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants
None

#### FORM N-CSR ITEM 9 - Proxy Disclosure
None

#### FORM N-CSR ITEM 10 - Remuneration Paid to Trustees
For the six months ended March 31, 2025, the Funds incurred independent Trustee's fees totaling $244 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

#### FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract
**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS NEWFLEET CORE PLUS BOND FUND, VIRTUS NEWFLEET HIGH YIELD FUND, VIRTUS NEWFLEET LOW DURATION CORE PLUS BOND FUND, VIRTUS NEWFLEET MULTI-SECTOR INTERMEDIATE BOND FUND, VIRTUS NEWFLEET MULTI-SECTOR SHORT TERM BOND FUND, VIRTUS NEWFLEET SENIOR FLOATING RATE FUND AND VIRTUS SEIX TAX-EXEMPT BOND FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES**

The Board of Trustees (the "Board") of Virtus Opportunities Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, Inc. ("VIA"), with respect to each Fund and the continuation of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements")(together with the Advisory Agreement, the "Agreements") among the Trust, VIA and Virtus Fixed Income Advisers, LLC ("VFIA"), operating through its division Newfleet Asset Management ("Newfleet"), with respect to Virtus Newfleet Core Plus Bond Fund, Virtus Newfleet High Yield Fund, Virtus Newfleet Low Duration Core Plus Bond Fund, Virtus Newfleet Multi-Sector Intermediate Bond Fund, Virtus Newfleet Multi-Sector Short Term Bond Fund, and Virtus Newfleet Senior Floating Rate Fund; and among the Trust, VIA and VFIA, operating through its division, Seix Investment Advisors ("Seix"), with respect to Virtus Seix Tax-Exempt Bond Fund (each of Newfleet and Seix, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on August 27, 2024, October 29, 2024, and November 18-20, 2024 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered and approved the continuation of each Agreement, as further discussed below.

In connection with the approval of the Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and each Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Subadvisers with respect to the Fund(s) they manage. The Board noted the affiliation of the Subadvisers with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. The Independent Trustees also submitted questions to management and considered the responses provided. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and each of the Subadvisers; (b) the performance of the Fund as compared to an appropriate peer group, an appropriate index and comparable accounts; (c) the level and method of computing the Fund's advisory and subadvisory fees, and comparisons of the Fund's advisory fee rates and total expenses with those of a group of funds with similar investment strategies; (d) the profitability of VIA under the Advisory Agreement; (e) any "fall-out" benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA's or the applicable Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on the Fund's performance and expenses; (g) fees paid to VIA and the Subadvisers by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

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#### VIRTUS OPPORTUNITIES TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
<u>Nature, Extent and Quality of Services</u>

In response to Independent Trustee request, the Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. In considering the Advisory Agreement with VIA, the Board considered that VIA is responsible for management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers, subject to shareholder approval. In considering the Advisory Agreement, the Board considered VIA's process for supervising and managing the Funds' subadvisers, including (a) VIA's ability to select and monitor subadvisers; (b) VIA's ability to provide the services necessary to monitor subadvisers' compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA's supervision of the Funds' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties to the Funds and other funds managed through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Fund's(s') investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the respective Fund(s) is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund's(s') prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the applicable Fund(s).

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe") and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio compositions, as well as each Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Fund. The Board was mindful of VIA's focus on each Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended March 31, 2024. The Board also reviewed comparisons of each Fund's contractual and net management fee and net total expense levels to those of its peer universe when considering Fund performance.

<u>Virtus Newfleet Core Plus Bond Fund.</u> The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the first quarter, 1-, 3-, 5- and 10-year periods.

The Board also noted that the Fund's performance was in the first quintile of the comparative performance for the 1-, 3-, 5-, and 10-year periods.

<u>Virtus Newfleet High Yield Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe for the first quarter, 1-, 3-, 5- and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the first quarter, 1-, 3-, and 5-year periods and underperformed its benchmark for the 10-year period.

The Board also noted that the Fund's performance was in the first quintile of the comparative performance for the 1-, 5-, and 10-year periods and second quintile for the 3-year period.

<u>Virtus Newfleet Low Duration Core Plus Bond Fund</u>. The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the first quarter, 1-, 3-, 5-, and 10-year periods.

The Board also noted that the Fund's performance was in the first quintile of the comparative performance for the 1-, 3-, 5-, and 10-year periods.

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#### VIRTUS OPPORTUNITIES TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
<u>Virtus Newfleet Multi-Sector Intermediate Bond Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter and 1-year periods and outperformed the median of its Performance Universe for the 3-, 5-, and 10-year periods. The Board also noted that the Fund outperformed its benchmark for the first quarter, 1-, 3-, 5-, and 10-year periods.

The Board also noted that the Fund's performance was in the third quintile of the comparative performance for the 1-year period and second quintile for the 3-, 5-, and 10-year periods.

<u>Virtus Newfleet Multi-Sector Short Term Bond Fund</u>. The Board noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the first quarter, 1-, 3-, 5-, and 10-year periods.

The Board also noted that the Fund's performance was in the first quintile of the comparative performance for the 1-, 3-, 5-, and 10-year periods.

<u>Virtus Newfleet Senior Floating Rate Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter and 1-year periods and outperformed the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the first quarter, 1-, 3-, 5- and 10-year periods.

The Board also noted that the Fund's performance was in the fourth quintile of the comparative performance for the 1-year period and second quintile for the 3-, 5-, and 10-year periods.

<u>Virtus Seix Tax-Exempt Bond Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter, 1-, 3- and 5-year periods and outperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- 5- and 10-year periods and outperformed its benchmark for the first quarter period.

The Board also noted that the Fund's performance was in the fifth quintile of the comparative performance for the 1-year period, fourth quintile for the 3- and 5-year periods, and third quintile for the 10-year period.

The Board also considered management's discussion about the reasons for each applicable Fund's underperformance relative to its peer group or benchmark. After reviewing these and related factors, the Board concluded that each Fund's overall performance, taking into account, reasons discussed for certain Funds' underperformance and/or actions taken to address underperformance, was satisfactory.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, highest in these expense component rankings). In comparing each Fund's net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also noted that all of the Funds had expense caps in place to limit the total expenses incurred by the Funds and their shareholders. The Board also noted that any subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Subadvisers provided, and the Board considered, fee information of comparable accounts managed by the Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

<u>Virtus Newfleet Core Plus Bond Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.

<u>Virtus Newfleet High Yield Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was above the median of the Expense Group and the net total expenses after waivers were equal to the median of the Expense Group.

<u>Virtus Newfleet Low Duration Core Plus Bond Fund.</u> The Board considered that the Fund's net management fee was in the second quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.

<u>Virtus Newfleet Multi-Sector Intermediate Bond Fund.</u> The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.

<u>Virtus Newfleet Multi-Sector Short Term Bond Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fifth quintile. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.

<u>Virtus Newfleet Senior Floating Rate Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was below the median of the Expense Group and the net total expenses after waivers were equal to the median of the Expense Group.

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#### VIRTUS OPPORTUNITIES TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
<u>Virtus Seix Tax-Exempt Bond Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.

The Board concluded that the advisory and subadvisory fees for each Fund, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds and other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from each Fund was not excessive in light of the quality of the services rendered to the Funds by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadvisers, the Board noted that, because the Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds' assets grow. The Board noted that the management fees for all of the Funds included breakpoints based on assets under management, and that expense caps were also in place for the Funds. The Board also took into account management's discussion of each Fund's advisory fee and subadvisory fee structure. The Board also took into account the current sizes of the Funds. The Board also noted that VIA had agreed to implement an extension of each Fund's expense caps through January 31, 2026. The Board then concluded that no changes to the advisory fee structure of the Funds with respect to economies of scale were necessary at this time. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

With respect to whether the Subadvisers would realize economies of scale as the Funds' assets grow, the Board noted that because the subadvisory fee rate paid by VIA to each Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense caps would affect the subadvisory fees paid to the Subadvisers. As a result, the Board concluded that the Subadvisers would share in any economies of scale realized by VIA.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and each Subadviser and their affiliates from their relationships with the Fund(s). Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadvisers, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadvisers also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fee to be earned under the applicable Agreement(s). The Board considered that there may be certain indirect or ancillary benefits which may accrue to VIA and its affiliates, including (but not limited to): (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

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#### VIRTUS OPPORTUNITIES TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

#### Principal Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

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

Timothy Branigan, Vice President and Fund Chief Compliance Officer

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

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

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

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

#### How to Contact Us

---

| | |
|:---|:---|
| Mutual Fund Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-800-243-1574 |
| Adviser Consulting Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1-800-243-4361 |
| Website | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Virtus.com** |

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[**Table of Contents**](#JOB_VOT___a4c72bb7-d6df-47af-9bf8-9e0cc3b1b570_TOC)

![](g945773imga11e058d2.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

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| | |
|:---|:---|
| 8640 | 05-25 |

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SEMIANNUAL FINANCIALS (FORM N-CSR Item 7-11)

## VIRTUS OPPORTUNITIES TRUST
![](g903073img15ea54d21.gif)

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March 31, 2025

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| |
|:---|
| Virtus Duff & Phelps Global Infrastructure Fund |
| Virtus Duff & Phelps Global Real Estate Securities Fund |
| Virtus Duff & Phelps Real Asset Fund |
| Virtus Duff & Phelps Real Estate Securities Fund |
| Virtus KAR Developing Markets Fund |
| Virtus KAR Emerging Markets Small-Cap Fund |
| Virtus KAR International Small-Mid Cap Fund |
| Virtus SGA Emerging Markets Equity Fund |

---

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Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_d58ab2e2-ce24-4823-aa2d-f5ddf3b4f7b7_1) | 1 |
| **Fund** | **Schedule<br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Duff & Phelps Global Infrastructure Fund ("Duff & Phelps Global Infrastructure Fund")](#xx_2d68915a-70ed-4af8-bb6c-30c8d90607ef_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Duff & Phelps Global Real Estate Securities Fund ("Duff & Phelps Global Real Estate Securities Fund")](#xx_f8a2336f-3dd3-499c-bff3-f6ac82bdba6c_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Duff & Phelps Real Asset Fund ("Duff & Phelps Real Asset Fund")](#xx_166b7f7c-c6e9-4e6d-966c-73caae71dd0f_1) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Duff & Phelps Real Estate Securities Fund ("Duff & Phelps Real Estate Securities Fund")](#xx_9ae78680-3c44-42d9-8f90-3392312f9c04_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus KAR Developing Markets Fund ("KAR Developing Markets Fund")](#xx_9fd69acb-9ded-4382-ba52-aa9f8dfa5796_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus KAR Emerging Markets Small-Cap Fund ("KAR Emerging Markets Small-Cap Fund")](#xx_07b9a279-3066-467e-b5f5-5db81777c602_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus KAR International Small-Mid Cap Fund ("KAR International Small-Mid Cap Fund")](#xx_6e4972a8-5d2d-4494-9dec-51312ac7c1f4_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus SGA Emerging Markets Equity Fund ("SGA Emerging Markets Equity Fund")](#xx_610def93-09cf-4055-882c-03417b31e07d_1) | 13 |
| [Statements of Assets and Liabilities](#xx_f9008e6f-24bc-499a-b72d-26b63732f487_1) | 14 |
| [Statements of Operations](#xx_7680f3e4-ca93-4f6f-a7e0-f4119959753e_1) | 18 |
| [Statements of Changes in Net Assets](#xx_0a532592-381f-4083-90d2-9c993fb7aa18_1) | 20 |
| [Financial Highlights](#xx_ba536b21-1c60-4525-9804-bad0ae145557_1) | 24 |
| [Notes to Financial Statements](#xx_513ab37d-876e-4f80-b196-42e24daadd96_1) | 31 |
| [Other Information](#xx_fcaa7629-ea4a-4fe2-9506-1f74febc50d1_1) | 45 |

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

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

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

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#### VIRTUS OPPORTUNITIES TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### March 31, 2025

#### American Depositary Receipt ("ADR")
Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

#### Exchange-Traded Fund ("ETF")
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

#### Global Depositary Receipt ("GDR")
Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by an international bank or a trust. Foreign companies use GDRs in order to make it easier for foreign investors to buy their shares.

#### Joint Stock Company ("JSC")
A joint-stock company is a business entity in which shares of the company's stock can be bought and sold by shareholders. Each shareholder owns company stock in proportion, evidenced by their shares (certificates of ownership). Shareholders are able to transfer their shares to others without any effects to the continued existence of the company.

#### Master Limited Partnership ("MLP")
A type of limited partnership that is publicly traded. The partnership must derive most of its cash flows from real estate, natural resources and commodities.

#### Real Estate Investment Trust ("REIT")
A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

#### Standard & Poor's Depositary Receipt (SPDR)
A portfolio of stocks tracking an index, commonly held by ETFs that offer investors a manner in which to experience the investment performance of the index without owning each individual security.

#### Secured Overnight Financing Rate ("SOFR")
A broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

#### Sponsored ADR
An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange.

#### U.S. Treasury Inflation-Protected Securities ("TIPS")
A United States Treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation.

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### Duff & Phelps Global Infrastructure Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.4%** | **Common Stocks—99.4%** | **Common Stocks—99.4%** |
| **Communication Services—2.2%** | **Communication Services—2.2%** |  |
| Cellnex Telecom S.A. (Spain) | 88118 | $3132 |
| **Energy—17.0%** | **Energy—17.0%** |  |
| Cheniere Energy, Inc. (United States) | 18925 | &nbsp;&nbsp; 4379 |
| DT Midstream, Inc. (United States) | 13829 | &nbsp;&nbsp; 1334 |
| Enbridge, Inc. (Canada) | 44999 | &nbsp;&nbsp; 1994 |
| ONEOK, Inc. (United States) | 40916 | &nbsp;&nbsp; 4060 |
| Pembina Pipeline Corp. (Canada) | 55933 | &nbsp;&nbsp; 2237 |
| Targa Resources Corp. (United States) | 14249 | &nbsp;&nbsp; 2857 |
| TC Energy Corp. (Canada) | 82680 | &nbsp;&nbsp; 3903 |
| Williams Cos., Inc. (The) (United States) | 65888 | &nbsp;&nbsp; 3938 |
|  |  | &nbsp;&nbsp; 24702 |
| **Industrials—26.2%** | **Industrials—26.2%** |  |
| Aena SME S.A. (Spain) | 37923 | &nbsp;&nbsp; 8897 |
| Auckland International Airport Ltd. (New Zealand) | 744512 | &nbsp;&nbsp; 3455 |
| Canadian Pacific Kansas City Ltd. (Canada) | 44803 | &nbsp;&nbsp; 3144 |
| Ferrovial SE (Netherlands) | 63380 | &nbsp;&nbsp; 2835 |
| Flughafen Zurich AG Registered Shares (Switzerland) | 12955 | &nbsp;&nbsp; 3073 |
| GEK TERNA S.A. (Greece)<sup>(1)</sup> | 36878 | &nbsp;&nbsp; 767 |
| Grupo Aeroportuario del Centro Norte SAB de C.V. Class B (Mexico) | 89800 | &nbsp;&nbsp; 882 |
| Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico)<sup>(1)</sup> | 38540 | &nbsp;&nbsp; 712 |
| Norfolk Southern Corp. (United States) | 16492 | &nbsp;&nbsp; 3906 |
| Transurban Group (Australia) | 358196 | &nbsp;&nbsp; 3017 |
| Union Pacific Corp. (United States) | 25749 | &nbsp;&nbsp; 6083 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Vinci S.A. (France) | 11347 | $1431 |
|  |  | &nbsp;&nbsp; 38202 |
| **Real Estate—5.9%** | **Real Estate—5.9%** |  |
| American Tower Corp. (United States) | 26244 | &nbsp;&nbsp; 5711 |
| Crown Castle, Inc. (United States) | 27654 | &nbsp;&nbsp; 2882 |
|  |  | &nbsp;&nbsp; 8593 |
| **Utilities—48.1%** | **Utilities—48.1%** |  |
| Alliant Energy Corp. (United States) | 24087 | &nbsp;&nbsp; 1550 |
| Ameren Corp. (United States) | 25874 | &nbsp;&nbsp; 2598 |
| Atmos Energy Corp. (United States) | 19051 | &nbsp;&nbsp; 2945 |
| CenterPoint Energy, Inc. (United States) | 82738 | &nbsp;&nbsp; 2997 |
| Duke Energy Corp. (United States) | 31707 | &nbsp;&nbsp; 3867 |
| E.ON SE (Germany) | 146328 | &nbsp;&nbsp; 2209 |
| EDP S.A. (Portugal) | 315101 | &nbsp;&nbsp; 1061 |
| Emera, Inc. (Canada) | 36903 | &nbsp;&nbsp; 1554 |
| Entergy Corp. (United States) | 33057 | &nbsp;&nbsp; 2826 |
| Evergy, Inc. (United States) | 39483 | &nbsp;&nbsp; 2722 |
| Iberdrola S.A. (Spain) | 126557 | &nbsp;&nbsp; 2044 |
| National Grid plc (United Kingdom) | 377612 | &nbsp;&nbsp; 4926 |
| NextEra Energy, Inc. (United States) | 98783 | &nbsp;&nbsp; 7003 |
| NiSource, Inc. (United States) | 86801 | &nbsp;&nbsp; 3480 |
| OGE Energy Corp. (United States) | 34268 | &nbsp;&nbsp; 1575 |
| Pennon Group plc (United Kingdom) | 333548 | &nbsp;&nbsp; 1932 |
| PG&E Corp. (United States) | 204061 | &nbsp;&nbsp; 3506 |
| PPL Corp. (United States) | 83845 | &nbsp;&nbsp; 3028 |
| Redeia Corp. S.A. (Spain) | 96147 | &nbsp;&nbsp; 1930 |
| Sempra (United States) | 71490 | &nbsp;&nbsp; 5101 |
| Severn Trent plc (United Kingdom) | 43409 | &nbsp;&nbsp; 1421 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Southern Co. (The) (United States) | 28142 | $2588 |
| SSE plc (United Kingdom) | 69549 | &nbsp;&nbsp;&nbsp; 1432 |
| United Utilities Group plc (United Kingdom) | 178640 | &nbsp;&nbsp;&nbsp; 2331 |
| WEC Energy Group, Inc. (United States) | 30904 | &nbsp;&nbsp;&nbsp; 3368 |
|  |  | &nbsp;&nbsp;&nbsp; 69994 |
| **Total Common Stocks<br> (Identified Cost $126,963)** | **Total Common Stocks<br> (Identified Cost $126,963)** | &nbsp;&nbsp;&nbsp;&nbsp;**144623** |
| **Total Long-Term Investments—99.4%<br> (Identified Cost $126,963)** | **Total Long-Term Investments—99.4%<br> (Identified Cost $126,963)** | &nbsp;&nbsp;&nbsp;&nbsp;**144623** |
| **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $126,963)** | **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $126,963)** | &nbsp;&nbsp;**$144623** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp;&nbsp;&nbsp; 920 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$145543** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;58% |
| Spain | &nbsp;&nbsp;11 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| New Zealand | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45893 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$144623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$98730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45893 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

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

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.8%** | **Common Stocks—98.8%** | **Common Stocks—98.8%** |
| **Australia—3.8%** | **Australia—3.8%** |  |
| National Storage REIT | 2625662 | $3666 |
| NEXTDC Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;243998 | &nbsp;&nbsp; 1748 |
| Scentre Group | 4033200 | &nbsp;&nbsp; 8533 |
|  |  | &nbsp;&nbsp; 13947 |
| **Belgium—1.7%** | **Belgium—1.7%** |  |
| Aedifica S.A. | &nbsp;&nbsp;&nbsp;&nbsp;54759 | &nbsp;&nbsp; 3698 |
| Warehouses De Pauw CVA | &nbsp;&nbsp;&nbsp;&nbsp;112879 | &nbsp;&nbsp; 2676 |
|  |  | &nbsp;&nbsp; 6374 |
| **Canada—3.7%** | **Canada—3.7%** |  |
| Canadian Apartment Properties REIT | &nbsp;&nbsp;&nbsp;&nbsp;149185 | &nbsp;&nbsp; 4472 |
| Chartwell Retirement Residences | &nbsp;&nbsp;&nbsp;&nbsp;304350 | &nbsp;&nbsp; 3549 |
| First Capital Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;347050 | &nbsp;&nbsp; 3977 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;35879 | &nbsp;&nbsp; 1672 |
|  |  | &nbsp;&nbsp; 13670 |
| **China—1.4%** | **China—1.4%** |  |
| Swire Properties Ltd. (Hong Kong) | 2350000 | &nbsp;&nbsp; 5154 |
| **France—1.7%** | **France—1.7%** |  |
| Klepierre S.A. | &nbsp;&nbsp;&nbsp;&nbsp;181394 | &nbsp;&nbsp; 6071 |
| **Germany—2.3%** | **Germany—2.3%** |  |
| Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;314878 | &nbsp;&nbsp; 8473 |
| **India—0.9%** | **India—0.9%** |  |
| Capitaland India Trust | 4526783 | &nbsp;&nbsp; 3246 |
| **Japan—8.4%** | **Japan—8.4%** |  |
| Comforia Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp; 2378 |
| Japan Hotel REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10866 | &nbsp;&nbsp; 5260 |
| Japan Metropolitan Fund Invest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp; 1935 |
| Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;521500 | &nbsp;&nbsp; 8524 |
| Mitsui Fudosan Co., Ltd. | 1047050 | &nbsp;&nbsp; 9376 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan—continued** | **Japan—continued** |  |
| Mitsui Fudosan Logistics Park, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4866 | $3343 |
|  |  | &nbsp;&nbsp; 30816 |
| **Singapore—1.7%** | **Singapore—1.7%** |  |
| CapitaLand Ascendas REIT | 3091300 | &nbsp;&nbsp; 6108 |
| **Spain—2.5%** | **Spain—2.5%** |  |
| Merlin Properties Socimi S.A. | &nbsp;&nbsp;&nbsp;&nbsp;854796 | &nbsp;&nbsp; 9118 |
| **Sweden—1.0%** | **Sweden—1.0%** |  |
| Castellum AB<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;138466 | &nbsp;&nbsp; 1526 |
| Catena AB | &nbsp;&nbsp;&nbsp;&nbsp;52341 | &nbsp;&nbsp; 2267 |
|  |  | &nbsp;&nbsp; 3793 |
| **United Kingdom—5.8%** | **United Kingdom—5.8%** |  |
| British Land Co. plc (The) | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 2538 |
| Derwent London plc | &nbsp;&nbsp;&nbsp;&nbsp;100260 | &nbsp;&nbsp; 2389 |
| Safestore Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;217722 | &nbsp;&nbsp; 1733 |
| Tritax Big Box REIT plc | 3086900 | &nbsp;&nbsp; 5602 |
| UNITE Group plc (The) | &nbsp;&nbsp;&nbsp;&nbsp;870999 | &nbsp;&nbsp; 9166 |
|  |  | &nbsp;&nbsp; 21428 |
| **United States—63.9%** | **United States—63.9%** |  |
| American Homes 4 Rent Class A | &nbsp;&nbsp;&nbsp;&nbsp;325650 | &nbsp;&nbsp; 12313 |
| American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30735 | &nbsp;&nbsp; 6688 |
| Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;145925 | &nbsp;&nbsp; 3132 |
| AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;67445 | &nbsp;&nbsp; 14475 |
| Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;333508 | &nbsp;&nbsp; 8855 |
| BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;71000 | &nbsp;&nbsp; 4770 |
| Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;113300 | &nbsp;&nbsp; 3342 |
| CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;159975 | &nbsp;&nbsp; 6832 |
| Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;98175 | &nbsp;&nbsp; 14067 |
| Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23310 | &nbsp;&nbsp; 19006 |
| Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90425 | &nbsp;&nbsp; 6031 |
| Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;128500 | &nbsp;&nbsp; 4194 |
| Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23565 | &nbsp;&nbsp; 7224 |
| Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;201531 | &nbsp;&nbsp; 2864 |
| Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;81565 | &nbsp;&nbsp; 7018 |
| Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30750 | &nbsp;&nbsp; 5153 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States—continued** | **United States—continued** |  |
| Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;122550 | $4472 |
| Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;229618 | &nbsp;&nbsp;&nbsp; 25669 |
| Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;32925 | &nbsp;&nbsp;&nbsp; 9854 |
| Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139200 | &nbsp;&nbsp;&nbsp; 5450 |
| Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;56635 | &nbsp;&nbsp;&nbsp; 5179 |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;63521 | &nbsp;&nbsp;&nbsp; 10550 |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;214250 | &nbsp;&nbsp;&nbsp; 14732 |
| Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;109045 | &nbsp;&nbsp;&nbsp; 4034 |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;188950 | &nbsp;&nbsp;&nbsp; 28949 |
|  |  | &nbsp;&nbsp;&nbsp;234853 |
| **Total Common Stocks<br> (Identified Cost $302,811)** | **Total Common Stocks<br> (Identified Cost $302,811)** | &nbsp;&nbsp;&nbsp;&nbsp;**363051** |
| **Total Long-Term Investments—98.8%<br> (Identified Cost $302,811)** | **Total Long-Term Investments—98.8%<br> (Identified Cost $302,811)** | &nbsp;&nbsp;&nbsp;&nbsp;**363051** |
| **TOTAL INVESTMENTS—98.8%<br> (Identified Cost $302,811)** | **TOTAL INVESTMENTS—98.8%<br> (Identified Cost $302,811)** | &nbsp;&nbsp;**$363051** |
| Other assets and liabilities, net—1.2% | Other assets and liabilities, net—1.2% | &nbsp;&nbsp;&nbsp;&nbsp; 4331 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$367382** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;65% |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

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

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

#### March 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$363051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$248523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114528 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$363051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$248523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$114528 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### Duff & Phelps Real Asset Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Affiliated Mutual Funds<sup>(1)</sup>—79.3%** | **Affiliated Mutual Funds<sup>(1)</sup>—79.3%** | **Affiliated Mutual Funds<sup>(1)</sup>—79.3%** |
| **Equity Funds—76.2%** | **Equity Funds—76.2%** |  |
| Virtus Duff & Phelps Global Infrastructure Fund Class R6<sup>(2)</sup> | 396684 | $5938 |
| Virtus Duff & Phelps Global Real Estate Securities Fund Class R6<sup>(2)</sup> | 163960 | &nbsp;&nbsp;&nbsp; 5443 |
| Virtus Duff & Phelps Select MLP and Energy Fund Class I<sup>(2)</sup> | 188194 | &nbsp;&nbsp;&nbsp; 3226 |
| Virtus Duff & Phelps Water Fund Institutional Shares<sup>(2)</sup> | 42754 | &nbsp;&nbsp;&nbsp; 801 |
|  |  | &nbsp;&nbsp;&nbsp;15408 |
| **Fixed Income Fund—3.1%** | **Fixed Income Fund—3.1%** |  |
| Virtus Newfleet Senior Floating Rate Fund Class R6<sup>(2)</sup> | 71814 | &nbsp;&nbsp;&nbsp; 616 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $10,686)** | **Total Affiliated Mutual Funds<br> (Identified Cost $10,686)** | &nbsp;&nbsp;&nbsp;&nbsp;**16024** |
| **Exchange-Traded Funds<sup>(1)</sup>—17.8%** | **Exchange-Traded Funds<sup>(1)</sup>—17.8%** | **Exchange-Traded Funds<sup>(1)</sup>—17.8%** |
| Invesco DB Agriculture Fund<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8900 | &nbsp;&nbsp;&nbsp; 234 |
| Invesco DB Commodity Index Tracking Fund<sup>(3)</sup> | 33374 | &nbsp;&nbsp;&nbsp; 751 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| Schwab U.S. TIPS ETF | &nbsp;&nbsp;&nbsp;&nbsp;9300 | $250 |
| SPDR S&P Global Natural Resources ETF | 29450 | &nbsp;&nbsp;&nbsp; 1568 |
| VanEck Gold Miners ETF | 17400 | &nbsp;&nbsp;&nbsp; 800 |
| **Total Exchange-Traded Funds<br> (Identified Cost $2,540)** | **Total Exchange-Traded Funds<br> (Identified Cost $2,540)** | &nbsp;&nbsp;&nbsp;&nbsp; **3603** |
| **Affiliated Exchange-Traded Fund<sup>(1)</sup>—1.7%** | **Affiliated Exchange-Traded Fund<sup>(1)</sup>—1.7%** | **Affiliated Exchange-Traded Fund<sup>(1)</sup>—1.7%** |
| **Financials—1.7%** | **Financials—1.7%** |  |
| Virtus Duff & Phelps Clean Energy ETF<sup>(2)</sup> | 20900 | &nbsp;&nbsp;&nbsp; 349 |
| **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $369)** | **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $369)** | &nbsp;&nbsp;&nbsp;&nbsp; **349** |
| **Total Long-Term Investments—98.8%<br> (Identified Cost $13,595)** | **Total Long-Term Investments—98.8%<br> (Identified Cost $13,595)** | &nbsp;&nbsp;&nbsp;&nbsp;**19976** |
| **TOTAL INVESTMENTS—98.8%<br> (Identified Cost $13,595)** | **TOTAL INVESTMENTS—98.8%<br> (Identified Cost $13,595)** | &nbsp;&nbsp;**$19976** |
| Other assets and liabilities, net—1.2% | Other assets and liabilities, net—1.2% | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$20214** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DB | Deutsche Bank AG |
| ETF | Exchange-Traded Fund |
| MLP | Master Limited Partnership |
| S&P | Standard & Poor's |
| SPDR | S&P Depositary Receipt |
| TIPS | Treasury-Inflation Protected Securities |

---

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

---

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

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$349 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16024 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19976 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### Duff & Phelps Real Estate Securities Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—98.8%** | **Common Stocks—98.8%** | **Common Stocks—98.8%** |
| **Real Estate Investment Trusts—98.8%** | **Real Estate Investment Trusts—98.8%** |  |
| **Data Centers—12.1%** | **Data Centers—12.1%** |  |
| Digital Realty Trust, Inc. | 115745 | $16585 |
| Equinix, Inc. | 33511 | &nbsp;&nbsp; 27323 |
|  |  | &nbsp;&nbsp; 43908 |
| **Gaming REITs—4.1%** | **Gaming REITs—4.1%** |  |
| Gaming & Leisure Properties, Inc. | 199820 | &nbsp;&nbsp; 10171 |
| VICI Properties, Inc. Class A | 137930 | &nbsp;&nbsp; 4499 |
|  |  | &nbsp;&nbsp; 14670 |
| **Health Care—15.8%** | **Health Care—15.8%** |  |
| Sabra Health Care REIT, Inc. | 570005 | &nbsp;&nbsp; 9958 |
| Ventas, Inc. | 251750 | &nbsp;&nbsp; 17310 |
| Welltower, Inc. | 196180 | &nbsp;&nbsp; 30057 |
|  |  | &nbsp;&nbsp; 57325 |
| **Industrial/Office—17.6%** | **Industrial/Office—17.6%** |  |
| **Industrial—13.0%** | **Industrial—13.0%** |  |
| Americold Realty Trust, Inc. | 175300 | &nbsp;&nbsp; 3762 |
| Prologis, Inc. | 303741 | &nbsp;&nbsp; 33955 |
| Rexford Industrial Realty, Inc. | 236925 | &nbsp;&nbsp; 9276 |
|  |  | &nbsp;&nbsp; 46993 |
| **Office—4.6%** | **Office—4.6%** |  |
| BXP, Inc. | 99700 | &nbsp;&nbsp; 6699 |
| Cousins Properties, Inc. | 174596 | &nbsp;&nbsp; 5151 |
| Vornado Realty Trust | 126560 | &nbsp;&nbsp; 4681 |
|  |  | &nbsp;&nbsp; 16531 |
| Total Industrial/Office | Total Industrial/Office | &nbsp;&nbsp;&nbsp;&nbsp; 63524 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Lodging/Resorts—2.8%** | **Lodging/Resorts—2.8%** |  |
| Host Hotels & Resorts, Inc. | 287144 | $4080 |
| Ryman Hospitality Properties, Inc. | 65257 | &nbsp;&nbsp; 5967 |
|  |  | &nbsp;&nbsp; 10047 |
| **Residential—18.2%** | **Residential—18.2%** |  |
| **Apartments—11.1%** | **Apartments—11.1%** |  |
| AvalonBay Communities, Inc. | 80840 | &nbsp;&nbsp; 17350 |
| Essex Property Trust, Inc. | 28700 | &nbsp;&nbsp; 8799 |
| Mid-America Apartment Communities, Inc. | 83490 | &nbsp;&nbsp; 13991 |
|  |  | &nbsp;&nbsp; 40140 |
| **Manufactured Homes—2.8%** | **Manufactured Homes—2.8%** |  |
| Equity LifeStyle Properties, Inc. | 149400 | &nbsp;&nbsp; 9965 |
| **Single Family Homes—4.3%** | **Single Family Homes—4.3%** |  |
| American Homes 4 Rent Class A | 411200 | &nbsp;&nbsp; 15547 |
| Total Residential | Total Residential | &nbsp;&nbsp;&nbsp;&nbsp; 65652 |
| **Retail—14.3%** | **Retail—14.3%** |  |
| **Free Standing—4.9%** | **Free Standing—4.9%** |  |
| Essential Properties Realty Trust, Inc. | 339850 | &nbsp;&nbsp; 11093 |
| Realty Income Corp. | 114204 | &nbsp;&nbsp; 6625 |
|  |  | &nbsp;&nbsp; 17718 |
| **Regional Malls—4.3%** | **Regional Malls—4.3%** |  |
| Simon Property Group, Inc. | 93266 | &nbsp;&nbsp; 15489 |
| **Shopping Centers—5.1%** | **Shopping Centers—5.1%** |  |
| Brixmor Property Group, Inc. | 383906 | &nbsp;&nbsp; 10193 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Shopping Centers—continued** | **Shopping Centers—continued** |  |
| Kimco Realty Corp. | 124770 | $2650 |
| Phillips Edison & Co., Inc. | 158205 | &nbsp;&nbsp;&nbsp; 5773 |
|  |  | &nbsp;&nbsp;&nbsp; 18616 |
| Total Retail |  | &nbsp;&nbsp;&nbsp; 51823 |
| **Self Storage—7.2%** | **Self Storage—7.2%** |  |
| CubeSmart | 219814 | &nbsp;&nbsp;&nbsp; 9388 |
| Public Storage | 55265 | &nbsp;&nbsp;&nbsp; 16541 |
|  |  | &nbsp;&nbsp;&nbsp; 25929 |
| **Specialty—4.6%** | **Specialty—4.6%** |  |
| Iron Mountain, Inc. | 145400 | &nbsp;&nbsp;&nbsp; 12510 |
| Lamar Advertising Co. Class A | 37200 | &nbsp;&nbsp;&nbsp; 4233 |
|  |  | &nbsp;&nbsp;&nbsp; 16743 |
| **Telecommunications REITs—2.1%** | **Telecommunications REITs—2.1%** |  |
| American Tower Corp. | 34880 | &nbsp;&nbsp;&nbsp; 7590 |
| **Total Common Stocks<br> (Identified Cost $236,404)** | **Total Common Stocks<br> (Identified Cost $236,404)** | &nbsp;&nbsp;&nbsp;&nbsp;**357211** |
| **Total Long-Term Investments—98.8%<br> (Identified Cost $236,404)** | **Total Long-Term Investments—98.8%<br> (Identified Cost $236,404)** | &nbsp;&nbsp;&nbsp;&nbsp;**357211** |
| **TOTAL INVESTMENTS—98.8%<br> (Identified Cost $236,404)** | **TOTAL INVESTMENTS—98.8%<br> (Identified Cost $236,404)** | &nbsp;&nbsp;**$357211** |
| Other assets and liabilities, net—1.2% | Other assets and liabilities, net—1.2% | &nbsp;&nbsp;&nbsp;&nbsp; 4489 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$361700** |

---

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

---

| | |
|:---|:---|
| **Abbreviation:** | **Abbreviation:** |
| REIT | Real Estate Investment Trust |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$357211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$357211 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$357211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$357211 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### KAR Developing Markets Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—96.3%** | **Common Stocks—96.3%** | **Common Stocks—96.3%** |
| **Communication Services—20.5%** | **Communication Services—20.5%** |  |
| Autohome, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057 | $29 |
| Baltic Classifieds Group plc (Lithuania) | &nbsp;&nbsp;&nbsp;&nbsp;63460 | &nbsp;&nbsp; 247 |
| Kanzhun Ltd. ADR (China)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4317 | &nbsp;&nbsp; 83 |
| Sarana Menara Nusantara Tbk PT (Indonesia) | 1699400 | &nbsp;&nbsp; 51 |
| Tencent Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 192 |
| Wirtualna Polska Holding S.A. (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1864 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 641 |
| **Consumer Discretionary—8.2%** | **Consumer Discretionary—8.2%** |  |
| Alibaba Group Holding Ltd. Sponsored ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp; 76 |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9180 | &nbsp;&nbsp; 75 |
| momo.com, Inc. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2159 | &nbsp;&nbsp; 23 |
| Union Auction PCL Foreign Shares (Thailand) | &nbsp;&nbsp;&nbsp;&nbsp;379200 | &nbsp;&nbsp; 84 |
|  |  | &nbsp;&nbsp; 258 |
| **Consumer Staples—14.7%** | **Consumer Staples—14.7%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp; 99 |
| BBB Foods, Inc. Class A (Mexico)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp; 25 |
| Carlsberg Brewery Malaysia Bhd (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp; 29 |
| Heineken Malaysia Bhd (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp; 99 |
| Multi Bintang Indonesia Tbk PT (Indonesia) | &nbsp;&nbsp;&nbsp;&nbsp;155000 | &nbsp;&nbsp; 56 |
| Wal-Mart de Mexico SAB de C.V. (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;44232 | &nbsp;&nbsp; 122 |
| Wuliangye Yibin Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp; 31 |
|  |  | &nbsp;&nbsp; 461 |
| **Financials—12.7%** | **Financials—12.7%** |  |
| Bank Central Asia Tbk PT (Indonesia) | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp; 66 |
| BR Advisory Partners Participacoes S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;13248 | &nbsp;&nbsp; 32 |
| Caixa Seguridade Participacoes S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;48714 | &nbsp;&nbsp; 128 |
| Kaspi.KZ JSC GDR, 144A (Kazakhstan)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp; 57 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Kfin Technologies Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | $14 |
| Optima bank S.A. (Greece) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp; 55 |
| Qualitas Controladora SAB de C.V. (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065 | &nbsp;&nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp;&nbsp; 396 |
| **Industrials—29.0%** | **Industrials—29.0%** |  |
| Credit Bureau Asia Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;161900 | &nbsp;&nbsp;&nbsp; 159 |
| GFC Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp; 50 |
| GPS Participacoes e Empreendimentos S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;17815 | &nbsp;&nbsp;&nbsp; 41 |
| Grupa Pracuj S.A. (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;10787 | &nbsp;&nbsp;&nbsp; 162 |
| Haitian International Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;36166 | &nbsp;&nbsp;&nbsp; 96 |
| Humanica PCL Foreign Shares (Thailand) | &nbsp;&nbsp;&nbsp;&nbsp;114500 | &nbsp;&nbsp;&nbsp; 27 |
| NICE Information Service Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7626 | &nbsp;&nbsp;&nbsp; 61 |
| Precision Tsugami China Corp., Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;45000 | &nbsp;&nbsp;&nbsp; 137 |
| S-1 Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp; 31 |
| Tegma Gestao Logistica S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;16383 | &nbsp;&nbsp;&nbsp; 96 |
| Voltronic Power Technology Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp; 47 |
|  |  | &nbsp;&nbsp;&nbsp; 907 |
| **Information Technology—11.2%** | **Information Technology—11.2%** |  |
| Hundsun Technologies, Inc. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp; 51 |
| LEENO Industrial, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp; 86 |
| Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp; 215 |
|  |  | &nbsp;&nbsp;&nbsp; 352 |
| **Total Common Stocks<br> (Identified Cost $2,696)** | **Total Common Stocks<br> (Identified Cost $2,696)** | &nbsp;&nbsp;&nbsp;&nbsp;**3015** |
| **Total Long-Term Investments—96.3%<br> (Identified Cost $2,696)** | **Total Long-Term Investments—96.3%<br> (Identified Cost $2,696)** | &nbsp;&nbsp;&nbsp;&nbsp;**3015** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—2.3%** | **Short-Term Investment—2.3%** | **Short-Term Investment—2.3%** |
| **Money Market Mutual Fund—2.3%** | **Money Market Mutual Fund—2.3%** | **Money Market Mutual Fund—2.3%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;70547 | $71 |
| **Total Short-Term Investment<br> (Identified Cost $71)** | **Total Short-Term Investment<br> (Identified Cost $71)** | &nbsp;&nbsp;&nbsp;&nbsp; **71** |
| **TOTAL INVESTMENTS—98.6%<br> (Identified Cost $2,767)** | **TOTAL INVESTMENTS—98.6%<br> (Identified Cost $2,767)** | &nbsp;&nbsp;**$3086** |
| Other assets and liabilities, net—1.4% | Other assets and liabilities, net—1.4% | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$3131** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities amounted to a value of $57 or 1.8% of net assets. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;26% |
| Taiwan | &nbsp;&nbsp;11 |
| Brazil | &nbsp;&nbsp;10 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Lithuania | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other | &nbsp;&nbsp;24 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### KAR Developing Markets Fund

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

#### March 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2124 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2124 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### KAR Emerging Markets Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—94.3%** | **Common Stocks—94.3%** | **Common Stocks—94.3%** |
| **Communication Services—21.1%** | **Communication Services—21.1%** |  |
| Addcn Technology Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724324 | $3983 |
| Autohome, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147020 | &nbsp;&nbsp; 4075 |
| Baltic Classifieds Group plc (Lithuania) | &nbsp;&nbsp;&nbsp;&nbsp;5482358 | &nbsp;&nbsp; 21338 |
| Dayamitra Telekomunikasi PT (Indonesia) | 93884400 | &nbsp;&nbsp; 3205 |
| Kanzhun Ltd. ADR (China)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413941 | &nbsp;&nbsp; 7935 |
| Rightmove plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;1310876 | &nbsp;&nbsp; 11671 |
| Sarana Menara Nusantara Tbk PT (Indonesia) | 157623486 | &nbsp;&nbsp; 4786 |
| Wirtualna Polska Holding S.A. (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13126 | &nbsp;&nbsp; 277 |
|  |  | &nbsp;&nbsp; 57270 |
| **Consumer Discretionary—6.6%** | **Consumer Discretionary—6.6%** |  |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991468 | &nbsp;&nbsp; 8043 |
| momo.com, Inc. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254515 | &nbsp;&nbsp; 2685 |
| Union Auction PCL Foreign Shares (Thailand)<sup>(2)(3)</sup> | 31854400 | &nbsp;&nbsp; 7092 |
|  |  | &nbsp;&nbsp; 17820 |
| **Consumer Staples—13.5%** | **Consumer Staples—13.5%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604209 | &nbsp;&nbsp; 9517 |
| BBB Foods, Inc. Class A (Mexico)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132109 | &nbsp;&nbsp; 3525 |
| Carlsberg Brewery Malaysia Bhd (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;1580100 | &nbsp;&nbsp; 6801 |
| Chongqing Brewery Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346300 | &nbsp;&nbsp; 2796 |
| Clicks Group Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164601 | &nbsp;&nbsp; 3049 |
| Heineken Malaysia Bhd (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;1806300 | &nbsp;&nbsp; 10896 |
|  |  | &nbsp;&nbsp; 36584 |
| **Financials—11.6%** | **Financials—11.6%** |  |
| Caixa Seguridade Participacoes S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;4637048 | &nbsp;&nbsp; 12181 |
| Kaspi.KZ JSC ADR (Kazakhstan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8224 | &nbsp;&nbsp; 764 |
| Kaspi.KZ JSC GDR, 144A (Kazakhstan)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61759 | &nbsp;&nbsp; 5601 |
| Kfin Technologies Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108224 | &nbsp;&nbsp; 1294 |
| Optima bank S.A. (Greece) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293117 | &nbsp;&nbsp; 4872 |
| Qualitas Controladora SAB de C.V. (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782013 | &nbsp;&nbsp; 6798 |
|  |  | &nbsp;&nbsp; 31510 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—2.9%** | **Health Care—2.9%** |  |
| Haw Par Corp., Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812774 | $7983 |
| **Industrials—26.4%** | **Industrials—26.4%** |  |
| Computer Age Management Services Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81403 | &nbsp;&nbsp;&nbsp; 3521 |
| GPS Participacoes e Empreendimentos S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;1570068 | &nbsp;&nbsp;&nbsp; 3612 |
| Grupa Pracuj S.A. (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;1104803 | &nbsp;&nbsp;&nbsp; 16586 |
| Haitian International Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;3507218 | &nbsp;&nbsp;&nbsp; 9316 |
| Humanica PCL Foreign Shares (Thailand) | 14677100 | &nbsp;&nbsp;&nbsp; 3469 |
| Kerry TJ Logistics Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;1642000 | &nbsp;&nbsp;&nbsp; 1867 |
| NICE Information Service Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836707 | &nbsp;&nbsp;&nbsp; 6638 |
| S-1 Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133684 | &nbsp;&nbsp;&nbsp; 5874 |
| Saramin Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308924 | &nbsp;&nbsp;&nbsp; 3124 |
| Sporton International, Inc. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622268 | &nbsp;&nbsp;&nbsp; 3651 |
| Tegma Gestao Logistica S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;1589562 | &nbsp;&nbsp;&nbsp; 9329 |
| Voltronic Power Technology Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95000 | &nbsp;&nbsp;&nbsp; 4442 |
|  |  | &nbsp;&nbsp;&nbsp; 71429 |
| **Information Technology—9.0%** | **Information Technology—9.0%** |  |
| Hundsun Technologies, Inc. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;1179085 | &nbsp;&nbsp;&nbsp; 4580 |
| LEENO Industrial, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63376 | &nbsp;&nbsp;&nbsp; 8246 |
| Oracle Financial Services Software Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24358 | &nbsp;&nbsp;&nbsp; 2220 |
| TOTVS S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;1574823 | &nbsp;&nbsp;&nbsp; 9256 |
|  |  | &nbsp;&nbsp;&nbsp; 24302 |
| **Materials—3.2%** | **Materials—3.2%** |  |
| Avia Avian Tbk PT (Indonesia) | 82047660 | &nbsp;&nbsp;&nbsp; 2007 |
| Corp. Moctezuma SAB de C.V. (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;1670560 | &nbsp;&nbsp;&nbsp; 6727 |
|  |  | &nbsp;&nbsp;&nbsp; 8734 |
| **Total Common Stocks<br> (Identified Cost $230,383)** | **Total Common Stocks<br> (Identified Cost $230,383)** | &nbsp;&nbsp;&nbsp;&nbsp;**255632** |
| **Total Long-Term Investments—94.3%<br> (Identified Cost $230,383)** | **Total Long-Term Investments—94.3%<br> (Identified Cost $230,383)** | &nbsp;&nbsp;&nbsp;&nbsp;**255632** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—2.2%** | **Short-Term Investment—2.2%** | **Short-Term Investment—2.2%** |
| **Money Market Mutual Fund—2.2%** | **Money Market Mutual Fund—2.2%** | **Money Market Mutual Fund—2.2%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5872111 | $5872 |
| **Total Short-Term Investment<br> (Identified Cost $5,872)** | **Total Short-Term Investment<br> (Identified Cost $5,872)** | &nbsp;&nbsp;&nbsp;&nbsp; **5872** |
| **TOTAL INVESTMENTS—96.5%<br> (Identified Cost $236,255)** | **TOTAL INVESTMENTS—96.5%<br> (Identified Cost $236,255)** | &nbsp;&nbsp;**$261504** |
| Other assets and liabilities, net—3.5% | Other assets and liabilities, net—3.5% | &nbsp;&nbsp;&nbsp;&nbsp; 9618 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$271122** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | Issuer was not an affiliated investment of the Fund at September 30, 2024. |
| <sup>(3)</sup> | Affiliated investment. See Note 3H in Notes to Financial Statements. |
| <sup>(4)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2025, these securities amounted to a value of $5,601 or 2.1% of net assets. |
| <sup>(5)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;15% |
| Brazil | &nbsp;&nbsp;13 |
| Poland | &nbsp;&nbsp;10 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Lithuania | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Other | &nbsp;&nbsp;31 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### KAR Emerging Markets Small-Cap Fund

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

#### March 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$255632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$64202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$191430 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$261504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$70074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$191430 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### KAR International Small-Mid Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—95.2%** | **Common Stocks—95.2%** | **Common Stocks—95.2%** |
| **Communication Services—22.8%** | **Communication Services—22.8%** |  |
| Auto Trader Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;2689919 | $26011 |
| Baltic Classifieds Group plc (Lithuania) | 15684551 | &nbsp;&nbsp; 61047 |
| Dayamitra Telekomunikasi PT (Indonesia) | 660642800 | &nbsp;&nbsp; 22553 |
| Infrastrutture Wireless Italiane SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;1870432 | &nbsp;&nbsp; 19806 |
| oOh!media Ltd. (Australia)<sup>(1)</sup> | 33300196 | &nbsp;&nbsp; 31094 |
| Rightmove plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;5319548 | &nbsp;&nbsp; 47361 |
| Sarana Menara Nusantara Tbk PT (Indonesia) | 338026000 | &nbsp;&nbsp; 10264 |
|  |  | &nbsp;&nbsp;218136 |
| **Consumer Discretionary—2.3%** | **Consumer Discretionary—2.3%** |  |
| Allegro.eu S.A. (Poland)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2196889 | &nbsp;&nbsp; 17822 |
| Goldlion Holdings Ltd. (China-Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;1197882 | &nbsp;&nbsp; 228 |
| Victorian Plumbing Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;3354679 | &nbsp;&nbsp; 4302 |
|  |  | &nbsp;&nbsp; 22352 |
| **Consumer Staples—4.5%** | **Consumer Staples—4.5%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B (China) | &nbsp;&nbsp;&nbsp;&nbsp;1308322 | &nbsp;&nbsp; 20608 |
| Heineken Malaysia Bhd (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;3793700 | &nbsp;&nbsp; 22884 |
|  |  | &nbsp;&nbsp; 43492 |
| **Energy—1.4%** | **Energy—1.4%** |  |
| Pason Systems, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;1415734 | &nbsp;&nbsp; 12937 |
| **Financials—17.3%** | **Financials—17.3%** |  |
| AJ Bell plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;6764385 | &nbsp;&nbsp; 35447 |
| Caixa Seguridade Participacoes S.A. (Brazil) | 16248537 | &nbsp;&nbsp; 42683 |
| FinecoBank Banca Fineco SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;1454692 | &nbsp;&nbsp; 28813 |
| Moltiply Group SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690614 | &nbsp;&nbsp; 30014 |
| Mortgage Advice Bureau Holdings Ltd. (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;2427469 | &nbsp;&nbsp; 23651 |
| Qualitas Controladora SAB de C.V. (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591090 | &nbsp;&nbsp; 5138 |
|  |  | &nbsp;&nbsp;165746 |
| **Health Care—7.1%** | **Health Care—7.1%** |  |
| As One Corp. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;1517700 | &nbsp;&nbsp; 23560 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Haw Par Corp., Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;4558212 | $44768 |
|  |  | &nbsp;&nbsp;&nbsp; 68328 |
| **Industrials—18.1%** | **Industrials—18.1%** |  |
| CAE, Inc. (Canada)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352975 | &nbsp;&nbsp;&nbsp; 8678 |
| Epiroc AB Class B (Sweden) | &nbsp;&nbsp;&nbsp;&nbsp;1464826 | &nbsp;&nbsp;&nbsp; 25800 |
| Haitian International Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;9534025 | &nbsp;&nbsp;&nbsp; 25324 |
| Howden Joinery Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;2544792 | &nbsp;&nbsp;&nbsp; 23800 |
| Knorr-Bremse AG (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185702 | &nbsp;&nbsp;&nbsp; 16900 |
| Lumax International Corp., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;1840247 | &nbsp;&nbsp;&nbsp; 5928 |
| MEITEC Group Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934900 | &nbsp;&nbsp;&nbsp; 18251 |
| MTU Aero Engines AG (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75749 | &nbsp;&nbsp;&nbsp; 26321 |
| NICE Information Service Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;1125587 | &nbsp;&nbsp;&nbsp; 8930 |
| S-1 Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312510 | &nbsp;&nbsp;&nbsp; 13731 |
|  |  | &nbsp;&nbsp;&nbsp;173663 |
| **Information Technology—14.8%** | **Information Technology—14.8%** |  |
| Alten S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323585 | &nbsp;&nbsp;&nbsp; 31580 |
| Bouvet ASA (Norway) | &nbsp;&nbsp;&nbsp;&nbsp;3791048 | &nbsp;&nbsp;&nbsp; 26983 |
| FDM Group Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;4484472 | &nbsp;&nbsp;&nbsp; 14524 |
| Freee KK (Japan)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654200 | &nbsp;&nbsp;&nbsp; 15518 |
| Kainos Group plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972561 | &nbsp;&nbsp;&nbsp; 8327 |
| SHIFT, Inc. (Japan)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1825700 | &nbsp;&nbsp;&nbsp; 14194 |
| Sopra Steria Group (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164656 | &nbsp;&nbsp;&nbsp; 30605 |
|  |  | &nbsp;&nbsp;&nbsp;141731 |
| **Materials—6.9%** | **Materials—6.9%** |  |
| Corp. Moctezuma SAB de C.V. (Mexico) | 10563683 | &nbsp;&nbsp;&nbsp; 42540 |
| Forterra plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;5017278 | &nbsp;&nbsp;&nbsp; 11200 |
| Ibstock plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;5475419 | &nbsp;&nbsp;&nbsp; 12035 |
|  |  | &nbsp;&nbsp;&nbsp; 65775 |
| **Total Common Stocks<br> (Identified Cost $788,261)** | **Total Common Stocks<br> (Identified Cost $788,261)** | &nbsp;&nbsp;&nbsp;&nbsp;**912160** |
| **Total Long-Term Investments—95.2%<br> (Identified Cost $788,261)** | **Total Long-Term Investments—95.2%<br> (Identified Cost $788,261)** | &nbsp;&nbsp;&nbsp;&nbsp;**912160** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.9%** | **Short-Term Investment—0.9%** | **Short-Term Investment—0.9%** |
| **Money Market Mutual Fund—0.9%** | **Money Market Mutual Fund—0.9%** | **Money Market Mutual Fund—0.9%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.226%)<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8494075 | $8494 |
| **Total Short-Term Investment<br> (Identified Cost $8,494)** | **Total Short-Term Investment<br> (Identified Cost $8,494)** | &nbsp;&nbsp;&nbsp;&nbsp; **8494** |
| **TOTAL INVESTMENTS—96.1%<br> (Identified Cost $796,755)** | **TOTAL INVESTMENTS—96.1%<br> (Identified Cost $796,755)** | &nbsp;&nbsp;**$920654** |
| Other assets and liabilities, net—3.9% | Other assets and liabilities, net—3.9% | &nbsp;&nbsp;&nbsp;&nbsp; 37544 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$958198** |

---

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

---

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

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United Kingdom | &nbsp;&nbsp;&nbsp;22% |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Lithuania | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;38 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### KAR International Small-Mid Cap Fund

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

#### March 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$912160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$800184 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$920654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$120470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$800184 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### SGA Emerging Markets Equity Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.4%** | **Common Stocks—99.4%** | **Common Stocks—99.4%** |
| **Communication Services—14.0%** | **Communication Services—14.0%** |  |
| Kakao Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;375894 | $10021 |
| NAVER Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;149055 | &nbsp;&nbsp; 19479 |
| Tencent Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;390265 | &nbsp;&nbsp; 24936 |
| Tencent Music Entertainment Group ADR (China) | 1280110 | &nbsp;&nbsp; 18447 |
|  |  | &nbsp;&nbsp; 72883 |
| **Consumer Discretionary—17.2%** | **Consumer Discretionary—17.2%** |  |
| Alibaba Group Holding Ltd. Sponsored ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77339 | &nbsp;&nbsp; 10227 |
| Fast Retailing Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67850 | &nbsp;&nbsp; 20198 |
| H World Group Ltd. (China) | 3853852 | &nbsp;&nbsp; 14279 |
| MercadoLibre, Inc. (Uruguay)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14917 | &nbsp;&nbsp; 29101 |
| Yum China Holdings, Inc. (China) | &nbsp;&nbsp;&nbsp;&nbsp;309990 | &nbsp;&nbsp; 16204 |
|  |  | &nbsp;&nbsp; 90009 |
| **Consumer Staples—23.1%** | **Consumer Staples—23.1%** |  |
| Budweiser Brewing Co. APAC Ltd. (China-Hong Kong) | 9648448 | &nbsp;&nbsp; 11629 |
| CP ALL PCL Foreign Shares (Thailand) | 12708819 | &nbsp;&nbsp; 18591 |
| Fomento Economico Mexicano SAB de C.V. Sponsored ADR (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;200169 | &nbsp;&nbsp; 19533 |
| L'Oreal S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40636 | &nbsp;&nbsp; 15104 |
| Raia Drogasil S.A. (Brazil) | 4115953 | &nbsp;&nbsp; 13805 |
| Unilever plc Sponsored ADR (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;364151 | &nbsp;&nbsp; 21685 |
| Wal-Mart de Mexico SAB de C.V. (Mexico) | 7416427 | &nbsp;&nbsp; 20501 |
|  |  | &nbsp;&nbsp;120848 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—26.2%** | **Financials—26.2%** |  |
| AIA Group Ltd. (China-Hong Kong) | 3334677 | $25243 |
| Bajaj Finance Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;203915 | &nbsp;&nbsp;&nbsp; 21246 |
| Bank Central Asia Tbk PT (Indonesia) | 34404416 | &nbsp;&nbsp;&nbsp; 17577 |
| HDFC Bank Ltd. ADR (India) | &nbsp;&nbsp;&nbsp;&nbsp;559448 | &nbsp;&nbsp;&nbsp; 37170 |
| Sanlam Ltd. (South Africa) | 3429542 | &nbsp;&nbsp;&nbsp; 15489 |
| XP, Inc. Class A (Brazil) | 1489704 | &nbsp;&nbsp;&nbsp; 20483 |
|  |  | &nbsp;&nbsp;&nbsp;137208 |
| **Industrials—2.5%** | **Industrials—2.5%** |  |
| Grab Holdings Ltd. Class A (Singapore)<sup>(1)</sup> | 2878274 | &nbsp;&nbsp;&nbsp; 13039 |
| **Information Technology—16.4%** | **Information Technology—16.4%** |  |
| Infosys Ltd. Sponsored ADR (India) | 1265331 | &nbsp;&nbsp;&nbsp; 23092 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 1093414 | &nbsp;&nbsp;&nbsp; 30794 |
| Tata Consultancy Services Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;339817 | &nbsp;&nbsp;&nbsp; 14295 |
| TOTVS S.A. (Brazil) | 2976313 | &nbsp;&nbsp;&nbsp; 17493 |
|  |  | &nbsp;&nbsp;&nbsp; 85674 |
| **Total Common Stocks<br> (Identified Cost $504,177)** | **Total Common Stocks<br> (Identified Cost $504,177)** | &nbsp;&nbsp;&nbsp;&nbsp;**519661** |
| **Total Long-Term Investments—99.4%<br> (Identified Cost $504,177)** | **Total Long-Term Investments—99.4%<br> (Identified Cost $504,177)** | &nbsp;&nbsp;&nbsp;&nbsp;**519661** |
| **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $504,177)** | **TOTAL INVESTMENTS—99.4%<br> (Identified Cost $504,177)** | &nbsp;&nbsp;**$519661** |
| Other assets and liabilities, net—0.6% | Other assets and liabilities, net—0.6% | &nbsp;&nbsp;&nbsp;&nbsp; 3342 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$523003** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| PCL | Public Company Limited |
| plc | Public Limited Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;23% |
| India | &nbsp;&nbsp;18 |
| Brazil | &nbsp;&nbsp;10 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Other | &nbsp;&nbsp;23 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$519661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$244576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$275085 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$519661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$244576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$275085 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Global<br> Real Estate<br> Securities Fund** | &nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Real Asset Fund** | &nbsp;&nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$144623 | &nbsp;&nbsp;&nbsp;$363051 | &nbsp;&nbsp;&nbsp;$3603 | &nbsp;&nbsp;&nbsp;$357211 |
| Investment in affiliates at value<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign currency at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1976 |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 |
| &nbsp;&nbsp;&nbsp;Receivable from adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362802 |
| **Liabilities** |  |  |  |  |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 |
| **Commitments and contingencies (Note 3D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$145543 | &nbsp;&nbsp;&nbsp;$367382 | &nbsp;&nbsp;&nbsp;$20214 | &nbsp;&nbsp;&nbsp;$361700 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$125232 | &nbsp;&nbsp;&nbsp;$352979 | &nbsp;&nbsp;&nbsp;$36928 | &nbsp;&nbsp;&nbsp;$235754 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14403 | &nbsp;&nbsp;&nbsp;&nbsp;(16714) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125946 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$145543 | &nbsp;&nbsp;&nbsp;$367382 | &nbsp;&nbsp;&nbsp;$20214 | &nbsp;&nbsp;&nbsp;$361700 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$19606 | &nbsp;&nbsp;&nbsp;$21183 | &nbsp;&nbsp;&nbsp;$10499 | &nbsp;&nbsp;&nbsp;$94417 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$1307 | &nbsp;&nbsp;&nbsp;$2593 | &nbsp;&nbsp;&nbsp;$197 | &nbsp;&nbsp;&nbsp;$2720 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$24725 | &nbsp;&nbsp;&nbsp;$184195 | &nbsp;&nbsp;&nbsp;$7977 | &nbsp;&nbsp;&nbsp;$131516 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$99905 | &nbsp;&nbsp;&nbsp;$159411 | &nbsp;&nbsp;&nbsp;$1541 | &nbsp;&nbsp;&nbsp;$133047 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;1310271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616572 | &nbsp;&nbsp;&nbsp;&nbsp;723581 | &nbsp;&nbsp;&nbsp;&nbsp;5039561 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145236 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;1651551 | &nbsp;&nbsp;&nbsp;&nbsp;5533912 | &nbsp;&nbsp;&nbsp;&nbsp;550916 | &nbsp;&nbsp;&nbsp;&nbsp;7055946 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;6672184 | &nbsp;&nbsp;&nbsp;&nbsp;4801552 | &nbsp;&nbsp;&nbsp;&nbsp;106701 | &nbsp;&nbsp;&nbsp;&nbsp;7095648 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Global<br> Real Estate<br> Securities Fund** | &nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Real Asset Fund** | &nbsp;&nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$14.96 | &nbsp;&nbsp;&nbsp;$34.36 | &nbsp;&nbsp;&nbsp;$14.51 | &nbsp;&nbsp;&nbsp;$18.74 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$14.96 | &nbsp;&nbsp;&nbsp;$32.30 | &nbsp;&nbsp;&nbsp;$14.79 | &nbsp;&nbsp;&nbsp;$18.73 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$14.97 | &nbsp;&nbsp;&nbsp;$33.28 | &nbsp;&nbsp;&nbsp;$14.48 | &nbsp;&nbsp;&nbsp;$18.64 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$14.97 | &nbsp;&nbsp;&nbsp;$33.20 | &nbsp;&nbsp;&nbsp;$14.44 | &nbsp;&nbsp;&nbsp;$18.75 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$15.83 | &nbsp;&nbsp;&nbsp;$36.36 | &nbsp;&nbsp;&nbsp;$15.35 | &nbsp;&nbsp;&nbsp;$19.83 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$126963 | &nbsp;&nbsp;&nbsp;$302811 | &nbsp;&nbsp;&nbsp;$2540 | &nbsp;&nbsp;&nbsp;$236404 |
| <sup>(2)</sup> Investment in affiliates at cost<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$11055 | &nbsp;&nbsp;&nbsp;$— |
| <sup>(3)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— |

---

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

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;&nbsp;**KAR Emerging Markets<br> Small-Cap Fund** | &nbsp;&nbsp;&nbsp;**KAR<br> International<br> Small-Mid<br> Cap Fund** | &nbsp;&nbsp;&nbsp;**SGA Emerging Markets Equity Fund** |
| **Assets** |  |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$3086 | &nbsp;&nbsp;&nbsp;$254412 | &nbsp;&nbsp;&nbsp;$889560 | &nbsp;&nbsp;&nbsp;$519661 |
| Investment in affiliates at value<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Foreign currency at value<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138 |
| Receivables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1481 |
| &nbsp;&nbsp;&nbsp;Dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 |
| &nbsp;&nbsp;&nbsp;Receivable from adviser<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax refund <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525657 |
| **Liabilities** |  |  |  |  |
| Due to custodian<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payables |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 |
| &nbsp;&nbsp;&nbsp;Dividend distributions <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;5 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2654 |
| **Commitments and contingencies (Note 3D)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$3131 | &nbsp;&nbsp;&nbsp;$271122 | &nbsp;&nbsp;&nbsp;$958198 | &nbsp;&nbsp;&nbsp;$523003 |
| **Net Assets Consist of:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$3323 | &nbsp;&nbsp;&nbsp;$258065 | &nbsp;&nbsp;&nbsp;$1152964 | &nbsp;&nbsp;&nbsp;$985234 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(194766) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(462231) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$3131 | &nbsp;&nbsp;&nbsp;$271122 | &nbsp;&nbsp;&nbsp;$958198 | &nbsp;&nbsp;&nbsp;$523003 |
| **Net Assets:** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$181 | &nbsp;&nbsp;&nbsp;$36578 | &nbsp;&nbsp;&nbsp;$44124 | &nbsp;&nbsp;&nbsp;$98596 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$92 | &nbsp;&nbsp;&nbsp;$3890 | &nbsp;&nbsp;&nbsp;$13345 | &nbsp;&nbsp;&nbsp;$5669 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$191 | &nbsp;&nbsp;&nbsp;$228870 | &nbsp;&nbsp;&nbsp;$817585 | &nbsp;&nbsp;&nbsp;$391407 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$2667 | &nbsp;&nbsp;&nbsp;$1784 | &nbsp;&nbsp;&nbsp;$83144 | &nbsp;&nbsp;&nbsp;$27331 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2424517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230989 | &nbsp;&nbsp;&nbsp;&nbsp;14228456 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878613 |
| Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20800 | &nbsp;&nbsp;&nbsp;&nbsp;15012512 | &nbsp;&nbsp;&nbsp;&nbsp;40959697 | &nbsp;&nbsp;&nbsp;&nbsp;53431126 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;289078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3681558 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;&nbsp;**KAR Emerging Markets<br> Small-Cap Fund** | &nbsp;&nbsp;&nbsp;**KAR<br> International<br> Small-Mid<br> Cap Fund** | &nbsp;&nbsp;&nbsp;**SGA Emerging Markets Equity Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;$15.09 | &nbsp;&nbsp;&nbsp;$19.78 | &nbsp;&nbsp;&nbsp;$6.93 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$9.15 | &nbsp;&nbsp;&nbsp;$14.74 | &nbsp;&nbsp;&nbsp;$19.20 | &nbsp;&nbsp;&nbsp;$6.45 |
| Class I<br>| &nbsp;&nbsp;&nbsp;$9.18 | &nbsp;&nbsp;&nbsp;$15.25 | &nbsp;&nbsp;&nbsp;$19.96 | &nbsp;&nbsp;&nbsp;$7.33 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$9.23 | &nbsp;&nbsp;&nbsp;$15.41 | &nbsp;&nbsp;&nbsp;$20.01 | &nbsp;&nbsp;&nbsp;$7.42 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$9.71 | &nbsp;&nbsp;&nbsp;$15.97 | &nbsp;&nbsp;&nbsp;$20.93 | &nbsp;&nbsp;&nbsp;$7.33 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$2767 | &nbsp;&nbsp;&nbsp;$228231 | &nbsp;&nbsp;&nbsp;$762371 | &nbsp;&nbsp;&nbsp;$504177 |
| <sup>(2)</sup> Investment in affiliates at cost<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$8024 | &nbsp;&nbsp;&nbsp;$34384 | &nbsp;&nbsp;&nbsp;$— |
| <sup>(3)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$442 | &nbsp;&nbsp;&nbsp;$— |

---

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

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) SIX MONTHS ENDED March 31, 2025
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Global<br> Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Global<br> Real Estate<br> Securities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1870 | &nbsp;&nbsp;&nbsp;&nbsp;$5927 | &nbsp;&nbsp;&nbsp;&nbsp;$53 | &nbsp;&nbsp;&nbsp;&nbsp;$6592 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6592 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaim fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4654 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains received from investments in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(2297) | &nbsp;&nbsp;&nbsp;&nbsp;(36876) | &nbsp;&nbsp;&nbsp;&nbsp;(237) | &nbsp;&nbsp;&nbsp;&nbsp;(33627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(780) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp;(34253) | &nbsp;&nbsp;&nbsp;&nbsp;(127) | &nbsp;&nbsp;&nbsp;&nbsp;(24966) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2492 | &nbsp;&nbsp;&nbsp;&nbsp;$(30495) | &nbsp;&nbsp;&nbsp;&nbsp;$102 | &nbsp;&nbsp;&nbsp;&nbsp;$(20312) |

---

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

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

<sup>(b)</sup> The Adviser does not charge an advisory fee.

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 3D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) (Continued)

#### SIX MONTHS ENDED March 31, 2025
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets<br> Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR<br> International<br> Small-Mid<br> Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**SGA Emerging Markets Equity Fund** |
| **Investment Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$40 | &nbsp;&nbsp;&nbsp;&nbsp;$3832 | &nbsp;&nbsp;&nbsp;&nbsp;$9696 | &nbsp;&nbsp;&nbsp;&nbsp;$5013 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Other Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1663 |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(606) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(540) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136 |
| **Expenses** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaim fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;39 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4487 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;(48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) |
| &nbsp;&nbsp;&nbsp;Plus net expenses recaptured<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4059 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7816) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1815) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;(21523) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7863) | &nbsp;&nbsp;&nbsp;&nbsp;(48288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5907 | &nbsp;&nbsp;&nbsp;&nbsp;(46127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp;(19494) | &nbsp;&nbsp;&nbsp;&nbsp;(22911) | &nbsp;&nbsp;&nbsp;&nbsp;(54781) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$80 | &nbsp;&nbsp;&nbsp;&nbsp;$(18210) | &nbsp;&nbsp;&nbsp;&nbsp;$(18156) | &nbsp;&nbsp;&nbsp;&nbsp;$(52704) |

---

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

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

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 3D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Global Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Global Infrastructure<br> Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Global Real Estate<br> Securities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Global Real Estate<br> Securities Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$1126 | &nbsp;&nbsp;&nbsp;&nbsp;$3474 | &nbsp;&nbsp;&nbsp;&nbsp;$3758 | &nbsp;&nbsp;&nbsp;&nbsp;$9184 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11399) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2299) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36892) | &nbsp;&nbsp;&nbsp;&nbsp;105362 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30495) | &nbsp;&nbsp;&nbsp;&nbsp;103147 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(899) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(352) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(886) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3057) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3655) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4485) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9145) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8275) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50851 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(813) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2072 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96944 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;149724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63874 | &nbsp;&nbsp;&nbsp;&nbsp;404543 | &nbsp;&nbsp;&nbsp;&nbsp;307599 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$145543 | &nbsp;&nbsp;&nbsp;&nbsp;$149724 | &nbsp;&nbsp;&nbsp;&nbsp;$367382 | &nbsp;&nbsp;&nbsp;&nbsp;$404543 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps<br> Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$229 | &nbsp;&nbsp;&nbsp;&nbsp;$552 | &nbsp;&nbsp;&nbsp;&nbsp;$4654 | &nbsp;&nbsp;&nbsp;&nbsp;$8102 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26258 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76635 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20312) | &nbsp;&nbsp;&nbsp;&nbsp;110995 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(361) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(214) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(193) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13012) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26760) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44230) |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7754) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11042 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(176) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24131) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(794) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36960) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42634 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;21008 | &nbsp;&nbsp;&nbsp;&nbsp;18146 | &nbsp;&nbsp;&nbsp;&nbsp;398660 | &nbsp;&nbsp;&nbsp;&nbsp;356026 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$20214 | &nbsp;&nbsp;&nbsp;&nbsp;$21008 | &nbsp;&nbsp;&nbsp;&nbsp;$361700 | &nbsp;&nbsp;&nbsp;&nbsp;$398660 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;$56 | &nbsp;&nbsp;&nbsp;&nbsp;$1284 | &nbsp;&nbsp;&nbsp;&nbsp;$5457 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16694 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44924 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67075 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17257 |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75829) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84332 |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;3067 | &nbsp;&nbsp;&nbsp;&nbsp;2675 | &nbsp;&nbsp;&nbsp;&nbsp;346951 | &nbsp;&nbsp;&nbsp;&nbsp;262619 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$3131 | &nbsp;&nbsp;&nbsp;&nbsp;$3067 | &nbsp;&nbsp;&nbsp;&nbsp;$271122 | &nbsp;&nbsp;&nbsp;&nbsp;$346951 |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**SGA Emerging Markets Equity Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**SGA Emerging Markets Equity Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$4755 | &nbsp;&nbsp;&nbsp;&nbsp;$14844 | &nbsp;&nbsp;&nbsp;&nbsp;$2077 | &nbsp;&nbsp;&nbsp;&nbsp;$2949 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8994 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42900 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54843 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15525) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1682) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Change in Net Assets from Capital Transactions (See Note 5):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74597) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100615) | &nbsp;&nbsp;&nbsp;&nbsp;(106360) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17708) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(120177) | &nbsp;&nbsp;&nbsp;&nbsp;(121242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(515262) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(118152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130453 | &nbsp;&nbsp;&nbsp;&nbsp;(173946) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(460419) |
| **Net Assets** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1076350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696949 | &nbsp;&nbsp;&nbsp;&nbsp;1157368 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$958198 | &nbsp;&nbsp;&nbsp;&nbsp;$1076350 | &nbsp;&nbsp;&nbsp;&nbsp;$523003 | &nbsp;&nbsp;&nbsp;&nbsp;$696949 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Duff & Phelps Global Infrastructure Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $15.34 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | (0.12) | (0.46) | (0.58) |  | &nbsp;&nbsp;&nbsp;(0.38) | $14.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | $19606 | 1.25 % <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;1.25% | 1.28% | &nbsp;&nbsp;&nbsp;23% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.36 | (0.28) | (0.11) | (0.39) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;27.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25305 | 1.25 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;1.25 | 2.28 | &nbsp;&nbsp;&nbsp;63 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;(0.19) | (0.30) | (1.30) | (1.60) |  | &nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;(2.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24716 | 1.29 | &nbsp;&nbsp;&nbsp;1.29 | 1.93 | &nbsp;&nbsp;&nbsp;26 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;(1.02) | (0.15) | (0.84) | (0.99) |  | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;(7.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29344 | 1.27 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.27 | 1.12 | &nbsp;&nbsp;&nbsp;37 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;14.54 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.98 | (0.17) | (0.18) | (0.35) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;13.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31857 | 1.28 | &nbsp;&nbsp;&nbsp;1.28 | 0.86 | &nbsp;&nbsp;&nbsp;28 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.17) | &nbsp;&nbsp;&nbsp;(0.97) | (0.23) | (0.52) | (0.75) |  | &nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;14.54 | &nbsp;&nbsp;&nbsp;(6.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30172 | 1.27 | &nbsp;&nbsp;&nbsp;1.27 | 1.35 | &nbsp;&nbsp;&nbsp;31 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $15.34 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | (0.07) | (0.46) | (0.53) |  | &nbsp;&nbsp;&nbsp;(0.38) | $14.96 | &nbsp;&nbsp;&nbsp;&nbsp;1.26% | $1307 | 2.03 % <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;2.03% | 0.48% | &nbsp;&nbsp;&nbsp;23% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | (0.16) | (0.11) | (0.27) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;26.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1643 | 2.02 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;2.02 | 1.47 | &nbsp;&nbsp;&nbsp;63 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.46) | &nbsp;&nbsp;&nbsp;(0.30) | (0.18) | (1.30) | (1.48) |  | &nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;12.36 | &nbsp;&nbsp;&nbsp;(3.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2221 | 2.07 | &nbsp;&nbsp;&nbsp;2.07 | 1.11 | &nbsp;&nbsp;&nbsp;26 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;16.14 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;(1.15) | (0.01) | (0.84) | (0.85) |  | &nbsp;&nbsp;&nbsp;(2.00) | &nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;(7.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3544 | 2.04 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;2.04 | 0.32 | &nbsp;&nbsp;&nbsp;37 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;14.50 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.86 | (0.04) | (0.18) | (0.22) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;16.14 | &nbsp;&nbsp;12.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5525 | 2.02 | &nbsp;&nbsp;&nbsp;2.02 | 0.11 | &nbsp;&nbsp;&nbsp;28 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.16) | &nbsp;&nbsp;&nbsp;(1.07) | (0.11) | (0.52) | (0.63) |  | &nbsp;&nbsp;&nbsp;(1.70) | &nbsp;&nbsp;&nbsp;14.50 | &nbsp;&nbsp;&nbsp;(6.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9833 | 2.03 | &nbsp;&nbsp;&nbsp;2.03 | 0.59 | &nbsp;&nbsp;&nbsp;31 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $15.36 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | (0.14) | (0.46) | (0.60) |  | &nbsp;&nbsp;&nbsp;(0.39) | $14.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.72% | $24725 | 0.99 % <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;0.99% | 1.50% | &nbsp;&nbsp;&nbsp;23% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.41 | (0.31) | (0.11) | (0.42) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;15.36 | &nbsp;&nbsp;27.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22099 | 0.98 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;0.98 | 2.51 | &nbsp;&nbsp;&nbsp;63 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;(0.16) | (0.33) | (1.30) | (1.63) |  | &nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;(2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28472 | 1.04 | &nbsp;&nbsp;&nbsp;1.04 | 2.19 | &nbsp;&nbsp;&nbsp;26 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.21) | &nbsp;&nbsp;&nbsp;(0.99) | (0.18) | (0.84) | (1.02) |  | &nbsp;&nbsp;&nbsp;(2.01) | &nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;(6.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34847 | 1.03 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.03 | 1.36 | &nbsp;&nbsp;&nbsp;37 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;14.54 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 | (0.22) | (0.18) | (0.40) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;16.17 | &nbsp;&nbsp;14.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39955 | 1.01 | &nbsp;&nbsp;&nbsp;1.01 | 1.15 | &nbsp;&nbsp;&nbsp;28 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.19) | &nbsp;&nbsp;&nbsp;(0.95) | (0.26) | (0.52) | (0.78) |  | &nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;14.54 | &nbsp;&nbsp;&nbsp;(5.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33326 | 1.04 | &nbsp;&nbsp;&nbsp;1.04 | 1.61 | &nbsp;&nbsp;&nbsp;31 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $15.36 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | (0.15) | (0.46) | (0.61) |  | &nbsp;&nbsp;&nbsp;(0.39) | $14.97 | &nbsp;&nbsp;&nbsp;&nbsp;1.78% | $99905 | 0.85 % <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;0.89% | 1.64% | &nbsp;&nbsp;&nbsp;23% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;12.39 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.43 | (0.35) | (0.11) | (0.46) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;15.36 | &nbsp;&nbsp;28.13 | &nbsp;&nbsp;&nbsp;&nbsp;100677 | 0.85 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;0.88 | 2.81 | &nbsp;&nbsp;&nbsp;63 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;14.18 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.47) | &nbsp;&nbsp;&nbsp;(0.13) | (0.36) | (1.30) | (1.66) |  | &nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;12.39 | &nbsp;&nbsp;&nbsp;(1.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8465 | 0.84 | &nbsp;&nbsp;&nbsp;0.94 | 2.39 | &nbsp;&nbsp;&nbsp;26 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.22) | &nbsp;&nbsp;&nbsp;(0.97) | (0.21) | (0.84) | (1.05) |  | &nbsp;&nbsp;&nbsp;(2.02) | &nbsp;&nbsp;&nbsp;14.18 | &nbsp;&nbsp;&nbsp;(6.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9631 | 0.87 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.93 | 1.53 | &nbsp;&nbsp;&nbsp;37 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;14.55 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | (0.23) | (0.18) | (0.41) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10108 | 0.85 | &nbsp;&nbsp;&nbsp;0.92 | 1.31 | &nbsp;&nbsp;&nbsp;28 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;(0.92) | (0.28) | (0.52) | (0.80) |  | &nbsp;&nbsp;&nbsp;(1.72) | &nbsp;&nbsp;&nbsp;14.55 | &nbsp;&nbsp;&nbsp;(5.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8614 | 0.85 | &nbsp;&nbsp;&nbsp;0.94 | 1.74 | &nbsp;&nbsp;&nbsp;31 |
| **Duff & Phelps Global Real Estate Securities Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $38.02 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.21) | &nbsp;&nbsp;&nbsp;(2.91) | (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.75) |  | &nbsp;&nbsp;&nbsp;(3.66) | $34.36 | &nbsp;&nbsp;&nbsp;(7.63) % | $21183 | 1.32 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;3.33% | 1.69% | &nbsp;&nbsp;&nbsp;10% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;29.48 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.57) |  | &nbsp;&nbsp;&nbsp;&nbsp;8.54 | &nbsp;&nbsp;&nbsp;38.02 | &nbsp;&nbsp;31.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23193 | 1.40 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;3.42 | 2.16 | &nbsp;&nbsp;&nbsp;45 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;29.09 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.02) | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;29.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17965 | 1.39 | &nbsp;&nbsp;&nbsp;3.14 | 1.93 | &nbsp;&nbsp;&nbsp;29 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;39.17 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9.38) | &nbsp;&nbsp;&nbsp;(8.91) | (0.47) | (0.70) | (1.17) |  | (10.08) | &nbsp;&nbsp;&nbsp;29.09 | (23.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21145 | 1.41 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;2.51 | 1.23 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;29.50 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;39.17 | &nbsp;&nbsp;32.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27127 | 1.40 | &nbsp;&nbsp;&nbsp;2.65 | 1.14 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;34.82 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.66) | &nbsp;&nbsp;&nbsp;(3.25) | (1.29) | (0.78) | (2.07) |  | &nbsp;&nbsp;&nbsp;(5.32) | &nbsp;&nbsp;&nbsp;29.50 | (10.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18740 | 1.40 | &nbsp;&nbsp;&nbsp;2.59 | 1.34 | &nbsp;&nbsp;&nbsp;32 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Duff & Phelps Global Real Estate Securities Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $35.61 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.99) | &nbsp;&nbsp;&nbsp;(2.84) | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.47) |  | &nbsp;&nbsp;&nbsp;(3.31) | $32.30 | &nbsp;&nbsp;&nbsp;(7.96) % | $2593 | 2.07 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;2.16% | 0.89% | &nbsp;&nbsp;&nbsp;10% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;27.62 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;8.30 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | &nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp;&nbsp;35.61 | &nbsp;&nbsp;30.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204 | 2.15 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;2.16 | 1.35 | &nbsp;&nbsp;&nbsp;45 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;27.28 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;27.62 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3588 | 2.14 | &nbsp;&nbsp;&nbsp;2.17 | 1.15 | &nbsp;&nbsp;&nbsp;29 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;36.81 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.86) | &nbsp;&nbsp;&nbsp;(8.66) | (0.17) | (0.70) | (0.87) |  | &nbsp;&nbsp;&nbsp;(9.53) | &nbsp;&nbsp;&nbsp;27.28 | (24.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671 | 2.16 <sup>(10)(12)</sup> | &nbsp;&nbsp;&nbsp;2.15 | 0.56 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;27.93 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;8.88 | &nbsp;&nbsp;&nbsp;36.81 | &nbsp;&nbsp;31.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5531 | 2.15 | &nbsp;&nbsp;&nbsp;2.16 | 0.70 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;33.42 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.47) | &nbsp;&nbsp;&nbsp;(3.31) | (1.40) | (0.78) | (2.18) |  | &nbsp;&nbsp;&nbsp;(5.49) | &nbsp;&nbsp;&nbsp;27.93 | (10.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6297 | 2.15 | &nbsp;&nbsp;&nbsp;2.19 | 0.53 | &nbsp;&nbsp;&nbsp;32 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $36.87 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.12) | &nbsp;&nbsp;&nbsp;(2.79) | (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.80) |  | &nbsp;&nbsp;&nbsp;(3.59) | $33.28 | &nbsp;&nbsp;&nbsp;(7.51) % | $184195 | 1.07 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;1.16% | 1.91% | &nbsp;&nbsp;&nbsp;10% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;28.59 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.63) |  | &nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;36.87 | &nbsp;&nbsp;31.55 | &nbsp;&nbsp;&nbsp;&nbsp;210528 | 1.15 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;1.16 | 2.37 | &nbsp;&nbsp;&nbsp;45 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;28.19 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;28.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;206071 | 1.14 | &nbsp;&nbsp;&nbsp;1.16 | 2.15 | &nbsp;&nbsp;&nbsp;29 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;38.04 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9.09) | &nbsp;&nbsp;&nbsp;(8.54) | (0.61) | (0.70) | (1.31) |  | &nbsp;&nbsp;&nbsp;(9.85) | &nbsp;&nbsp;&nbsp;28.19 | (23.48) | &nbsp;&nbsp;&nbsp;&nbsp;269095 | 1.16 <sup>(10)(12)</sup> | &nbsp;&nbsp;&nbsp;1.16 | 1.48 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;28.73 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;9.48 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) |  | &nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;&nbsp;38.04 | &nbsp;&nbsp;33.13 | &nbsp;&nbsp;&nbsp;&nbsp;344063 | 1.15 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;1.14 | 1.29 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;34.33 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.54) | &nbsp;&nbsp;&nbsp;(3.07) | (1.75) | (0.78) | (2.53) |  | &nbsp;&nbsp;&nbsp;(5.60) | &nbsp;&nbsp;&nbsp;28.73 | &nbsp;&nbsp;&nbsp;(9.79) | &nbsp;&nbsp;&nbsp;&nbsp;168410 | 1.15 | &nbsp;&nbsp;&nbsp;1.20 | 1.55 | &nbsp;&nbsp;&nbsp;32 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $36.83 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.11) | &nbsp;&nbsp;&nbsp;(2.75) | (0.88) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.88) |  | &nbsp;&nbsp;&nbsp;(3.63) | $33.20 | &nbsp;&nbsp;&nbsp;(7.40) % | $159411 | 0.88 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;1.05% | 2.13% | &nbsp;&nbsp;&nbsp;10% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;28.68 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.85) |  | &nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;36.83 | &nbsp;&nbsp;31.89 | &nbsp;&nbsp;&nbsp;&nbsp;167618 | 0.89 <sup>(9)</sup> | &nbsp;&nbsp;&nbsp;1.05 | 2.78 | &nbsp;&nbsp;&nbsp;45 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;28.37 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.72 | (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.41) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;28.68 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79975 | 0.88 | &nbsp;&nbsp;&nbsp;1.05 | 2.49 | &nbsp;&nbsp;&nbsp;29 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;38.26 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(9.13) | &nbsp;&nbsp;&nbsp;(8.49) | (0.70) | (0.70) | (1.40) |  | &nbsp;&nbsp;&nbsp;(9.89) | &nbsp;&nbsp;&nbsp;28.37 | (23.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75574 | 0.91 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.05 | 1.74 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;28.86 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) |  | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;38.26 | &nbsp;&nbsp;33.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90781 | 0.89 | &nbsp;&nbsp;&nbsp;1.04 | 1.73 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;34.41 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.64) | &nbsp;&nbsp;&nbsp;(2.99) | (1.78) | (0.78) | (2.56) |  | &nbsp;&nbsp;&nbsp;(5.55) | &nbsp;&nbsp;&nbsp;28.86 | &nbsp;&nbsp;&nbsp;(9.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54992 | 0.89 | &nbsp;&nbsp;&nbsp;1.09 | 2.29 | &nbsp;&nbsp;&nbsp;32 |
| **Duff & Phelps Real Asset Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $14.96 | &nbsp;&nbsp;0.16 | 0.16 | &nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | (0.50) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.50) |  | &nbsp;&nbsp;&nbsp;(0.45) | $14.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.58% | $10499 | 0.51 % <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;1.02% | 2.17% | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;0.39 | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;2.79 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;14.96 | &nbsp;&nbsp;22.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10933 | 0.50 | &nbsp;&nbsp;&nbsp;0.94 | 2.92 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;0.16 | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.14) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10323 | 0.60 <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;0.92 | 1.28 | &nbsp;&nbsp;&nbsp;10 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;0.13 | 0.02 | &nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;(0.45) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;&nbsp;(0.55) | &nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;(3.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11226 | 0.81 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.81 | 0.99 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;0.02 | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;25.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12674 | 0.85 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.85 | 0.19 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.38 | &nbsp;&nbsp;0.27 | 0.26 | &nbsp;&nbsp;&nbsp;(1.46) | &nbsp;&nbsp;&nbsp;(0.93) | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) |  | &nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;(8.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11964 | 1.05 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.05 | 2.57 | &nbsp;&nbsp;&nbsp;75 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $15.13 | &nbsp;&nbsp;0.10 | 0.16 | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) |  | &nbsp;&nbsp;&nbsp;(0.34) | $14.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.21% | $197 | 1.26 % <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;1.90% | 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp;0.30 | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;15.13 | &nbsp;&nbsp;21.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | 1.25 | &nbsp;&nbsp;&nbsp;1.79 | 2.21 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;0.16 | 0.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | 1.36 <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;1.72 | 1.24 | &nbsp;&nbsp;&nbsp;10 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;12.64 | (0.11) | 0.02 | &nbsp;&nbsp;&nbsp;(0.45) | &nbsp;&nbsp;&nbsp;(0.54) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) |  | &nbsp;&nbsp;&nbsp;(0.61) | &nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;(4.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812 | 1.57 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.57 | (0.82) | &nbsp;&nbsp;&nbsp;17 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.19 | (0.04) | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;12.64 | &nbsp;&nbsp;24.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | 1.68 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.68 | (0.33) | &nbsp;&nbsp;&nbsp;14 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;0.31 | 0.26 | &nbsp;&nbsp;&nbsp;(1.60) | &nbsp;&nbsp;&nbsp;(1.03) | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;&nbsp;(1.13) | &nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;(9.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | 1.74 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.74 | 2.85 | &nbsp;&nbsp;&nbsp;75 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Duff & Phelps Real Asset Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $14.96 | &nbsp;&nbsp;0.17 | 0.17 | &nbsp;&nbsp;&nbsp;(0.28) | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.54) |  | &nbsp;&nbsp;&nbsp;(0.48) | $14.48 | &nbsp;&nbsp;&nbsp;&nbsp;0.67% | $7977 | 0.26 % <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;0.75% | 2.41% | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;0.42 | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;14.96 | &nbsp;&nbsp;23.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8452 | 0.25 | &nbsp;&nbsp;&nbsp;0.66 | 3.14 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;0.21 | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6304 | 0.36 <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;0.68 | 1.62 | &nbsp;&nbsp;&nbsp;10 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;0.15 | 0.02 | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.41) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | &nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;12.00 | &nbsp;&nbsp;&nbsp;(3.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9553 | 0.57 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.57 | 1.12 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;0.05 | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;2.55 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;12.52 | &nbsp;&nbsp;25.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9610 | 0.60 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.60 | 0.46 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.35 | &nbsp;&nbsp;0.48 | 0.26 | &nbsp;&nbsp;&nbsp;(1.64) | &nbsp;&nbsp;&nbsp;(0.90) | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) |  | &nbsp;&nbsp;&nbsp;(1.28) | &nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;(8.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8759 | 0.72 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.72 | 4.52 | &nbsp;&nbsp;&nbsp;75 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $14.92 | &nbsp;&nbsp;0.18 | 0.16 | &nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.55) |  | &nbsp;&nbsp;&nbsp;(0.48) | $14.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.73% | $1541 | 0.21 % <sup>(13)</sup> | &nbsp;&nbsp;&nbsp;0.65% | 2.44% | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;0.41 | 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;14.92 | &nbsp;&nbsp;23.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401 | 0.20 | &nbsp;&nbsp;&nbsp;0.58 | 3.11 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.02 | &nbsp;&nbsp;0.16 | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | 0.20 | &nbsp;&nbsp;&nbsp;0.56 | 1.24 | &nbsp;&nbsp;&nbsp;10 |
| 1/31/22<sup>(14)</sup> to 9/30/22 | &nbsp;&nbsp;&nbsp;13.22 | (0.14) | 0.02 | &nbsp;&nbsp;&nbsp;(1.08) | &nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(1.20) | &nbsp;&nbsp;&nbsp;12.02 | &nbsp;&nbsp;&nbsp;(9.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | 0.22 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.54 | (1.57) | &nbsp;&nbsp;&nbsp;17 |
| **Duff & Phelps Real Estate Securities Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $21.32 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;(1.16) | (0.20) | (1.22) | (1.42) |  | &nbsp;&nbsp;&nbsp;(2.58) | $18.74 | &nbsp;&nbsp;&nbsp;(5.27) % | $94417 | 1.30 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;1.36% | 2.20% | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | (0.37) | (1.87) | (2.24) |  | &nbsp;&nbsp;&nbsp;&nbsp;3.54 | &nbsp;&nbsp;&nbsp;21.32 | &nbsp;&nbsp;34.73 | &nbsp;&nbsp;&nbsp;&nbsp;106325 | 1.37 | &nbsp;&nbsp;&nbsp;1.37 | 1.94 | &nbsp;&nbsp;&nbsp;36 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.26) | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | (0.33) | (1.82) | (2.15) |  | &nbsp;&nbsp;&nbsp;(2.05) | &nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94402 | 1.35 | &nbsp;&nbsp;&nbsp;1.35 | 1.85 | &nbsp;&nbsp;&nbsp;29 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;24.94 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.16) | &nbsp;&nbsp;&nbsp;(3.98) | (0.24) | (0.89) | (1.13) |  | &nbsp;&nbsp;&nbsp;(5.11) | &nbsp;&nbsp;&nbsp;19.83 | (17.05) | &nbsp;&nbsp;&nbsp;&nbsp;107081 | 1.34 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.34 | 0.73 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;18.82 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;7.32 | (0.46) | (0.74) | (1.20) |  | &nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;24.94 | &nbsp;&nbsp;40.33 | &nbsp;&nbsp;&nbsp;&nbsp;143841 | 1.36 | &nbsp;&nbsp;&nbsp;1.36 | 0.98 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;26.33 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.23) | &nbsp;&nbsp;&nbsp;(2.97) | (0.33) | (4.21) | (4.54) |  | &nbsp;&nbsp;&nbsp;(7.51) | &nbsp;&nbsp;&nbsp;18.82 | (12.99) | &nbsp;&nbsp;&nbsp;&nbsp;209309 | 1.35 | &nbsp;&nbsp;&nbsp;1.35 | 1.25 | &nbsp;&nbsp;&nbsp;40 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $21.30 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.37) | &nbsp;&nbsp;&nbsp;(1.23) | (0.12) | (1.22) | (1.34) |  | &nbsp;&nbsp;&nbsp;(2.57) | $18.73 | &nbsp;&nbsp;&nbsp;(5.62) % | $2720 | 2.04 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;2.09% | 1.43% | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;17.77 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.64 | (0.24) | (1.87) | (2.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;21.30 | &nbsp;&nbsp;33.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3338 | 2.08 | &nbsp;&nbsp;&nbsp;2.08 | 1.24 | &nbsp;&nbsp;&nbsp;36 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;19.81 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;(0.04) | (0.18) | (1.82) | (2.00) |  | &nbsp;&nbsp;&nbsp;(2.04) | &nbsp;&nbsp;&nbsp;17.77 | &nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196 | 2.07 | &nbsp;&nbsp;&nbsp;2.07 | 1.09 | &nbsp;&nbsp;&nbsp;29 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;24.90 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.13) | &nbsp;&nbsp;&nbsp;(4.14) | (0.06) | (0.89) | (0.95) |  | &nbsp;&nbsp;&nbsp;(5.09) | &nbsp;&nbsp;&nbsp;19.81 | (17.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4181 | 2.06 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;2.06 | (0.03) | &nbsp;&nbsp;&nbsp;14 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;18.79 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;7.14 | (0.29) | (0.74) | (1.03) |  | &nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;24.90 | &nbsp;&nbsp;39.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6244 | 2.08 | &nbsp;&nbsp;&nbsp;2.08 | 0.43 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;26.26 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.18) | &nbsp;&nbsp;&nbsp;(3.10) | (0.16) | (4.21) | (4.37) |  | &nbsp;&nbsp;&nbsp;(7.47) | &nbsp;&nbsp;&nbsp;18.79 | (13.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7280 | 2.11 | &nbsp;&nbsp;&nbsp;2.11 | 0.38 | &nbsp;&nbsp;&nbsp;40 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $21.22 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.38) | &nbsp;&nbsp;&nbsp;(1.14) | (0.22) | (1.22) | (1.44) |  | &nbsp;&nbsp;&nbsp;(2.58) | $18.64 | &nbsp;&nbsp;&nbsp;(5.17) % | $131516 | 1.04 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;1.10% | 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.81 | (0.42) | (1.87) | (2.29) |  | &nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;21.22 | &nbsp;&nbsp;35.09 | &nbsp;&nbsp;&nbsp;&nbsp;157388 | 1.11 | &nbsp;&nbsp;&nbsp;1.11 | 2.17 | &nbsp;&nbsp;&nbsp;36 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;19.76 | &nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.13 | (0.37) | (1.82) | (2.19) |  | &nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;159616 | 1.11 | &nbsp;&nbsp;&nbsp;1.11 | 2.07 | &nbsp;&nbsp;&nbsp;29 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;24.85 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.14) | &nbsp;&nbsp;&nbsp;(3.89) | (0.31) | (0.89) | (1.20) |  | &nbsp;&nbsp;&nbsp;(5.09) | &nbsp;&nbsp;&nbsp;19.76 | (16.80) | &nbsp;&nbsp;&nbsp;&nbsp;184709 | 1.09 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.09 | 0.98 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;18.76 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 | (0.53) | (0.74) | (1.27) |  | &nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;24.85 | &nbsp;&nbsp;40.73 | &nbsp;&nbsp;&nbsp;&nbsp;234084 | 1.09 | &nbsp;&nbsp;&nbsp;1.09 | 0.92 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;26.28 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.23) | &nbsp;&nbsp;&nbsp;(2.93) | (0.38) | (4.21) | (4.59) |  | &nbsp;&nbsp;&nbsp;(7.52) | &nbsp;&nbsp;&nbsp;18.76 | (12.80) | &nbsp;&nbsp;&nbsp;&nbsp;272248 | 1.10 | &nbsp;&nbsp;&nbsp;1.10 | 1.43 | &nbsp;&nbsp;&nbsp;40 |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Duff & Phelps Real Estate Securities Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $21.34 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.39) | &nbsp;&nbsp;&nbsp;(1.12) | (0.25) | (1.22) | (1.47) |  | &nbsp;&nbsp;&nbsp;(2.59) | $18.75 | &nbsp;&nbsp;&nbsp;(5.05) % | $133047 | 0.79% | &nbsp;&nbsp;&nbsp;0.96% | 2.73% | &nbsp;&nbsp;&nbsp;&nbsp;8% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;17.79 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.43 | &nbsp;&nbsp;&nbsp;&nbsp;5.90 | (0.48) | (1.87) | (2.35) |  | &nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;21.34 | &nbsp;&nbsp;35.53 | &nbsp;&nbsp;&nbsp;&nbsp;131609 | 0.79 | &nbsp;&nbsp;&nbsp;0.95 | 2.53 | &nbsp;&nbsp;&nbsp;36 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | (0.44) | (1.82) | (2.26) |  | &nbsp;&nbsp;&nbsp;(2.06) | &nbsp;&nbsp;&nbsp;17.79 | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98812 | 0.78 | &nbsp;&nbsp;&nbsp;0.95 | 2.43 | &nbsp;&nbsp;&nbsp;29 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;24.96 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.16) | &nbsp;&nbsp;&nbsp;(3.85) | (0.37) | (0.89) | (1.26) |  | &nbsp;&nbsp;&nbsp;(5.11) | &nbsp;&nbsp;&nbsp;19.85 | (16.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97558 | 0.80 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;0.95 | 1.21 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;18.81 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;7.46 | (0.57) | (0.74) | (1.31) |  | &nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;24.96 | &nbsp;&nbsp;41.15 | &nbsp;&nbsp;&nbsp;&nbsp;151739 | 0.79 | &nbsp;&nbsp;&nbsp;0.94 | 0.89 | &nbsp;&nbsp;&nbsp;14 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;26.30 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.24) | &nbsp;&nbsp;&nbsp;(2.87) | (0.41) | (4.21) | (4.62) |  | &nbsp;&nbsp;&nbsp;(7.49) | &nbsp;&nbsp;&nbsp;18.81 | (12.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43705 | 0.79 | &nbsp;&nbsp;&nbsp;0.96 | 1.80 | &nbsp;&nbsp;&nbsp;40 |
| **KAR Developing Markets Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $9.11 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | $9.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.61% | $181 | 1.42 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;4.62% | 1.05% | &nbsp;&nbsp;&nbsp;13% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;21.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | 1.50 | &nbsp;&nbsp;&nbsp;4.77 | 1.84 | &nbsp;&nbsp;&nbsp;25 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.06) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;14.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | 1.52 <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;4.24 | 1.38 | &nbsp;&nbsp;&nbsp;27 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;(2.83) | (0.01) | (0.04) | (0.05) |  | &nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;6.75 | (29.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | 1.56 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;4.83 | 0.53 | &nbsp;&nbsp;&nbsp;16 |
| 6/22/21<sup>(14)</sup> to 9/30/21 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;&nbsp;(3.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | 1.55 | 12.33 | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;5 <sup>(16)</sup> |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $9.04 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.11 | $9.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.18% | $92 | 2.17 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;5.33% | 0.28% | &nbsp;&nbsp;&nbsp;13% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | 2.25 | &nbsp;&nbsp;&nbsp;5.45 | 1.07 | &nbsp;&nbsp;&nbsp;25 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp;13.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | 2.27 <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;4.95 | 0.63 | &nbsp;&nbsp;&nbsp;27 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.86) | &nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | (0.04) |  | &nbsp;&nbsp;&nbsp;(2.92) | &nbsp;&nbsp;&nbsp;&nbsp;6.69 | (30.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | 2.31 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;5.56 | (0.25) | &nbsp;&nbsp;&nbsp;16 |
| 6/22/21<sup>(14)</sup> to 9/30/21 | &nbsp;&nbsp;&nbsp;10.00 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;(3.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | 2.30 | 13.08 | (0.74) | &nbsp;&nbsp;&nbsp;&nbsp;5 <sup>(16)</sup> |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $9.11 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | $9.18 | &nbsp;&nbsp;&nbsp;&nbsp;2.72% | $191 | 1.16 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;4.39% | 1.28% | &nbsp;&nbsp;&nbsp;13% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | 1.25 | &nbsp;&nbsp;&nbsp;4.50 | 2.07 | &nbsp;&nbsp;&nbsp;25 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;7.67 | &nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | 1.26 <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;4.00 | 1.68 | &nbsp;&nbsp;&nbsp;27 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;(2.81) | (0.02) | (0.04) | (0.06) |  | &nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | (29.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | 1.31 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;4.53 | 0.78 | &nbsp;&nbsp;&nbsp;16 |
| 6/22/21<sup>(14)</sup> to 9/30/21 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;(3.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97 | 1.30 | 12.08 | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;5 <sup>(16)</sup> |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $9.15 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | $9.23 | &nbsp;&nbsp;&nbsp;&nbsp;2.84% | $2667 | 1.12 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;4.31% | 1.33% | &nbsp;&nbsp;&nbsp;13% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) |  | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;21.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2643 | 1.20 | &nbsp;&nbsp;&nbsp;4.43 | 2.09 | &nbsp;&nbsp;&nbsp;25 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;7.70 | &nbsp;&nbsp;14.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2358 | 1.21 <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;3.92 | 1.67 | &nbsp;&nbsp;&nbsp;27 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;(2.81) | (0.02) | (0.04) | (0.06) |  | &nbsp;&nbsp;&nbsp;(2.87) | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | (29.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189 | 1.23 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;4.53 | 0.89 | &nbsp;&nbsp;&nbsp;16 |
| 6/22/21<sup>(14)</sup> to 9/30/21 | &nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.36) | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;(3.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603 | 1.22 | 12.06 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;5 <sup>(16)</sup> |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **KAR Emerging Markets Small-Cap Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $16.39 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.85) | &nbsp;&nbsp;&nbsp;(0.80) | (0.21) | (0.29) | (0.50) |  | &nbsp;&nbsp;&nbsp;(1.30) | $15.09 | &nbsp;&nbsp;&nbsp;(4.82) % | $36578 | 1.73 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;1.79% | 0.63% | &nbsp;&nbsp;&nbsp;13% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;16.39 | &nbsp;&nbsp;24.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36264 | 1.78 <sup>(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.78 | 1.55 | &nbsp;&nbsp;&nbsp;24 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29963 | 1.78 | &nbsp;&nbsp;&nbsp;1.79 | 1.17 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;17.61 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.10) | &nbsp;&nbsp;&nbsp;(5.05) | (0.33) | (0.99) | (1.32) |  | &nbsp;&nbsp;&nbsp;(6.37) | &nbsp;&nbsp;&nbsp;11.24 | (30.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31637 | 1.81 <sup>(10)(11)(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.80 | 0.32 | &nbsp;&nbsp;&nbsp;24 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;14.93 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;17.61 | &nbsp;&nbsp;19.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57403 | 1.85 <sup>(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.81 | (0.11) | &nbsp;&nbsp;&nbsp;19 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;12.10 | (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;3.06 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.23) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;14.93 | &nbsp;&nbsp;25.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39799 | 1.85 | &nbsp;&nbsp;&nbsp;1.90 | (0.17) | &nbsp;&nbsp;&nbsp;47 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $15.93 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.82) | &nbsp;&nbsp;&nbsp;(0.83) | (0.07) | (0.29) | (0.36) |  | &nbsp;&nbsp;&nbsp;(1.19) | $14.74 | &nbsp;&nbsp;&nbsp;(5.14) % | $3890 | 2.46 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;2.48% | (0.13) % | &nbsp;&nbsp;&nbsp;13% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;12.85 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;15.93 | &nbsp;&nbsp;23.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369 | 2.49 <sup>(12)(17)</sup> | &nbsp;&nbsp;&nbsp;2.47 | 0.84 | &nbsp;&nbsp;&nbsp;24 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;11.09 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;12.85 | &nbsp;&nbsp;15.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3803 | 2.52 | &nbsp;&nbsp;&nbsp;2.51 | 0.52 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;17.41 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.06) | &nbsp;&nbsp;&nbsp;(5.11) | (0.22) | (0.99) | (1.21) |  | &nbsp;&nbsp;&nbsp;(6.32) | &nbsp;&nbsp;&nbsp;11.09 | (31.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 | 2.56 <sup>(10)(11)</sup> | &nbsp;&nbsp;&nbsp;2.62 | (0.34) | &nbsp;&nbsp;&nbsp;24 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;14.80 | (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;17.41 | &nbsp;&nbsp;18.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2540 | 2.60 <sup>(12)(17)</sup> | &nbsp;&nbsp;&nbsp;2.54 | (0.79) | &nbsp;&nbsp;&nbsp;19 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;12.03 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;2.94 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;14.80 | &nbsp;&nbsp;24.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | 2.60 | &nbsp;&nbsp;&nbsp;2.61 | (0.87) | &nbsp;&nbsp;&nbsp;47 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $16.58 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;(0.79) | (0.25) | (0.29) | (0.54) |  | &nbsp;&nbsp;&nbsp;(1.33) | $15.25 | &nbsp;&nbsp;&nbsp;(4.70) % | $228870 | 1.48 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;1.52% | 0.90% | &nbsp;&nbsp;&nbsp;13% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;16.58 | &nbsp;&nbsp;25.32 | &nbsp;&nbsp;&nbsp;&nbsp;304313 | 1.50 | &nbsp;&nbsp;&nbsp;1.51 | 1.88 | &nbsp;&nbsp;&nbsp;24 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;16.98 | &nbsp;&nbsp;&nbsp;&nbsp;227178 | 1.49 | &nbsp;&nbsp;&nbsp;1.51 | 1.47 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.12) | &nbsp;&nbsp;&nbsp;(5.03) | (0.39) | (0.99) | (1.38) |  | &nbsp;&nbsp;&nbsp;(6.41) | &nbsp;&nbsp;&nbsp;11.31 | (30.49) | &nbsp;&nbsp;&nbsp;&nbsp;196191 | 1.51 <sup>(10)(11)</sup> | &nbsp;&nbsp;&nbsp;1.55 | 0.61 | &nbsp;&nbsp;&nbsp;24 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;2.91 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;19.49 | &nbsp;&nbsp;&nbsp;&nbsp;360774 | 1.55 <sup>(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.51 | 0.26 | &nbsp;&nbsp;&nbsp;19 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.11 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;26.01 | &nbsp;&nbsp;&nbsp;&nbsp;180829 | 1.60 | &nbsp;&nbsp;&nbsp;1.62 | 0.11 | &nbsp;&nbsp;&nbsp;47 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $16.60 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;(0.79) | (0.11) | (0.29) | (0.40) |  | &nbsp;&nbsp;&nbsp;(1.19) | $15.41 | &nbsp;&nbsp;&nbsp;(4.65) % | $1784 | 1.36 % <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;1.42% | 0.87% | &nbsp;&nbsp;&nbsp;13% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;16.60 | &nbsp;&nbsp;25.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005 | 1.40 | &nbsp;&nbsp;&nbsp;1.41 | 1.85 | &nbsp;&nbsp;&nbsp;24 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;17.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1675 | 1.39 | &nbsp;&nbsp;&nbsp;1.42 | 1.58 | &nbsp;&nbsp;&nbsp;17 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;17.74 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(5.14) | &nbsp;&nbsp;&nbsp;(5.01) | (0.44) | (0.99) | (1.43) |  | &nbsp;&nbsp;&nbsp;(6.44) | &nbsp;&nbsp;&nbsp;11.30 | (30.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | 1.41 <sup>(10)(11)</sup> | &nbsp;&nbsp;&nbsp;1.45 | 0.96 | &nbsp;&nbsp;&nbsp;24 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;2.95 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;17.74 | &nbsp;&nbsp;19.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223 | 1.41 <sup>(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.41 | 0.72 | &nbsp;&nbsp;&nbsp;19 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;3.12 | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.27) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;26.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | 1.50 | &nbsp;&nbsp;&nbsp;1.51 | 0.17 | &nbsp;&nbsp;&nbsp;47 |
| **KAR International Small-Mid Cap Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $20.41 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;(0.30) | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | &nbsp;&nbsp;&nbsp;(0.63) | $19.78 | &nbsp;&nbsp;&nbsp;(1.37) % | $44124 | 1.43 % <sup>(9)(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.43% | 0.73% | &nbsp;&nbsp;&nbsp;15% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;15.93 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;4.48 | &nbsp;&nbsp;&nbsp;20.41 | &nbsp;&nbsp;28.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44592 | 1.45 <sup>(9)(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.45 | 1.20 | &nbsp;&nbsp;&nbsp;19 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.53 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;15.93 | &nbsp;&nbsp;27.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41974 | 1.45 | &nbsp;&nbsp;&nbsp;1.45 | 1.04 | &nbsp;&nbsp;&nbsp;16 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;24.72 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.47) | (10.36) | (0.44) | (1.39) | (1.83) |  | (12.19) | &nbsp;&nbsp;&nbsp;12.53 | (45.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42670 | 1.44 <sup>(10)(12)</sup> | &nbsp;&nbsp;&nbsp;1.44 | 0.55 | &nbsp;&nbsp;&nbsp;21 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;19.15 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;5.78 | (0.16) | (0.05) | (0.21) | — <sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;24.72 | &nbsp;&nbsp;30.29 <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;100353 | 1.53 <sup>(11)(12)</sup> | &nbsp;&nbsp;&nbsp;1.53 | 0.18 | &nbsp;&nbsp;&nbsp;23 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;16.95 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;19.15 | &nbsp;&nbsp;14.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78101 | 1.56 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;1.56 | 0.13 | &nbsp;&nbsp;&nbsp;48 |

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **KAR International Small-Mid Cap Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $19.67 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.35) | &nbsp;&nbsp;&nbsp;(0.36) | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.11) |  | &nbsp;&nbsp;&nbsp;(0.47) | $19.20 | &nbsp;&nbsp;&nbsp;(1.78) % | $13345 | 2.22 % <sup>(9)(12)(17)</sup> | &nbsp;&nbsp;&nbsp;2.19% | (0.07) % | &nbsp;&nbsp;&nbsp;15% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;19.67 | &nbsp;&nbsp;27.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16584 | 2.20 <sup>(9)(17)</sup> | &nbsp;&nbsp;&nbsp;2.20 | 0.46 | &nbsp;&nbsp;&nbsp;19 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.26 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;26.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17814 | 2.20 | &nbsp;&nbsp;&nbsp;2.21 | 0.30 | &nbsp;&nbsp;&nbsp;16 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;24.23 | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.28) | (10.31) | (0.27) | (1.39) | (1.66) |  | (11.97) | &nbsp;&nbsp;&nbsp;12.26 | (45.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18430 | 2.20 <sup>(10)(12)</sup> | &nbsp;&nbsp;&nbsp;2.20 | (0.18) | &nbsp;&nbsp;&nbsp;21 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;18.78 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | &nbsp;&nbsp;&nbsp;&nbsp;5.52 | (0.02) | (0.05) | (0.07) | — <sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;24.23 | &nbsp;&nbsp;29.43 <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42388 | 2.25 <sup>(11)</sup> | &nbsp;&nbsp;&nbsp;2.25 | (0.55) | &nbsp;&nbsp;&nbsp;23 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;16.64 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;18.78 | &nbsp;&nbsp;14.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33524 | 2.27 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;2.27 | (0.65) | &nbsp;&nbsp;&nbsp;48 |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $20.61 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;(0.29) | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) |  | &nbsp;&nbsp;&nbsp;(0.65) | $19.96 | &nbsp;&nbsp;&nbsp;(1.24) % | $817585 | 1.17 % <sup>(9)(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.17% | 0.99% | &nbsp;&nbsp;&nbsp;15% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;16.04 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;28.49 | &nbsp;&nbsp;&nbsp;&nbsp;923484 | 1.20 <sup>(9)(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.19 | 1.50 | &nbsp;&nbsp;&nbsp;19 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;16.04 | &nbsp;&nbsp;27.50 | &nbsp;&nbsp;&nbsp;&nbsp;809503 | 1.20 | &nbsp;&nbsp;&nbsp;1.20 | 1.31 | &nbsp;&nbsp;&nbsp;16 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;24.86 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.51) | (10.36) | (0.53) | (1.39) | (1.92) |  | (12.28) | &nbsp;&nbsp;&nbsp;12.58 | (45.04) | &nbsp;&nbsp;&nbsp;&nbsp;927917 | 1.19 <sup>(10)(12)</sup> | &nbsp;&nbsp;&nbsp;1.19 | 0.76 | &nbsp;&nbsp;&nbsp;21 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;5.88 | (0.22) | (0.05) | (0.27) | — <sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;24.86 | &nbsp;&nbsp;30.69 <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;2685996 | 1.24 <sup>(11)(12)</sup> | &nbsp;&nbsp;&nbsp;1.24 | 0.49 | &nbsp;&nbsp;&nbsp;23 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;17.03 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.37) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;15.28 | &nbsp;&nbsp;&nbsp;1705562 | 1.28 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;1.28 | 0.35 | &nbsp;&nbsp;&nbsp;48 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $20.68 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.39) | &nbsp;&nbsp;&nbsp;(0.28) | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) |  | &nbsp;&nbsp;&nbsp;(0.67) | $20.01 | &nbsp;&nbsp;&nbsp;(1.24) % | $83144 | 1.08 % <sup>(9)(12)(17)</sup> | &nbsp;&nbsp;&nbsp;1.08% | 1.09% | &nbsp;&nbsp;&nbsp;15% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;16.08 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp;28.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91690 | 1.08 <sup>(9)(12)</sup> | &nbsp;&nbsp;&nbsp;1.08 | 1.63 | &nbsp;&nbsp;&nbsp;19 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.60 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;16.08 | &nbsp;&nbsp;27.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76606 | 1.09 | &nbsp;&nbsp;&nbsp;1.09 | 1.38 | &nbsp;&nbsp;&nbsp;16 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;24.89 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;— | (10.52) | (10.35) | (0.55) | (1.39) | (1.94) |  | (12.29) | &nbsp;&nbsp;&nbsp;12.60 | (44.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80462 | 1.09 <sup>(10)(12)</sup> | &nbsp;&nbsp;&nbsp;1.09 | 0.86 | &nbsp;&nbsp;&nbsp;21 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;19.27 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;5.91 | (0.24) | (0.05) | (0.29) | — <sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;24.89 | &nbsp;&nbsp;30.82 <sup>(18)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;277279 | 1.15 <sup>(11)(12)</sup> | &nbsp;&nbsp;&nbsp;1.15 | 0.65 | &nbsp;&nbsp;&nbsp;23 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;2.61 | (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.39) |  | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;19.27 | &nbsp;&nbsp;15.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75086 | 1.18 <sup>(12)</sup> | &nbsp;&nbsp;&nbsp;1.18 | 0.65 | &nbsp;&nbsp;&nbsp;48 |
| **SGA Emerging Markets Equity Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $7.53 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;(0.60) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.60) | $6.93 | &nbsp;&nbsp;&nbsp;(7.97) % | $98596 | 1.60 % <sup>(9)(19)</sup> | &nbsp;&nbsp;&nbsp;1.82% | 0.47% | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;7.53 | &nbsp;&nbsp;&nbsp;&nbsp;7.57 | &nbsp;&nbsp;&nbsp;&nbsp;120263 | 1.57 <sup>(9)(11)(19)</sup> | &nbsp;&nbsp;&nbsp;1.71 | 0.17 | 125 <sup>(20)</sup> |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.10) | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;(0.71) | &nbsp;&nbsp;&nbsp;&nbsp;152257 | 1.58 | &nbsp;&nbsp;&nbsp;1.59 | 0.72 | &nbsp;&nbsp;&nbsp;52 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.55) | &nbsp;&nbsp;&nbsp;(2.53) | (0.10) | (2.23) | (2.33) |  | &nbsp;&nbsp;&nbsp;(4.86) | &nbsp;&nbsp;&nbsp;&nbsp;7.05 | (26.30) | &nbsp;&nbsp;&nbsp;&nbsp;193151 | 1.58 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.58 | 0.18 | &nbsp;&nbsp;&nbsp;54 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.01 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.05) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;11.91 | &nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;362477 | 1.54 | &nbsp;&nbsp;&nbsp;1.54 | (0.33) | &nbsp;&nbsp;&nbsp;67 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | (0.16) | (0.04) | (0.20) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;369053 | 1.57 | &nbsp;&nbsp;&nbsp;1.57 | 0.07 | &nbsp;&nbsp;&nbsp;55 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $7.04 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.58) | &nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.59) | $6.45 | &nbsp;&nbsp;&nbsp;(8.38) % | $5669 | 2.36 % <sup>(9)(19)</sup> | &nbsp;&nbsp;&nbsp;2.59% | (0.23) % | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;6.59 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8604 | 2.31 <sup>(9)(11)(19)</sup> | &nbsp;&nbsp;&nbsp;2.42 | (0.62) | 125 <sup>(20)</sup> |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.09) | &nbsp;&nbsp;&nbsp;&nbsp;6.59 | &nbsp;&nbsp;&nbsp;(1.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17208 | 2.27 | &nbsp;&nbsp;&nbsp;2.28 | (0.03) | &nbsp;&nbsp;&nbsp;52 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.46 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.42) | &nbsp;&nbsp;&nbsp;(2.47) | (0.08) | (2.23) | (2.31) |  | &nbsp;&nbsp;&nbsp;(4.78) | &nbsp;&nbsp;&nbsp;&nbsp;6.68 | (26.85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31378 | 2.28 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;2.28 | (0.55) | &nbsp;&nbsp;&nbsp;54 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.62 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72832 | 2.22 | &nbsp;&nbsp;&nbsp;2.22 | (1.06) | &nbsp;&nbsp;&nbsp;67 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.27 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | (0.07) | (0.04) | (0.11) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99139 | 2.25 | &nbsp;&nbsp;&nbsp;2.25 | (0.61) | &nbsp;&nbsp;&nbsp;55 |

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

See Notes to Financial Statements

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[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

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

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate<sup>(1)</sup>** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **SGA Emerging Markets Equity Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $7.95 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | &nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.62) | $7.33 | &nbsp;&nbsp;&nbsp;(7.80) % | $391407 | 1.36 % <sup>(9)(19)</sup> | &nbsp;&nbsp;&nbsp;1.48% | 0.77% | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;7.95 | &nbsp;&nbsp;&nbsp;&nbsp;7.87 | &nbsp;&nbsp;&nbsp;&nbsp;537937 | 1.29 <sup>(9)(11)(19)</sup> | &nbsp;&nbsp;&nbsp;1.35 | 0.41 | 125 <sup>(20)</sup> |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;(0.41) | &nbsp;&nbsp;&nbsp;&nbsp;942601 | 1.24 | &nbsp;&nbsp;&nbsp;1.25 | 1.04 | &nbsp;&nbsp;&nbsp;52 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;12.35 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.65) | &nbsp;&nbsp;&nbsp;(2.61) | (0.11) | (2.23) | (2.34) |  | &nbsp;&nbsp;&nbsp;(4.95) | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | (26.00) | &nbsp;&nbsp;&nbsp;1572456 | 1.24 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.24 | 0.46 | &nbsp;&nbsp;&nbsp;54 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(15)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;1.02 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.08) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;12.35 | &nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;4124645 | 1.23 | &nbsp;&nbsp;&nbsp;1.23 | (0.03) | &nbsp;&nbsp;&nbsp;67 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;0.62 | (0.20) | (0.04) | (0.24) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;5178655 | 1.26 | &nbsp;&nbsp;&nbsp;1.26 | 0.38 | &nbsp;&nbsp;&nbsp;55 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $8.05 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.67) | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.63) | $7.42 | &nbsp;&nbsp;&nbsp;(7.83) % | $27331 | 1.09 % <sup>(9)(19)</sup> | &nbsp;&nbsp;&nbsp;1.35% | 0.97% | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;8.05 | &nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30145 | 1.02 <sup>(9)(19)</sup> | &nbsp;&nbsp;&nbsp;1.25 | 0.67 | 125 <sup>(20)</sup> |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.11) | &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45302 | 0.97 | &nbsp;&nbsp;&nbsp;1.16 | 1.30 | &nbsp;&nbsp;&nbsp;52 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.67) | &nbsp;&nbsp;&nbsp;(2.60) | (0.12) | (2.23) | (2.35) |  | &nbsp;&nbsp;&nbsp;(4.95) | &nbsp;&nbsp;&nbsp;&nbsp;7.45 | (25.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99619 | 1.00 <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;1.16 | 0.74 | &nbsp;&nbsp;&nbsp;54 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;1.06 | (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.10) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;204006 | 0.98 | &nbsp;&nbsp;&nbsp;1.13 | 0.23 | &nbsp;&nbsp;&nbsp;67 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.04 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | (0.21) | (0.04) | (0.25) |  | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;5.86 | &nbsp;&nbsp;&nbsp;&nbsp;200523 | 0.98 | &nbsp;&nbsp;&nbsp;1.15 | 0.59 | &nbsp;&nbsp;&nbsp;55 |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(3)</sup> | Not annualized for periods less than one year. |
| <sup>(4)</sup> | Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report. |
| <sup>(5)</sup> | Annualized for periods less than one year. |
| <sup>(6)</sup> | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
| <sup>(7)</sup> | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> | Unaudited. |
| <sup>(9)</sup> | Net expense ratio includes extraordinary European Union tax reclaim expenses. |
| <sup>(10)</sup> | Net expense ratio includes extraordinary proxy expenses. |
| <sup>(11)</sup> | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(12)</sup> | The share class is currently under its expense limitation. |
| <sup>(13)</sup> | Ratios of total expenses excluding interest expense on borrowings for six months ended March 31, 2025, were 0.50% (Class A), 1.25% (Class C), 0.25% (Class I) and 0.20% (Class R6). |
| <sup>(14)</sup> | Inception date. |
| <sup>(15)</sup> | Amount is less than $0.005 per share. |
| <sup>(16)</sup> | Portfolio turnover is representative of the Fund for the entire period. |
| <sup>(17)</sup> | See Note 3D in the Notes to Financial statements for information on recapture of expenses previously reimbursed and/or waived. |
| <sup>(18)</sup> | Payment from affiliate had no impact on total return. |
| <sup>(19)</sup> | Ratios of total expenses excluding interest expense on borrowings for the six months ended March 31, 2025, were 1.59% (Class A), 2.35% (Class C), 1.35% (Class I) and 1.08% (Class R6) and the year ended September 30, 2024, were 1.55% (Class A), 2.29% (Class C), 1.27% (Class I) and 1.00% (Class R6). |
| <sup>(20)</sup> | The Fund's portfolio turnover rate increased substantially during the period due to a change in the Fund's subadviser and associated repositioning. |

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See Notes to Financial Statements

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[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) March 31, 2025

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

As of the date of these financial statements, 18 funds of the Trust are offered for sale, of which 8 (each a "Fund" or collectively, the "Funds") are reported in these financial statements. Each Fund has a distinct investment objective and all of the Funds except the KAR Developing Markets Fund are diversified. *There is no guarantee that a Fund will achieve its objective(s).*

The Duff & Phelps Real Asset Fund is a fund of funds whose primary investment strategy involves investing in other investment companies, such as ETFs and other mutual funds.

All of the Funds offer Class A shares, Class C shares, Class I shares and Class R6 shares.

Class A shares of the Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% – 1% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 18 months. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective January 1, 2019 to February 28, 2021, with certain exceptions, Class C shares and any reinvested dividends and other distributions paid on such shares, were automatically converted to Class A shares of the same Fund ten years after the purchase date. If an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Class I Shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the funds' distributor to offer Class I Shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Class I Shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Class I Shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Class I Shares. Class I Shares are sold without a front-end sales charge or CDSC.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

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

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

#### Note 2. Significant Accounting Policies

#### ($ reported in thousands)
The Funds are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025
assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

---

| | |
|:---|:---|
| **A.** | **Security Valuation** |
|  | The Funds' Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds' policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
|  | &nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments). |
|  | A description of the valuation techniques applied to a Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows: |
|  | <br> <sup>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.</sup> |
|  | Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that a Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Funds fair value non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as ADRs, financial futures, ETFs, and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis. |
|  | <br><sup>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.</sup> |
|  | <sup>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.</sup> <sup>A summary of the inputs used to value a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.</sup> |

---

---

| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
|  | Dividend income from REITs is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |

---

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | |
|:---|:---|
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned ("EU tax reclaims"). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have been recognized, if any, are reflected as European Union tax reclaims in the Statements of Operations. Related receivables, if any, are reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Generally, unless Management of the Funds believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, may reduce the amount of foreign taxes, if any, that a Fund could elect to pass-through- to its shareholders from a U.S. federal tax perspective. In certain circumstances, and to the extent that EU tax reclaims recovered by a Fund were previously pass-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service (the "IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the IRS for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |
| **G.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |
|  | Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. |
|  | Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |
|  | As of March 31, 2025 none of the Funds were lending under the agreement with BNY. |
| **H.** | **Segment Reporting** |
|  | Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments |

---

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025
are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations.

#### Note 3. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

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

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $1 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$1+ Billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Developing Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Emerging Markets Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA Emerging Markets Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $1 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$1+ Billion through<br> $2 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$2+ Billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Global Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;&nbsp;0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Global Real Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Real Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**First $3 Billion** | &nbsp;&nbsp;&nbsp;&nbsp;**$3+ Billion** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR International Small-Mid Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.90% | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |

---

Duff & Phelps Real Asset Fund – the Adviser does not charge an advisory fee.

---

| | |
|:---|:---|
| **B.** | **Subadvisers** |
|  | The subadvisers manage the investments of each Fund for which they are paid a fee by the applicable Adviser. A list of the subadvisers and the Funds they serve as of the end of the six months is as follows: |

---

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

---

| |
|:---|
| **Fund** |
| Duff & Phelps Global Infrastructure Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DPIM<sup>(1)</sup> |
| Duff & Phelps Global Real Estate Securities Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DPIM<sup>(1)</sup> |
| Duff & Phelps Real Asset Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DPIM<sup>(1)</sup> |
| Duff & Phelps Real Estate Securities Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DPIM<sup>(1)</sup> |
| KAR Developing Markets Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR<sup>(2)</sup> |
| KAR Emerging Markets Small-Cap Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR<sup>(2)</sup> |
| KAR International Small-Mid Cap Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR<sup>(2)</sup> |
| SGA Emerging Markets Equity Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA<sup>(3)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Duff & Phelps Investment Management Co. ("DPIM"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Kayne Anderson Rudnick Investment Management, LLC ("KAR"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Sustainable Growth Advisers, LP ("SGA"), an indirect, majority-owned subsidiary of Virtus.

---

| | |
|:---|:---|
| **C.** | **Expense Limitations** |
|  | The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through January 31, 2026. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

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

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |
| Duff & Phelps Global Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| Duff & Phelps Global Real Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87<sup>(1)</sup> |
| Duff & Phelps Real Asset Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Duff & Phelps Real Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.79 |
| KAR Developing Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03<sup>(3)</sup> |
| KAR Emerging Markets Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30<sup>(4)</sup> |
| KAR International Small-Mid Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| SGA Emerging Markets Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Effective January 1, 2025. For the period October 1, 2024 through December 31, 2024, the expense caps were as follows for Class A shares, Class C shares, Class I shares and Class R6 shares, respectively: 1.40%, 2.15%, 1.15% and 0.89%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Effective January 1, 2025. For the period October 1, 2024 through December 31, 2024, there were no expense limitations in effect for Class A shares, Class C shares or Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Effective January 1, 2025. For the period October 1, 2024 through December 31, 2024, the expense caps were as follows for Class A shares, Class C shares, Class I shares and Class R6 shares, respectively: 1.50%, 2.25%, 1.25% and 1.20%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Effective January 1, 2025. For the period October 1, 2024 through December 31, 2024, the expense caps were as follows for Class A shares, Class C shares, Class I shares and Class R6 shares, respectively: 1.79%, 2.53%, 1.50% and 1.40%.

The exclusions include front-end or contingent deferred loads, taxes, leverage and borrowing expenses (such as commitment, amendment and

renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or

reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

---

| | |
|:---|:---|
| **D.** | **Expense Recapture** |
|  | Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the six months ending March 31: |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Duff & Phelps Global Infrastructure Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;$9 | &nbsp;&nbsp;&nbsp;&nbsp;$26 | &nbsp;&nbsp;&nbsp;&nbsp;$20 | &nbsp;&nbsp;&nbsp;&nbsp;$59 |
| Duff & Phelps Global Real Estate Securities Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 |
| &nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 |
| Duff & Phelps Real Asset Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| &nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| Duff & Phelps Real Estate Securities Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 |
| KAR Developing Markets Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 |
| KAR Emerging Markets Small-Cap Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

---

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| SGA Emerging Markets Equity Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;$185 | &nbsp;&nbsp;&nbsp;&nbsp;$116 | &nbsp;&nbsp;&nbsp;&nbsp;$313 |
| &nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 |
| &nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 |

---

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

During the six months ended March 31, 2025 the Adviser recaptured expenses previously waived for the following Funds:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Class I** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| Duff & Phelps Global Real Estate<br>Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$3 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3 |
| KAR Emerging Markets Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| KAR International Small-Mid Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |

---

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

---

| | |
|:---|:---|
| **E.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the six months ended March 31, 2025, it retained net commissions of $6 for Class A shares and CDSC of $1 for Class C shares. |
|  | In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%<sup>(1)</sup> for Class A shares and 1.00%<sup>(1)(2)</sup> for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. |
|  | Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |

---

<sup>(1)</sup> Some of the Funds invest in ETFs. In addition to the fees listed, the Funds bear their proportionate shares of any distribution and shareholder servicing fees of the ETFs.

<sup>(2)</sup> The Funds' distributor has contractually agreed to waive its 12b-1 fees applicable to Class C shares to the extent that the Funds' investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the Fund to exceed the limits set forth in applicable law or regulation.

---

| | |
|:---|:---|
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the six months ended March 31, 2025, the Funds incurred administration fees totaling $1,312 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the six months ended March 31, 2025, the Funds incurred transfer agent fees totaling $587 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |
| **G.** | **Affiliated Shareholders** |
|  | At March 31, 2025, Virtus and its affiliates held significant shares of the following Fund, which may be redeemed at any time, that aggregated to the following: |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Aggregate Net<br> Asset Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Developing Markets Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;$92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;288738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 |

---

---

| | |
|:---|:---|
| **H.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common |

---

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| |
|:---|
| Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the six months ended March 31, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
| A summary of the Duff & Phelps Real Asset Fund's total long-term and short-term purchases and sales of the respective shares of the affiliated underlying funds<sup>(1)</sup> during the six months ended March 31, 2025, is as follows: |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds<sup>(3)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain (loss)<br> on<br> affiliated<br> funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated funds** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Real Asset Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds<sup>(4)</sup>—79.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds<sup>(4)</sup>—79.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds<sup>(4)</sup>—79.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds<sup>(4)</sup>—79.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds<sup>(4)</sup>—79.3%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Funds—76.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Funds—76.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Funds—76.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Funds—76.2%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Duff & Phelps Global Infrastructure Fund Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;$5693 | &nbsp;&nbsp;&nbsp;&nbsp;$534 | &nbsp;&nbsp;&nbsp;&nbsp;$155 | &nbsp;&nbsp;&nbsp;&nbsp;$5 | &nbsp;&nbsp;&nbsp;&nbsp;$(139) | &nbsp;&nbsp;&nbsp;&nbsp;$5938 | &nbsp;&nbsp;&nbsp;&nbsp;396684 | &nbsp;&nbsp;&nbsp;&nbsp;$58 | &nbsp;&nbsp;&nbsp;&nbsp;$176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Duff & Phelps Global Real Estate Securities Fund Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5443 | &nbsp;&nbsp;&nbsp;&nbsp;163960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Duff & Phelps Select MLP and Energy Fund Class I<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3226 | &nbsp;&nbsp;&nbsp;&nbsp;188194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13)<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Duff & Phelps Water Fund Institutional Shares<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(112) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fixed Income Fund—3.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fixed Income Fund—3.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fixed Income Fund—3.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Fixed Income Fund—3.1%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Newfleet Senior Floating Rate Fund Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund<sup>(4)</sup>—1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund<sup>(4)</sup>—1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund<sup>(4)</sup>—1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund<sup>(4)</sup>—1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund<sup>(4)</sup>—1.7%** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Fund—1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Fund—1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Fund—1.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Fund—1.7%** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Duff & Phelps Clean Energy ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$16219 | &nbsp;&nbsp;&nbsp;&nbsp;$1646 | &nbsp;&nbsp;&nbsp;&nbsp;$1088 | &nbsp;&nbsp;&nbsp;&nbsp;$376 | &nbsp;&nbsp;&nbsp;&nbsp;$(780) | &nbsp;&nbsp;&nbsp;&nbsp;$16373 |  | &nbsp;&nbsp;&nbsp;&nbsp;$215 | &nbsp;&nbsp;&nbsp;&nbsp;$228 |

---

Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this note. An affiliated issuer includes any company in which the Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company.

A summary of the Funds' total long-term and short-term purchases and sales of the securities of affiliated issuers during the six months ended March 31, 2025, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—2.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Union Auction PCL<sup>(7)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$295 | &nbsp;&nbsp;&nbsp;&nbsp;$(135) | &nbsp;&nbsp;&nbsp;&nbsp;$(932) | &nbsp;&nbsp;&nbsp;&nbsp;$7092 | &nbsp;&nbsp;&nbsp;&nbsp;31854400 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vasta Platform Ltd.<sup>(8)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$3660 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$3113 | &nbsp;&nbsp;&nbsp;&nbsp;$(7816) | &nbsp;&nbsp;&nbsp;&nbsp;$5907 | &nbsp;&nbsp;&nbsp;&nbsp;$7092 |  | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**KAR International Small-Mid Cap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Common Stocks—3.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Baltic Classifieds Group plc<sup>(9)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$102445 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$40278 | &nbsp;&nbsp;&nbsp;&nbsp;$18385 | &nbsp;&nbsp;&nbsp;&nbsp;$(47609) | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;$203 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;oOh!media Ltd.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31094 | &nbsp;&nbsp;&nbsp;&nbsp;33300196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$129158 | &nbsp;&nbsp;&nbsp;&nbsp;$3882 | &nbsp;&nbsp;&nbsp;&nbsp;$40884 | &nbsp;&nbsp;&nbsp;&nbsp;$18008 | &nbsp;&nbsp;&nbsp;&nbsp;$(46127) | &nbsp;&nbsp;&nbsp;&nbsp;$31094 |  | &nbsp;&nbsp;&nbsp;&nbsp;$927 | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

---

| | |
|:---|:---|
| **<sup>Footnote Legend:</sup>** | **<sup>Footnote Legend:</sup>** |
| <sup>(1)</sup> | The Duff & Phelps Real Asset Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At March 31, 2025, the Fund was owner of record of 15% of Duff & Phelps Select MLP and Energy Fund and the owner of record of less than 10% of all other affiliated underlying funds. |
| <sup>(2)</sup> | Includes reinvested dividends from income and capital gain distributions. |
| <sup>(3)</sup> | Includes return of capital. |
| <sup>(4)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(5)</sup> | Includes return of capital dividend reclassification in the amount of $(64), relating to a prior year dividend which exceeded the aggregate of dividend income earned during the current year. |
| <sup>(6)</sup> | Amount is less than $500 (not in thousands). |
| <sup>(7)</sup> | Issuer was not an affiliated investment of the Fund at September 30, 2024. |
| <sup>(8)</sup> | Security was not an investment of the Fund at March 31, 2025. |
| <sup>(9)</sup> | Issuer is not an affiliated investment of the Fund at March 31, 2025. |

---

---

| | |
|:---|:---|
| **I.** | **Trustee Deferred Compensation Plan** |
|  | The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at March 31, 2025. |

---

#### Note 4. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities and short-term securities) during the six months ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Global Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$33144 | &nbsp;&nbsp;&nbsp;&nbsp;$36414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Global Real Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Real Asset Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Real Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Developing Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Emerging Markets Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR International Small-Mid Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA Emerging Markets Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169039 |

---

There were no purchases or sales of long-term U.S. government and agency securities during the six months ended March 31, 2025.

#### Note 5. Capital Share Transactions

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

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Duff & Phelps Global Infrastructure Fund** | &nbsp;&nbsp;**Duff & Phelps Global Infrastructure Fund** | &nbsp;&nbsp;**Duff & Phelps Global Infrastructure Fund** | &nbsp;&nbsp;**Duff & Phelps Global Infrastructure Fund** | &nbsp;&nbsp;**Duff & Phelps Global Real Estate Securities Fund** | &nbsp;&nbsp;**Duff & Phelps Global Real Estate Securities Fund** | &nbsp;&nbsp;**Duff & Phelps Global Real Estate Securities Fund** | &nbsp;&nbsp;**Duff & Phelps Global Real Estate Securities Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;$385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;$681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;$2675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;$4066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6054) | &nbsp;&nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(339) | &nbsp;&nbsp;$(4867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(349) | &nbsp;&nbsp;$(4713) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;$228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$(65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;$203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;$367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(357) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1040) | &nbsp;&nbsp;&nbsp;&nbsp;(17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1618) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(20) | &nbsp;&nbsp;$(291) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73) | &nbsp;&nbsp;$(967) | &nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;$(334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) | &nbsp;&nbsp;$(1214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;323 | &nbsp;&nbsp;$4606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;$2463 | &nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;$14630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;$28237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(173) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2532) | &nbsp;&nbsp;&nbsp;&nbsp;(1095) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14521) | &nbsp;&nbsp;&nbsp;&nbsp;(752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25354) | &nbsp;&nbsp;&nbsp;&nbsp;(2545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79961) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;$2945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(862) | &nbsp;&nbsp;$(11376) | &nbsp;&nbsp;&nbsp;&nbsp;(177) | &nbsp;&nbsp;$(6257) | &nbsp;&nbsp;&nbsp;&nbsp;(1498) | &nbsp;&nbsp;$(47500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;$2487 | &nbsp;&nbsp;&nbsp;&nbsp;6235 | &nbsp;&nbsp;$81367 | &nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;$17410 | &nbsp;&nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;$74484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 | &nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8455) | &nbsp;&nbsp;&nbsp;&nbsp;(380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12702) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(793) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27257) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;$1400 | &nbsp;&nbsp;&nbsp;&nbsp;5872 | &nbsp;&nbsp;$75969 | &nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;$8842 | &nbsp;&nbsp;&nbsp;&nbsp;1763 | &nbsp;&nbsp;$50851 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;$177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;$245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;$4690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;$9305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(625) | &nbsp;&nbsp;&nbsp;&nbsp;(132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(553) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10851) | &nbsp;&nbsp;&nbsp;&nbsp;(1419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;$(123) | &nbsp;&nbsp;&nbsp;&nbsp;(99) | &nbsp;&nbsp;$(1297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;$527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) | &nbsp;&nbsp;$(5968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;$154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;$426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;$(21) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;$(184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;$(248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;$(434) |

---

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;**Duff & Phelps Real Asset Fund** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** | &nbsp;&nbsp;**Duff & Phelps Real Estate Securities Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;$1250 | &nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;$1933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;$10676 | &nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;$28420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10199 | &nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(119) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1758) | &nbsp;&nbsp;&nbsp;&nbsp;(96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1258) | &nbsp;&nbsp;&nbsp;&nbsp;(1464) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28629) | &nbsp;&nbsp;&nbsp;&nbsp;(4172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;$(216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;$831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(362) | &nbsp;&nbsp;$(7754) | &nbsp;&nbsp;&nbsp;&nbsp;(1601) | &nbsp;&nbsp;$(28771) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;$209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;$310 | &nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;$25029 | &nbsp;&nbsp;&nbsp;&nbsp;2008 | &nbsp;&nbsp;$37167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(77) | &nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(845) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16816) | &nbsp;&nbsp;&nbsp;&nbsp;(2101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;$184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;$17587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;$11042 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;$8047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;$12023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) | &nbsp;&nbsp;&nbsp;&nbsp;(—) <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5919) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;$3203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | &nbsp;&nbsp;$(682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;$287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;$463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(530) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;$(161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;$(321) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$17 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;1575 | &nbsp;&nbsp;$24386 | &nbsp;&nbsp;&nbsp;&nbsp;5237 | &nbsp;&nbsp;$78050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(5556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83727) | &nbsp;&nbsp;&nbsp;&nbsp;(4048) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59706) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$18 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$2 | &nbsp;&nbsp;&nbsp;&nbsp;(3344) | &nbsp;&nbsp;$(49826) | &nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;$18344 |

---

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;**KAR Developing Markets Fund** | &nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** | &nbsp;&nbsp;**KAR Emerging Markets Small-Cap Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;$811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;$132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(953) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$3 | &nbsp;&nbsp;&nbsp;&nbsp;(18) | &nbsp;&nbsp;$(147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;$(117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;$(84) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;**KAR International Small-Mid Cap Fund** | &nbsp;&nbsp;**SGA Emerging Markets Equity Fund** | &nbsp;&nbsp;**SGA Emerging Markets Equity Fund** | &nbsp;&nbsp;**SGA Emerging Markets Equity Fund** | &nbsp;&nbsp;**SGA Emerging Markets Equity Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;$9648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;$11898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1917 | &nbsp;&nbsp;$13434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3155 | &nbsp;&nbsp;$21949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9372) | &nbsp;&nbsp;&nbsp;&nbsp;(1109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19758) | &nbsp;&nbsp;&nbsp;&nbsp;(3656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25626) | &nbsp;&nbsp;&nbsp;&nbsp;(8943) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;$1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) | &nbsp;&nbsp;$(7860) | &nbsp;&nbsp;&nbsp;&nbsp;(1739) | &nbsp;&nbsp;$(12192) | &nbsp;&nbsp;&nbsp;&nbsp;(5788) | &nbsp;&nbsp;$(40709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;$468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;$146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;$480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2968) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2393) | &nbsp;&nbsp;&nbsp;&nbsp;(1463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) | &nbsp;&nbsp;$(2791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309) | &nbsp;&nbsp;$(5366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344) | &nbsp;&nbsp;$(2247) | &nbsp;&nbsp;&nbsp;&nbsp;(1389) | &nbsp;&nbsp;$(9163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;4054 | &nbsp;&nbsp;$79599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9090 | &nbsp;&nbsp;$162726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8177 | &nbsp;&nbsp;$60130 | &nbsp;&nbsp;&nbsp;&nbsp;23674 | &nbsp;&nbsp;$173800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;(8710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169186) | &nbsp;&nbsp;&nbsp;&nbsp;(14745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263341) | &nbsp;&nbsp;&nbsp;&nbsp;(22396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(166490) | &nbsp;&nbsp;&nbsp;&nbsp;(83920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(621482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(3858) | &nbsp;&nbsp;$(74597) | &nbsp;&nbsp;&nbsp;&nbsp;(5655) | &nbsp;&nbsp;$(100615) | &nbsp;&nbsp;&nbsp;&nbsp;(14219) | &nbsp;&nbsp;$(106360) | &nbsp;&nbsp;&nbsp;&nbsp;(60246) | &nbsp;&nbsp;$(447682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold and cross class<br> conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;$7524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;$9468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;$5553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;$10075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased and cross<br> class conversions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5996) | &nbsp;&nbsp;&nbsp;&nbsp;(3691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(280) | &nbsp;&nbsp;$(5563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(331) | &nbsp;&nbsp;$(6336) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;$(443) | &nbsp;&nbsp;&nbsp;&nbsp;(2346) | &nbsp;&nbsp;$(17708) |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Amount is less than $500 (not in thousands).

#### Note 6. 10% Shareholders
As of March 31, 2025, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Global Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;61% | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Global Real Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Real Asset Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Real Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Developing Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;1<sup>\*</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Emerging Markets Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR International Small-Mid Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA Emerging Markets Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

<sup>\*</sup> Includes affiliated shareholder account(s).

#### Note 7. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. A Fund may be unable to receive and repatriate proceeds and/or interest payments due to U.S. and Russian sanctions related to the Russia/Ukraine war.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of a Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At March 31, 2025, the following Funds held securities issued by various companies in specific sectors as detailed below:

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Sector** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> Total Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Global Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Global Infrastructure Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Developing Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KAR Emerging Markets Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SGA Emerging Markets Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;26 |

---

#### Note 8. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

#### Note 9. Restricted Securities
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

At March 31, 2025, the Funds did not hold any securities that were restricted.

#### Note 10. Redemption Facility

#### ($ reported in thousands)
The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended, ("Credit Agreement") with a commercial bank. The Credit Agreement allows the Funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable, of each Fund's total net assets in accordance with the terms of the agreement. Each Fund, that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. This Credit Agreement has a scheduled termination date of July 3, 2025, however, the Funds may request at any time and from time to time to extend the termination date by 364 days. Interest is charged at the higher of SOFR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the six months ended March 31, 2025, are included in the "interest expense and/or commitment fees" line on the Statements of Operations.

The following Funds had outstanding loans during the six months period. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Incurred on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Days<br> Outstanding** |
| Duff & Phelps Real Asset Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;&nbsp;$983 | &nbsp;&nbsp;&nbsp;&nbsp;5.93% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| KAR Emerging Markets Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397 | &nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;12 |
| KAR International Small-Mid Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| SGA Emerging Markets Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp;5.73 | &nbsp;&nbsp;&nbsp;&nbsp;17 |

---

#### Note 11. Federal Income Tax Information

#### ($ reported in thousands)
At March 31, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| Duff & Phelps Global Infrastructure Fund<br>| $127188 | &nbsp;&nbsp;&nbsp;&nbsp;$19938 | &nbsp;&nbsp;&nbsp;&nbsp;$(2503) | &nbsp;&nbsp;&nbsp;&nbsp;$17435 |
| Duff & Phelps Global Real Estate Securities Fund<br>| &nbsp;&nbsp;306040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14810) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57011 |
| Duff & Phelps Real Asset Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;23044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3068) |
| Duff & Phelps Real Estate Securities Fund<br>| &nbsp;&nbsp;240044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117167 |
| KAR Developing Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 |
| KAR Emerging Markets Small-Cap Fund<br>| &nbsp;&nbsp;237627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30062) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23877 |

---

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

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

#### March 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| KAR International Small-Mid Cap Fund<br>| $802243 | &nbsp;&nbsp;&nbsp;&nbsp;$222860 | &nbsp;&nbsp;&nbsp;&nbsp;$(104449) | &nbsp;&nbsp;&nbsp;&nbsp;$118411 |
| SGA Emerging Markets Equity Fund<br>| &nbsp;&nbsp;512619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7042 |

---

Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended September 30, 2024, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| Duff & Phelps Global Real Estate Securities Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7613 | &nbsp;&nbsp;&nbsp;&nbsp;$31387 |
| Duff & Phelps Real Asset Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 |
| KAR Developing Markets Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271 |
| KAR International Small-Mid Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149167 |
| SGA Emerging Markets Equity Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164525 |

---

#### Note 12. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 13. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

------

[**Table of Contents**](#JOB_VOT_I_a0ef286f-9cba-4215-9495-2614177e6dfd_TOC)

#### VIRTUS OPPORTUNITIES TRUST

#### OTHER INFORMATION (Unaudited)

#### March 31, 2025

#### FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants
None

#### FORM N-CSR ITEM 9 - Proxy Disclosure
None

#### FORM N-CSR ITEM 10 - Remuneration Paid to Trustees
For the six months ended March 31, 2025, the Funds incurred independent Trustee's fees totaling $120 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

#### FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract
**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS DUFF & PHELPS GLOBAL INFRASTRUCTURE FUND, VIRTUS DUFF & PHELPS GLOBAL REAL ESTATE SECURITIES FUND, VIRTUS DUFF & PHELPS REAL ASSET FUND, VIRTUS DUFF & PHELPS REAL ESTATE SECURITIES FUND, VIRTUS KAR DEVELOPING MARKETS FUND, VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND, VIRTUS KAR INTERNATIONAL SMALL-MID CAP FUND, AND VIRTUS SGA EMERGING MARKETS EQUITY FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES**

The Board of Trustees (the "Board") of Virtus Opportunities Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, LLC ("VIA"), with respect to each Fund and the continuation of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements")(together with the Advisory Agreement, the "Agreements") among the Trust, VIA and Duff & Phelps Investment Management Co. ("Duff & Phelps"), with respect to Virtus Duff & Phelps Global Infrastructure Fund, Virtus Duff & Phelps Global Real Estate Securities Fund, Virtus Duff & Phelps Real Asset Fund and Virtus Duff & Phelps Real Estate Securities Fund; among the Trust, VIA and Kayne Anderson Rudnick Investment Management, LLC ("KAR"), with respect to Virtus KAR Developing Markets Fund, Virtus KAR Emerging Markets Small Cap Fund and Virtus KAR International Small-Mid Cap Fund; and among the Trust, VIA and Sustainable Growth Advisers, LP ("SGA") with respect to Virtus SGA Emerging Markets Equity Fund (each of Duff & Phelps, KAR and SGA, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on August 27, 2024, October 29, 2024, and November 18-20, 2024 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered and approved the continuation of each Agreement, as further discussed below.

In connection with the approval of the Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and each Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Subadvisers with respect to the Fund(s) they manage. The Board noted the affiliation of the Subadvisers with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. The Independent Trustees also submitted questions to management and considered the responses provided. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and each of the Subadvisers; (b) the performance of the Fund as compared to an appropriate peer group, an appropriate index and comparable accounts; (c) the level and method of computing the Fund's advisory and subadvisory fees, and comparisons of the Fund's advisory fee rates and total expenses with those of a group of funds with similar investment strategies; (d) the profitability of VIA under the Advisory Agreement; (e) any "fall-out" benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA's or the applicable Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on the Fund's performance and expenses; (g) fees paid to VIA and the Subadvisers by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

<u>Nature, Extent and Quality of Services</u>

In response to Independent Trustee request, the Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and

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#### VIRTUS OPPORTUNITIES TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. In considering the Advisory Agreement with VIA, the Board considered that VIA is responsible for management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers, subject to shareholder approval. In considering the Advisory Agreement, the Board considered VIA's process for supervising and managing the Funds' subadvisers, including (a) VIA's ability to select and monitor subadvisers; (b) VIA's ability to provide the services necessary to monitor subadvisers' compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA's supervision of the Funds' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties to the Funds and other funds managed through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Fund's(s') investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the respective Fund(s) is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund's(s') prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the applicable Fund(s).

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe") and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio compositions, as well as each Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Fund. The Board was mindful of VIA's focus on each Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended March 31, 2024. The Board also reviewed comparisons of each Fund's contractual and net management fee and net total expense levels to those of its peer universe when considering Fund performance.

*<u>Virtus Duff & Phelps Global Infrastructure Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter, 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the first quarter, 1-, 3- and 5-year periods and outperformed its benchmark for the 10-year period.*

The Board also noted that the Fund's performance was in the fourth quintile of the comparative performance for the 1- and 3-year periods, fifth quintile for the 5-year period, and third quintile for the 10-year period.

*<u>Virtus Duff & Phelps Global Real Estate Securities Fund</u>. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the first quarter and 1-year periods. The Board also noted that the Fund outperformed both the median of its Performance Universe and its benchmark for the 3-, 5- and 10-year periods.*

The Board also noted that the Fund's performance was in the fourth quintile of the comparative performance for the 1-year period, second quintile for the 3-year period, and first quintile for the 5- and 10-year periods.

*<u>Virtus Duff & Phelps Real Asset Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter, 1-, 5- and 10-year periods and outperformed the median of its Performance Universe for the 3-year period. The Board also noted that the Fund underperformed its benchmark for the first quarter, 1-, 3-, 5- and 10-year periods.*

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#### VIRTUS OPPORTUNITIES TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
The Board also noted that the Fund's performance was in the fourth quintile of the comparative performance for the 1-year period, first quintile for the 3-year period, third quintile for the 5-year period, and fourth quintile for the 10-year period.

*<u>Virtus Duff & Phelps Real Estate Securities Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter and 1-year periods and outperformed the median of its Performance Universe for the 3-, 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the first quarter, 1- and 3-year periods and outperformed its benchmark for the 5- and 10-year periods.*

The Board also noted that the Fund's performance was in the fourth quintile of the comparative performance for the 1-year period, first quintile for the 3- and 5-year periods, and second quintile for the 10-year period.

*<u>Virtus KAR Developing Markets Fund</u>. The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter and 1-year periods. The Board also noted that the Fund underperformed its benchmark for the first quarter period and outperformed its benchmark for the 1-year period.*

The Board also noted that the Fund's performance was in the third quintile of the comparative performance for the 1-year period.

*<u>Virtus KAR Emerging Markets Small-Cap Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe for the first quarter, 1-, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1-, 3- and 5-year periods and outperformed its benchmark for the first quarter and 10-year periods.*

The Board also noted that the Fund's performance was in the first quintile of the comparative performance for the 1-, 5-, and 10-year periods and second quintile for the 3-year period.

*<u>Virtus KAR International Small-Mid Cap Fund</u>. The Board noted that the Fund outperformed the median of its Performance Universe for the 1- and 10-year periods and underperformed the median of its Performance Universe for the first quarter, 3- and 5-year periods. The Board also noted that the Fund underperformed its benchmark for the first quarter, and the 1, 3- and 5-year periods and outperformed its benchmark for the10-year period.*

The Board also noted that the Fund's performance was in the second quintile of the comparative performance for the 1-year period, fifth quintile for the 3-year period, fourth quintile for the 5-year period, and first quintile for the 10-year period.

*<u>Virtus SGA Emerging Markets Equity Fund</u>. The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the first quarter, 1-, 3-, 5-, and 10-year periods.*

The Board also noted that the Fund's performance was in the fifth quintile of the comparative performance for the 1-, 3-, 5-, and 10-year periods.

The Board also considered management's discussion about the reasons for each applicable Fund's underperformance relative to its peer group or benchmark. With respect to the Virtus SGA Emerging Markets Equity Fund, the Board also considered that the Fund had changed its subadviser in December of 2023, and that therefore, some of the performance considered for that Fund was that of a prior subadviser. After reviewing these and related factors, the Board concluded that each Fund's overall performance, taking into account reasons discussed for certain Funds' underperformance and/or actions taken to address underperformance, was satisfactory.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, highest in these expense component rankings). In comparing each Fund's net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also considered information containing comparisons of each Fund's gross management fee and net total expense level to those of its peer group (the "Expense Group"). In comparing each Fund's gross management fee to that of comparable funds, the Board noted that in the materials presented such fee included both advisory and administrative fees.

The Board also noted that each of the Funds had an expense limitation agreement in place to limit the total expenses incurred by the Funds and their shareholders, and that VIA had proposed to lower the expense limitations in place for Class A, C, I and R6 shares of Virtus Duff & Phelps Global Real Estate Securities Fund, Virtus KAR Developing Markets Fund, Virtus KAR Emerging Markets Small-Cap Fund and Class A, C and I shares of Virtus Duff & Phelps Real Estate Securities Fund. The Board also noted that the subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Subadvisers provided, and the Board considered, fee information of comparable accounts managed by the Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus Duff & Phelps Global Infrastructure Fund</u>. The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was below the median of the Expense Group and the net total expenses were above the median of the Expense Group.*

*<u>Virtus Duff & Phelps Global Real Estate Securities Fund</u>. The Board considered that the Fund's net management fee was in the fifth quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.*

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#### VIRTUS OPPORTUNITIES TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
*<u>Virtus Duff & Phelps Real Asset Fund</u>. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were below the median of the Expense Group.*

*<u>Virtus Duff & Phelps Real Estate Securities Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses were above the median of the Expense Group.*

*<u>Virtus KAR Developing Markets Fund</u>. The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.*

*<u>Virtus KAR Emerging Markets Small-Cap Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fifth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.*

*<u>Virtus KAR International Small-Mid Cap Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.*

*<u>Virtus SGA Emerging Markets Equity Fund</u>. The Board considered that the Fund's net management fee and net total expenses after waivers were each in the fourth quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were above the median of the Expense Group.*

The Board concluded that the advisory and subadvisory fees for each Fund, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered. The Board also approved the proposed lower expense limitations to limit the total expenses of Class A, C, I and R6 shares of Virtus Duff & Phelps Global Real Estate Securities Fund, Virtus KAR Developing Markets Fund, Virtus KAR Emerging Markets Small-Cap Fund and Class A, C and I shares of Virtus Duff & Phelps Real Estate Securities Fund.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds and other funds of the Trust, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from each Fund was not excessive in light of the quality of the services rendered to the Funds by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the Subadvisers, the Board noted that, because the Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds' assets grow. The Board noted that the management fees for all of the Funds with investment advisory fees included breakpoints based on assets under management, and that expense limitation agreements were also in place for certain Funds. The Board also took into account management's discussion of the advisory fee and subadvisory fee structure for each Fund. The Board also took into account the current sizes of the Funds. The Board also noted that VIA had agreed to implement an extension of each applicable Fund's expense limitations through January 31, 2026, and that VIA had agreed to lower the expense limitations applicable to Class A, C, I and R6 shares of Virtus Duff & Phelps Global Real Estate Securities Fund, Virtus KAR Developing Markets Fund, Virtus KAR Emerging Markets Small-Cap Fund and Class A, C and I shares of Virtus Duff & Phelps Real Estate Securities Fund. The Board then concluded that no other changes to the advisory fee structure of the Funds with respect to economies of scale were necessary at this time. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

With respect to whether the Subadvisers would realize economies of scale as the Funds' assets grow, the Board noted that because the subadvisory fee rate paid by VIA to each Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense limitations would affect the subadvisory fees paid to the Subadvisers. As a result, the Board concluded that the Subadvisers would share in any economies of scale realized by VIA.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and each Subadviser and their affiliates from their relationships with the Funds. Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA and the Subadvisers, serves as the distributor for the Trust, and, as such, receives

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#### VIRTUS OPPORTUNITIES TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA and the Subadvisers also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fee to be earned under the applicable Agreement(s).

The Board considered that there may be certain indirect or ancillary benefits which may accrue to VIA and its affiliates, including (but not limited to): (a)the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements

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#### VIRTUS OPPORTUNITIES TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

#### Principal Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

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

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

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

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

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

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

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

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![](g903073img96fff8142.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

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|:---|:---|
| 8638 | 05-25 |

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7a.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7a.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7a.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Please refer to the Other Information Section in Item 7a.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.

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

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

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#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d945773dex99cert.htm) |
| (a)(4) | Disclosure not required for open-end management investment companies. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto.](d945773dex99906ce.htm) |

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

(Registrant) Virtus Opportunities Trust

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

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 <br> Date 6/1/2025

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

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

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 <br> Date 6/1/2025

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

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 <br> Date 5/30/2025

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

## Ex-99.Cert

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

I, George R. Aylward, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

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

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

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

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

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

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| | |
|:---|:---|
| Date: <u>6/1/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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

I, W. Patrick Bradley, certify that:

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

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

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

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

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

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

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| | |
|:---|:---|
| Date: <u>5/30/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

## Exhibit 99.906

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

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

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

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

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| | |
|:---|:---|
| Date: <u>6/1/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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

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

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

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| | |
|:---|:---|
| Date: <u>5/30/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---