# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-23-044739
**Filing Date:** 2023-2
**Character Count:** 40171
**Document Hash:** e425b355392298794b6ab9b7f4ebcc75
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044739.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044739

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 23679961

**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 Vontobel Emerging Markets Opportunities 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           |

## Nport-Ex

#### VIRTUS Vontobel Emerging Markets Opportunities Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.9%** | **Common Stocks—99.9%** | **Common Stocks—99.9%** |
| **Communication Services—7.5%** | **Communication Services—7.5%** |  |
| NetEase, Inc. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674864 | $9900 |
| NetEase, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205969 | &nbsp;&nbsp; 14960 |
| Telkom Indonesia Persero Tbk PT (Indonesia) | 106624843 | &nbsp;&nbsp; 25684 |
| Tencent Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;1798196 | &nbsp;&nbsp; 76946 |
|  |  | &nbsp;&nbsp; 127490 |
| **Consumer Discretionary—21.1%** | **Consumer Discretionary—21.1%** |  |
| Alibaba Group Holding Ltd. (China)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2757045 | &nbsp;&nbsp; 30465 |
| Alibaba Group Holding Ltd. Sponsored ADR (China)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12455 | &nbsp;&nbsp; 1097 |
| Americana Restaurants International plc (United Arab Emirates)<sup>(1)</sup> | 30178181 | &nbsp;&nbsp; 24405 |
| China Tourism Group Duty Free Corp., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771804 | &nbsp;&nbsp; 23984 |
| Eicher Motors Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;1234099 | &nbsp;&nbsp; 48149 |
| JD.com, Inc. ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212923 | &nbsp;&nbsp; 11951 |
| JD.com, Inc. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;2020223 | &nbsp;&nbsp; 56992 |
| Lojas Renner S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;6456255 | &nbsp;&nbsp; 25044 |
| Meituan Class B (China)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1952442 | &nbsp;&nbsp; 43699 |
| MercadoLibre, Inc. (Uruguay)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8762 | &nbsp;&nbsp; 7415 |
| Midea Group Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;3610680 | &nbsp;&nbsp; 26905 |
| Sands China Ltd. (Cayman Islands)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5311318 | &nbsp;&nbsp; 17624 |
| Shenzhou International Group Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;1803592 | &nbsp;&nbsp; 20288 |
| Yum China Holdings, Inc. (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356148 | &nbsp;&nbsp; 20031 |
|  |  | &nbsp;&nbsp; 358049 |
| **Consumer Staples—19.6%** | **Consumer Staples—19.6%** |  |
| Chacha Food Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;3343829 | &nbsp;&nbsp; 24051 |
| Clicks Group Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;1403107 | &nbsp;&nbsp; 22303 |
| Foshan Haitian Flavouring & Food Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860080 | &nbsp;&nbsp; 9848 |
| Heineken N.V. (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368072 | &nbsp;&nbsp; 34625 |
| Hindustan Unilever Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747846 | &nbsp;&nbsp; 23151 |
| Inner Mongolia Yili Industrial Group Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;4814295 | &nbsp;&nbsp; 21469 |
| Kweichow Moutai Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146337 | &nbsp;&nbsp; 36354 |
| President Chain Store Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;5772200 | &nbsp;&nbsp; 51082 |
| Raia Drogasil S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;9434787 | &nbsp;&nbsp; 42387 |
| Wal-Mart de Mexico SAB de C.V. (Mexico) | 19058524 | &nbsp;&nbsp; 67367 |
|  |  | &nbsp;&nbsp; 332637 |
| **Energy—3.4%** | **Energy—3.4%** |  |
| Reliance Industries Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;1870031 | &nbsp;&nbsp; 57577 |
| **Financials—21.0%** | **Financials—21.0%** |  |
| Banco BTG Pactual S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;3479398 | &nbsp;&nbsp; 15777 |
| Bancolombia S.A. Sponsored ADR (Colombia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875066 | &nbsp;&nbsp; 24974 |
| Bank Central Asia Tbk PT (Indonesia) | 57888482 | &nbsp;&nbsp; 31794 |
| Bank Rakyat Persero Tbk PT (Indonesia) | 165280859 | &nbsp;&nbsp; 52448 |
| First Abu Dhabi Bank PJSC (United Arab Emirates) | &nbsp;&nbsp;&nbsp;&nbsp;4919497 | &nbsp;&nbsp; 22906 |
| Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;1041384 | &nbsp;&nbsp; 44988 |
| Housing Development Finance Corp., Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;1949280 | &nbsp;&nbsp; 62147 |
| Kotak Mahindra Bank Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;1648700 | &nbsp;&nbsp; 36415 |
| Oversea-Chinese Banking Corp., Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661402 | &nbsp;&nbsp; 6014 |
| Saudi Tadawul Group Holding Co. (Saudi Arabia) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306410 | &nbsp;&nbsp; 14758 |
| SCB X PCL Foreign Shares (Thailand) | &nbsp;&nbsp;&nbsp;&nbsp;8560034 | &nbsp;&nbsp; 26445 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| United Overseas Bank Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712225 | $16325 |
|  |  | &nbsp;&nbsp;&nbsp; 354991 |
| **Health Care—3.2%** | **Health Care—3.2%** |  |
| Cipla Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;1936248 | &nbsp;&nbsp;&nbsp; 25182 |
| Hapvida Participacoes e Investimentos S.A. (Brazil)<sup>(1)</sup> | 20305482 | &nbsp;&nbsp;&nbsp; 19537 |
| Wuxi Biologics Cayman, Inc. (China)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1161837 | &nbsp;&nbsp;&nbsp; 8909 |
|  |  | &nbsp;&nbsp;&nbsp; 53628 |
| **Industrials—6.4%** | **Industrials—6.4%** |  |
| Shanghai M&G Stationery, Inc. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;3342309 | &nbsp;&nbsp;&nbsp; 26434 |
| Shenzhen Inovance Technology Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;2161312 | &nbsp;&nbsp;&nbsp; 21608 |
| Techtronic Industries Co., Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;1734881 | &nbsp;&nbsp;&nbsp; 19359 |
| Voltas Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;1100335 | &nbsp;&nbsp;&nbsp; 10638 |
| WEG S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952995 | &nbsp;&nbsp;&nbsp; 6951 |
| Wuxi Lead Intelligent Equipment Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;4135099 | &nbsp;&nbsp;&nbsp; 23942 |
|  |  | &nbsp;&nbsp;&nbsp; 108932 |
| **Information Technology—14.2%** | **Information Technology—14.2%** |  |
| Accton Technology Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;2851021 | &nbsp;&nbsp;&nbsp; 21752 |
| HCL Technologies Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;1518097 | &nbsp;&nbsp;&nbsp; 19071 |
| Infosys Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;1389380 | &nbsp;&nbsp;&nbsp; 25329 |
| Samsung Electronics Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;1227447 | &nbsp;&nbsp;&nbsp; 54108 |
| SK Hynix, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141911 | &nbsp;&nbsp;&nbsp; 8518 |
| Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;4960021 | &nbsp;&nbsp;&nbsp; 72378 |
| Tata Consultancy Services Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559012 | &nbsp;&nbsp;&nbsp; 22006 |
| TOTVS S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;3456365 | &nbsp;&nbsp;&nbsp; 18081 |
|  |  | &nbsp;&nbsp;&nbsp; 241243 |
| **Materials—1.1%** | **Materials—1.1%** |  |
| Avia Avian Tbk PT (Indonesia) | 460703415 | &nbsp;&nbsp;&nbsp; 18644 |
| **Utilities—2.4%** | **Utilities—2.4%** |  |
| ENN Energy Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;1552203 | &nbsp;&nbsp;&nbsp; 21795 |
| Power Grid Corp. of India Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;7327010 | &nbsp;&nbsp;&nbsp; 18927 |
|  |  | &nbsp;&nbsp;&nbsp; 40722 |
| **Total Common Stocks<br> (Identified Cost $1,671,586)** | **Total Common Stocks<br> (Identified Cost $1,671,586)** | &nbsp;&nbsp;&nbsp;&nbsp;**1693913** |
| **Total Long-Term Investments—99.9%<br> (Identified Cost $1,671,586)** | **Total Long-Term Investments—99.9%<br> (Identified Cost $1,671,586)** | &nbsp;&nbsp;&nbsp;&nbsp;**1693913** |
| **TOTAL INVESTMENTS—99.9%<br> (Identified Cost $1,671,586)** | **TOTAL INVESTMENTS—99.9%<br> (Identified Cost $1,671,586)** | &nbsp;&nbsp;**$1693913** |
| Other assets and liabilities, net—0.1% | Other assets and liabilities, net—0.1% | &nbsp;&nbsp;&nbsp;&nbsp; 994 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1694907** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| PJSC | Public Joint Stock Company |

---

See Notes to Schedule of Investments

------

#### VIRTUS Vontobel Emerging Markets Opportunities Fund

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

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;31% |
| India | &nbsp;&nbsp;21 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;16 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1693913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1693913 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1693913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1693913 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

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

See Notes to Schedule of Investments

------

#### VIRTUS VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND

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

#### December 31, 2022

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

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

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

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

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

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

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

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

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter ("OTC") derivative contracts, which include forward currency contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Vontobel Emerging Markets Opportunities Fund

- **b. EDGAR series identifier (if any):** S000055178

- **c. LEI of Series:** 5493007734IHLMNODB52

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1732362586.55

**Total Liabilities:** $29157647.43

**Net Assets:** $1703204939.12

**Cash Not Reported:** $3752985.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000173502 | -2.95%               | 9.82%                | -2.02%               |
| Class ID C000173500 | -3.96%               | 8.72%                | -3.09%               |
| Class ID C000173499 | -8.31%               | 3.76%                | -7.51%               |
| Class ID C000173501 | -2.97%               | 9.75%                | -2.03%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-53166851.65            | $185322.74                                 |
| Month 2  | $-37133049.62            | $209379787.17                              |
| Month 3  | $-17848374.22            | $-21792296.45                              |

### Schedule of Portfolio Investments

| Name                               | Title                                       | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Alibaba Group Holding Ltd          | Alibaba Group Holding Ltd                   | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |   2757045 | NS      | $30465268.66  | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| HAI TIAN                           | Foshan Haitian Flavouring & Food Co Ltd     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    860080 | NS      | $9848291.50   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| INOVANCE                           | Shenzhen Inovance Technology Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   2161312 | NS      | $21607834.63  | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Avia Avian Tbk PT                  | Avia Avian Tbk PT                           | CUSIP: 000000000<br>LEI: 2549006YBXNWWWTP2773 | Long             | EC               | CORP              | ID        | 460703415 | NS      | $18644172.25  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bancolombia SA                     | Bancolombia SA                              | CUSIP: 05968L102<br>LEI: 54930052NWJRPNMP1W58 | Long             | EC               | CORP              | CO        |    875066 | NS      | $24974383.64  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| SCB X PCL                          | SCB X PCL                                   | CUSIP: 000000000<br>LEI: 254900TG41KIWX7VDO42 | Long             | EC               | CORP              | TH        |   8560034 | NS      | $26445030.69  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd            | Kotak Mahindra Bank Ltd                     | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |   1648700 | NS      | $36414687.24  | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT           | Bank Central Asia Tbk PT                    | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |  57888482 | NS      | $31793577.72  | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Infosys Ltd                        | Infosys Ltd                                 | CUSIP: 000000000<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |   1389380 | NS      | $25328936.49  | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd                   | Clicks Group Ltd                            | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |   1403107 | NS      | $22302722.79  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Housing Development Finance Co     | Housing Development Finance Corp Ltd        | CUSIP: 000000000<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |   1949280 | NS      | $62146995.38  | 3.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV       | Wal-Mart de Mexico SAB de CV                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |  19058524 | NS      | $67367209.77  | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management          | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    348492 | NS      | $348491.83    | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Rakyat Indonesia Persero      | Bank Rakyat Indonesia Persero Tbk PT        | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        | 165280859 | NS      | $52448205.78  | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| LEAD INTELLIGENT                   | Wuxi Lead Intelligent Equipment Co Ltd      | CUSIP: 000000000<br>LEI: 836800J7WO9E2EF72B65 | Long             | EC               | CORP              | CN        |   4135099 | NS      | $23942019.18  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Americana Restaurants Internat     | Americana Restaurants International PLC     | CUSIP: 000000000<br>LEI: 549300EYHRPEZ6UVAM64 | Long             | EC               | CORP              | AE        |  30178181 | NS      | $24404835.15  | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hapvida Participacoes e Invest     | Hapvida Participacoes e Investimentos S/A   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |  20305482 | NS      | $19537260.01  | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                           | TOTVS SA                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   3456365 | NS      | $18081310.91  | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai M&G Stationery Inc        | Shanghai M&G Stationery Inc                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   3342309 | NS      | $26433843.35  | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                         | JD.com Inc                                  | CUSIP: 47215P106<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |    212923 | NS      | $11951367.99  | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| China Tourism Group Duty Free      | China Tourism Group Duty Free Corp Ltd      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    771804 | NS      | $23984466.84  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltas Ltd                         | Voltas Ltd                                  | CUSIP: 000000000<br>LEI: 335800VVTQSSZ7NV7F51 | Long             | EC               | CORP              | IN        |   1100335 | NS      | $10638256.37  | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co Ltd       | Techtronic Industries Co Ltd                | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |   1734881 | NS      | $19359311.14  | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                        | NetEase Inc                                 | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |    674864 | NS      | $9899740.31   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd             | Kweichow Moutai Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    146337 | NS      | $36354272.91  | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN Energy Holdings Ltd            | ENN Energy Holdings Ltd                     | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | CN        |   1552203 | NS      | $21795213.45  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| President Chain Store Corp         | President Chain Store Corp                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   5772200 | NS      | $51082246.91  | 3.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                               | Taiwan Semiconductor Manufacturing Co Ltd   | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |   4960021 | NS      | $72377850.32  | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Sands China Ltd                    | Sands China Ltd                             | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | MO        |   5311318 | NS      | $17623985.32  | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                       | SK Hynix Inc                                | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |    141911 | NS      | $8518323.93   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Telkom Indonesia Persero Tbk P     | Telkom Indonesia Persero Tbk PT             | CUSIP: 000000000<br>LEI: 529900M5SQZAOKV1PC81 | Long             | EC               | CORP              | ID        | 106624843 | NS      | $25684481.21  | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Raia Drogasil SA                   | Raia Drogasil SA                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   9434787 | NS      | $42387072.80  | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd      | Tata Consultancy Services Ltd               | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |    559012 | NS      | $22005734.08  | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENZHOU INTL                      | Shenzhou International Group Holdings Ltd   | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | CN        |   1803592 | NS      | $20287796.04  | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Eicher Motors Ltd                  | Eicher Motors Ltd                           | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |   1234099 | NS      | $48148955.00  | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd          | Alibaba Group Holding Ltd                   | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |     12455 | NS      | $1097160.95   | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd                 | Midea Group Co Ltd                          | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |   3610680 | NS      | $26904674.25  | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Oversea-Chinese Banking Corp L     | Oversea-Chinese Banking Corp Ltd            | CUSIP: 000000000<br>LEI: 5493007O3QFXCPOGWK22 | Long             | EC               | CORP              | SG        |    661402 | NS      | $6014541.11   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                    | Lojas Renner SA                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   6456255 | NS      | $25043629.41  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                            | Meituan                                     | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |   1952442 | NS      | $43699161.15  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd               | Tencent Holdings Ltd                        | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |   1798196 | NS      | $76945911.38  | 4.52%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                   | MercadoLibre Inc                            | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      8762 | NS      | $7414754.88   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| HKEX                               | Hong Kong Exchanges & Clearing Ltd          | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |   1041384 | NS      | $44988397.18  | 2.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd         | Samsung Electronics Co Ltd                  | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |   1227447 | NS      | $54107795.66  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| HCL Technologies Ltd               | HCL Technologies Ltd                        | CUSIP: 000000000<br>LEI: 549300C1F8OLYSOQYB65 | Long             | EC               | CORP              | IN        |   1518097 | NS      | $19071173.84  | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Biologics Cayman Inc          | Wuxi Biologics Cayman Inc                   | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | CN        |   1161837 | NS      | $8908640.05   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BTG Pactual SA               | Banco BTG Pactual SA                        | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |   3479398 | NS      | $15776653.84  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Tadawul Group Holding Co     | Saudi Tadawul Group Holding Co              | CUSIP: 000000000<br>LEI: 894500BXFAWZK686TP37 | Long             | EC               | CORP              | SA        |    306410 | NS      | $14757905.80  | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                         | JD.com Inc                                  | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |   2020223 | NS      | $56992627.54  | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp             | Accton Technology Corp                      | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |   2851021 | NS      | $21752189.63  | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| First Abu Dhabi Bank PJSC          | First Abu Dhabi Bank PJSC                   | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | EC               | CORP              | AE        |   4919497 | NS      | $22905679.55  | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hindustan Unilever Ltd             | Hindustan Unilever Ltd                      | CUSIP: 000000000<br>LEI: 5493007IW5N37IKRPM32 | Long             | EC               | CORP              | IN        |    747846 | NS      | $23150864.24  | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Chacha Food Co Ltd                 | Chacha Food Co Ltd                          | CUSIP: 000000000<br>LEI: 300300AJZ9YPIRBJZN87 | Long             | EC               | CORP              | CN        |   3343829 | NS      | $24050440.90  | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cipla Ltd/India                    | Cipla Ltd/India                             | CUSIP: 000000000<br>LEI: 335800KMJJYEDDK82Q34 | Long             | EC               | CORP              | IN        |   1936248 | NS      | $25181990.04  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Yum China Holdings Inc             | Yum China Holdings Inc                      | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |    356148 | NS      | $20030744.16  | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd            | Reliance Industries Ltd                     | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |   1870031 | NS      | $57576972.84  | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Power Grid Corp of India Ltd       | Power Grid Corp of India Ltd                | CUSIP: 000000000<br>LEI: 3358009SHWZ3DZEQ4Z56 | Long             | EC               | CORP              | IN        |   7327010 | NS      | $18926411.66  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken NV                        | Heineken NV                                 | CUSIP: 000000000<br>LEI: 724500K5PTPSST86UQ23 | Long             | EC               | CORP              | NL        |    368072 | NS      | $34624954.85  | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| YILI                               | Inner Mongolia Yili Industrial Group Co Ltd | CUSIP: 000000000<br>LEI: 3003002Q2A863JPQFH06 | Long             | EC               | CORP              | CN        |   4814295 | NS      | $21468582.50  | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                        | NetEase Inc                                 | CUSIP: 64110W102<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |    205969 | NS      | $14959528.47  | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| United Overseas Bank Ltd           | United Overseas Bank Ltd                    | CUSIP: 000000000<br>LEI: IO66REGK3RCBAMA8HR66 | Long             | EC               | CORP              | SG        |    712225 | NS      | $16324703.23  | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                             | WEG SA                                      | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |    952995 | NS      | $6951055.91   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer