# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0000940400-25-005513
**Filing Date:** 2025-10
**Character Count:** 191608
**Document Hash:** 62a854b2fc341da8164aaac522343b5d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005513.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005513

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251029

**DATE AS OF CHANGE**: 20251029

**PERIOD START**: 20260531

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07455
- **FILM NUMBER:** 251428625

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

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

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

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

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

## Series and Classes Contracts Data

### Virtus Stone Harbor Emerging Markets Debt Income Fund (Series ID: S000075278)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234176 | Class I      | SHMDX           |
| C000234177 | Class A      | VSHCX           |

## Nport-Ex

#### VIRTUS Stone Harbor Emerging Markets Debt Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **U.S. Government Security—1.0%** | **U.S. Government Security—1.0%** | **U.S. Government Security—1.0%** |
| U.S. Treasury Note<br> 4.250%, 5/15/35 | $2712 | $2720 |
| **Total U.S. Government Security<br> (Identified Cost $2,680)** | **Total U.S. Government Security<br> (Identified Cost $2,680)** | &nbsp;&nbsp;&nbsp;&nbsp; **2720** |
| **Foreign Government Securities—67.0%** | **Foreign Government Securities—67.0%** | **Foreign Government Securities—67.0%** |
| **Angola —1.6%** | **Angola —1.6%** |  |
| Republic of Angola |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.000%, 11/26/29<sup>(2)</sup> | &nbsp;&nbsp; 1792 | &nbsp;&nbsp;&nbsp; 1696 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 4/14/32<sup>(2)</sup> | &nbsp;&nbsp; 1053 | &nbsp;&nbsp;&nbsp; 968 |
| Republic of Angola Via Avenir Issuer II Ireland DAC RegS<br> 6.927%, 2/19/27<sup>(3)(4)</sup> | &nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp; 1903 |
|  |  | &nbsp;&nbsp;&nbsp; 4567 |
| **Argentina—3.0%** | **Argentina—3.0%** |  |
| Provincia de Buenos Aires RegS<br> 6.625%, 9/1/37<sup>(4)(5)</sup> | &nbsp;&nbsp; 2279 | &nbsp;&nbsp;&nbsp; 1560 |
| Republic of Argentina |  |  |
| &nbsp;&nbsp;&nbsp;1.000%, 7/9/29 | &nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp; 970 |
| &nbsp;&nbsp;&nbsp;0.750%, 7/9/30<sup>(5)</sup> | &nbsp;&nbsp; 5126 | &nbsp;&nbsp;&nbsp; 3871 |
| &nbsp;&nbsp;&nbsp;4.125%, 7/9/46<sup>(5)</sup> | &nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp; 1934 |
|  |  | &nbsp;&nbsp;&nbsp; 8335 |
| **Benin—0.5%** | **Benin—0.5%** |  |
| Benin Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.960%, 2/13/38<sup>(2)</sup> | &nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.375%, 1/23/41<sup>(2)</sup> | &nbsp;&nbsp; 882 | &nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.950%, 1/22/35<sup>(4)</sup> | &nbsp;&nbsp; 363<sup>EUR</sup> | &nbsp;&nbsp;&nbsp; 381 |
|  |  | &nbsp;&nbsp;&nbsp; 1530 |
| **Bermuda—0.8%** | **Bermuda—0.8%** |  |
| Government of Bermuda |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.750%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp;RegS<br> 3.375%, 8/20/50<sup>(4)</sup> | &nbsp;&nbsp; 2571 | &nbsp;&nbsp;&nbsp; 1752 |
|  |  | &nbsp;&nbsp;&nbsp; 2170 |
| **Bolivia—0.2%** | **Bolivia—0.2%** |  |
| Bolivia Government RegS<br> 4.500%, 3/20/28<sup>(4)</sup> | &nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; 493 |
| **Brazil—3.3%** | **Brazil—3.3%** |  |
| Brazil Notas do Tesouro Nacional Series F<br> 10.000%, 1/1/31 | &nbsp;&nbsp; 3600<sup>BRL</sup> | &nbsp;&nbsp;&nbsp; 578 |
| Federative Republic of Brazil |  |  |
| &nbsp;&nbsp;&nbsp;3.875%, 6/12/30 | &nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp; 917 |
| &nbsp;&nbsp;&nbsp;5.500%, 11/6/30 | &nbsp;&nbsp; 1413 | &nbsp;&nbsp;&nbsp; 1443 |
| &nbsp;&nbsp;&nbsp;6.000%, 10/20/33 | &nbsp;&nbsp; 2110 | &nbsp;&nbsp;&nbsp; 2123 |
| &nbsp;&nbsp;&nbsp;6.125%, 3/15/34 | &nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp;6.625%, 3/15/35 | &nbsp;&nbsp; 3010 | &nbsp;&nbsp;&nbsp; 3082 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Brazil—continued** | **Brazil—continued** |  |
| &nbsp;&nbsp;&nbsp;5.625%, 2/21/47 | $59 | $49 |
| &nbsp;&nbsp;&nbsp;7.125%, 5/13/54 | &nbsp;&nbsp; 787 | &nbsp;&nbsp; 765 |
|  |  | &nbsp;&nbsp; 9354 |
| **Cameroon—1.1%** | **Cameroon—1.1%** |  |
| Republic of Cameroon |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.500%, 7/31/31<sup>(4)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.950%, 7/7/32<sup>(4)</sup> | &nbsp;&nbsp; 2319<sup>EUR</sup> | &nbsp;&nbsp; 2197 |
|  |  | &nbsp;&nbsp; 3054 |
| **Chile—0.3%** | **Chile—0.3%** |  |
| Republic of Chile |  |  |
| &nbsp;&nbsp;&nbsp;2.550%, 1/27/32 | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 231 |
| &nbsp;&nbsp;&nbsp;4.950%, 1/5/36 | &nbsp;&nbsp; 531 | &nbsp;&nbsp; 527 |
|  |  | &nbsp;&nbsp; 758 |
| **Colombia—3.0%** | **Colombia—3.0%** |  |
| Republic of Colombia |  |  |
| &nbsp;&nbsp;&nbsp;3.125%, 4/15/31 | &nbsp;&nbsp; 363 | &nbsp;&nbsp; 310 |
| &nbsp;&nbsp;&nbsp;3.250%, 4/22/32 | &nbsp;&nbsp; 1056 | &nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp;8.500%, 4/25/35 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 673 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/14/35 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 263 |
| &nbsp;&nbsp;&nbsp;7.750%, 11/7/36 | &nbsp;&nbsp; 994 | &nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp;6.125%, 1/18/41 | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;8.750%, 11/14/53 | &nbsp;&nbsp; 4843 | &nbsp;&nbsp; 5124 |
|  |  | &nbsp;&nbsp; 8556 |
| **Dominican Republic—1.3%** | **Dominican Republic—1.3%** |  |
| Dominican Republic |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.600%, 6/1/36<sup>(2)</sup> | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 806 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.950%, 3/15/37<sup>(2)</sup> | &nbsp;&nbsp; 839 | &nbsp;&nbsp; 877 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.950%, 3/15/37<sup>(4)</sup> | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 2011 |
|  |  | &nbsp;&nbsp; 3694 |
| **Ecuador—2.6%** | **Ecuador—2.6%** |  |
| Amazon Conservation DAC 144A<br> 6.034%, 1/16/42<sup>(2)</sup> | &nbsp;&nbsp; 1684 | &nbsp;&nbsp; 1708 |
| Republic of Ecuador |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.900%, 7/31/30<sup>(4)(5)</sup> | &nbsp;&nbsp; 5070 | &nbsp;&nbsp; 4568 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.000%, 7/31/40<sup>(4)(5)</sup> | &nbsp;&nbsp; 1451 | &nbsp;&nbsp; 946 |
|  |  | &nbsp;&nbsp; 7222 |
| **Egypt—2.6%** | **Egypt—2.6%** |  |
| Arab Republic of Egypt |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 3.875%, 2/16/26<sup>(2)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.625%, 2/4/30<sup>(2)</sup> | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 1187 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.875%, 2/16/31<sup>(2)</sup> | &nbsp;&nbsp; 309 | &nbsp;&nbsp; 277 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Debt Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Egypt—continued** | **Egypt—continued** |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.903%, 2/21/48<sup>(2)</sup> | $1609 | $1264 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.875%, 5/29/50<sup>(2)</sup> | &nbsp;&nbsp; 1127 | &nbsp;&nbsp; 960 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.750%, 9/30/51<sup>(2)</sup> | &nbsp;&nbsp; 3264 | &nbsp;&nbsp; 2767 |
| &nbsp;&nbsp;&nbsp;RegS<br> 8.700%, 3/1/49<sup>(4)</sup> | &nbsp;&nbsp; 847 | &nbsp;&nbsp; 715 |
|  |  | &nbsp;&nbsp; 7323 |
| **El Salvador—1.7%** | **El Salvador—1.7%** |  |
| Republic of El Salvador |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 4/10/32<sup>(2)</sup> | &nbsp;&nbsp; 1319 | &nbsp;&nbsp; 1365 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.650%, 6/15/35<sup>(4)</sup> | &nbsp;&nbsp; 2151 | &nbsp;&nbsp; 2112 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.625%, 2/1/41<sup>(4)</sup> | &nbsp;&nbsp; 897 | &nbsp;&nbsp; 827 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.125%, 1/20/50<sup>(4)</sup> | &nbsp;&nbsp; 459 | &nbsp;&nbsp; 384 |
|  |  | &nbsp;&nbsp; 4688 |
| **Ethiopia—0.6%** | **Ethiopia—0.6%** |  |
| Federal Republic of Ethiopia |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 12/11/25<sup>(2)(6)</sup> | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.625%, 12/11/25<sup>(4)(6)</sup> | &nbsp;&nbsp; 1496 | &nbsp;&nbsp; 1376 |
|  |  | &nbsp;&nbsp; 1798 |
| **Gabon—1.0%** | **Gabon—1.0%** |  |
| Republic of Gabon RegS<br> 9.500%, 2/18/29<sup>(4)</sup> | &nbsp;&nbsp; 3147 | &nbsp;&nbsp; 2922 |
| **Ghana—0.8%** | **Ghana—0.8%** |  |
| Republic of Ghana |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 7/3/26<sup>(4)(7)</sup> | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.000%, 7/3/35<sup>(4)(5)</sup> | &nbsp;&nbsp; 2694 | &nbsp;&nbsp; 2199 |
|  |  | &nbsp;&nbsp; 2310 |
| **Guatemala—0.8%** | **Guatemala—0.8%** |  |
| Republic of Guatemala |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.250%, 8/10/29<sup>(2)</sup> | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.875%, 8/15/55<sup>(2)</sup> | &nbsp;&nbsp; 1668 | &nbsp;&nbsp; 1674 |
|  |  | &nbsp;&nbsp; 2239 |
| **Hungary—4.3%** | **Hungary—4.3%** |  |
| Hungary Government Bond<br> 4.750%, 11/24/32 | &nbsp;&nbsp; 210000<sup>HUF</sup> | &nbsp;&nbsp; 545 |
| Hungary Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.250%, 6/16/29<sup>(2)</sup> | &nbsp;&nbsp; 1773 | &nbsp;&nbsp; 1807 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.250%, 9/22/32<sup>(2)</sup> | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 514 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Hungary—continued** | **Hungary—continued** |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 6/16/34<sup>(2)</sup> | $948 | $950 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.000%, 9/26/35<sup>(2)</sup> | &nbsp;&nbsp; 2267 | &nbsp;&nbsp; 2323 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.500%, 3/26/36<sup>(2)</sup> | &nbsp;&nbsp; 3519 | &nbsp;&nbsp; 3459 |
| &nbsp;&nbsp;&nbsp;RegS<br> 2.125%, 9/22/31<sup>(4)</sup> | &nbsp;&nbsp; 1653 | &nbsp;&nbsp; 1406 |
| Magyar Export-Import Bank Zrt 144A<br> 6.125%, 12/4/27<sup>(2)</sup> | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 972 |
|  |  | &nbsp;&nbsp; 11976 |
| **Indonesia—1.7%** | **Indonesia—1.7%** |  |
| Indonesia Government Bond<br> 6.500%, 2/15/31 | &nbsp;&nbsp; 9000000<sup>IDR</sup> | &nbsp;&nbsp; 563 |
| Republic of Indonesia |  |  |
| &nbsp;&nbsp;&nbsp;4.350%, 1/11/48 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 261 |
| &nbsp;&nbsp;&nbsp;4.200%, 10/15/50 | &nbsp;&nbsp; 2231 | &nbsp;&nbsp; 1807 |
| &nbsp;&nbsp;&nbsp;3.200%, 9/23/61 | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.250%, 1/8/47<sup>(2)</sup> | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 417 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.750%, 1/15/44<sup>(4)</sup> | &nbsp;&nbsp; 898 | &nbsp;&nbsp; 1024 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.125%, 1/15/45<sup>(4)</sup> | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 322 |
|  |  | &nbsp;&nbsp; 4683 |
| **Ivory Coast—1.5%** | **Ivory Coast—1.5%** |  |
| Republic of Ivory Coast |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.625%, 1/30/33<sup>(2)</sup> | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.125%, 6/15/33<sup>(2)</sup> | &nbsp;&nbsp; 1365 | &nbsp;&nbsp; 1265 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.075%, 4/1/36<sup>(2)</sup> | &nbsp;&nbsp; 832 | &nbsp;&nbsp; 825 |
| &nbsp;&nbsp;&nbsp;144A<br> 8.250%, 1/30/37<sup>(2)</sup> | &nbsp;&nbsp; 282 | &nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.875%, 10/17/31<sup>(4)</sup> | &nbsp;&nbsp; 421<sup>EUR</sup> | &nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.625%, 3/22/48<sup>(4)</sup> | &nbsp;&nbsp; 1086<sup>EUR</sup> | &nbsp;&nbsp; 1025 |
|  |  | &nbsp;&nbsp; 4368 |
| **Jordan—0.7%** | **Jordan—0.7%** |  |
| Kingdom of Jordan |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.850%, 7/7/30<sup>(2)</sup> | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.375%, 10/10/47<sup>(2)</sup> | &nbsp;&nbsp; 1202 | &nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.375%, 10/10/47<sup>(4)</sup> | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 594 |
|  |  | &nbsp;&nbsp; 2001 |
| **Kenya—0.9%** | **Kenya—0.9%** |  |
| Republic of Kenya 144A<br> 9.500%, 3/5/36<sup>(2)</sup> | &nbsp;&nbsp; 2449 | &nbsp;&nbsp; 2421 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Debt Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Kyrgyzstan—0.6%** | **Kyrgyzstan—0.6%** |  |
| Kyrgyz Republic International Bond 144A<br> 7.750%, 6/3/30<sup>(2)</sup> | $1720 | $1731 |
| **Lebanon—0.5%** | **Lebanon—0.5%** |  |
| Lebanon Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.800%, 4/14/20<sup>(4)(6)</sup> | &nbsp;&nbsp; 1561 | &nbsp;&nbsp; 305 |
| &nbsp;&nbsp;&nbsp;RegS<br> 8.250%, 4/12/21<sup>(4)(6)</sup> | &nbsp;&nbsp; 3735 | &nbsp;&nbsp; 730 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.400%, 5/26/23<sup>(4)(6)</sup> | &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 259 |
|  |  | &nbsp;&nbsp; 1294 |
| **Mexico—3.2%** | **Mexico—3.2%** |  |
| Eagle Funding Luxco S.a.r.l. 144A<br> 5.500%, 8/17/30<sup>(2)</sup> | &nbsp;&nbsp; 3114 | &nbsp;&nbsp; 3159 |
| Mex Bonos Desarr<br> 7.750%, 11/13/42 | &nbsp;&nbsp; 12500<sup>MXN</sup> | &nbsp;&nbsp; 569 |
| United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;3.500%, 2/12/34 | &nbsp;&nbsp; 2572 | &nbsp;&nbsp; 2195 |
| &nbsp;&nbsp;&nbsp;6.875%, 5/13/37 | &nbsp;&nbsp; 1175 | &nbsp;&nbsp; 1236 |
| &nbsp;&nbsp;&nbsp;6.625%, 1/29/38 | &nbsp;&nbsp; 727 | &nbsp;&nbsp; 745 |
| &nbsp;&nbsp;&nbsp;5.000%, 4/27/51 | &nbsp;&nbsp; 686 | &nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp;3.750%, 4/19/71 | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 508 |
|  |  | &nbsp;&nbsp; 8950 |
| **Nigeria—1.4%** | **Nigeria—1.4%** |  |
| Republic of Nigeria |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.500%, 11/28/27<sup>(2)</sup> | &nbsp;&nbsp; 513 | &nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.143%, 2/23/30<sup>(2)</sup> | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 413 |
| &nbsp;&nbsp;&nbsp;144A<br> 9.625%, 6/9/31<sup>(2)</sup> | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1232 |
| &nbsp;&nbsp;&nbsp;144A<br> 10.375%, 12/9/34<sup>(2)</sup> | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 470 |
| &nbsp;&nbsp;&nbsp;RegS<br> 8.747%, 1/21/31<sup>(4)</sup> | &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1188 |
|  |  | &nbsp;&nbsp; 3817 |
| **Panama—1.2%** | **Panama—1.2%** |  |
| Panama Bonos del Tesoro<br> 3.362%, 6/30/31 | &nbsp;&nbsp; 2575 | &nbsp;&nbsp; 2244 |
| Republic of Panama |  |  |
| &nbsp;&nbsp;&nbsp;6.853%, 3/28/54 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp;3.870%, 7/23/60 | &nbsp;&nbsp; 1046 | &nbsp;&nbsp; 634 |
| &nbsp;&nbsp;&nbsp;4.500%, 1/19/63 | &nbsp;&nbsp; 265 | &nbsp;&nbsp; 181 |
|  |  | &nbsp;&nbsp; 3465 |
| **Peru—0.5%** | **Peru—0.5%** |  |
| Republic of Peru |  |  |
| &nbsp;&nbsp;&nbsp;8.750%, 11/21/33 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;5.875%, 8/8/54 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp;3.600%, 1/15/72 | &nbsp;&nbsp; 1464 | &nbsp;&nbsp; 891 |
|  |  | &nbsp;&nbsp; 1406 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Philippines—2.0%** | **Philippines—2.0%** |  |
| Republic of Philippines |  |  |
| &nbsp;&nbsp;&nbsp;1.950%, 1/6/32 | $2932 | $2522 |
| &nbsp;&nbsp;&nbsp;5.000%, 7/17/33 | &nbsp;&nbsp; 872 | &nbsp;&nbsp; 891 |
| &nbsp;&nbsp;&nbsp;3.700%, 2/2/42 | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 1433 |
| &nbsp;&nbsp;&nbsp;2.950%, 5/5/45 | &nbsp;&nbsp; 373 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp;5.900%, 2/4/50 | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 512 |
|  |  | &nbsp;&nbsp; 5618 |
| **Poland—4.0%** | **Poland—4.0%** |  |
| Republic of Poland |  |  |
| &nbsp;&nbsp;&nbsp;5.125%, 9/18/34 | &nbsp;&nbsp; 4872 | &nbsp;&nbsp; 4918 |
| &nbsp;&nbsp;&nbsp;5.375%, 2/12/35 | &nbsp;&nbsp; 4205 | &nbsp;&nbsp; 4306 |
| &nbsp;&nbsp;&nbsp;5.500%, 4/4/53 | &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp;5.500%, 3/18/54 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 857 |
|  |  | &nbsp;&nbsp; 11357 |
| **Romania—3.1%** | **Romania—3.1%** |  |
| Romania Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.125%, 1/17/33<sup>(2)</sup> | &nbsp;&nbsp; 966 | &nbsp;&nbsp; 1027 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.375%, 1/30/34<sup>(2)</sup> | &nbsp;&nbsp; 1657 | &nbsp;&nbsp; 1659 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.750%, 3/24/35<sup>(2)</sup> | &nbsp;&nbsp; 1612 | &nbsp;&nbsp; 1530 |
| &nbsp;&nbsp;&nbsp;144A<br> 6.625%, 5/16/36<sup>(2)</sup> | &nbsp;&nbsp; 3123 | &nbsp;&nbsp; 3121 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.250%, 9/10/34<sup>(4)</sup> | &nbsp;&nbsp; 1099<sup>EUR</sup> | &nbsp;&nbsp; 1320 |
|  |  | &nbsp;&nbsp; 8657 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| Russian Federation - Eurobond RegS<br> 5.100%, 3/28/35<sup>(4)(6)(8)(9)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; — |
| **Saudi Arabia—3.2%** | **Saudi Arabia—3.2%** |  |
| Gaci First Investment Co. RegS<br> 4.750%, 2/14/30<sup>(4)</sup> | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 895 |
| Saudi International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 4/17/30<sup>(2)</sup> | &nbsp;&nbsp; 2481 | &nbsp;&nbsp; 2500 |
| &nbsp;&nbsp;&nbsp;144A<br> 5.000%, 1/16/34<sup>(2)</sup> | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; 1154 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.750%, 1/21/55<sup>(2)</sup> | &nbsp;&nbsp; 1029 | &nbsp;&nbsp; 713 |
| &nbsp;&nbsp;&nbsp;RegS<br> 3.250%, 10/22/30<sup>(4)</sup> | &nbsp;&nbsp; 978 | &nbsp;&nbsp; 926 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.625%, 1/13/35<sup>(4)</sup> | &nbsp;&nbsp; 2209 | &nbsp;&nbsp; 2319 |
| &nbsp;&nbsp;&nbsp;RegS<br> 3.750%, 1/21/55<sup>(4)</sup> | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 625 |
|  |  | &nbsp;&nbsp; 9132 |
| **Senegal—1.0%** | **Senegal—1.0%** |  |
| Republic of Senegal |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.750%, 3/13/28<sup>(4)</sup> | &nbsp;&nbsp; 2001<sup>EUR</sup> | &nbsp;&nbsp; 2057 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Debt Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Senegal—continued** | **Senegal—continued** |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.750%, 6/10/31<sup>(4)</sup> | $1027 | $847 |
|  |  | &nbsp;&nbsp; 2904 |
| **South Africa—1.7%** | **South Africa—1.7%** |  |
| Republic of South Africa |  |  |
| &nbsp;&nbsp;&nbsp;8.500%, 1/31/37 | &nbsp;&nbsp; 11500<sup>ZAR</sup> | &nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp;5.650%, 9/27/47 | &nbsp;&nbsp; 1802 | &nbsp;&nbsp; 1371 |
| &nbsp;&nbsp;&nbsp;5.750%, 9/30/49 | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 1317 |
| &nbsp;&nbsp;&nbsp;7.300%, 4/20/52 | &nbsp;&nbsp; 1033 | &nbsp;&nbsp; 945 |
| &nbsp;&nbsp;&nbsp;144A<br> 7.100%, 11/19/36<sup>(2)</sup> | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 698 |
|  |  | &nbsp;&nbsp; 4912 |
| **Sri Lanka—1.0%** | **Sri Lanka—1.0%** |  |
| Republic of Sri Lanka |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.000%, 4/15/28<sup>(2)</sup> | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.100%, 1/15/30<sup>(2)(5)</sup> | &nbsp;&nbsp; 562 | &nbsp;&nbsp; 518 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.350%, 3/15/33<sup>(2)(5)</sup> | &nbsp;&nbsp; 868 | &nbsp;&nbsp; 721 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 6/15/35<sup>(2)(5)</sup> | &nbsp;&nbsp; 586 | &nbsp;&nbsp; 419 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.600%, 2/15/38<sup>(2)(5)</sup> | &nbsp;&nbsp; 814 | &nbsp;&nbsp; 683 |
|  |  | &nbsp;&nbsp; 2730 |
| **Trinidad and Tobago—0.8%** | **Trinidad and Tobago—0.8%** |  |
| Trinidad & Tobago Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 6.400%, 6/26/34<sup>(2)</sup> | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; 1236 |
| &nbsp;&nbsp;&nbsp;RegS<br> 5.950%, 1/14/31<sup>(4)</sup> | &nbsp;&nbsp; 385 | &nbsp;&nbsp; 388 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.400%, 6/26/34<sup>(4)</sup> | &nbsp;&nbsp; 523 | &nbsp;&nbsp; 523 |
|  |  | &nbsp;&nbsp; 2147 |
| **Turkey—4.1%** | **Turkey—4.1%** |  |
| Hazine Mustesarligi Varl |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 8.509%, 1/14/29<sup>(2)</sup> | &nbsp;&nbsp; 1387 | &nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp;RegS<br> 9.758%, 11/13/25<sup>(4)</sup> | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 279 |
| Republic of Turkiye |  |  |
| &nbsp;&nbsp;&nbsp;9.375%, 3/14/29 | &nbsp;&nbsp; 1879 | &nbsp;&nbsp; 2090 |
| &nbsp;&nbsp;&nbsp;7.125%, 2/12/32 | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; 1685 |
| &nbsp;&nbsp;&nbsp;7.250%, 5/29/32 | &nbsp;&nbsp; 2508 | &nbsp;&nbsp; 2589 |
| &nbsp;&nbsp;&nbsp;6.500%, 9/20/33 | &nbsp;&nbsp; 945 | &nbsp;&nbsp; 925 |
| &nbsp;&nbsp;&nbsp;6.500%, 1/3/35 | &nbsp;&nbsp; 822 | &nbsp;&nbsp; 798 |
| &nbsp;&nbsp;&nbsp;6.625%, 2/17/45 | &nbsp;&nbsp; 301 | &nbsp;&nbsp; 265 |
| &nbsp;&nbsp;&nbsp;5.750%, 5/11/47 | &nbsp;&nbsp; 1895 | &nbsp;&nbsp; 1468 |
|  |  | &nbsp;&nbsp; 11599 |
| **Ukraine—1.0%** | **Ukraine—1.0%** |  |
| Ukraine Government Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/29<sup>(2)(5)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 26 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Ukraine—continued** | **Ukraine—continued** |  |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/30<sup>(2)(5)</sup> | $112 | $57 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/34<sup>(2)(5)</sup> | &nbsp;&nbsp; 1318 | &nbsp;&nbsp; 708 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.000%, 2/1/36<sup>(2)(5)</sup> | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp;144A<br> 4.500%, 2/1/36<sup>(2)(5)</sup> | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/30<sup>(4)(5)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/34<sup>(4)(5)</sup> | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/35<sup>(4)(5)</sup> | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 603 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/35<sup>(4)(5)</sup> | &nbsp;&nbsp; 554 | &nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp;RegS<br> 0.000%, 2/1/36<sup>(4)(5)</sup> | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 430 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.500%, 2/1/36<sup>(4)(5)</sup> | &nbsp;&nbsp; 398 | &nbsp;&nbsp; 210 |
|  |  | &nbsp;&nbsp; 2891 |
| **United Arab Emirates—0.8%** | **United Arab Emirates—0.8%** |  |
| Abu Dhabi Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.000%, 4/30/34<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 528 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.000%, 9/15/51<sup>(2)</sup> | &nbsp;&nbsp; 767 | &nbsp;&nbsp; 508 |
| UAE International Government Bond 144A<br> 4.050%, 7/7/32<sup>(2)</sup> | &nbsp;&nbsp; 1254 | &nbsp;&nbsp; 1251 |
|  |  | &nbsp;&nbsp; 2287 |
| **Uruguay—1.7%** | **Uruguay—1.7%** |  |
| Republica Orient Uruguay |  |  |
| &nbsp;&nbsp;&nbsp;5.100%, 6/18/50 | &nbsp;&nbsp; 1915 | &nbsp;&nbsp; 1768 |
| &nbsp;&nbsp;&nbsp;4.975%, 4/20/55 | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 616 |
| &nbsp;&nbsp;&nbsp;5.250%, 9/10/60 | &nbsp;&nbsp; 2683 | &nbsp;&nbsp; 2437 |
|  |  | &nbsp;&nbsp; 4821 |
| **Uzbekistan—0.2%** | **Uzbekistan—0.2%** |  |
| Uzbekistan International Bond |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 7.850%, 10/12/28<sup>(2)</sup> | &nbsp;&nbsp; 512 | &nbsp;&nbsp; 547 |
| &nbsp;&nbsp;&nbsp;144A<br> 3.700%, 11/25/30<sup>(2)</sup> | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp; 551 |
| **Venezuela—0.4%** | **Venezuela—0.4%** |  |
| Bolivarian Republic of Venezuela |  |  |
| &nbsp;&nbsp;&nbsp;RegS<br> 7.750%, 10/13/19<sup>(4)(6)</sup> | &nbsp;&nbsp; 5949 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp;RegS<br> 6.000%, 12/9/20<sup>(4)(6)</sup> | &nbsp;&nbsp; 1038 | &nbsp;&nbsp; 173 |
|  |  | &nbsp;&nbsp; 1184 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Debt Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Zambia—0.3%** | **Zambia—0.3%** |  |
| Republic of Zambia |  |  |
| &nbsp;&nbsp;&nbsp;144A<br> 5.750%, 6/30/33<sup>(2)(5)</sup> | $453 | $421 |
| &nbsp;&nbsp;&nbsp;144A<br> 0.500%, 12/31/53<sup>(2)</sup> | &nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp; 398 |
|  |  | &nbsp;&nbsp;&nbsp; 819 |
| **Total Foreign Government Securities<br> (Identified Cost $182,621)** | **Total Foreign Government Securities<br> (Identified Cost $182,621)** | &nbsp;&nbsp;&nbsp;&nbsp;**188734** |
| **Convertible Bonds and Notes—0.1%** | **Convertible Bonds and Notes—0.1%** | **Convertible Bonds and Notes—0.1%** |
| **Tanzania—0.1%** | **Tanzania—0.1%** |  |
| HTA Group Ltd. RegS<br> 2.875%, 3/18/27<sup>(4)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 190 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $191)** | **Total Convertible Bonds and Notes<br> (Identified Cost $191)** | &nbsp;&nbsp;&nbsp;&nbsp; **190** |
| **Corporate Bonds and Notes—19.1%** | **Corporate Bonds and Notes—19.1%** | **Corporate Bonds and Notes—19.1%** |
| **Angola —0.0%** | **Angola —0.0%** |  |
| Azule Energy Finance plc 144A<br> 8.125%, 1/23/30<sup>(2)</sup> | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 128 |
| **Argentina—0.3%** | **Argentina—0.3%** |  |
| Generacion Mediterranea S.A. 144A<br> 11.000%, 11/1/31<sup>(2)(6)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 86 |
| MSU Energy S.A. 144A<br> 9.750%, 12/5/30<sup>(2)</sup> | &nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp; 292 |
| Telecom Argentina S.A. 144A<br> 9.250%, 5/28/33<sup>(2)</sup> | &nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 107 |
| YPF Energia Electrica S.A. 144A<br> 7.875%, 10/16/32<sup>(2)</sup> | &nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 182 |
| YPF S.A. 144A<br> 9.500%, 1/17/31<sup>(2)</sup> | &nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 284 |
|  |  | &nbsp;&nbsp;&nbsp; 951 |
| **Brazil—1.2%** | **Brazil—1.2%** |  |
| 3R Lux S.a.r.l. 144A<br> 9.750%, 2/5/31<sup>(2)</sup> | &nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 272 |
| Adecoagro S.A. 144A<br> 7.500%, 7/29/32<sup>(2)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 71 |
| Ambipar Lux S.a.r.l. 144A<br> 10.875%, 2/5/33<sup>(2)</sup> | &nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 197 |
| Braskem Netherlands Finance B.V. 144A<br> 4.500%, 1/31/30<sup>(2)</sup> | &nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 109 |
| Constellation Oil Services Holding S.A. 144A<br> 9.375%, 11/7/29<sup>(2)</sup> | &nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 215 |
| CSN Resources S.A. 144A<br> 4.625%, 6/10/31<sup>(2)</sup> | &nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 216 |
| FORESEA Holding S.A. 144A<br> 7.500%, 6/15/30<sup>(2)</sup> | &nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 259 |
| FS Luxembourg S.a.r.l. 144A<br> 8.875%, 2/12/31<sup>(2)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 142 |
| MC Brazil Downstream Trading S.a.r.l. 144A<br> 7.250%, 6/30/31<sup>(2)</sup> | &nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; 257 |
| Movida Europe S.A. 144A<br> 7.850%, 4/11/29<sup>(2)</sup> | &nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; 223 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Brazil—continued** | **Brazil—continued** |  |
| MV24 Capital B.V. 144A<br> 6.748%, 6/1/34<sup>(2)</sup> | $285 | $279 |
| OHI Group S.A. 144A<br> 13.000%, 7/22/29<sup>(2)</sup> | &nbsp;&nbsp; 233 | &nbsp;&nbsp; 245 |
| Samarco Mineracao S.A. PIK 144A<br> 9.500%, 6/30/31<sup>(2)(10)</sup> | &nbsp;&nbsp; 274 | &nbsp;&nbsp; 272 |
| Trident Energy Finance plc 144A<br> 12.500%, 11/30/29<sup>(2)</sup> | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 172 |
| Yinson Bergenia Production B.V. 144A<br> 8.498%, 1/31/45<sup>(2)</sup> | &nbsp;&nbsp; 141 | &nbsp;&nbsp; 148 |
| Yinson Boronia Production B.V. 144A<br> 8.947%, 7/31/42<sup>(2)</sup> | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 270 |
|  |  | &nbsp;&nbsp; 3347 |
| **Chile—1.2%** | **Chile—1.2%** |  |
| ATP Tower Holdings 144A<br> 7.875%, 2/3/30<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| Banco de Credito e Inversiones S.A. 144A<br> 7.500% <sup>(2)(11)</sup> | &nbsp;&nbsp; 208 | &nbsp;&nbsp; 216 |
| Chile Electricity Lux Mpc II S.a.r.l. 144A<br> 5.580%, 10/20/35<sup>(2)</sup> | &nbsp;&nbsp; 238 | &nbsp;&nbsp; 240 |
| Corp. Nacional del Cobre de Chile |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.950%, 1/8/34<sup>(2)</sup> | &nbsp;&nbsp; 1257 | &nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp;144A 3.700%, 1/30/50<sup>(2)</sup> | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 377 |
| Empresa Nacional del Petroleo RegS<br> 5.250%, 11/6/29<sup>(4)</sup> | &nbsp;&nbsp; 1138 | &nbsp;&nbsp; 1154 |
|  |  | &nbsp;&nbsp; 3485 |
| **China—0.2%** | **China—0.2%** |  |
| Studio City Finance Ltd. (Macau), 144A<br> 5.000%, 1/15/29<sup>(2)</sup> | &nbsp;&nbsp; 610 | &nbsp;&nbsp; 578 |
| **Colombia—0.4%** | **Colombia—0.4%** |  |
| AI Candelaria - spain- S.A. RegS<br> 5.750%, 6/15/33<sup>(4)</sup> | &nbsp;&nbsp; 354 | &nbsp;&nbsp; 311 |
| Banco Davivienda S.A. 144A<br> 8.125%, 7/2/35<sup>(2)</sup> | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 219 |
| Geopark Ltd. 144A<br> 8.750%, 1/31/30<sup>(2)</sup> | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 171 |
| Gran Tierra Energy, Inc. 144A<br> 9.500%, 10/15/29<sup>(2)</sup> | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 155 |
| SierraCol Energy Andina LLC 144A<br> 6.000%, 6/15/28<sup>(2)</sup> | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 212 |
|  |  | &nbsp;&nbsp; 1068 |
| **Czech Republic—0.2%** | **Czech Republic—0.2%** |  |
| CPI Property Group S.A. RegS<br> 6.000%, 1/27/32<sup>(4)</sup> | &nbsp;&nbsp; 250<sup>EUR</sup> | &nbsp;&nbsp; 298 |
| Energo-Pro AS 144A<br> 8.000%, 5/27/30<sup>(2)</sup> | &nbsp;&nbsp; 200<sup>EUR</sup> | &nbsp;&nbsp; 248 |
|  |  | &nbsp;&nbsp; 546 |
| **El Salvador—0.2%** | **El Salvador—0.2%** |  |
| Comision Ejecutiva Hidroelectrica del Rio Lempa 144A<br> 8.650%, 1/24/33<sup>(2)</sup> | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 709 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Debt Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Georgia—0.1%** | **Georgia—0.1%** |  |
| Georgian Railway JSC 144A<br> 4.000%, 6/17/28<sup>(2)</sup> | $300 | $278 |
| **Ghana—0.1%** | **Ghana—0.1%** |  |
| Kosmos Energy Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;RegS 7.750%, 5/1/27<sup>(4)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;RegS 7.500%, 3/1/28<sup>(4)</sup> | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 18 |
|  |  | &nbsp;&nbsp; 160 |
| **India—0.4%** | **India—0.4%** |  |
| Adani Electricity Mumbai Ltd. RegS<br> 3.949%, 2/12/30<sup>(4)</sup> | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 272 |
| Adani Ports & Special Economic Zone Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.200%, 8/4/27<sup>(2)</sup> | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;144A 3.100%, 2/2/31<sup>(2)</sup> | &nbsp;&nbsp; 255 | &nbsp;&nbsp; 222 |
| Adani Renewable Energy RJ Ltd. 144A<br> 4.625%, 10/15/39<sup>(2)</sup> | &nbsp;&nbsp; 271 | &nbsp;&nbsp; 223 |
| Adani Transmission Step-One Ltd. 144A<br> 4.000%, 8/3/26<sup>(2)</sup> | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 102 |
| Clean Renewable Power Mauritius Pte Ltd. 144A<br> 4.250%, 3/25/27<sup>(2)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 68 |
| Vedanta Resources Finance II plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 10.250%, 6/3/28<sup>(2)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;144A 10.875%, 9/17/29<sup>(2)</sup> | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;144A 9.475%, 7/24/30<sup>(2)</sup> | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 63 |
|  |  | &nbsp;&nbsp; 1163 |
| **Indonesia—1.5%** | **Indonesia—1.5%** |  |
| Indonesia Asahan Aluminium PT 144A<br> 5.800%, 5/15/50<sup>(2)</sup> | &nbsp;&nbsp; 2006 | &nbsp;&nbsp; 1938 |
| Medco Bell Pte Ltd. RegS<br> 6.375%, 1/30/27<sup>(4)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 70 |
| Medco Laurel Tree Pte Ltd. 144A<br> 6.950%, 11/12/28<sup>(2)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 141 |
| Minejesa Capital B.V. 144A<br> 5.625%, 8/10/37<sup>(2)</sup> | &nbsp;&nbsp; 350 | &nbsp;&nbsp; 348 |
| Pertamina Persero PT RegS<br> 6.000%, 5/3/42<sup>(4)</sup> | &nbsp;&nbsp; 561 | &nbsp;&nbsp; 570 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara |  |  |
| &nbsp;&nbsp;&nbsp;RegS 5.250%, 10/24/42<sup>(4)</sup> | &nbsp;&nbsp; 783 | &nbsp;&nbsp; 720 |
| &nbsp;&nbsp;&nbsp;RegS 4.000%, 6/30/50<sup>(4)</sup> | &nbsp;&nbsp; 716 | &nbsp;&nbsp; 525 |
|  |  | &nbsp;&nbsp; 4312 |
| **Israel—0.2%** | **Israel—0.2%** |  |
| Energean Israel Finance Ltd. 144A, RegS<br> 5.875%, 3/30/31<sup>(2)(4)</sup> | &nbsp;&nbsp; 154 | &nbsp;&nbsp; 145 |
| Energean plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 4/30/27<sup>(2)</sup> | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;RegS 6.500%, 4/30/27<sup>(4)</sup> | &nbsp;&nbsp; 130 | &nbsp;&nbsp; 129 |
| Leviathan Bond Ltd. 144A, RegS<br> 6.750%, 6/30/30<sup>(2)(4)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 69 |
|  |  | &nbsp;&nbsp; 474 |
| **Kuwait—0.1%** | **Kuwait—0.1%** |  |
| NBK Tier 1 Ltd. 144A<br> 6.375% <sup>(2)(11)</sup> | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 148 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Malaysia—1.3%** | **Malaysia—1.3%** |  |
| Petronas Capital Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.848%, 4/3/55<sup>(2)</sup> | $1526 | $1557 |
| &nbsp;&nbsp;&nbsp;RegS 4.550%, 4/21/50<sup>(4)</sup> | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; 1040 |
| &nbsp;&nbsp;&nbsp;RegS 4.800%, 4/21/60<sup>(4)</sup> | &nbsp;&nbsp; 712 | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;RegS 3.404%, 4/28/61<sup>(4)</sup> | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 391 |
|  |  | &nbsp;&nbsp; 3609 |
| **Mexico—5.2%** | **Mexico—5.2%** |  |
| Banco Mercantil del Norte S.A. 144A<br> 8.375% <sup>(2)(11)</sup> | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 433 |
| BBVA Mexico S.A. Institucion De Banca Multiple Grupo Financiero BBVA Mexico 144A<br> 5.125%, 1/18/33<sup>(2)</sup> | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 304 |
| Cemex SAB de C.V. 144A<br> 7.200% <sup>(2)(11)</sup> | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 143 |
| Comision Federal de Electricidad 144A<br> 6.450%, 1/24/35<sup>(2)</sup> | &nbsp;&nbsp; 923 | &nbsp;&nbsp; 926 |
| Grupo Aeromexico SAB de C.V. 144A<br> 8.625%, 11/15/31<sup>(2)</sup> | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 232 |
| Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;5.350%, 2/12/28 | &nbsp;&nbsp; 1958 | &nbsp;&nbsp; 1919 |
| &nbsp;&nbsp;&nbsp;6.840%, 1/23/30 | &nbsp;&nbsp; 2388 | &nbsp;&nbsp; 2374 |
| &nbsp;&nbsp;&nbsp;5.950%, 1/28/31 | &nbsp;&nbsp; 837 | &nbsp;&nbsp; 784 |
| &nbsp;&nbsp;&nbsp;6.700%, 2/16/32 | &nbsp;&nbsp; 1829 | &nbsp;&nbsp; 1754 |
| &nbsp;&nbsp;&nbsp;7.690%, 1/23/50 | &nbsp;&nbsp; 916 | &nbsp;&nbsp; 781 |
| &nbsp;&nbsp;&nbsp;6.350%, 2/12/48 | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 217 |
| Poinsettia Finance Ltd. RegS<br> 6.625%, 6/17/31<sup>(4)</sup> | &nbsp;&nbsp; 5073 | &nbsp;&nbsp; 4823 |
| Saavi Energia S.a.r.l. 144A<br> 8.875%, 2/10/35<sup>(2)</sup> | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 71 |
|  |  | &nbsp;&nbsp; 14761 |
| **Morocco—1.2%** | **Morocco—1.2%** |  |
| OCP S.A. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.750%, 6/23/31<sup>(2)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 137 |
| &nbsp;&nbsp;&nbsp;144A 6.700%, 3/1/36<sup>(2)</sup> | &nbsp;&nbsp; 788 | &nbsp;&nbsp; 815 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 4/25/44<sup>(2)</sup> | &nbsp;&nbsp; 1709 | &nbsp;&nbsp; 1700 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 5/2/54<sup>(2)</sup> | &nbsp;&nbsp; 728 | &nbsp;&nbsp; 752 |
|  |  | &nbsp;&nbsp; 3404 |
| **Nigeria—0.2%** | **Nigeria—0.2%** |  |
| Access Bank plc 144A<br> 6.125%, 9/21/26<sup>(2)</sup> | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 74 |
| IHS Holding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.875%, 5/29/30<sup>(2)</sup> | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 11/29/31<sup>(2)</sup> | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
| IHS Netherlands Holdco B.V. 144A<br> 8.000%, 9/18/27<sup>(2)</sup> | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 178 |
|  |  | &nbsp;&nbsp; 455 |
| **Peru—0.5%** | **Peru—0.5%** |  |
| Banco de Credito del Peru S.A. 144A<br> 6.450%, 7/30/35<sup>(2)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| Peru Payroll Deduction Finance Ltd. RegS<br> 0.000%, 11/1/29<sup>(4)(7)</sup> | &nbsp;&nbsp; 684 | &nbsp;&nbsp; 600 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Debt Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **Peru—continued** | **Peru—continued** |  |
| Petroleos del Peru S.A. RegS<br> 5.625%, 6/19/47<sup>(4)</sup> | $968 | $659 |
|  |  | &nbsp;&nbsp; 1294 |
| **Saudi Arabia—0.4%** | **Saudi Arabia—0.4%** |  |
| Saudi Arabian Oil Co. 144A<br> 5.875%, 7/17/64<sup>(2)</sup> | &nbsp;&nbsp; 1269 | &nbsp;&nbsp; 1204 |
| **South Africa—1.1%** | **South Africa—1.1%** |  |
| Eskom Holdings 144A<br> 8.450%, 8/10/28<sup>(2)</sup> | &nbsp;&nbsp; 2533 | &nbsp;&nbsp; 2689 |
| Prosus N.V. 144A<br> 3.832%, 2/8/51<sup>(2)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 164 |
| Sasol Financing USA LLC |  |  |
| &nbsp;&nbsp;&nbsp;4.375%, 9/18/26 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp;6.500%, 9/27/28 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 137 |
|  |  | &nbsp;&nbsp; 3188 |
| **Tanzania—0.1%** | **Tanzania—0.1%** |  |
| HTA Group Ltd. 144A<br> 7.500%, 6/4/29<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 207 |
| **Trinidad and Tobago—0.2%** | **Trinidad and Tobago—0.2%** |  |
| Port of Spain Waterfront Development RegS<br> 7.875%, 2/19/40<sup>(4)</sup> | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 630 |
| **Turkey—0.3%** | **Turkey—0.3%** |  |
| Aydem Yenilenebilir Enerji AS 144A<br> 7.750%, 2/2/27<sup>(2)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 175 |
| Limak Yenilenebilir Enerji AS 144A<br> 9.625%, 8/12/30<sup>(2)</sup> | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| Turkcell Iletisim Hizmetleri AS 144A<br> 7.650%, 1/24/32<sup>(2)</sup> | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 146 |
| WE Soda Investments Holding plc 144A<br> 9.500%, 10/6/28<sup>(2)</sup> | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 208 |
| Zorlu Enerji Elektrik Uretim AS 144A<br> 11.000%, 4/23/30<sup>(2)</sup> | &nbsp;&nbsp; 199 | &nbsp;&nbsp; 190 |
|  |  | &nbsp;&nbsp; 753 |
| **Ukraine—0.2%** | **Ukraine—0.2%** |  |
| NPC Ukrenergo 144A<br> 6.875%, 11/9/28<sup>(2)(6)</sup> | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 402 |
| VF Ukraine PAT via VFU Funding plc 144A<br> 9.625%, 2/11/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 143 |
|  |  | &nbsp;&nbsp; 545 |
| **United Arab Emirates—1.5%** | **United Arab Emirates—1.5%** |  |
| DAE Funding LLC 144A<br> 3.375%, 3/20/28<sup>(2)</sup> | &nbsp;&nbsp; 593 | &nbsp;&nbsp; 571 |
| DP World Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.850%, 7/2/37<sup>(2)</sup> | &nbsp;&nbsp; 491 | &nbsp;&nbsp; 557 |
| &nbsp;&nbsp;&nbsp;144A 4.700%, 9/30/49<sup>(2)</sup> | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 371 |
| &nbsp;&nbsp;&nbsp;RegS 4.700%, 9/30/49<sup>(4)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 425 |
| DP World Salaam RegS<br> 6.000% <sup>(4)(11)</sup> | &nbsp;&nbsp; 2145 | &nbsp;&nbsp; 2144 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value<sup>(1)</sup>** | **Value** |
| **United Arab Emirates—continued** | **United Arab Emirates—continued** |  |
| MAF Global Securities Ltd. RegS<br> 6.375% <sup>(4)(11)</sup> | $250 | $250 |
|  |  | &nbsp;&nbsp;&nbsp; 4318 |
| **Venezuela—0.7%** | **Venezuela—0.7%** |  |
| Petroleos de Venezuela S.A. |  |  |
| &nbsp;&nbsp;&nbsp;RegS 9.000%, 11/17/21<sup>(4)(6)</sup> | &nbsp;&nbsp; 8872 | &nbsp;&nbsp;&nbsp; 1375 |
| &nbsp;&nbsp;&nbsp;RegS 6.000%, 5/16/24<sup>(4)(6)</sup> | &nbsp;&nbsp; 3950 | &nbsp;&nbsp;&nbsp; 593 |
|  |  | &nbsp;&nbsp;&nbsp; 1968 |
| **Vietnam—0.1%** | **Vietnam—0.1%** |  |
| Mong Duong Finance Holdings B.V. 144A<br> 5.125%, 5/7/29<sup>(2)</sup> | &nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; 165 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $53,484)** | **Total Corporate Bonds and Notes<br> (Identified Cost $53,484)** | &nbsp;&nbsp;&nbsp;&nbsp; **53848** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Affiliated Mutual Funds—5.6%** | **Affiliated Mutual Funds—5.6%** | **Affiliated Mutual Funds—5.6%** |
| **Fixed Income Funds—5.6%** | **Fixed Income Funds—5.6%** |  |
| Virtus Stone Harbor Emerging Markets Bond Fund Class I<sup>(12)(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273975 | &nbsp;&nbsp; 2222 |
| Virtus Stone Harbor Local Markets Fund Class I<sup>(12)(13)(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1499455 | &nbsp;&nbsp; 13480 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $14,813)** | **Total Affiliated Mutual Funds<br> (Identified Cost $14,813)** | **15702** |

---

---

| | |
|:---|:---|
| **Credit Linked Notes—0.9%** | **Credit Linked Notes—0.9%** |
| **Iraq—0.9%** |  |
| Republic of Iraq |  |
| &nbsp;&nbsp;&nbsp;(Counterparty: BOA)<br> 2.536%, 1/1/28<sup>(8)(15)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161927<sup>JPY</sup> | &nbsp;&nbsp; 1068 |
| &nbsp;&nbsp;&nbsp;(Counterparty: BOA)<br> 3.540%, 1/6/28<sup>(8)(15)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159062<sup>JPY</sup> | &nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp;(Counterparty: BOA)<br> 3.751%, 1/1/28<sup>(8)(15)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73753<sup>JPY</sup> | &nbsp;&nbsp; 486 |
| **Total Credit Linked Notes<br> (Identified Cost $3,879)** | **2603** |
| **Total Long-Term Investments—93.7%<br> (Identified Cost $257,668)** | **263797** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Debt Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** | **Short-Term Investment—0.4%** |
| **Money Market Mutual Fund—0.4%** | **Money Market Mutual Fund—0.4%** | **Money Market Mutual Fund—0.4%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.183%)<sup>(13)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1169653 | $1170 |
| **Total Short-Term Investment<br> (Identified Cost $1,170)** | **Total Short-Term Investment<br> (Identified Cost $1,170)** | &nbsp;&nbsp;&nbsp;&nbsp; **1170** |
| **TOTAL INVESTMENTS—94.1%<br> (Identified Cost $258,838)** | **TOTAL INVESTMENTS—94.1%<br> (Identified Cost $258,838)** | &nbsp;&nbsp;**$264967** |
| Other assets and liabilities, net—5.9% | Other assets and liabilities, net—5.9% | &nbsp;&nbsp;&nbsp;&nbsp; 16526 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$281493** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| DAC | Designated Activity Company |
| JSC | Joint Stock Company |
| LLC | Limited Liability Company |
| PIK | Payment-in-Kind Security |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |

---

---

| | |
|:---|:---|
| **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 August 31, 2025, these securities amounted to a value of $93,601 or 33.3% of net assets. |
| <sup>(3)</sup> | This Note was issued for the sole purpose of funding a leveraged loan between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
| <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> | Represents step coupon bond. Rate shown reflects the rate in effect as of August 31, 2025. |
| <sup>(6)</sup> | Security in default; no interest payments are being received. |
| <sup>(7)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| <sup>(8)</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>(9)</sup> The Fund is unable to trade and repatriate proceeds due to U.S. sanctions related to the Russia/Ukraine war.

<sup>(10)</sup> 100% of the income received was in PIK.

<sup>(11)</sup> No contractual maturity date.

<sup>(12)</sup> Affiliated investment.

<sup>(13)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

<sup>(14)</sup> Non-income producing.

<sup>(15)</sup> Variable rate security. Rate disclosed is as of August 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.

---

| | |
|:---|:---|
| **Counterparties:** |  |
| CITI | Citigroup Global Markets |
| JPM | JPMorgan Chase Bank N.A. |

---

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| EUR | Euro |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| MXN | Mexican Peso |
| USD | United States Dollar |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;9% |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;61 |
| Total | 100% |
| <sup>†</sup> % of total investments as of August 31, 2025. | <sup>†</sup> % of total investments as of August 31, 2025. |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** | **Forward foreign currency exchange contracts as of August 31, 2025 were as follows:** |
| **Currency<br> Purchased** | **Currency<br> Amount<br> Purchased** | **Currency<br> Sold** | **Currency<br> Amount<br> Sold** | **Counterparty** | **Settlement<br> Date** | **Unrealized<br> Appreciation** | **Unrealized<br> Depreciation** |
| EUR | &nbsp;&nbsp;1220 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1432 | JPM | 10/10/25 | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1) |
| JPY | 86471 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | JPM | 10/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;248 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | CITI | 10/10/25 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| USD | &nbsp;&nbsp;9535 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;8112 | JPM | 10/10/25 | &nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;3205 | JPY | 465305 | JPM | 10/10/25 | &nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total** |  |  |  |  |  | $47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2) |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Emerging Markets Debt Income Fund

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

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

The following table summarizes the value of the Fund's investments as of August 31, 2025, 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> August 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 Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | &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;53848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Credit Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15702 | &nbsp;&nbsp;&nbsp;&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;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2603 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Exchange Contracts<sup>\*</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;&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;— |
| Total Liabilities | &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;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$265012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$245537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2603 |

---

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

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

There were no transfers into or out of Level 3 related to securities held at August 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.

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Credit Linked<br> Notes | &nbsp;&nbsp;&nbsp;&nbsp;Foreign<br> Government<br> Securities |
| **Investments in Securities** |  |  |  |
| **Balance as of May 31, 2025:** | &nbsp;&nbsp;&nbsp;&nbsp;$3176 | &nbsp;&nbsp;&nbsp;&nbsp;$3176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(a)</sup> |
| Accrued discount/(premium) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Sales<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Balance as of August 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;$2603 | &nbsp;&nbsp;&nbsp;&nbsp;$2603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(a)</sup> |

---

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

<sup>(b)</sup> The net change in unrealized appreciation (depreciation) on investments still held at August 31, 2025, was $184.

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

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR EMERGING MARKETS DEBT INCOME FUND

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

#### August 31, 2025

#### Note 1. Security Valuation
The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

• 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 investment adviser's Valuation Committee's own assumptions in determining the
fair value of investments).

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Greenfield

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Stone Harbor Emerging Markets Debt Income Fund

- **b. EDGAR series identifier (if any):** S000075278

- **c. LEI of Series:** G5WCHRUPIN1QBVGP2222

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

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

- **b. Date as of which information is reported:** 2025-08-29

**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:** $281996418.08

**Total Liabilities:** $292732.44

**Net Assets:** $281703685.64

**Cash Not Reported:** $12700100.35

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -9.06776272 | **5-Year:** -5341.35705500 | **10-Year:** -34740.06076000 | **30-Year:** -53182.26020000

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

- **3-Month:** -5.63351203 | **1-Year:** -13.04711021 | **5-Year:** -9946.23114900 | **10-Year:** -21574.05691000 | **30-Year:** -41931.87440000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234176 | 2.61%                | 1.29%                | 1.78%                |
| Class ID C000234177 | 2.49%                | 1.26%                | 1.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1116261.79              | $4436805.75                                |
| Month 2  | $213234.05               | $1680381.96                                |
| Month 3  | $278768.02               | $3399339.79                                |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                           | Title                                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |    Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| JPMorgan Chase Bank, National Association      | JPY/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |          1 | NC      | $2828.70      | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| EMPRESA NACIONAL DEL PET                       | Empresa Nacional del Petroleo                                                    | CUSIP: 000000000<br>LEI: 549300YP3P0JZBLIV197 | Long             | DBT              | CORP              | CL        |    1138000 | PA      | $1154364.44   | 0.41%             | 2029-11-06      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                           | CUSIP: 195325DS1<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     363000 | PA      | $310546.50    | 0.11%             | 2031-04-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     898000 | PA      | $1024258.80   | 0.36%             | 2044-01-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| MV24 CAPITAL BV                                | MV24 Capital BV                                                                  | CUSIP: 55388RAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | NL        |     284872 | PA      | $279203.52    | 0.10%             | 2034-06-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                       | OCP SA                                                                           | CUSIP: 67091TAJ4<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     788000 | PA      | $814348.75    | 0.29%             | 2036-03-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| SAAVI ENERGIA SARL                             | Saavi Energia Sarl                                                               | CUSIP: 78518PAA3<br>LEI: 254900A2V0IO8K56UH35 | Long             | DBT              | CORP              | LU        |      67000 | PA      | $71208.27     | 0.03%             | 2035-02-10      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                              | CUSIP: 71654QDD1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     916000 | PA      | $781155.64    | 0.28%             | 2050-01-23      | Fixed         | 7.69%                 | No            |                  2 | On Loan: No      |
| UAE INT'L GOVT BOND                            | UAE International Government Bond                                                | CUSIP: 31424EAD4<br>LEI: N/A                  | Long             | DBT              | NUSS              | AE        |    1254000 | PA      | $1250595.39   | 0.44%             | 2032-07-07      | Fixed         | 4.05%                 | No            |                  2 | On Loan: No      |
| GRAN TIERRA ENERGY INC                         | Gran Tierra Energy Inc                                                           | CUSIP: 38500TAC5<br>LEI: 549300IH2S17MAIUCM32 | Long             | DBT              | CORP              | US        |     191000 | PA      | $155433.89    | 0.06%             | 2029-10-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                             | Republic of Poland Government International Bond                                 | CUSIP: 731011AZ5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     914000 | PA      | $857249.74    | 0.30%             | 2054-03-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                        | Hungary Government Bond                                                          | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |  210000000 | PA      | $545275.60    | 0.19%             | 2032-11-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                         | CUSIP: 718286DH7<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     491000 | PA      | $511448.87    | 0.18%             | 2050-02-04      | Fixed         | 5.90%                 | No            |                  2 | On Loan: No      |
| OHI GROUP SA                                   | OHI Group SA                                                                     | CUSIP: 67712MAB5<br>LEI: 529900GW2J8DSYJHEH26 | Long             | DBT              | CORP              | LU        |     232750 | PA      | $245188.16    | 0.09%             | 2029-07-22      | Fixed         | 13.00%                | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                       | Oriental Republic of Uruguay                                                     | CUSIP: 760942BG6<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    2683000 | PA      | $2436546.33   | 0.86%             | 2060-09-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GACI FIRST INVESTMENT                          | Gaci First Investment Co                                                         | CUSIP: 000000000<br>LEI: 558600TU1PWGNLZ3XM88 | Long             | DBT              | CORP              | KY        |     885000 | PA      | $894531.45    | 0.32%             | 2030-02-14      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| MAGYAR EXPORT-IMPORT BAN                       | Magyar Export-Import Bank Zrt                                                    | CUSIP: 55977YAA6<br>LEI: 529900O4UGETQ9Q3AA63 | Long             | DBT              | NUSS              | HU        |     943000 | PA      | $971584.69    | 0.34%             | 2027-12-04      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                       | Republic of South Africa Government International Bond                           | CUSIP: 836205BF0<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     693000 | PA      | $697851.00    | 0.25%             | 2036-11-19      | Fixed         | 7.10%                 | No            |                  2 | On Loan: No      |
| MOVIDA EUROPE SA                               | Movida Europe SA                                                                 | CUSIP: 62459LAC3<br>LEI: 549300YRJE0V6QKU7C86 | Long             | DBT              | CORP              | LU        |     231000 | PA      | $222626.25    | 0.08%             | 2029-04-11      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     553900 | PA      | $294951.75    | 0.10%             | 2035-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ADANIREN KODSOPAR WARSOM                       | Adani Renewable Energy RJ Ltd/Kodangal Solar Parks Pvt Ltd/Wardha Solar Maharash | CUSIP: 00654CAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | IN        |     271375 | PA      | $222527.50    | 0.08%             | 2039-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NOTA DO TESOURO NACIONAL                       | Brazil Notas do Tesouro Nacional Serie F                                         | CUSIP: 000000000<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    3600000 | PA      | $577817.24    | 0.21%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                             | CUSIP: 91087BAP5<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     880000 | PA      | $507654.40    | 0.18%             | 2071-04-19      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| POINSETTIA FINANCE LTD                         | Poinsettia Finance Ltd                                                           | CUSIP: 000000000<br>LEI: 549300P2JTF5JKW10Z65 | Long             | DBT              | CORP              | KY        |    5073133 | PA      | $4822723.27   | 1.71%             | 2031-06-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                               | Peruvian Government International Bond                                           | CUSIP: 715638AP7<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     209000 | PA      | $259933.30    | 0.09%             | 2033-11-21      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                          | CUSIP: 455780CT1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |    2231000 | PA      | $1807110.00   | 0.64%             | 2050-10-15      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                             | Republic of Poland Government International Bond                                 | CUSIP: 731011AW2<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    1364000 | PA      | $1276172.04   | 0.45%             | 2053-04-04      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                    | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     421000 | PA      | $479781.28    | 0.17%             | 2031-10-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| YPF ENERGIA ELECTRICA SA                       | YPF Energia Electrica SA                                                         | CUSIP: 98424MAB9<br>LEI: 5493002XN8FRTYQLR778 | Long             | DBT              | CORP              | AR        |     183000 | PA      | $181812.33    | 0.06%             | 2032-10-16      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                              | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    2209000 | PA      | $2319461.05   | 0.82%             | 2035-01-13      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                             | Dominican Republic International Bond                                            | CUSIP: 25714PEZ7<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     782000 | PA      | $805827.54    | 0.29%             | 2036-06-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    5949000 | PA      | $1011330.00   | 0.36%             | 2019-10-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                               | DP World Ltd/United Arab Emirates                                                | CUSIP: 23330JAC5<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     436000 | PA      | $370872.50    | 0.13%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                           | CUSIP: 195325ES0<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     619000 | PA      | $672853.00    | 0.24%             | 2035-04-25      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                          | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     813711 | PA      | $682500.03    | 0.24%             | 2038-02-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| BANC CREDITO INVERSIONES                       | Banco de Credito e Inversiones SA                                                | CUSIP: 05956NAF9<br>LEI: 549300E9E5Y3PKW24142 | Long             | DBT              | CORP              | CL        |     208000 | PA      | $216125.00    | 0.08%             | N/A             | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                       | Republic of South Africa Government International Bond                           | CUSIP: 836205BE3<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    1033000 | PA      | $944678.50    | 0.34%             | 2052-04-20      | Fixed         | 7.30%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                               | Peruvian Government International Bond                                           | CUSIP: 715638DW9<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |    1464000 | PA      | $891210.00    | 0.32%             | 2072-01-15      | Fixed         | 3.60%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                        | Ethiopia International Bond                                                      | CUSIP: 29766LAA4<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |     458000 | PA      | $421360.00    | 0.15%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| AYDEM YENILENEBILIR ENER                       | Aydem Yenilenebilir Enerji AS                                                    | CUSIP: 054644AA7<br>LEI: 9845009C50EDA74OA532 | Long             | DBT              | CORP              | TR        |     176800 | PA      | $174556.41    | 0.06%             | 2027-02-02      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                            | Benin Government International Bond                                              | CUSIP: 000000000<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     363000 | PA      | $381412.19    | 0.14%             | 2035-01-22      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| TELECOM ARGENTINA SA                           | Telecom Argentina SA                                                             | CUSIP: 879273AV2<br>LEI: 549300MKPIRSJD8SB782 | Long             | DBT              | CORP              | AR        |     104000 | PA      | $106756.00    | 0.04%             | 2033-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                           | CUSIP: 195325BM6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     332000 | PA      | $288840.00    | 0.10%             | 2041-01-18      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                            | Turkiye Government International Bond                                            | CUSIP: 900123DH0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    1879000 | PA      | $2089673.48   | 0.74%             | 2029-03-14      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                             | Republic of Poland Government International Bond                                 | CUSIP: 857524AH5<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    4205000 | PA      | $4305920.00   | 1.53%             | 2035-02-12      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     398503 | PA      | $210210.30    | 0.07%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                              | CUSIP: 03846JAB6<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     309000 | PA      | $277018.50    | 0.10%             | 2031-02-16      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                          | CUSIP: 105756CC2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     959000 | PA      | $917523.25    | 0.33%             | 2030-06-12      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AI CANDELARIA -SPAIN- SA                       | AI Candelaria -spain- SA                                                         | CUSIP: 000000000<br>LEI: 213800L5KA2MJ5FKRZ02 | Long             | DBT              | CORP              | ES        |     354000 | PA      | $310458.00    | 0.11%             | 2033-06-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NBK TIER 1 LTD                                 | NBK Tier 1 Ltd                                                                   | CUSIP: 62879NAB3<br>LEI: 5493000G4QCCEE8YHF19 | Long             | DBT              | CORP              | AE        |     145000 | PA      | $147900.00    | 0.05%             | N/A             | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                           | CUSIP: 77586RAU4<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    1657000 | PA      | $1659303.23   | 0.59%             | 2034-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     834829 | PA      | $429936.75    | 0.15%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                        | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     459000 | PA      | $384155.46    | 0.14%             | 2050-01-20      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                             | Dominican Republic International Bond                                            | CUSIP: 000000000<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |    1925000 | PA      | $2011625.00   | 0.71%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                           | CUSIP: 77586RAV2<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    1612000 | PA      | $1529691.28   | 0.54%             | 2035-03-24      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                                   | Energean PLC                                                                     | CUSIP: 29280EAA7<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |     132000 | PA      | $130555.92    | 0.05%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                            | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    1451000 | PA      | $945870.63    | 0.34%             | 2040-07-31      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                        | Hungary Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    1653000 | PA      | $1405620.29   | 0.50%             | 2031-09-22      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| TURKCELL ILETISIM HIZMET                       | Turkcell Iletisim Hizmetleri AS                                                  | CUSIP: 900111AD7<br>LEI: 7890003EX1LTLS2FFL84 | Long             | DBT              | CORP              | TR        |     140000 | PA      | $145638.56    | 0.05%             | 2032-01-24      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                              | CUSIP: 80413TAH2<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    2481000 | PA      | $2500376.61   | 0.89%             | 2030-04-17      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                              | Ghana Government International Bond                                              | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |    2693952 | PA      | $2198938.32   | 0.78%             | 2035-07-03      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                            | Turkiye Government International Bond                                            | CUSIP: 900123CG3<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     301000 | PA      | $264708.43    | 0.09%             | 2045-02-17      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                              | CUSIP: 03846JAA8<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     155000 | PA      | $152675.00    | 0.05%             | 2026-02-16      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                             | CUSIP: 91087BAR1<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    2572000 | PA      | $2194559.00   | 0.78%             | 2034-02-12      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ECUADOR                            | Ecuador Government International Bond                                            | CUSIP: 000000000<br>LEI: 5299003Y2U5XK0A35H71 | Long             | DBT              | NUSS              | EC        |    5070195 | PA      | $4568245.70   | 1.62%             | 2030-07-31      | Variable      | 6.90%                 | No            |                  2 | On Loan: No      |
| ADECOAGRO SA                                   | Adecoagro SA                                                                     | CUSIP: 00676LAC0<br>LEI: 529900Q00UR5LFELO811 | Long             | DBT              | CORP              | LU        |      72000 | PA      | $71316.00     | 0.03%             | 2032-07-29      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                           | CUSIP: 195325EP6<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     994000 | PA      | $1018104.50   | 0.36%             | 2036-11-07      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| GEORGIAN RAILWAY JSC                           | Georgian Railway JSC                                                             | CUSIP: 37363BAB4<br>LEI: 2138005UZV4ZT2B2ZO19 | Long             | DBT              | CORP              | GE        |     300000 | PA      | $278064.00    | 0.10%             | 2028-06-17      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FORESEA HOLDING SA                             | FORESEA Holding SA                                                               | CUSIP: 262051AA3<br>LEI: 254900BAD50AKYGIMV79 | Long             | DBT              | CORP              | LU        |     269000 | PA      | $259217.90    | 0.09%             | 2030-06-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BANCO DAVIVIENDA SA                            | Banco Davivienda SA                                                              | CUSIP: 059501AG1<br>LEI: 549300P161V4IPKAQS70 | Long             | DBT              | CORP              | CO        |     212000 | PA      | $218726.76    | 0.08%             | 2035-07-02      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                              | Trinidad & Tobago Government International Bond                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     385000 | PA      | $387887.50    | 0.14%             | 2031-01-14      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                          | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     867823 | PA      | $721377.87    | 0.26%             | 2033-03-15      | Variable      | 3.35%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                             | CUSIP: 91087BBC3<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    1175000 | PA      | $1236100.00   | 0.44%             | 2037-05-13      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NEON CAPITAL LTD 386                           | Neon Capital Ltd/KY                                                              | CUSIP: 000000000<br>LEI: 549300K1NZTY5QS1NO76 | Long             | DBT              | CORP              | KY        |   73753138 | PA      | $485865.83    | 0.17%             | 2028-01-01      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| DP WORLD LTD UAE                               | DP World Ltd/United Arab Emirates                                                | CUSIP: 23330JAA9<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     491000 | PA      | $556547.08    | 0.20%             | 2037-07-02      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                              | CUSIP: 80413TAR0<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    1029000 | PA      | $713097.00    | 0.25%             | 2055-01-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                          | CUSIP: 455780CE4<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     308000 | PA      | $261030.00    | 0.09%             | 2048-01-11      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| LIMAK YENILENEBILIR                            | Limak Yenilenebilir Enerji AS                                                    | CUSIP: 53263MAA0<br>LEI: 789000WFO2FHRONHFN18 | Long             | DBT              | CORP              | TR        |      34000 | PA      | $34457.87     | 0.01%             | 2030-08-12      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF VENEZUELA                          | Venezuela Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900XM8PJTJK5OJI77 | Long             | DBT              | NUSS              | VE        |    1038000 | PA      | $173011.25    | 0.06%             | 2020-12-09      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DEL PERU SA                          | Petroleos del Peru SA                                                            | CUSIP: 000000000<br>LEI: 549300ZMGDLC9JT2OR80 | Long             | DBT              | CORP              | PE        |     968000 | PA      | $658782.08    | 0.23%             | 2047-06-19      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                        | Sasol Financing USA LLC                                                          | CUSIP: 80386WAC9<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     200000 | PA      | $198188.00    | 0.07%             | 2026-09-18      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                              | Jordan Government International Bond                                             | CUSIP: 000000000<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     641000 | PA      | $594527.50    | 0.21%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                            | Nigeria Government International Bond                                            | CUSIP: 65412AFC1<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    1145000 | PA      | $1231951.30   | 0.44%             | 2031-06-09      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| GENER MEDIT/CENT TERMICA                       | Generacion Mediterranea SA / Central Termica Roca SA                             | CUSIP: 36875KAJ0<br>LEI: N/A                  | Long             | DBT              | CORP              | AR        |     145000 | PA      | $86275.00     | 0.03%             | 2031-11-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                             | Zambia Government International Bond                                             | CUSIP: 988895AR9<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     596471 | PA      | $397506.50    | 0.14%             | 2053-12-31      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     332000 | PA      | $321625.00    | 0.11%             | 2045-01-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| HAZINE MUSTESARLIGI VARL                       | Hazine Mustesarligi Varlik Kiralama AS                                           | CUSIP: 421790AK2<br>LEI: 6354003QFJP7RDXEOZ20 | Long             | DBT              | NUSS              | TR        |    1387000 | PA      | $1500127.19   | 0.53%             | 2029-01-14      | Fixed         | 8.51%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                       | Republic of South Africa Government Bond                                         | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |   11500000 | PA      | $580868.13    | 0.21%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                          | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     562433 | PA      | $517438.26    | 0.18%             | 2030-01-15      | Variable      | 3.10%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                          | CUSIP: 105756CH1<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     395000 | PA      | $397567.50    | 0.14%             | 2034-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                          | CUSIP: 455780DG8<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     461000 | PA      | $289392.75    | 0.10%             | 2061-09-23      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| ADANI ELECTRICITY MUMBAI                       | Adani Electricity Mumbai Ltd                                                     | CUSIP: 000000000<br>LEI: 335800AIC1B5EBFVUC38 | Long             | DBT              | CORP              | IN        |     294000 | PA      | $272185.20    | 0.10%             | 2030-02-12      | Fixed         | 3.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PERU                               | Peruvian Government International Bond                                           | CUSIP: 715638EC2<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     262000 | PA      | $255057.00    | 0.09%             | 2054-08-08      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                         | CUSIP: 718286CN5<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    2932000 | PA      | $2521871.84   | 0.90%             | 2032-01-06      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| INDO ASAHAN/MINERAL IND                        | Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT            | CUSIP: 74445PAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | ID        |    2006000 | PA      | $1938297.50   | 0.69%             | 2050-05-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                              | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     978000 | PA      | $925598.76    | 0.33%             | 2030-10-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 903724CA8<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    1318000 | PA      | $708425.00    | 0.25%             | 2034-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| SAMARCO MINERACAO SA                           | Samarco Mineracao SA                                                             | CUSIP: 79588YAA7<br>LEI: 529900U8HKV15GJC4O60 | Long             | DBT              | CORP              | BR        |     273884 | PA      | $271953.44    | 0.10%             | 2031-06-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ESKOM HOLDINGS SOC LTD                         | Eskom Holdings                                                                   | CUSIP: 29646AAD8<br>LEI: 3789001900ED06F65111 | Long             | DBT              | CORP              | ZA        |    2533000 | PA      | $2688931.48   | 0.95%             | 2028-08-10      | Fixed         | 8.45%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                    | Corp Nacional del Cobre de Chile                                                 | CUSIP: 21987BBA5<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |     555000 | PA      | $377400.00    | 0.13%             | 2050-01-30      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                              | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    1561000 | PA      | $305175.50    | 0.11%             | 2020-04-14      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| Virtus Stone Harbor Emerging Markets Bond Fund | Virtus Stone Harbor Emerging Markets Bond Fund                                   | CUSIP: 92828Y599<br>LEI: N/A                  | Long             | EC               | RF                | US        |     273975 | NS      | $2221937.55   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| VEDANTA RESOURCES                              | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAM3<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      64000 | PA      | $63184.00     | 0.02%             | 2030-07-24      | Fixed         | 9.47%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                             | Angolan Government International Bond                                            | CUSIP: 035198AD2<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    1792000 | PA      | $1695680.00   | 0.60%             | 2029-11-26      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| RUSSIAN FEDERATION                             | Russian Foreign Bond - Eurobond                                                  | CUSIP: 000000000<br>LEI: 5493004EHVGF71PDBU58 | Long             | DBT              | NUSS              | RU        |     100000 | PA      | $0.00         | 0.00%             | 2035-03-28      | Fixed         | 5.10%                 | No            |                  3 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                              | CUSIP: 71654QCK6<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    1958000 | PA      | $1918526.72   | 0.68%             | 2028-02-12      | Fixed         | 5.35%                 | No            |                  2 | On Loan: No      |
| ATP TOW/ANDEAN TELECOM                         | ATP Tower Holdings / Andean Telecom Partners Chile SpA / Andean Tower Partners C | CUSIP: 00193BAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |     200000 | PA      | $203576.00    | 0.07%             | 2030-02-03      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                          | Guatemala Government Bond                                                        | CUSIP: 401494AV1<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |     560000 | PA      | $564314.80    | 0.20%             | 2029-08-10      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                            | Senegal Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    2001000 | PA      | $2056401.60   | 0.73%             | 2028-03-13      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                             | Panama Government International Bond                                             | CUSIP: 698299BL7<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    1046000 | PA      | $633876.00    | 0.23%             | 2060-07-23      | Fixed         | 3.87%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                            | Benin Government International Bond                                              | CUSIP: 08205QAA6<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     270000 | PA      | $264975.30    | 0.09%             | 2038-02-13      | Fixed         | 7.96%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association      | USD/JPY FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |          1 | NC      | $23532.14     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| HUNGARY                                        | Hungary Government International Bond                                            | CUSIP: 445545AP1<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    1773000 | PA      | $1806687.00   | 0.64%             | 2029-06-16      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MSU ENERGY SA                                  | MSU Energy SA                                                                    | CUSIP: 55377JAC1<br>LEI: 529900D1ZX75KRP2HC66 | Long             | DBT              | CORP              | AR        |     311100 | PA      | $292391.22    | 0.10%             | 2030-12-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                       | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    3950000 | PA      | $592500.00    | 0.21%             | 2024-05-16      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                    | Ivory Coast Government International Bond                                        | CUSIP: 000000000<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    1086000 | PA      | $1025544.10   | 0.36%             | 2048-03-22      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                              | Trinidad & Tobago Government International Bond                                  | CUSIP: 896292AM1<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |    1237000 | PA      | $1236072.25   | 0.44%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| SAUDI ARABIAN OIL CO                           | Saudi Arabian Oil Co                                                             | CUSIP: 80414L2Q7<br>LEI: 5586006WD91QHB7J4X50 | Long             | DBT              | CORP              | SA        |    1269000 | PA      | $1204116.03   | 0.43%             | 2064-07-17      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                       | Uruguay Government International Bond                                            | CUSIP: 760942BD3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |     693000 | PA      | $615903.75    | 0.22%             | 2055-04-20      | Fixed         | 4.97%                 | No            |                  2 | On Loan: No      |
| TRIDENT ENERGY FINANCE                         | Trident Energy Finance PLC                                                       | CUSIP: 89616MAB6<br>LEI: 9845004ECK3FYO64I382 | Long             | DBT              | CORP              | GB        |     166000 | PA      | $171464.72    | 0.06%             | 2029-11-30      | Fixed         | 12.50%                | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                              | CUSIP: 71654QCL4<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     290000 | PA      | $217140.40    | 0.08%             | 2048-02-12      | Fixed         | 6.35%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                       | Republic of South Africa Government International Bond                           | CUSIP: 836205AX2<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    1802000 | PA      | $1371511.21   | 0.49%             | 2047-09-27      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                          | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     409234 | PA      | $389283.78    | 0.14%             | 2028-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PANAMA BONOS DEL                               | Panama Bonos del Tesoro                                                          | CUSIP: 000000000<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |    2575000 | PA      | $2244447.25   | 0.80%             | 2031-06-30      | Fixed         | 3.36%                 | No            |                  2 | On Loan: No      |
| BBVA BANCOMER SA TEXAS                         | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico/TX     | CUSIP: 05533UAF5<br>LEI: 549300WIWQK5Q9MCUN92 | Long             | DBT              | CORP              | MX        |     312000 | PA      | $304200.00    | 0.11%             | 2033-01-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 903724CC4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     579731 | PA      | $305808.10    | 0.11%             | 2036-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| COMISION FEDERAL DE ELEC                       | Comision Federal de Electricidad                                                 | CUSIP: 200447AP5<br>LEI: 4469000001BFPONMPF32 | Long             | DBT              | CORP              | MX        |     923000 | PA      | $926276.65    | 0.33%             | 2035-01-24      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| Republic of Iraq CLN                           | Republic of Iraq CLN                                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | IQ        |  161926928 | PA      | $1068494.04   | 0.38%             | 2028-01-01      | Floating      | 2.54%                 | No            |                  3 | On Loan: No      |
| GOVT OF BERMUDA                                | Bermuda Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |    2571000 | PA      | $1752136.50   | 0.62%             | 2050-08-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SIERRACOL ENRGY ANDINA                         | SierraCol Energy Andina LLC                                                      | CUSIP: 82653LAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     225000 | PA      | $211950.00    | 0.08%             | 2028-06-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ANGOLA                             | Angolan Government International Bond                                            | CUSIP: 035198AF7<br>LEI: 549300QHR2R3J8JSGK83 | Long             | DBT              | NUSS              | AO        |    1053000 | PA      | $968153.68    | 0.34%             | 2032-04-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                           | CUSIP: 195325EL5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |     250000 | PA      | $262812.50    | 0.09%             | 2035-11-14      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MEDCO LAUREL TREE                              | Medco Laurel Tree Pte Ltd                                                        | CUSIP: 58406RAA6<br>LEI: 254900SX7FFGRREZD046 | Long             | DBT              | CORP              | SG        |     140000 | PA      | $140614.60    | 0.05%             | 2028-11-12      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| ENERGEAN ISRAEL FINANCE                        | Energean Israel Finance Ltd                                                      | CUSIP: 000000000<br>LEI: 98450044QACBL3F8EB03 | Long             | DBT              | CORP              | IL        |     154000 | PA      | $144904.76    | 0.05%             | 2031-03-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                             | Panama Government International Bond                                             | CUSIP: 698299BV5<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     422000 | PA      | $405911.25    | 0.14%             | 2054-03-28      | Fixed         | 6.85%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF UZBEKISTAN                         | Republic of Uzbekistan International Bond                                        | CUSIP: 91822Q2C0<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |       5000 | PA      | $4564.90      | 0.00%             | 2030-11-25      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| 3R LUX SARL                                    | 3R Lux SARL                                                                      | CUSIP: 88563PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     258000 | PA      | $272190.00    | 0.10%             | 2031-02-05      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                       | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                        | CUSIP: 71568QAB3<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |     783000 | PA      | $720587.07    | 0.26%             | 2042-10-24      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BENIN INTL GOV BOND                            | Benin Government International Bond                                              | CUSIP: 08205QAC2<br>LEI: 635400Q11P6AE5A5Y230 | Long             | DBT              | NUSS              | BJ        |     882000 | PA      | $883931.58    | 0.31%             | 2041-01-23      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF INDONESIA                          | Indonesia Government International Bond                                          | CUSIP: 455780BY1<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |     425000 | PA      | $416988.75    | 0.15%             | 2047-01-08      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CODELCO INC                                    | Corp Nacional del Cobre de Chile                                                 | CUSIP: 21987BBG2<br>LEI: 549300UVMBCBCIPSUI70 | Long             | DBT              | CORP              | CL        |    1257000 | PA      | $1293453.00   | 0.46%             | 2034-01-08      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| GRUPO AEROMEXICO SAB                           | Grupo Aeromexico SAB de CV                                                       | CUSIP: 40054JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MX        |     236000 | PA      | $232144.94    | 0.08%             | 2031-11-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| AZULE ENERGY FINANCE PLC                       | Azule Energy Finance Plc                                                         | CUSIP: 05501YAA6<br>LEI: 2138006X6O82RJSQDB63 | Long             | DBT              | CORP              | GB        |     127000 | PA      | $128270.00    | 0.05%             | 2030-01-23      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                        | Hungary Government International Bond                                            | CUSIP: 445545AU0<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    3519000 | PA      | $3459071.43   | 1.23%             | 2036-03-26      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                    | Ivory Coast Government International Bond                                        | CUSIP: 221625AT3<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     491000 | PA      | $493302.79    | 0.18%             | 2033-01-30      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                            | Turkiye Government International Bond                                            | CUSIP: 900123DQ0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    2508000 | PA      | $2589510.00   | 0.92%             | 2032-05-29      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 903724CD2<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     111976 | PA      | $56547.88     | 0.02%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                           | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    1099000 | PA      | $1320434.54   | 0.47%             | 2034-09-10      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PT PERTAMINA (PERSERO)                         | Pertamina Persero PT                                                             | CUSIP: 000000000<br>LEI: 254900NDAKGNZ2IBBL45 | Long             | DBT              | CORP              | ID        |     561000 | PA      | $570321.74    | 0.20%             | 2042-05-03      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                           | Republic of Cameroon International Bond                                          | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |     900000 | PA      | $856404.00    | 0.30%             | 2031-07-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                              | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    3735000 | PA      | $730192.50    | 0.26%             | 2021-04-12      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                          | CUSIP: 105756CL2<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    3010000 | PA      | $3082240.00   | 1.09%             | 2035-03-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PROVINCIA DE BUENOS AIRE                       | Provincia de Buenos Aires/Government Bonds                                       | CUSIP: 000000000<br>LEI: 549300L6AYROPOTQ4L07 | Long             | DBT              | NUSS              | AR        |    2278860 | PA      | $1560425.55   | 0.55%             | 2037-09-01      | Variable      | 6.62%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                | IHS Holding Ltd                                                                  | CUSIP: 44963HAD7<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |      70000 | PA      | $71999.20     | 0.03%             | 2031-11-29      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| BOLIVIA GOVERNMENT                             | Bolivian Government International Bond                                           | CUSIP: 000000000<br>LEI: 529900TGIRPY3SZXEB56 | Long             | DBT              | NUSS              | BO        |     625000 | PA      | $492812.50    | 0.17%             | 2028-03-20      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HAZINE MUSTESARLIGI VARL                       | Hazine Mustesarligi Varlik Kiralama AS                                           | CUSIP: 000000000<br>LEI: 6354003QFJP7RDXEOZ20 | Long             | DBT              | NUSS              | TR        |     276000 | PA      | $279105.00    | 0.10%             | 2025-11-13      | Fixed         | 9.76%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                          | Argentine Republic Government International Bond                                 | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    1224800 | PA      | $969528.16    | 0.34%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                            | Turkiye Government International Bond                                            | CUSIP: 900123DN7<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     822000 | PA      | $798367.50    | 0.28%             | 2035-01-03      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANCO MERCANTIL DE NORTE                       | Banco Mercantil del Norte SA/Grand Cayman                                        | CUSIP: 05971PAD0<br>LEI: 549300QTVYRPFHS0J362 | Long             | DBT              | CORP              | MX        |     418000 | PA      | $432901.70    | 0.15%             | N/A             | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                           | Petronas Capital Ltd                                                             | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    1219000 | PA      | $1039624.15   | 0.37%             | 2050-04-21      | Fixed         | 4.55%                 | No            |                  2 | On Loan: No      |
| MEDCO BELL PTE LTD                             | Medco Bell Pte Ltd                                                               | CUSIP: 000000000<br>LEI: 2549003PNDCWIWGKC768 | Long             | DBT              | CORP              | SG        |      70000 | PA      | $70000.00     | 0.02%             | 2027-01-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                              | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAJ0<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      70000 | PA      | $72077.47     | 0.03%             | 2028-06-03      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                           | CUSIP: 195325EM3<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    4843000 | PA      | $5123894.00   | 1.82%             | 2053-11-14      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                              | CUSIP: 71643VAB1<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    1829000 | PA      | $1753919.55   | 0.62%             | 2032-02-16      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                              | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |      21000 | PA      | $17653.23     | 0.01%             | 2028-03-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                        | Adani Ports & Special Economic Zone Ltd                                          | CUSIP: 00652MAH5<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |     255000 | PA      | $221722.50    | 0.08%             | 2031-02-02      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                           | Abu Dhabi Government International Bond                                          | CUSIP: 29135LAR1<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |     767000 | PA      | $508237.21    | 0.18%             | 2051-09-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                       | OCP SA                                                                           | CUSIP: 67091TAD7<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     150000 | PA      | $137292.00    | 0.05%             | 2031-06-23      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| GOVT OF BERMUDA                                | Bermuda Government International Bond                                            | CUSIP: 085209AF1<br>LEI: 549300FP5PUZXX9FVJ40 | Long             | DBT              | NUSS              | BM        |     415000 | PA      | $417602.05    | 0.15%             | 2029-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| ENERGO PRO AS                                  | Energo - Pro as                                                                  | CUSIP: 000000000<br>LEI: 315700IQCL9IX158RO36 | Long             | DBT              | CORP              | CZ        |     200000 | PA      | $248018.80    | 0.09%             | 2030-05-27      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                           | Petronas Capital Ltd                                                             | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     593000 | PA      | $391385.93    | 0.14%             | 2061-04-28      | Fixed         | 3.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF KENYA                              | Republic of Kenya Government International Bond                                  | CUSIP: 491798AN4<br>LEI: 549300VVURQQYU45PR87 | Long             | DBT              | NUSS              | KE        |    2449000 | PA      | $2420689.56   | 0.86%             | 2036-03-05      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                             | CUSIP: 91087BBF6<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     727000 | PA      | $745175.00    | 0.26%             | 2038-01-29      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| MINEJESA CAPITAL BV                            | Minejesa Capital BV                                                              | CUSIP: 602736AB6<br>LEI: 549300KS7ERCP10BKC35 | Long             | DBT              | CORP              | NL        |     350000 | PA      | $347593.75    | 0.12%             | 2037-08-10      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DOMINICAN REPUBLIC                             | Dominican Republic International Bond                                            | CUSIP: 25714PFB9<br>LEI: 254900EHU7Q8FGVPI369 | Long             | DBT              | NUSS              | DO        |     839000 | PA      | $876755.00    | 0.31%             | 2037-03-15      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                        | Hungary Government International Bond                                            | CUSIP: 445545AS5<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     486000 | PA      | $513945.00    | 0.18%             | 2032-09-22      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                              | Jordan Government International Bond                                             | CUSIP: 418097AJ0<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |    1202000 | PA      | $1114855.00   | 0.40%             | 2047-10-10      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IHS HOLDING LTD                                | IHS Holding Ltd                                                                  | CUSIP: 44963HAC9<br>LEI: 213800CLGMKL63VKTD94 | Long             | DBT              | CORP              | KY        |     128000 | PA      | $130552.32    | 0.05%             | 2030-05-29      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| CLEAN RENEWABLE POWER                          | Clean Renewable Power Mauritius Pte Ltd                                          | CUSIP: 18452NAB0<br>LEI: 2138003P9CSDW7P4MT75 | Long             | DBT              | CORP              | MU        |      70035 | PA      | $68196.58     | 0.02%             | 2027-03-25      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                          | Argentine Republic Government International Bond                                 | CUSIP: 040114HS2<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    5126400 | PA      | $3870432.00   | 1.37%             | 2030-07-09      | Variable      | 0.75%                 | No            |                  2 | On Loan: No      |
| STUDIO CITY FINANCE LTD                        | Studio City Finance Ltd                                                          | CUSIP: 86389QAG7<br>LEI: 254900D6R731QAUIG324 | Long             | DBT              | CORP              | VG        |     610000 | PA      | $577975.00    | 0.21%             | 2029-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                          | CUSIP: 105756CM0<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    1413000 | PA      | $1442673.00   | 0.51%             | 2030-11-06      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| DAE FUNDING LLC                                | DAE Funding LLC                                                                  | CUSIP: 23371DAG9<br>LEI: 635400SZTPQL3Y1P2C76 | Long             | DBT              | CORP              | US        |     593000 | PA      | $571153.88    | 0.20%             | 2028-03-20      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ZAMBIA                             | Zambia Government International Bond                                             | CUSIP: 988895AQ1<br>LEI: 213800DMLAZ6LGMMD849 | Long             | DBT              | NUSS              | ZM        |     452519 | PA      | $421503.37    | 0.15%             | 2033-06-30      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                        | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |     897000 | PA      | $827213.40    | 0.29%             | 2041-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| ADANI PORTS AND SPECIAL                        | Adani Ports & Special Economic Zone Ltd                                          | CUSIP: 00652MAG7<br>LEI: 335800QOAXP5TM7OYP69 | Long             | DBT              | CORP              | IN        |      72000 | PA      | $70110.00     | 0.02%             | 2027-08-04      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                          | CUSIP: 105756BY5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |      59000 | PA      | $48734.00     | 0.02%             | 2047-02-21      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                  | HTA Group Ltd/Mauritius                                                          | CUSIP: 40435WAC4<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     200000 | PA      | $207000.00    | 0.07%             | 2029-06-04      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management             | Dreyfus Government Cash Management                                               | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    1271066 | NS      | $1271065.84   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| NPC UKRENERGO                                  | NPC Ukrenergo                                                                    | CUSIP: 63718LAA2<br>LEI: 8945009LCLS92V4AK321 | Long             | DBT              | CORP              | UA        |     502000 | PA      | $402342.96    | 0.14%             | 2028-11-09      | Variable      | 6.88%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                        | Hungary Government International Bond                                            | CUSIP: 445545AW6<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |    2267000 | PA      | $2322972.23   | 0.82%             | 2035-09-26      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MONG DUONG FIN HLDGS BV                        | Mong Duong Finance Holdings BV                                                   | CUSIP: 60935DAA3<br>LEI: 549300995KGQFMWSV879 | Long             | DBT              | CORP              | NL        |     166690 | PA      | $164656.14    | 0.06%             | 2029-05-07      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| SASOL FINANCING USA LLC                        | Sasol Financing USA LLC                                                          | CUSIP: 80386WAB1<br>LEI: 549300XRB1PFMESFEL85 | Long             | DBT              | CORP              | US        |     140000 | PA      | $136325.00    | 0.05%             | 2028-09-27      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| AMBIPAR LUX SARL                               | Ambipar Lux Sarl                                                                 | CUSIP: 02319WAB7<br>LEI: 9845008C0E14F9BDEK55 | Long             | DBT              | CORP              | LU        |     237000 | PA      | $197385.45    | 0.07%             | 2033-02-05      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| NEON CAPITAL LTD #225                          | Neon Capital Ltd/KY                                                              | CUSIP: 000000000<br>LEI: 549300K1NZTY5QS1NO76 | Long             | DBT              | CORP              | KY        |  159061643 | PA      | $1049045.93   | 0.37%             | 2028-01-06      | Variable      | 0.01%                 | No            |                  3 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                          | CUSIP: 105756CJ7<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |     787000 | PA      | $764964.00    | 0.27%             | 2054-05-13      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PERUSAHAAN LISTRIK NEGAR                       | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara                        | CUSIP: 71568QAP2<br>LEI: 254900OYVDRYS9J51J61 | Long             | DBT              | CORP              | ID        |     716000 | PA      | $525107.24    | 0.19%             | 2050-06-30      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHILE ELECTRICITY LUX                          | Chile Electricity Lux Mpc II Sarl                                                | CUSIP: 16882LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |     237534 | PA      | $239932.81    | 0.09%             | 2035-10-20      | Fixed         | 5.58%                 | No            |                  2 | On Loan: No      |
| PORT OF SPAIN WATERFRONT                       | Port Of Spain Waterfront Development                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | TT        |     633167 | PA      | $629953.35    | 0.22%             | 2040-02-19      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                       | OCP SA                                                                           | CUSIP: 67091TAB1<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |    1709000 | PA      | $1699788.49   | 0.60%             | 2044-04-25      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRINIDAD & TOBAGO                              | Trinidad & Tobago Government International Bond                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | TT        |     523000 | PA      | $522607.75    | 0.19%             | 2034-06-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                            | Turkiye Government International Bond                                            | CUSIP: 900123CM0<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    1895000 | PA      | $1468151.25   | 0.52%             | 2047-05-11      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                            | Nigeria Government International Bond                                            | CUSIP: 65412AFD9<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     429000 | PA      | $469862.25    | 0.17%             | 2034-12-09      | Fixed         | 10.38%                | No            |                  2 | On Loan: No      |
| PERU PAYROLL DEDUCTION                         | Peru Payroll Deduction Finance Ltd                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     684349 | PA      | $599983.66    | 0.21%             | 2029-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                              | Chile Government International Bond                                              | CUSIP: 168863DN5<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     261000 | PA      | $230854.50    | 0.08%             | 2032-01-27      | Fixed         | 2.55%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                              | CUSIP: 03846JW55<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    1609000 | PA      | $1264078.67   | 0.45%             | 2048-02-21      | Fixed         | 7.90%                 | No            |                  2 | On Loan: No      |
| MC BRAZIL DWNSTRM                              | MC Brazil Downstream Trading SARL                                                | CUSIP: 55292WAA8<br>LEI: 213800T2A7R9TYNXZI63 | Long             | DBT              | CORP              | LU        |     302853 | PA      | $256906.70    | 0.09%             | 2031-06-30      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ABU DHABI GOVT INT'L                           | Abu Dhabi Government International Bond                                          | CUSIP: 29135LAT7<br>LEI: 213800FER4348CINTA77 | Long             | DBT              | NUSS              | AE        |     500000 | PA      | $527830.00    | 0.19%             | 2034-04-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                       | Uruguay Government International Bond                                            | CUSIP: 760942BA9<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |    1915000 | PA      | $1768502.50   | 0.63%             | 2050-06-18      | Fixed         | 5.10%                 | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                           | Petronas Capital Ltd                                                             | CUSIP: 716743AX7<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |    1526000 | PA      | $1556802.31   | 0.55%             | 2055-04-03      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| VEDANTA RESOURCES                              | Vedanta Resources Finance II PLC                                                 | CUSIP: 92243XAH4<br>LEI: 8945002DGA3BBXO3N634 | Long             | DBT              | CORP              | GB        |      69000 | PA      | $70778.73     | 0.03%             | 2029-09-17      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                              | CUSIP: 000000000<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |     902000 | PA      | $625086.00    | 0.22%             | 2055-01-21      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SRI LANKA                          | Sri Lanka Government International Bond                                          | CUSIP: 000000000<br>LEI: 254900IG6Y30I2QE2R92 | Long             | DBT              | NUSS              | LK        |     585981 | PA      | $418976.56    | 0.15%             | 2035-06-15      | Variable      | 3.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF COLOMBIA                           | Colombia Government International Bond                                           | CUSIP: 195325DZ5<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    1056000 | PA      | $878856.00    | 0.31%             | 2032-04-22      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 903724CG5<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     294675 | PA      | $151757.63    | 0.05%             | 2036-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| UZBEKISTAN INTL BOND                           | Republic of Uzbekistan International Bond                                        | CUSIP: 91822QVX2<br>LEI: 213800L6VDKUM3TCM927 | Long             | DBT              | NUSS              | UZ        |     512000 | PA      | $546944.00    | 0.19%             | 2028-10-12      | Fixed         | 7.85%                 | No            |                  2 | On Loan: No      |
| KINGDOM OF JORDAN                              | Jordan Government International Bond                                             | CUSIP: 418097AL5<br>LEI: 5493000JZ4MYPVMBVN50 | Long             | DBT              | NUSS              | JO        |     296000 | PA      | $291716.88    | 0.10%             | 2030-07-07      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                    | Ivory Coast Government International Bond                                        | CUSIP: 221625AN6<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |    1365000 | PA      | $1264754.40   | 0.45%             | 2033-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                            | Turkiye Government International Bond                                            | CUSIP: 900123DP2<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    1641000 | PA      | $1685307.00   | 0.60%             | 2032-02-12      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| KYRGYZ REP INTL BOND                           | Kyrgyz Republic International Bond                                               | CUSIP: 50158LAA6<br>LEI: N/A                  | Long             | DBT              | NUSS              | KG        |    1720000 | PA      | $1730750.00   | 0.61%             | 2030-06-03      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| EAGLE FUNDING LUXCO SARL                       | Eagle Funding Luxco Sarl                                                         | CUSIP: 26951TAA8<br>LEI: 894500VDP08MVIZ6OA60 | Long             | DBT              | NUSS              | LU        |    3114000 | PA      | $3159339.84   | 1.12%             | 2030-08-17      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association      | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |          1 | NC      | $19865.94     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| PETRONAS CAPITAL LTD                           | Petronas Capital Ltd                                                             | CUSIP: 000000000<br>LEI: 549300G7YFX3540OYR85 | Long             | DBT              | CORP              | MY        |     712000 | PA      | $621020.64    | 0.22%             | 2060-04-21      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CONSTELLATION OIL SA                           | Constellation Oil Services Holding SA                                            | CUSIP: 650921AA7<br>LEI: 5493005YJTU769NW5I10 | Long             | DBT              | CORP              | LU        |     211000 | PA      | $215325.50    | 0.08%             | 2029-11-07      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| DP WORLD LTD UAE                               | DP World Ltd/United Arab Emirates                                                | CUSIP: 000000000<br>LEI: 549300M3U2DNF4QVSS04 | Long             | DBT              | CORP              | AE        |     500000 | PA      | $425312.50    | 0.15%             | 2049-09-30      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| CSN RESOURCES SA                               | CSN Resources SA                                                                 | CUSIP: 12644VAD0<br>LEI: 222100ZEX458NMOXZP08 | Long             | DBT              | CORP              | LU        |     268000 | PA      | $216011.75    | 0.08%             | 2031-06-10      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                        | El Salvador Government International Bond                                        | CUSIP: 283875AH5<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    1319000 | PA      | $1364268.08   | 0.48%             | 2032-04-10      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                        | Mexican Bonos                                                                    | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |   12500000 | PA      | $569152.27    | 0.20%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CAMEROON                           | Republic of Cameroon International Bond                                          | CUSIP: 000000000<br>LEI: 54930021BO6NHYGBBV24 | Long             | DBT              | NUSS              | CM        |    2319000 | PA      | $2197284.29   | 0.78%             | 2032-07-07      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                | United States Treasury Note/Bond                                                 | CUSIP: 91282CNC1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    2712000 | PA      | $2720475.00   | 0.97%             | 2035-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LEBANESE REPUBLIC                              | Lebanon Government International Bond                                            | CUSIP: 000000000<br>LEI: 529900QPC4K9S1KHL354 | Long             | DBT              | NUSS              | LB        |    1325000 | PA      | $259037.50    | 0.09%             | 2023-05-26      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                           | Indonesia Treasury Bond                                                          | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 9000000000 | PA      | $562509.99    | 0.20%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.                  | EUR/USD FORWARD                                                                  | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |          1 | NC      | $-766.75      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| CPI PROPERTY GROUP SA                          | CPI Property Group SA                                                            | CUSIP: 000000000<br>LEI: 222100CO2ZOTEPGJO223 | Long             | DBT              | CORP              | LU        |     250000 | PA      | $298324.50    | 0.11%             | 2032-01-27      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| YINSON BERGENIA PRODUCTI                       | Yinson Bergenia Production BV                                                    | CUSIP: 98585VAA6<br>LEI: 549300JDIAWKPMZD5256 | Long             | DBT              | CORP              | NL        |     141000 | PA      | $147768.00    | 0.05%             | 2045-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF ARGENTINA                          | Argentine Republic Government International Bond                                 | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    3159545 | PA      | $1934273.72   | 0.69%             | 2046-07-09      | Variable      | 4.12%                 | No            |                  2 | On Loan: No      |
| Virtus Stone Harbor Local Markets Fund         | Virtus Stone Harbor Local Markets Fund                                           | CUSIP: 92828Y516<br>LEI: N/A                  | Long             | EC               | RF                | US        |    1499455 | NS      | $13480101.81  | 4.79%             |  |  |  | No            |                  1 | On Loan: No      |
| OFFICE CHERIFIEN DES PHO                       | OCP SA                                                                           | CUSIP: 67091TAG0<br>LEI: 213800D26TAPVTCVWG40 | Long             | DBT              | CORP              | MA        |     728000 | PA      | $752235.12    | 0.27%             | 2054-05-02      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BRASKEM NETHERLANDS                            | Braskem Netherlands Finance BV                                                   | CUSIP: 10554TAD7<br>LEI: 2549000TLMHFQ74DS330 | Long             | DBT              | CORP              | NL        |     156000 | PA      | $109395.00    | 0.04%             | 2030-01-31      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| IHS MAURITIUS NG HOLDCO                        | IHS Netherlands Holdco BV                                                        | CUSIP: 44963LAC0<br>LEI: 5493006Z6YQYCCN2XI74 | Long             | DBT              | CORP              | NL        |     178056 | PA      | $178501.22    | 0.06%             | 2027-09-18      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GABON                              | Gabon Government International Bond                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | GA        |    3147000 | PA      | $2921800.68   | 1.04%             | 2029-02-18      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| GEOPARK LTD                                    | Geopark Ltd                                                                      | CUSIP: 37255BAC3<br>LEI: 529900ZR5QI19AH4KZ07 | Long             | DBT              | CORP              | BM        |     189000 | PA      | $171281.25    | 0.06%             | 2030-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| UNITED MEXICAN STATES                          | Mexico Government International Bond                                             | CUSIP: 91087BAL4<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |     686000 | PA      | $538510.00    | 0.19%             | 2051-04-27      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association      | USD/EUR FORWARD                                                                  | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |          1 | NC      | $-701.19      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| LEVIATHAN BOND LTD                             | Leviathan Bond Ltd                                                               | CUSIP: 000000000<br>LEI: 254900D9T8VKYVQNZ220 | Long             | DBT              | CORP              | IL        |      70000 | PA      | $69519.10     | 0.02%             | 2030-06-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HTA GROUP LTD                                  | HTA Group Ltd/Mauritius                                                          | CUSIP: 000000000<br>LEI: 213800WEFU8O8X6EPU13 | Long             | DBT              | CORP              | MU        |     200000 | PA      | $190477.02    | 0.07%             | 2027-03-18      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| VF UKRAINE (VFU FUNDING)                       | VF Ukraine PAT via VFU Funding PLC                                               | CUSIP: 918212AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | UA        |     150045 | PA      | $142542.75    | 0.05%             | 2027-02-11      | Variable      | 9.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                       | Republic of South Africa Government International Bond                           | CUSIP: 836205BB9<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    1736000 | PA      | $1317476.44   | 0.47%             | 2049-09-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| FED REPUBLIC OF BRAZIL                         | Brazilian Government International Bond                                          | CUSIP: 105756CF5<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    2110000 | PA      | $2122660.00   | 0.75%             | 2033-10-20      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                         | CUSIP: 718286CH8<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     373000 | PA      | $260402.49    | 0.09%             | 2045-05-05      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                           | CUSIP: 77586RAR1<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     966000 | PA      | $1026486.09   | 0.36%             | 2033-01-17      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                            | Nigeria Government International Bond                                            | CUSIP: 65412JAD5<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     417000 | PA      | $413247.00    | 0.15%             | 2030-02-23      | Fixed         | 7.14%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |     195717 | PA      | $77797.38     | 0.03%             | 2034-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| WE SODA INV HOLDING PLC                        | WE Soda Investments Holding PLC                                                  | CUSIP: 92943TAA1<br>LEI: 984500SE38C07DB47A90 | Long             | DBT              | CORP              | GB        |     199000 | PA      | $208514.69    | 0.07%             | 2028-10-06      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                              | CUSIP: 03846JX62<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    1127000 | PA      | $960068.76    | 0.34%             | 2050-05-29      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                    | Ivory Coast Government International Bond                                        | CUSIP: 221625AV8<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     832000 | PA      | $824720.00    | 0.29%             | 2036-04-01      | Fixed         | 8.07%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                            | Nigeria Government International Bond                                            | CUSIP: 65412JAC7<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |     513000 | PA      | $513800.28    | 0.18%             | 2027-11-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF CHILE                              | Chile Government International Bond                                              | CUSIP: 168863DZ8<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |     531000 | PA      | $526752.00    | 0.19%             | 2036-01-05      | Fixed         | 4.95%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GHANA                              | Ghana Government International Bond                                              | CUSIP: 000000000<br>LEI: 213800PP4399SNNXZ126 | Long             | DBT              | NUSS              | GH        |     115584 | PA      | $110960.64    | 0.04%             | 2026-07-03      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                              | CUSIP: 03846JAH3<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    1155000 | PA      | $1187340.00   | 0.42%             | 2030-02-04      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| COMISION EJ HI RIO LEMPA                       | Comision Ejecutiva Hidroelectrica del Rio Lempa                                  | CUSIP: 200444AA5<br>LEI: 254900YU43PQQ27Q0E71 | Long             | DBT              | CORP              | SV        |     693000 | PA      | $708862.77    | 0.25%             | 2033-01-24      | Fixed         | 8.65%                 | No            |                  2 | On Loan: No      |
| ZORLU ENERJI ELEKTRIK                          | Zorlu Enerji Elektrik Uretim AS                                                  | CUSIP: 98977LAA4<br>LEI: 7890005B5CSNL39OYO75 | Long             | DBT              | CORP              | TR        |     199000 | PA      | $190305.69    | 0.07%             | 2030-04-23      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF EL SALVADOR                        | El Salvador Government International Bond                                        | CUSIP: 000000000<br>LEI: 529900AKDMUSFSDOM949 | Long             | DBT              | NUSS              | SV        |    2151000 | PA      | $2111959.35   | 0.75%             | 2035-06-15      | Fixed         | 7.65%                 | No            |                  2 | On Loan: No      |
| ADANI TRANS STEP-ONE LTD                       | Adani Transmission Step-One Ltd                                                  | CUSIP: 00652XAA6<br>LEI: 335800Z8CGS7O7D72N41 | Long             | DBT              | CORP              | IN        |     103000 | PA      | $101847.43    | 0.04%             | 2026-08-03      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CEMEX SAB DE CV                                | Cemex SAB de CV                                                                  | CUSIP: 151290CC5<br>LEI: 549300RIG2CXWN6IV731 | Long             | DBT              | CORP              | MX        |     139000 | PA      | $143128.30    | 0.05%             | N/A             | Fixed         | 7.20%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                         | CUSIP: 718286CW5<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |     872000 | PA      | $890870.08    | 0.32%             | 2033-07-17      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      52373 | PA      | $26448.37     | 0.01%             | 2030-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| FS LUXEMBOURG SARL                             | FS Luxembourg Sarl                                                               | CUSIP: 30315XAC8<br>LEI: 222100EKR3JUJPGGOY81 | Long             | DBT              | CORP              | LU        |     135000 | PA      | $141548.85    | 0.05%             | 2031-02-12      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                              | CUSIP: 71654QDE9<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |     837000 | PA      | $784269.00    | 0.28%             | 2031-01-28      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                              | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     847000 | PA      | $714393.68    | 0.25%             | 2049-03-01      | Fixed         | 8.70%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 903724BZ4<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |      40670 | PA      | $26333.99     | 0.01%             | 2029-02-01      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PANAMA                             | Panama Government International Bond                                             | CUSIP: 698299BS2<br>LEI: 549300SHS4T08CL0LP14 | Long             | DBT              | NUSS              | PA        |     265000 | PA      | $180995.00    | 0.06%             | 2063-01-19      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HUNGARY                                        | Hungary Government International Bond                                            | CUSIP: 445545AQ9<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |     948000 | PA      | $950370.00    | 0.34%             | 2034-06-16      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BANCO DE CREDITO DEL PER                       | Banco de Credito del Peru S.A.                                                   | CUSIP: 05971U2J5<br>LEI: 549300EQYQ8SCQZ4BY14 | Long             | DBT              | CORP              | PE        |      34000 | PA      | $35432.25     | 0.01%             | 2035-07-30      | Fixed         | 6.45%                 | No            |                  2 | On Loan: No      |
| PROSUS NV                                      | Prosus NV                                                                        | CUSIP: 74365PAE8<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | DBT              | CORP              | NL        |     250000 | PA      | $164187.50    | 0.06%             | 2051-02-08      | Fixed         | 3.83%                 | No            |                  2 | On Loan: No      |
| IVORY COAST                                    | Ivory Coast Government International Bond                                        | CUSIP: 221625AU0<br>LEI: 254900ICW11T82O6H590 | Long             | DBT              | NUSS              | CI        |     282000 | PA      | $280152.90    | 0.10%             | 2037-01-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| AMAZON CONSERVATION DAC                        | Amazon Conservation DAC                                                          | CUSIP: 02315JAA2<br>LEI: 635400VMJ6EGNYN3YK31 | Long             | DBT              | NUSS              | IE        |    1684000 | PA      | $1707912.80   | 0.61%             | 2042-01-16      | Fixed         | 6.03%                 | No            |                  2 | On Loan: No      |
| ACCESS BANK PLC                                | Access Bank PLC                                                                  | CUSIP: 00434G2B5<br>LEI: 029200328C3N9YI2D660 | Long             | DBT              | CORP              | NG        |      75000 | PA      | $74391.75     | 0.03%             | 2026-09-21      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| YPF SOCIEDAD ANONIMA                           | YPF SA                                                                           | CUSIP: 984245AX8<br>LEI: 5493003N7447U18U5U53 | Long             | DBT              | CORP              | AR        |     272000 | PA      | $283573.60    | 0.10%             | 2031-01-17      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| DP WORLD SALAAM                                | DP World Salaam                                                                  | CUSIP: 000000000<br>LEI: 549300SUYBT9X88E9435 | Long             | DBT              | CORP              | KY        |    2145000 | PA      | $2143927.50   | 0.76%             | N/A             | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF NIGERIA                            | Nigeria Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300GSBZD84TNEQ285 | Long             | DBT              | NUSS              | NG        |    1145000 | PA      | $1188653.13   | 0.42%             | 2031-01-21      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF PHILIPPINES                        | Philippine Government International Bond                                         | CUSIP: 718286CB1<br>LEI: 529900RAHBALMYIJ3T08 | Long             | DBT              | NUSS              | PH        |    1753000 | PA      | $1433059.97   | 0.51%             | 2042-02-02      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| UKRAINE GOVERNMENT                             | Ukraine Government International Bond                                            | CUSIP: 000000000<br>LEI: 6354001WLTJXOMEXPY07 | Long             | DBT              | NUSS              | UA        |    1165393 | PA      | $603090.88    | 0.21%             | 2035-02-01      | Variable      | 0.01%                 | No            |                  2 | On Loan: No      |
| ENERGEAN PLC                                   | Energean PLC                                                                     | CUSIP: 000000000<br>LEI: 549300RVMKU0CYUZBB05 | Long             | DBT              | CORP              | GB        |     130000 | PA      | $128577.80    | 0.05%             | 2027-04-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ROMANIA                                        | Romanian Government International Bond                                           | CUSIP: 77586RAX8<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |    3123000 | PA      | $3121438.50   | 1.11%             | 2036-05-16      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| PETROLEOS MEXICANOS                            | Petroleos Mexicanos                                                              | CUSIP: 71654QDC3<br>LEI: 549300CAZKPF4HKMPX17 | Long             | DBT              | CORP              | MX        |    2388000 | PA      | $2373672.00   | 0.84%             | 2030-01-23      | Fixed         | 6.84%                 | No            |                  2 | On Loan: No      |
| SAUDI INTERNATIONAL BOND                       | Saudi Government International Bond                                              | CUSIP: 80413TBG3<br>LEI: 635400FMICXSM3SI3H65 | Long             | DBT              | NUSS              | SA        |    1139000 | PA      | $1154308.16   | 0.41%             | 2034-01-16      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PETROLEOS DE VENEZUELA S                       | Petroleos de Venezuela SA                                                        | CUSIP: 000000000<br>LEI: 549300YWR8TN1OFD4P06 | Long             | DBT              | CORP              | VE        |    8872000 | PA      | $1375160.00   | 0.49%             | 2021-11-17      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| YINSON BORONIA PRODUCTIO                       | Yinson Boronia Production BV                                                     | CUSIP: 98584XAA3<br>LEI: 5493007X12FTT746N678 | Long             | DBT              | CORP              | NL        |     247235 | PA      | $269751.58    | 0.10%             | 2042-07-31      | Fixed         | 8.95%                 | No            |                  2 | On Loan: No      |
| FEDERAL REP OF ETHIOPIA                        | Ethiopia International Bond                                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | DBT              | NUSS              | ET        |    1496000 | PA      | $1376320.00   | 0.49%             | 2024-12-11      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF GUATEMALA                          | Guatemala Government Bond                                                        | CUSIP: 401494BB4<br>LEI: 529900QKDFFU9UWW5315 | Long             | DBT              | NUSS              | GT        |    1668000 | PA      | $1674229.98   | 0.59%             | 2055-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| REP OF ANGOLA(AVENIR IS)                       | Republic of Angola Via Avenir Issuer II Ireland DAC                              | CUSIP: 000000000<br>LEI: 635400VEZIQKZPR7KU35 | Long             | DBT              | NUSS              | IE        |    1988571 | PA      | $1902903.77   | 0.68%             | 2027-02-19      | Fixed         | 6.93%                 | No            |                  2 | On Loan: No      |
| MAF GLOBAL SECURITIES                          | MAF Global Securities Ltd                                                        | CUSIP: 000000000<br>LEI: 54930037VUDNYTS17017 | Long             | DBT              | CORP              | KY        |     250000 | PA      | $250390.63    | 0.09%             | N/A             | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF TURKIYE                            | Turkiye Government International Bond                                            | CUSIP: 900123DD9<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |     945000 | PA      | $924536.03    | 0.33%             | 2033-09-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF POLAND                             | Republic of Poland Government International Bond                                 | CUSIP: 731011AY8<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |    4872000 | PA      | $4918040.40   | 1.75%             | 2034-09-18      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SENEGAL                            | Senegal Government International Bond                                            | CUSIP: 000000000<br>LEI: 549300NP14ZLQGWIUZ97 | Long             | DBT              | NUSS              | SN        |    1027000 | PA      | $847185.65    | 0.30%             | 2031-06-10      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ARAB REPUBLIC OF EGYPT                         | Egypt Government International Bond                                              | CUSIP: 03846JAF7<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |    3264000 | PA      | $2767251.84   | 0.98%             | 2051-09-30      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| KOSMOS ENERGY LTD                              | Kosmos Energy Ltd                                                                | CUSIP: 000000000<br>LEI: 213800YDFJ3OT9B5P157 | Long             | DBT              | CORP              | US        |     150000 | PA      | $141987.75    | 0.05%             | 2027-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-29

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer