# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0000940400-25-005506
**Filing Date:** 2025-10
**Character Count:** 60510
**Document Hash:** 5f1ac501688bebba2729a68902f8ccb3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005506.hdr.sgml**: 20251029

**ACCESSION NUMBER**: 0000940400-25-005506

**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:** 251428613

**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 Local Markets Fund (Series ID: S000075280)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234180 | Class I      | SHLMX           |
| C000234181 | Class A      | VSHEX           |

## Nport-Ex

#### VIRTUS Stone Harbor Local Markets Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | |
|:---|:---|
|  | **Value** |
| **Foreign Government Securities—88.3%** | **Foreign Government Securities—88.3%** |
| **Brazil—8.3%** |  |
| Brazil Notas do Tesouro Nacional |  |
| &nbsp;&nbsp;&nbsp;Series F<br> 10.000%, 1/1/29 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480<sup>BRL</sup> | $81 |
| &nbsp;&nbsp;&nbsp;Series F<br> 10.000%, 1/1/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10780<sup>BRL</sup> | &nbsp;&nbsp; 1731 |
|  | &nbsp;&nbsp; 1812 |
| **Chile—1.5%** |  |
| Bonos Tesoreria Pesos |  |
| &nbsp;&nbsp;&nbsp;5.000%, 3/1/35 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000<sup>CLP</sup> | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;144A, RegS<br> 6.000%, 4/1/33<sup>(2)(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265000<sup>CLP</sup> | &nbsp;&nbsp; 281 |
|  | &nbsp;&nbsp; 331 |
| **China—7.0%** |  |
| China Government Bond |  |
| &nbsp;&nbsp;&nbsp;2.890%, 11/18/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550<sup>CNY</sup> | &nbsp;&nbsp; 382 |
| &nbsp;&nbsp;&nbsp;2.670%, 5/25/33 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200<sup>CNY</sup> | &nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp;1.670%, 5/25/35 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340<sup>CNY</sup> | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;3.720%, 4/12/51 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980<sup>CNY</sup> | &nbsp;&nbsp; 181 |
| International Bank for Reconstruction & Development |  |
| &nbsp;&nbsp;&nbsp;2.250%, 1/19/29 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000<sup>CNY</sup> | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;2.750%, 7/26/34 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000<sup>CNY</sup> | &nbsp;&nbsp; 294 |
|  | &nbsp;&nbsp; 1524 |
| **Colombia—4.6%** |  |
| Bogota Distrio Capital RegS<br> 9.750%, 7/26/28<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1091000<sup>COP</sup> | &nbsp;&nbsp; 263 |
| Titulos De Tesoreria |  |
| &nbsp;&nbsp;&nbsp;7.500%, 8/26/26 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220000<sup>COP</sup> | &nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp;9.250%, 5/28/42 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000<sup>COP</sup> | &nbsp;&nbsp; 443 |
|  | &nbsp;&nbsp; 1005 |
| **Czech Republic—4.2%** |  |
| Czech Republic Government Bond |  |
| &nbsp;&nbsp;&nbsp;0.250%, 2/10/27 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690<sup>CZK</sup> | &nbsp;&nbsp; 123 |
| &nbsp;&nbsp;&nbsp;1.750%, 6/23/32 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16560<sup>CZK</sup> | &nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp;RegS<br> 4.200%, 12/4/36<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500<sup>CZK</sup> | &nbsp;&nbsp; 117 |
|  | &nbsp;&nbsp; 922 |
| **Hungary—2.3%** |  |
| Hungary Government Bond<br> 4.750%, 11/24/32 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191500<sup>HUF</sup> | &nbsp;&nbsp; 497 |
| **India—9.3%** |  |
| European Investment Bank RegS<br> 7.400%, 10/23/33<sup>(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35700<sup>INR</sup> | &nbsp;&nbsp; 419 |
| India Government Bond<br> 6.670%, 12/17/50 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18350<sup>INR</sup> | &nbsp;&nbsp; 194 |
| Inter-American Development Bank |  |
| &nbsp;&nbsp;&nbsp;7.350%, 10/6/30 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32000<sup>INR</sup> | &nbsp;&nbsp; 372 |
| &nbsp;&nbsp;&nbsp;7.000%, 4/17/33 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45000<sup>INR</sup> | &nbsp;&nbsp; 516 |

---

---

| | |
|:---|:---|
|  | **Value** |
| **India—continued** |  |
| International Bank for Reconstruction & Development<br> 6.710%, 1/21/35 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47000<sup>INR</sup> | $529 |
|  | &nbsp;&nbsp; 2030 |
| **Indonesia—10.7%** |  |
| Indonesia Government Bond |  |
| &nbsp;&nbsp;&nbsp;9.000%, 3/15/29 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860000<sup>IDR</sup> | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;7.000%, 9/15/30 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900000<sup>IDR</sup> | &nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp;6.500%, 2/15/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600000<sup>IDR</sup> | &nbsp;&nbsp; 350 |
| &nbsp;&nbsp;&nbsp;6.375%, 4/15/32 &nbsp;&nbsp;&nbsp;&nbsp;15360000<sup>IDR</sup> | &nbsp;&nbsp; 946 |
| &nbsp;&nbsp;&nbsp;8.375%, 3/15/34 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2848000<sup>IDR</sup> | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp;6.750%, 7/15/35 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400000<sup>IDR</sup> | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp;7.500%, 5/15/38 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3700000<sup>IDR</sup> | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp;8.375%, 4/15/39 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160000<sup>IDR</sup> | &nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp; 2330 |
| **Malaysia—9.9%** |  |
| Malaysia Government Bond |  |
| &nbsp;&nbsp;&nbsp;3.885%, 8/15/29 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550<sup>MYR</sup> | &nbsp;&nbsp; 621 |
| &nbsp;&nbsp;&nbsp;2.632%, 4/15/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4010<sup>MYR</sup> | &nbsp;&nbsp; 920 |
| &nbsp;&nbsp;&nbsp;3.582%, 7/15/32 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245<sup>MYR</sup> | &nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;4.893%, 6/8/38 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020<sup>MYR</sup> | &nbsp;&nbsp; 543 |
|  | &nbsp;&nbsp; 2143 |
| **Mexico—7.9%** |  |
| Mex Bonos Desarr |  |
| &nbsp;&nbsp;&nbsp;7.750%, 11/13/42 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15100<sup>MXN</sup> | &nbsp;&nbsp; 688 |
| &nbsp;&nbsp;&nbsp;8.000%, 11/7/47 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22330<sup>MXN</sup> | &nbsp;&nbsp; 1022 |
|  | &nbsp;&nbsp; 1710 |
| **Peru—2.1%** |  |
| Bonos De Tesoreria |  |
| &nbsp;&nbsp;&nbsp;5.400%, 8/12/34 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214<sup>PEN</sup> | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;144A, RegS<br> 7.600%, 8/12/39<sup>(2)(3)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320<sup>PEN</sup> | &nbsp;&nbsp; 399 |
|  | &nbsp;&nbsp; 457 |
| **Poland—4.6%** |  |
| Poland Government Bond<br> 6.000%, 10/25/33 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500<sup>PLN</sup> | &nbsp;&nbsp; 1004 |
| **Romania—2.6%** |  |
| Romania Government Bond |  |
| &nbsp;&nbsp;&nbsp;8.000%, 4/29/30 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590<sup>RON</sup> | &nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;4.750%, 10/11/34 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020<sup>RON</sup> | &nbsp;&nbsp; 194 |
|  | &nbsp;&nbsp; 567 |
| **South Africa—7.1%** |  |
| Republic of South Africa |  |
| &nbsp;&nbsp;&nbsp;7.000%, 2/28/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400<sup>ZAR</sup> | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp;6.250%, 3/31/36 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500<sup>ZAR</sup> | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;8.500%, 1/31/37 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12400<sup>ZAR</sup> | &nbsp;&nbsp; 626 |
| &nbsp;&nbsp;&nbsp;6.500%, 2/28/41 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5120<sup>ZAR</sup> | &nbsp;&nbsp; 201 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Local Markets Fund

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

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

---

| | |
|:---|:---|
|  | **Value** |
| **South Africa—continued** |  |
| &nbsp;&nbsp;&nbsp;8.750%, 1/31/44 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9270<sup>ZAR</sup> | $438 |
|  | &nbsp;&nbsp;&nbsp; 1555 |
| **Thailand—4.6%** |  |
| Thailand Government Bond |  |
| &nbsp;&nbsp;&nbsp;2.000%, 12/17/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11400<sup>THB</sup> | &nbsp;&nbsp;&nbsp; 368 |
| &nbsp;&nbsp;&nbsp;3.300%, 6/17/38 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14770<sup>THB</sup> | &nbsp;&nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp;3.450%, 6/17/43 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200<sup>THB</sup> | &nbsp;&nbsp;&nbsp; 85 |
|  | &nbsp;&nbsp;&nbsp; 1004 |
| **Turkey—1.5%** |  |
| Turkiye Government Bond<br> 31.080%, 11/8/28 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14000<sup>TRY</sup> | &nbsp;&nbsp;&nbsp; 324 |
| **Uruguay—0.1%** |  |
| Republica Orient Uruguay<br> 8.250%, 5/21/31 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950<sup>UYU</sup> | &nbsp;&nbsp;&nbsp; 24 |
| **Total Foreign Government Securities<br> (Identified Cost $18,651)** | &nbsp;&nbsp;&nbsp;&nbsp;**19239** |
| **Total Long-Term Investments—88.3%<br> (Identified Cost $18,651)** | &nbsp;&nbsp;&nbsp;&nbsp;**19239** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Short-Term Investments—3.9%** | **Short-Term Investments—3.9%** | **Short-Term Investments—3.9%** |
| **Money Market Mutual Fund—2.6%** | **Money Market Mutual Fund—2.6%** | **Money Market Mutual Fund—2.6%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.183%)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570113 | &nbsp;&nbsp; 570 |
| **Total Money Market Mutual Fund<br> (Identified Cost $570)** | **Total Money Market Mutual Fund<br> (Identified Cost $570)** | **570** |

---

---

| | |
|:---|:---|
| **Foreign Government Securities—1.3%** |  |
| **Egypt—1.3%** |  |
| Egypt Treasury Bills |  |
| &nbsp;&nbsp;&nbsp;Series 364D<br> 0.000%, 9/23/25<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000<sup>EGP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp;Series 364D<br> 0.000%, 9/30/25<sup>(5)</sup> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700<sup>EGP</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; 277 |
| **Total Short-Term Investments<br> (Identified Cost $841)** | &nbsp;&nbsp; **847** |
| **TOTAL INVESTMENTS—92.2%<br> (Identified Cost $19,492)** | **$20086** |
| Other assets and liabilities, net—7.8% | &nbsp;&nbsp;&nbsp; 1691 |
| **NET ASSETS—100.0%** | **$21777** |

---

---

| | |
|:---|:---|
| **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 $680 or 3.1% of net assets. |
| <sup>(3)</sup> | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
| <sup>(4)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(5)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

---

| | |
|:---|:---|
| **Counterparties:** |  |
| CITI | Citigroup Global Markets |
| GS | Goldman Sachs & Co. |
| JPM | JPMorgan Chase Bank N.A. |

---

---

| | |
|:---|:---|
| **Foreign Currencies:** | **Foreign Currencies:** |
| BRL | Brazilian Real |
| CLP | Chilean Peso |
| CNH | Chinese Yuan Offshore |
| CNY | Chinese Yuan |
| COP | Colombian Peso |
| CZK | Czech Koruna |
| EGP | Egyptian Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| INR | Indian Rupee |
| MXN | Mexican Peso |
| MYR | Malaysian Ringgit |
| PEN | Peruvian Nuevo Sol |
| PLN | Polish Zloty |
| RON | Romania New Leu |
| THB | Thailand Baht |
| TRY | Turkish Lira |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Indonesia | &nbsp;&nbsp;12% |
| Malaysia | &nbsp;&nbsp;11 |
| India | &nbsp;&nbsp;10 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| China | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Other | &nbsp;&nbsp;35 |
| Total | 100% |
| <sup>†</sup> % of total investments as of August 31, 2025. | <sup>†</sup> % of total investments as of August 31, 2025. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Stone Harbor Local Markets Fund

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** |
| BRL | &nbsp;&nbsp;&nbsp;&nbsp;2510 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | JPM | 09/03/25 | $11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| CLP | 300000 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | JPM | 09/15/25 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| CNH | &nbsp;&nbsp;&nbsp;&nbsp;1520 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | JPM | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| CZK | &nbsp;&nbsp;&nbsp;&nbsp;4500 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | CITI | 10/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| HUF | &nbsp;&nbsp;67200 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | GS | 10/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| MXN | &nbsp;&nbsp;14339 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;769 | JPM | 09/08/25 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| PLN | &nbsp;&nbsp;&nbsp;&nbsp;3190 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870 | JPM | 10/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| RON | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | CITI | 10/22/25 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| THB | &nbsp;&nbsp;19600 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | GS | 10/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | JPM | 09/03/25 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | JPM | 09/08/25 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | JPM | 09/08/25 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | CLP | &nbsp;&nbsp;&nbsp;160000 | JPM | 09/15/25 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | PEN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580 | JPM | 09/22/25 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | IDR | 3500000 | JPM | 10/14/25 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | INR | &nbsp;&nbsp;&nbsp;&nbsp;20800 | CITI | 10/17/25 | &nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | JPM | 11/04/25 | &nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | COP | 1380000 | CITI | 11/04/25 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| ZAR | &nbsp;&nbsp;&nbsp;&nbsp;4600 | USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | JPM | 09/08/25 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total** |  |  |  |  |  | $32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(35) |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Amount is less than $500 (not 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 |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19516 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &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;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19548 |
| 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;(35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19513 |

---

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

There were no securities valued using significant unobservable inputs (Level 3) at August 31, 2025.

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

See Notes to Schedule of Investments

------

#### VIRTUS STONE HARBOR LOCAL MARKETS 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 Local Markets Fund

- **b. EDGAR series identifier (if any):** S000075280

- **c. LEI of Series:** CF2OE3E2672HR5724D68

**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:** $22943857.02

**Total Liabilities:** $1167402.37

**Net Assets:** $21776454.65

**Cash Not Reported:** $1123393.42

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -499.95647620 | **10-Year:** -5524.42348500 | **30-Year:** -3972.48622700

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

- **3-Month:** -1.66929590 | **1-Year:** -28.19075292 | **5-Year:** -84.57180145 | **10-Year:** -766.21747030 | **30-Year:** -1337.68782400

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234180 | 3.14%                | -1.24%               | 2.63%                |
| Class ID C000234181 | 3.05%                | -1.25%               | 2.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12036.63               | $593313.34                                 |
| Month 2  | $67116.49                | $-491988.23                                |
| Month 3  | $210624.38               | $298513.94                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| GOLDMAN SACHS & CO. LLC                   | USD/THB FORWARD                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |           1 | NC      | $1533.15      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | USD/PLN FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $5084.30      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | MXN/USD FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-3828.48     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | USD/BRL FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-13117.68    | -0.06%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | BRL/USD FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $11395.79     | 0.05%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | CLP/USD FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $3085.59      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | USD/PEN FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-422.66      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| GOLDMAN SACHS & CO. LLC                   | HUF/USD FORWARD                                     | CUSIP: 000000000<br>LEI: FOR8UP27PHTHYVLBNG30 | N/A              | DFE              | CORP              | US        |           1 | NC      | $169.92       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | USD/CNH FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $1677.66      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | MXN/USD FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-1251.41     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | BRL/USD FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $478.76       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | USD/ZAR FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $2742.46      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                   | Romania Government Bond                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1590000 | PA      | $373427.59    | 1.71%             | 2030-04-29      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  2848000000 | PA      | $194805.89    | 0.89%             | 2034-03-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                  | Thailand Government Bond                            | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    14770000 | PA      | $550928.52    | 2.53%             | 2038-06-17      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        | 15360000000 | PA      | $945983.93    | 4.34%             | 2032-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                   | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |    47000000 | PA      | $528398.16    | 2.43%             | 2035-01-21      | Fixed         | 6.71%                 | No            |                  2 | On Loan: No      |
| INTER-AMERICAN DEVEL BK                   | Inter-American Development Bank                     | CUSIP: 000000000<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | N/A       |    45000000 | PA      | $516140.04    | 2.37%             | 2033-04-17      | Fixed         | 7.00%                 | 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        |      480000 | PA      | $81226.25     | 0.37%             | 2029-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| TURKIYE GOVERNMENT BOND                   | Turkiye Government Bond                             | CUSIP: 000000000<br>LEI: 5493000PCHOG3B6S3Q85 | Long             | DBT              | NUSS              | TR        |    14000000 | PA      | $323474.63    | 1.49%             | 2028-11-08      | Fixed         | 31.08%                | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                     | China Government Bond                               | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     3200000 | PA      | $477635.96    | 2.19%             | 2033-05-25      | Fixed         | 2.67%                 | No            |                  2 | On Loan: No      |
| REPUBLICA ORIENT URUGUAY                  | Uruguay Government International Bond               | CUSIP: 917288BM3<br>LEI: 549300RDR012H2V82H43 | Long             | DBT              | NUSS              | UY        |      950000 | PA      | $23971.39     | 0.11%             | 2031-05-21      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | USD/ZAR FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-1496.87     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                  | Thailand Government Bond                            | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |     2200000 | PA      | $85490.66     | 0.39%             | 2043-06-17      | Fixed         | 3.45%                 | No            |                  2 | On Loan: No      |
| EUROPEAN INVESTMENT BANK                  | European Investment Bank                            | CUSIP: 000000000<br>LEI: 5493006YXS1U5GIHE750 | Long             | DBT              | NUSS              | N/A       |    35700000 | PA      | $419152.48    | 1.92%             | 2033-10-23      | Fixed         | 7.40%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond            | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     5120000 | PA      | $201301.28    | 0.92%             | 2041-02-28      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond            | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     3400000 | PA      | $180629.49    | 0.83%             | 2031-02-28      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                       | Malaysia Government Bond                            | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     4010000 | PA      | $919689.94    | 4.22%             | 2031-04-15      | Fixed         | 2.63%                 | No            |                  2 | On Loan: No      |
| ROMANIA GOVERNMENT BOND                   | Romania Government Bond                             | CUSIP: 000000000<br>LEI: 315700IASY927EDWBK92 | Long             | DBT              | NUSS              | RO        |     1020000 | PA      | $193986.48    | 0.89%             | 2034-10-11      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                       | Egypt Treasury Bills                                | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     6700000 | PA      | $134915.27    | 0.62%             | 2025-09-30      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| POLAND GOVERNMENT BOND                    | Republic of Poland Government Bond                  | CUSIP: 000000000<br>LEI: 259400R9L8QEP0TPXS31 | Long             | DBT              | NUSS              | PL        |     3500000 | PA      | $1004046.71   | 4.61%             | 2033-10-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                       | Malaysia Government Bond                            | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     2020000 | PA      | $542961.66    | 2.49%             | 2038-06-08      | Fixed         | 4.89%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                     | China Government Bond                               | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      340000 | PA      | $47106.68     | 0.22%             | 2035-05-25      | Fixed         | 1.67%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.             | USD/CZK FORWARD                                     | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |           1 | NC      | $1229.22      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                   | Mexican Bonos                                       | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    15100000 | PA      | $687535.94    | 3.16%             | 2042-11-13      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond            | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |    12400000 | PA      | $626327.37    | 2.88%             | 2037-01-31      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  3400000000 | PA      | $211704.10    | 0.97%             | 2035-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                   | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |     1000000 | PA      | $141519.75    | 0.65%             | 2029-01-19      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| INTER-AMERICAN DEVEL BK                   | Inter-American Development Bank                     | CUSIP: 000000000<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | N/A       |    32000000 | PA      | $371740.98    | 1.71%             | 2030-10-06      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                            | Czech Republic Government Bond                      | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |    16560000 | PA      | $682467.83    | 3.13%             | 2032-06-23      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| HUNGARY GOVERNMENT BOND                   | Hungary Government Bond                             | CUSIP: 000000000<br>LEI: 5299003F3UFKGCCMAP43 | Long             | DBT              | NUSS              | HU        |   191500000 | PA      | $497239.42    | 2.28%             | 2032-11-24      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  5600000000 | PA      | $350006.21    | 1.61%             | 2031-02-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                     | China Government Bond                               | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |     2550000 | PA      | $382514.80    | 1.76%             | 2031-11-18      | Fixed         | 2.89%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                     | India Government Bond                               | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |    18350000 | PA      | $194278.00    | 0.89%             | 2050-12-17      | Fixed         | 6.67%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | IDR/USD FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $2884.27      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                      | Colombian TES                                       | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  2200000000 | PA      | $443415.89    | 2.04%             | 2042-05-28      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  3900000000 | PA      | $248992.72    | 1.14%             | 2030-09-15      | Fixed         | 7.00%                 | 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        |    10780000 | PA      | $1730241.62   | 7.95%             | 2031-01-01      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond            | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     2500000 | PA      | $108481.18    | 0.50%             | 2036-03-31      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                       | Malaysia Government Bond                            | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |     2550000 | PA      | $621276.57    | 2.85%             | 2029-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  3700000000 | PA      | $240144.41    | 1.10%             | 2038-05-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOGOTA DISTRIO CAPITAL                    | Bogota Distrito Capital                             | CUSIP: 000000000<br>LEI: 529900L83GNDA0PLHT11 | Long             | DBT              | NUSS              | CO        |  1091000000 | PA      | $263214.19    | 1.21%             | 2028-07-26      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |  1160000000 | PA      | $80201.80     | 0.37%             | 2039-04-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| INTL BK RECON & DEVELOP                   | International Bank for Reconstruction & Development | CUSIP: 000000000<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | N/A       |     2000000 | PA      | $294335.28    | 1.35%             | 2034-07-26      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| THAILAND GOVERNMENT BOND                  | Thailand Government Bond                            | CUSIP: 000000000<br>LEI: 254900PHJ6MSKT6C7026 | Long             | DBT              | NUSS              | TH        |    11400000 | PA      | $367777.13    | 1.69%             | 2031-12-17      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.             | USD/RON FORWARD                                     | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |           1 | NC      | $272.16       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| TITULOS DE TESORERIA                      | Colombian TES                                       | CUSIP: 000000000<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |  1220000000 | PA      | $298816.11    | 1.37%             | 2026-08-26      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| MEX BONOS DESARR FIX RT                   | Mexican Bonos                                       | CUSIP: 000000000<br>LEI: 254900EGTWEU67VP6075 | Long             | DBT              | NUSS              | MX        |    22330000 | PA      | $1022475.80   | 4.70%             | 2047-11-07      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| INDIA GOVERNMENT BOND                     | India Government Bond                               | CUSIP: 000000000<br>LEI: 335800IV7VCDQGIOI391 | Long             | DBT              | NUSS              | IN        |     6100000 | PA      | $71082.23     | 0.33%             | 2033-08-14      | Fixed         | 7.18%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                        | Peru Government Bond                                | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |      214000 | PA      | $57846.73     | 0.27%             | 2034-08-12      | Fixed         | 5.40%                 | No            |                  2 | On Loan: No      |
| BONOS DE TESORERIA                        | Peru Government Bond                                | CUSIP: 000000000<br>LEI: 254900STKLK2DBJJZ530 | Long             | DBT              | NUSS              | PE        |     1320000 | PA      | $399370.41    | 1.83%             | 2039-08-12      | Fixed         | 7.60%                 | No            |                  2 | On Loan: No      |
| REPUBLIC OF SOUTH AFRICA                  | Republic of South Africa Government Bond            | CUSIP: 000000000<br>LEI: 378900AAFB4F17004C49 | Long             | DBT              | NUSS              | ZA        |     9270000 | PA      | $438145.18    | 2.01%             | 2044-01-31      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                     | Bonos de la Tesoreria de la Republica en pesos      | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |   265000000 | PA      | $281474.11    | 1.29%             | 2033-04-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| BONOS TESORERIA PESOS                     | Bonos de la Tesoreria de la Republica en pesos      | CUSIP: 000000000<br>LEI: 549300FLZTJM5YJF8D34 | Long             | DBT              | NUSS              | CL        |    50000000 | PA      | $49486.34     | 0.23%             | 2035-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MALAYSIA GOVERNMENT                       | Malaysia Government Bond                            | CUSIP: 000000000<br>LEI: 254900GSIL471JOBYY43 | Long             | DBT              | NUSS              | MY        |      245000 | PA      | $58996.00     | 0.27%             | 2032-07-15      | Fixed         | 3.58%                 | No            |                  2 | On Loan: No      |
| CHINA GOVERNMENT BOND                     | China Government Bond                               | CUSIP: 000000000<br>LEI: 300300CHN201808MOF68 | Long             | DBT              | NUSS              | CN        |      980000 | PA      | $180969.78    | 0.83%             | 2051-04-12      | Fixed         | 3.72%                 | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.             | INR/USD FORWARD                                     | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |           1 | NC      | $1894.36      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| EGYPT TREASURY BILL                       | Egypt Treasury Bills                                | CUSIP: 000000000<br>LEI: 529900GFIVH4086NMH82 | Long             | DBT              | NUSS              | EG        |     7000000 | PA      | $141598.31    | 0.65%             | 2025-09-23      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                            | Czech Republic Government Bond                      | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     2690000 | PA      | $122847.02    | 0.56%             | 2027-02-10      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| INDONESIA GOVERNMENT                      | Indonesia Treasury Bond                             | CUSIP: 000000000<br>LEI: 529900FWX0GRR7WG5W79 | Long             | DBT              | NUSS              | ID        |   860000000 | PA      | $57750.55     | 0.27%             | 2029-03-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| CZECH REPUBLIC                            | Czech Republic Government Bond                      | CUSIP: 000000000<br>LEI: 3157007EFDLQABN47912 | Long             | DBT              | NUSS              | CZ        |     2500000 | PA      | $116995.88    | 0.54%             | 2036-12-04      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase Bank, National Association | USD/CLP FORWARD                                     | CUSIP: 000000000<br>LEI: 7H6GLXDRUGQFU57RNE97 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-4439.34     | -0.02%            |  |  |  | No            |                  2 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS INC.             | USD/COP FORWARD                                     | CUSIP: 000000000<br>LEI: MBNUM2BPBDO7JBLYG310 | N/A              | DFE              | CORP              | US        |           1 | NC      | $-11379.96    | -0.05%            |  |  |  | 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