# EDGAR Filing Document

**Accession Number:** 0001005020
**File Stem:** 0001752724-25-203827
**Filing Date:** 2025-8
**Character Count:** 33617
**Document Hash:** 4792420c11bb4ec07a7a53410ea1712c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203827.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203827

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**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:** 251253593

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

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

## Nport-Ex

#### VIRTUS KAR Emerging Markets Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—92.9%** | **Common Stocks—92.9%** | **Common Stocks—92.9%** |
| **Communication Services—20.1%** | **Communication Services—20.1%** |  |
| Addcn Technology Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724324 | $4389 |
| Baltic Classifieds Group plc (Lithuania) | &nbsp;&nbsp;&nbsp;&nbsp;5885300 | &nbsp;&nbsp; 30132 |
| Dayamitra Telekomunikasi PT (Indonesia) | 86114643 | &nbsp;&nbsp; 2944 |
| Kanzhun Ltd. ADR (China)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463946 | &nbsp;&nbsp; 8277 |
| Rightmove plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;1310876 | &nbsp;&nbsp; 14190 |
| Sarana Menara Nusantara Tbk PT (Indonesia) | 157623486 | &nbsp;&nbsp; 4796 |
|  |  | &nbsp;&nbsp; 64728 |
| **Consumer Discretionary—4.7%** | **Consumer Discretionary—4.7%** |  |
| Allegro.eu S.A. (Poland)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991468 | &nbsp;&nbsp; 9515 |
| Union Auction PCL Foreign Shares (Thailand)<sup>(2)</sup> | 31854400 | &nbsp;&nbsp; 5781 |
|  |  | &nbsp;&nbsp; 15296 |
| **Consumer Staples—10.7%** | **Consumer Staples—10.7%** |  |
| Anhui Gujing Distillery Co., Ltd. Class B (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604209 | &nbsp;&nbsp; 8082 |
| BBB Foods, Inc. Class A (Mexico)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132109 | &nbsp;&nbsp; 3667 |
| Carlsberg Brewery Malaysia Bhd (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;1255000 | &nbsp;&nbsp; 5747 |
| Chongqing Brewery Co., Ltd. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346300 | &nbsp;&nbsp; 2663 |
| Clicks Group Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164601 | &nbsp;&nbsp; 3449 |
| Heineken Malaysia Bhd (Malaysia) | &nbsp;&nbsp;&nbsp;&nbsp;1806300 | &nbsp;&nbsp; 10811 |
|  |  | &nbsp;&nbsp; 34419 |
| **Financials—12.5%** | **Financials—12.5%** |  |
| BR Advisory Partners Participacoes S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;1063709 | &nbsp;&nbsp; 3033 |
| Caixa Seguridade Participacoes S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;4791684 | &nbsp;&nbsp; 12947 |
| Kaspi.KZ JSC GDR, 144A (Kazakhstan)<sup>(3)(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61759 | &nbsp;&nbsp; 5166 |
| Kfin Technologies Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241671 | &nbsp;&nbsp; 3798 |
| Optima bank S.A. (Greece) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307884 | &nbsp;&nbsp; 7253 |
| Qualitas Controladora SAB de C.V. (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782013 | &nbsp;&nbsp; 8039 |
|  |  | &nbsp;&nbsp; 40236 |
| **Health Care—2.4%** | **Health Care—2.4%** |  |
| Haw Par Corp., Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812774 | &nbsp;&nbsp; 7658 |
| **Industrials—27.6%** | **Industrials—27.6%** |  |
| Computer Age Management Services Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101269 | &nbsp;&nbsp; 5066 |
| GPS Participacoes e Empreendimentos S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;2137085 | &nbsp;&nbsp; 6238 |
| Grupa Pracuj S.A. (Poland) | &nbsp;&nbsp;&nbsp;&nbsp;1104803 | &nbsp;&nbsp; 19464 |
| Haitian International Holdings Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;3507218 | &nbsp;&nbsp; 9114 |
| Humanica PCL Foreign Shares (Thailand) | 14677100 | &nbsp;&nbsp; 3522 |
| Kerry TJ Logistics Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;1642000 | &nbsp;&nbsp; 1903 |
| NICE Information Service Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836707 | &nbsp;&nbsp; 10130 |
| S-1 Corp. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123217 | &nbsp;&nbsp; 6263 |
| Saramin Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183574 | &nbsp;&nbsp; 2087 |
| Sporton International, Inc. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622268 | &nbsp;&nbsp; 3611 |
| Tegma Gestao Logistica S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;1589562 | &nbsp;&nbsp; 10249 |
| VAT Group AG (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11962 | &nbsp;&nbsp; 5046 |
| Voltronic Power Technology Corp. (Taiwan) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146000 | &nbsp;&nbsp; 6297 |
|  |  | &nbsp;&nbsp; 88990 |
| **Information Technology—12.0%** | **Information Technology—12.0%** |  |
| Douzone Bizon Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104076 | &nbsp;&nbsp; 5205 |
| Hundsun Technologies, Inc. Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;1179085 | &nbsp;&nbsp; 5519 |
| LEENO Industrial, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332150 | &nbsp;&nbsp; 12527 |
| Oracle Financial Services Software Ltd. (India)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29421 | &nbsp;&nbsp; 3083 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| TOTVS S.A. (Brazil) | &nbsp;&nbsp;&nbsp;&nbsp;1574823 | $12264 |
|  |  | &nbsp;&nbsp;&nbsp; 38598 |
| **Materials—2.9%** | **Materials—2.9%** |  |
| Avia Avian Tbk PT (Indonesia) | 82047660 | &nbsp;&nbsp;&nbsp; 2123 |
| Corp. Moctezuma SAB de C.V. (Mexico) | &nbsp;&nbsp;&nbsp;&nbsp;1670560 | &nbsp;&nbsp;&nbsp; 7193 |
|  |  | &nbsp;&nbsp;&nbsp; 9316 |
| **Total Common Stocks<br> (Identified Cost $230,794)** | **Total Common Stocks<br> (Identified Cost $230,794)** | &nbsp;&nbsp;&nbsp;&nbsp;**299241** |
| **Total Long-Term Investments—92.9%<br> (Identified Cost $230,794)** | **Total Long-Term Investments—92.9%<br> (Identified Cost $230,794)** | &nbsp;&nbsp;&nbsp;&nbsp;**299241** |
| **Short-Term Investment—3.5%** | **Short-Term Investment—3.5%** | **Short-Term Investment—3.5%** |
| **Money Market Mutual Fund—3.5%** | **Money Market Mutual Fund—3.5%** | **Money Market Mutual Fund—3.5%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.209%)<sup>(5)</sup> | 11316370 | &nbsp;&nbsp;&nbsp; 11316 |
| **Total Short-Term Investment<br> (Identified Cost $11,316)** | **Total Short-Term Investment<br> (Identified Cost $11,316)** | &nbsp;&nbsp;&nbsp;&nbsp; **11316** |
| **TOTAL INVESTMENTS—96.4%<br> (Identified Cost $242,110)** | **TOTAL INVESTMENTS—96.4%<br> (Identified Cost $242,110)** | &nbsp;&nbsp;**$310557** |
| Other assets and liabilities, net—3.6% | Other assets and liabilities, net—3.6% | &nbsp;&nbsp;&nbsp;&nbsp; 11575 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$322132** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| JSC | Joint Stock Company |
| PCL | Public Company Limited |
| plc | Public Limited Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | Affiliated investment. |
| <sup>(3)</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 June 30, 2025, these securities amounted to a value of $5,166 or 1.6% of net assets. |
| <sup>(4)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(5)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

See Notes to Schedule of Investments

------

#### VIRTUS KAR Emerging Markets Small-Cap Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Brazil | &nbsp;&nbsp;&nbsp;14% |
| South Korea | &nbsp;&nbsp;12 |
| China | &nbsp;&nbsp;11 |
| Lithuania | &nbsp;&nbsp;10 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;33 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of June 30, 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> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$299241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$294075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5166 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$310557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$305391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5166 |

---

There were no securities valued using significant observable inputs (Level 2) at June 30, 2025.

Securities held by the Fund with an end of period value of $5,166 were transferred from Level 2 to Level 3 due to a decrease in trading activities at period end.

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;Common<br> Stocks |
| **Investments in Securities** |  |  |
| **Balance as of September 30, 2024:** | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| Transfers into Level 3<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5166 |
| **Balance as of June 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;$5166 | &nbsp;&nbsp;&nbsp;&nbsp;$5166 |

---

<sup>(a)</sup> Transfers into and/or from represent the ending value as of June 30, 2025, for any investment security where a change in the pricing level occurred from the beginning to the end of the period.

See Notes to Schedule of Investments

------

#### VIRTUS KAR EMERGING MARKETS SMALL-CAP FUND

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

#### June 30, 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.

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 KAR Emerging Markets Small-Cap Fund

- **b. EDGAR series identifier (if any):** S000042963

- **c. LEI of Series:** 549300DEI7G35IDMI554

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $322439115.73

**Total Liabilities:** $498303.57

**Net Assets:** $321940812.16

**Cash Not Reported:** $8720286.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000133103 | 4.98%                | 3.75%                | 3.85%                |
| Class ID C000133102 | 4.88%                | 3.62%                | 3.81%                |
| Class ID C000133101 | 4.97%                | 3.72%                | 3.83%                |
| Class ID C000215024 | 5.06%                | 3.71%                | 3.87%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1841158.80             | $14828376.31                               |
| Month 2  | $-7383615.32             | $16746197.51                               |
| Month 3  | $-1084092.70             | $11622740.11                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Caixa Seguridade Participacoes     | Caixa Seguridade Participacoes S/A     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   4791684 | NS      | $12946921.85  | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BR Advisory Partners Participa     | BR Advisory Partners Participacoes SA  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1063709 | NS      | $3032679.76   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro.eu SA                      | Allegro.eu SA                          | CUSIP: 000000000<br>LEI: 222100VRLXV3FPMG4982 | Long             | EC               | CORP              | PL        |    991468 | NS      | $9514857.91   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Rightmove PLC                      | Rightmove PLC                          | CUSIP: 000000000<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |   1310876 | NS      | $14189862.90  | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HAITIAN INT'L                      | Haitian International Holdings Ltd     | CUSIP: 000000000<br>LEI: 30030093DDRS825TVP62 | Long             | EC               | CORP              | CN        |   3507218 | NS      | $9114357.06   | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaspi.KZ JSC                       | Kaspi.KZ JSC                           | CUSIP: 48581R106<br>LEI: 2549003YU6FARG8OAZ13 | Long             | EC               | CORP              | GB        |     61759 | NS      | $5166047.71   | 1.60%             |  |  |  | No            |                  3 | On Loan: No      |
| Grupa Pracuj SA/Poland             | Grupa Pracuj SA/Poland                 | CUSIP: 000000000<br>LEI: 259400BSBFEIIIDAAL82 | Long             | EC               | CORP              | PL        |   1104803 | NS      | $19463978.39  | 6.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Sporton International Inc          | Sporton International Inc              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    622268 | NS      | $3610654.05   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LEENO Industrial Inc               | LEENO Industrial Inc                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    332150 | NS      | $12526996.89  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanzhun Ltd                        | Kanzhun Ltd                            | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               | CORP              | CN        |    463946 | NS      | $8276796.64   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Heineken Malaysia Bhd              | Heineken Malaysia Bhd                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   1806300 | NS      | $10810773.07  | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Baltic Classifieds Group PLC       | Baltic Classifieds Group PLC           | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | LT        |   5885300 | NS      | $30132644.78  | 9.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Hundsun Technologies Inc           | Hundsun Technologies Inc               | CUSIP: 000000000<br>LEI: 3003003LS77D1DRDDE25 | Long             | EC               | CORP              | CN        |   1179085 | NS      | $5519016.24   | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| GPS Participacoes e Empreendim     | GPS Participacoes e Empreendimentos SA | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   2137085 | NS      | $6238458.36   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Humanica PCL                       | Humanica PCL                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |  14677100 | NS      | $3521555.89   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| TOTVS SA                           | TOTVS SA                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1574823 | NS      | $12263856.94  | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Tegma Gestao Logistica SA          | Tegma Gestao Logistica SA              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1589562 | NS      | $10248726.67  | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarana Menara Nusantara Tbk PT     | Sarana Menara Nusantara Tbk PT         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        | 157623486 | NS      | $4796181.22   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Gujing Distillery Co Ltd     | Anhui Gujing Distillery Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    604209 | NS      | $8081827.91   | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Optima bank SA                     | Optima bank SA                         | CUSIP: 000000000<br>LEI: 2138008NSD1X1XFUK750 | Long             | EC               | CORP              | GR        |    307884 | NS      | $7253439.16   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Corp Moctezuma SAB de CV           | Corp Moctezuma SAB de CV               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   1670560 | NS      | $7193436.97   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Auction PCL                  | Union Auction PCL                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |  31854400 | NS      | $5781242.28   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Kfin Technologies Ltd              | Kfin Technologies Ltd                  | CUSIP: 000000000<br>LEI: 335800GNCGJJ76Z17N17 | Long             | EC               | CORP              | IN        |    241671 | NS      | $3797807.91   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Dayamitra Telekomunikasi PT        | Dayamitra Telekomunikasi PT            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |  86114643 | NS      | $2943863.68   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| BBB Foods Inc                      | BBB Foods Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    132109 | NS      | $3667345.84   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Addcn Technology Co Ltd            | Addcn Technology Co Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    724324 | NS      | $4388790.50   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Douzone Bizon Co Ltd               | Douzone Bizon Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    104076 | NS      | $5205342.32   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Clicks Group Ltd                   | Clicks Group Ltd                       | CUSIP: 000000000<br>LEI: 378900E967958A677472 | Long             | EC               | CORP              | ZA        |    164601 | NS      | $3449380.55   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| NICE Information Service Co Lt     | NICE Information Service Co Ltd        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    836707 | NS      | $10130255.17  | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltronic Power Technology Cor     | Voltronic Power Technology Corp        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    146000 | NS      | $6297412.02   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Financial Services Soft     | Oracle Financial Services Software Ltd | CUSIP: 34074MUF6<br>LEI: 3358008SYNPKSPNMTJ57 | Long             | EC               | CORP              | US        |     29421 | NS      | $3082755.43   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Avia Avian Tbk PT                  | Avia Avian Tbk PT                      | CUSIP: 000000000<br>LEI: 2549006YBXNWWWTP2773 | Long             | EC               | CORP              | ID        |  82047660 | NS      | $2122575.74   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Computer Age Management Servic     | Computer Age Management Services Ltd   | CUSIP: 000000000<br>LEI: 33580012MDHMBHWN5Z06 | Long             | EC               | CORP              | IN        |    101269 | NS      | $5066047.85   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management     | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |  11598830 | NS      | $11598829.68  | 3.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlsberg Brewery Malaysia Bhd     | Carlsberg Brewery Malaysia Bhd         | CUSIP: 000000000<br>LEI: 5493003SDA6PQJEKHM83 | Long             | EC               | CORP              | MY        |   1255000 | NS      | $5746680.92   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Chongqing Brewery Co Ltd           | Chongqing Brewery Co Ltd               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    346300 | NS      | $2662916.75   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| VAT Group AG                       | VAT Group AG                           | CUSIP: 000000000<br>LEI: 529900MVFK7NVALR7Y83 | Long             | EC               | CORP              | CH        |     11962 | NS      | $5045915.18   | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| S-1 Corp                           | S-1 Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    123217 | NS      | $6263104.77   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Kerry TJ Logistics Co Ltd          | Kerry TJ Logistics Co Ltd              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |   1642000 | NS      | $1902700.94   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Saramin Co Ltd                     | Saramin Co Ltd                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    183574 | NS      | $2086562.80   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Haw Par Corp Ltd                   | Haw Par Corp Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    812774 | NS      | $7657909.96   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualitas Controladora SAB de C     | Qualitas Controladora SAB de CV        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    782013 | NS      | $8038716.06   | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Virtus Opportunities Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer